As we are sure you’re aware, the UK economy suffered its biggest slump on record between April and June as coronavirus lockdown measures pushed the country officially into recession. This is not great news for business owners, but the hyperbolic tendencies of the media misrepresent the severity of the situation, here’s why...
It’s scary when a recession happens. As people start losing their jobs and budgets begin to shrink, you might start to wonder if your own business can survive the change. But it’s not all doom and gloom, this week we give you three reasons why a period of economic recession can be great for YOUR business:
The flip side of the mass liquidations that can occur during a recession is the reallocation of assets and resources. Tough economic times can create great buying opportunities. Entrepreneurs may find the land, labour, and capital they need to start or expand their business becomes more affordable!
Increasing your efficiency
Inefficient companies simply find it too difficult to stay afloat when recessions occur. Economic declines remind companies to cast aside excess inventory and cut their overheads. It will teach you to update processes in a way that saves on costs but still meets the requirements of your customers. The recession is a great time to review your businesses efficiency across all fronts.
Losing your job can be shocking and devastating. But it is also an excellent opportunity for trying something new. Maybe you’ve always dreamed of consulting, designing an app or becoming a business coach, now is the time to follow your passion. The recession closing doors also allows others to open…
Whether you are a business owner or someone with the skills to help coach a business owner, we passionately believe our award-winning system can help give you reassurance during this period of uncertainty. If you want to find out more about what it's like to have us on your team, get in touch. We are ready to help!
Robbie Duncanson and the Pendleton team!