It is easy to assume that most businesses are feeling pessimistic about 2023. We are in the middle of a recession and there is a cost-of-living crisis spurred on by a war in Europe and the pandemic. Labour is harder to come by and is more costly, whilst energy is more expensive, and people are spending less money. This doesn’t look like a particularly upbeat scenario!
However, despite all of this, the Lloyds banking Barometer found half of businesses in London actually feel optimistic about 2023, especially when compared to 2022. In fact, according to Business Leader, the UK as a whole remains quite positive.
Almost half of businesses in London are hoping for higher turnover this year. If you are wondering how this is possible or how you could get some of this optimism yourself, maybe consider some of the following ideas.
Many London businesses are thinking about investments right now. Despite having one eye on their overheads and outlay, they also know that spending on the right things will deliver results. As such, many companies are investing in ways to streamline their services and production, and different technology solutions that may be able to help them out.
Look to your energy efficiency plans
As we all know too well, energy prices have skyrocketed over the last year. Many companies in the city plan to review their energy plans and look for ways to improve their energy efficiency. Some companies are looking at using insulation and glazing to retain heating in their buildings, while others are considering how to produce their products using renewable energy options. As energy is a key cost in today’s world, looking at ways to lower this outlay is an excellent way forward.
Not only will this help your company survive the difficult times ahead, but it will also lower your carbon footprint and improve your green credentials. This can prove popular with potential clients.
Staff retention techniques
Holding onto good staff has become increasingly challenging over the last few years. People are regularly on the move nowadays and you can spend time and money on training an employee, only for them to leave you within a few months. This is disruptive, frustrating, costly, and should be avoided if at all possible.
Many London firms have begun offering increased wages, bonuses and short-term incentives to retain their staff. They have also utilised unified communication technology, like that provided by Gamma, so that their staff can easily work from home or only come in a few days a week if they prefer.
Obviously, businesses in the city are realistic and this means they are still being cautious. More than a third said they intend to keep a close eye on costs. As in any year, growth is very important, so many intend to target growth via their existing customer base. They also aim to increase production and sales wherever possible.
It is heartening that in 2023, despite all the negative economic news, businesses are still feeling positive and looking for inventive ways to succeed and overcome the hurdles that the current economic climate provides. You too can rise to these challenges.