05 September 2018
As an SME owner, how can you measure the health of your local economy, so you can make the right decisions for your business?
There are various signs we traditionally look out for, from empty shop windows in the high street to the number of new cars on the road.
You might even pay attention to the kind of story that gains momentum on a slow-news day – such as how Manchester was voted ahead of London in the recent Global Liveability Ranking (Melbourne stubbornly clings onto the top spot).
Region under transformation
I find a great measure of local business-owner confidence, however, is listening to how my clients talk about selling, buying or transforming their organisations to make the most of opportunities they believe are in the pipeline.
In recent weeks, I have heard owners of SMEs from a range of sectors talk about how – despite the political chaos around Brexit – this is an exciting time. But there is a caveat. It seems you have to have a clear vision of where your company is going in a Post-EU Britain.
Maximising on uncertainty
Small businesses have always had the flexibility to adapt in changeable times. And today we’re seeing SMEs using this adaptability to compete for bigger contracts by forming partnerships or acquiring the people and facilities they need.
Yes, we are leaving the European Union and that brings uncertainty. But rather than batten down the hatches, local companies are seeing a renewed focus on investment in the domestic market by venture capitalists and the like.
What is even more encouraging is that my clients are not taking any old offer of financial support – many have seen potential in the market and decided to fund their own business growth or transformation.
Let’s not panic just yet
So, while some politicians are bickering over what Brexit means for our future economy, I can guarantee that businesses across this region have blocked out the negativity from Westminster – and are just getting on with it.
After all, according to the OECD, our economy’s growth is expected to slow but inflation remains under control. Unemployment continues to fall (except for a slight blip last year), and wages haven’t yet rocketed – in fact they have grown at a slower pace that the UK’s productivity.
And what I hear from clients on a daily basis is that they feel confident they have what it takes to succeed where corporations are failing.
