Growing your business
- AuthorTim Field
As news outlets are increasingly forecasting doom and gloom with the prospect of a ‘no deal’ Brexit, it was uplifting to see that economic growth in the UK actually picked up in the three months to June.
Whilst uncertain times can be unsettling for many, it can also be a time when businesses seek new opportunities and entrepreneurs make decisive decisions that set them apart from other businesses. Economic growth, particularly in the construction and services sector, coupled with UK unemployment being at its lowest level since 1975 suggests businesses have something to be positive about.
Interest rates may have recently risen and there is some concern about the strength of the pound, but, a weak pound can help certain businesses. UK exporters become more attractive as a weak pound effectively lowers the cost of their product abroad. Foreign tourists may also be more likely to visit the UK as their spending money will go further, enhancing the tourist industry. A weak pound may assist in attracting investment into business as foreign investors will see better value investing in a UK company. All of these present opportunities may enable you to grow your business.
Of course a weak pound is not always good for business and particularly those companies that rely upon importing raw materials from abroad will suffer as a result. However, is this then an opportunity for innovation?
Growing your business can be a daunting prospect and it is important that when looking to expand you have the right group of experts and advisers close at hand.
Whether it be;
- increasing your work force,
- taking on new premises,
- investing in new technology,
- buying or merging with a competitor,
- supplying new clients,
- entering the export market,
- changing your business model or;
- changing your company structure.
Our business team at Birkett Long can assist you every step of the way.
Over the coming weeks we shall be sharing information on growing your business which will culminate in a joint seminar being held at our Colchester offices with JDC Corporate Finance. To book your free space at the seminar click here.
I am based at our Colchester Office and can be contacted on 01206 217366 or firstname.lastname@example.org.