Agility, innovation and keeping your wits about you…
..will be needed to survive the current storm of financial and other crises.
There is no denying that the ongoing war in Ukraine and the consequent energy price rises have made the conditions for doing business even more challenging than they were before.
UK businesses desperately need help form the Government but have had to wait for weeks while a new leader is elected for the Conservative party.
So what can businesses do?
Passing escalating energy costs on to clients will be a tricky balancing act between remaining viable as a business and risking the loss of customers who are themselves under financial pressure.
Business leaders are going to need to be agile in order to respond to fast-moving changes in circumstances.
They will need to keep a firm grip on their finances and they will need to try to be innovative.
You can download our free cash management tool here to help stay on top of finances.
In terms of innovation, are there any systems you can automate to save money? Could you strengthen your business by collaborating with another, complementary business?
If you consider this, you will have to keep your wits about you and ensure that any agreements are legally crystal clear.
But also, keeping your wits about you means taking care of your mental health. A stressed, worried business leader cannot hope to make sensible decisions so anything from taking regular breaks to walking in the country to recharge your batteries can help.
You could also find someone, like K2, to talk to about the situation your business is in. Book a free strategy and viability review here.
There is help and support available. Don’t be afraid to use it.