Last week the media announced that the “UK economy will this summer overtake the peak level it was at before the 2008 financial crisis” (BBC News). This prediction has come from the British Chambers of Commerce. However, is this currently being reflected in the small businesses of the UK?
It has been suggested by the Federation of Small Businesses that one in seven small companies want to hire within the next three months. This is a strong indication that businesses are growing. However, what about the other 86% of other small businesses that do not have plans to create new jobs?
It seems clear that several of our clients are in the hiring phase, which is certainly a positive. A trend that seems to have established itself in the past few months is that more clients are asking for strategy reviews and assistance with business planning. Potentially, now that companies are aware that the economy is improving and feel they have successfully weathered the storm of recession, they now feel able to plan for the future, rather than ensure they are keeping afloat in the here and now.
Whilst it is vital that a robust strategic plan is formed, SMEs should be careful not to lose focus on other areas of the business. They must still invest in improving their processes, strengthening their product offerings and striving to offer the best service possible. The successful companies will be the ones who invest the correct amount of time in both the present and the future. These are the companies that will still be here after the inevitable future recessions.
If you require help putting together a strategic or business plan, or want some assistance with the day to day running of your company, here at Wellmeadow we have combined almost 60 years’ experience across a variety of sectors. Call us on 01743 234031 or email us to discuss your needs.