Despite the UK economy having seemed to be relatively buoyant over the past year, there is, according to the Government, an easing of the fluctuations and an apparent stability on the horizon.
Although we are no longer under the regime of a pandemic, Covid19 still makes an impact with different strains appearing all the time.
Despite the economic and health uncertainties the UK still faces, many business owners have used the uncertainty of the past few years to re-consider their business options, adapting to the changing times we live in.
Virtually Smart Ltd have gathered together a few top tips for businesses and some potential thought-provoking ideas for our challenging and changing times.
Annual or 6 monthly reviews
Taking time to have an annual or sometimes 6 monthly reviews of a business can keep it fresh and dynamic. In amongst the economic crisis, energy crisis and health scares still making an impact on the UK economy, now could be the perfect time to re-evaluate your business model, consider your options going forward, check out the competition and consider how you could change your business model to remain effective during changing times.
‘If it isn’t broken, don’t fix it’ Is this really a route to success?
Established practices and traditional methods are often relied upon utilising the ‘if it isn’t broken, don’t fix it’ methodology.
However, this way of running a business can run the risk of stagnating and in some cases being left behind. In many cases the Covid19 pandemic highlighted these issues and saw many businesses fall by the wayside as they were unable able to adapt quickly and efficiently.
Stay ahead of the curve.
So many companies during the Covid19 crisis quickly adapted to remain trading. Nurseries which would normally supply some of our largest garden centres, started offering home deliveries direct to consumers doors. Restaurants offered a collection service for prepared meals and many businesses moved online and or focused on reaching out to their local communities for a captive audience.
These business models have not only survived but have thrived. Delivery options such as Deliveroo, Just Eat and even top name supermarkets are now offering almost instant home delivery from pizza and burgers to groceries and home essentials.
Take a risk.
It is always unnerving to take any kind of risk in business. Whether it be financial concerns which hold you back, or concerns about infrastructure or staffing, moving forward or expanding is always a risk.
Looking inward at what your business has achieved and what opportunities there might be for diversity or expansion is always going to come with an element of risk. However, you don’t need to take on a dozen premises, hundreds of new staff or expand your product or service range enormously to make a change.
Sometimes taking the opportunity to look at the options your business already offers, could be the route to finding a new strand to the business model and in turn, encourage growth and diversity.
Is it time to restructure?
Restructuring a business whether it be a 10 strong staff or thousands can really refresh a business. Another reason restructuring is often a positive is it enables hitherto untapped skills sets and knowledge bases to flourish.
Simple changes to a business ideology can have the greatest impact. Taking time to take an objective view of your business, can make an enormous difference to how you can refresh, thrive and continue to survive.
Written by Katy-Jane Mason for and on behalf of Virtually Smart Ltd
