Navigating growth and overcoming challenges

As 2023 draws to an end, Russell Copley, Founder and Owner of Greenborough Management reflects on the current economic situation in the UK, and looks ahead to understand what 2024 may look like for UK businesses. Russell says…

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I don’t think anyone will disagree if I say that 2023 has been an incredibly difficult year for businesses in the UK. Whether they rely on foreign markets or not, the war in Ukraine, unrest in Palestine, rising cost of living and change in government funding, the year has been tough.

As we approach 2024, these factors probably won’t just vanish. They are likely to weigh on economic growth, meaning we need to think about the outlook on the year ahead. It’s helpful to draw on positives, find opportunities and flourish. So that’s why I wanted to pull a few pointers together. Here’s a few of my top tips:

1) Focus on innovation and digital transformation:

For the last 30 years or more, businesses that embrace technological advancements and innovate their products, services, and processes are better positioned to adapt to the changing market dynamics and cater to evolving customer needs.

Going paperless, reducing emissions, and streamlining processes also has other benefits. You can become a business that’s leading the way in sustainability, enhancing productivity (and therefore employee engagement) and be more equipped to enter markets that haven’t previously been an option for you.

When you’re looking for ways to digitally transform your company, there may be government funding and grants that you can tap into. We can have a chat with you about your ambitions and signpost you to funding opportunities that will help you with the costs of upgrading your business processes or implementing software. A lot of the time, businesses that we work with need someone to bring that “big picture” together, understanding how a CRM will help with leads and sales, or how a website will improve their chances of international growth. That’s where we can utilise years of combined expertise and make it simpler.

2) Research niche markets and underserved segments:

Change is happening faster than ever before, and there is a need for speed. Often, with uncertainty like we’ve seen in 2023, opportunities can present themselves to you – the trick is in spotting them! These opportunities may stem from embracing technology (as mentioned in Step 1), or taking the time to research the markets that supply to you / you supply. This time of reflection will allow you to stay ahead of the competition and anticipate change.

Locating niche markets or underserved segments may even take your business overseas – which can be a new prospect. The UK maintains strong trade ties with many countries around the world, and although growth in our economy is slowing – others are growing more rapidly. Have you considered expanding your operations internationally to reach new markets and diversifying revenue streams to mitigate domestic economic challenges? Our team may be able to help you navigate this stage in your journey so that you’re more likely to get it right.

3) Look after your people:

We’re seeing a significant shortage of skills in certain sectors, and competition for the ‘best candidates’ has been high throughout 2023. We know that it’s often more cost effective to invest in and nurture your current team, than to recruit for new employees. There are a number of funded courses and opportunities available to businesses of all sizes – which means it doesn’t need to be a costly exercise either. Greenborough are currently involved in the Skills for Life ‘Multiply’ programme, improving the numeracy skills of adults as well as the Create Growth programme which is designed to support business growth in the creative sector. Our contacts across the UK will also be able to provide access to training and bootcamps that focus on SEO, Project Management skills, Leadership and Graduate skills. Often, these training modules will either be fully, or part funded, but your employees will supported.

Additionally, if your business operates in a sector that has a high employee turn-over (like hospitality or the caring professions), additional training can be fantastic for talent acquisition. When it’s an employee’s market, the little perks to your organisation can go a long way.

4) Your customer is king!

It’s an old one, but it’s always an important one. This final point is the concluding element to looking after your business with a completely holistic perspective. It’s something that we all need to survive, but they look different to everyone. It’s your customers and clients. You need to consider, look after, and ask for feedback from your customers. Involve them in your decision making and whether they choose to stay or leave you – ask them why. There will be choices for them, so why you? What attracted them to you, and why do they bother to stay?

In today’s competitive market, businesses that prioritise customer experience may be able to gain that all important competitive edge. By delivering exceptional customer service, addressing customer needs promptly, and fostering loyalty, businesses can secure repeat business and build a strong reputation. Combine this with streamlined processes, identifying opportunities and upskilling your team – and you’re on to something great.

 

In summary, we know that UK businesses are great at not only weathering the challenges but also positioning themselves for long-term growth and success. We’re a resilient and creative bunch, and I can see a lot coming in 2024 that we can get excited about. It just sometimes means that you can’t do it all by yourself… because frankly, who has the time? Reach out for a coffee, and follow our socials if you want to know more about we help businesses just like yours.