5 ways UK businesses can thrive despite unprecedented challenges
Businesses all over the globe are facing unprecedented challenges brought by the recent pandemic, and the situation is not very different for businesses in the UK.
Experts at Nexus Global recently shared new survey findings that outline five ways businesses can increase their confidence and thrive during these tough economic times in their Nexus Global Business Confidence Report.
Leverage government schemes to help protect finances and increase financial investments
Businesses in the UK stated they were worried about the possibility of not seeing an increase in their financial investments.
It is no secret many businesses are struggling now and therefore the government has introduced various measures to help support businesses across the UK.
Businesses that do not have a significant cash reserve should consider turning to the government for help.
There are many different loans, tax relief, and cash grants available for businesses and can help them weather the storm.
Grow your business
There are many ways business leaders can thrive and businesses are recommended to start by performing competitor analysis.
Learning about your competitors and finding out about the measures they have in place will help you improve your own operations, thus fixing the gaps that exist.
Additionally, in an increasingly digitised world, social media is also a great platform to help grow your business.
Business leaders should also focus on developing a social media strategy to reach more customers to develop a robust sales pipeline and also improve conversion.
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Increase sales and clients
Businesses are also advised to spend time nurturing existing current clients to improve retention aside from attracting new clients.
Employ an apprentice
Hiring new employees is also a worry for many UK businesses. However, with the government’s plan to kickstart the nation’s economic recovery, employers can receive an incentive payment if they hire an apprentice between 1st August 2020-31st January 2021.
Hiring an apprentice is an effective way to grow talent and increase a motivated and skillful workforce.
Additionally, businesses benefit from the exposure as well as the knowledge transfer opportunities.
Provide incentives for employees
In light of the economic challenges presented by the pandemic, most businesses are forced to evaluate their finances and this includes introducing measures to reduce costs to protect their finances long-term.
Many businesses are at a point where they are not able to offer bonuses or an increase in wages to employees as they did before the pandemic.
However, there are other ways they can motivate workers, and this includes acknowledging the contribution of their employees through meaningful positive feedback.
Businesses can also boost morale and productivity by making allowances for their employees to work flexible hours that can act to remove some of the stressors caused by strenuous work from home schedules.