The current economic climate has thrown drastic obstacles in the way of UK businesses, resulting in low levels of business confidence over the past nine months.
Experts at Blacktower Financial Group share five tips on how businesses can increase their confidence moving into 2021 and thrive through these tough economic times.
1. Incentivise employees
With many businesses now looking to reduce costs to protect their finances long-term, unfortunately, many won’t be able to offer bonuses or an increase in wage to employees as they did before the pandemic. However, there are other ways they can motivate workers. Giving meaningful praise is the simplest way to show appreciation and doesn’t cost a penny. Flexibility is another great option, for example, if someone has gone above and beyond, why not give them the afternoon off? Other rewards to consider include drinks on a Friday, or office treats to boost morale and make employees feel valued.
2. Employ an apprentice
Hiring new employees is also a worry of 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. It also helps to improve your reputation among your sectors.
3. Explore government schemes to help protect finances Increase financial investments
Businesses also stated they were worried about the possibility of not seeing an increase in their financial investments. It is no secret many businesses are struggling at the moment, therefore the government has introduced various measures to help support businesses across the UK. If you don’t have a significant cash reserve, consider turning to the government for help. There are many different loans, tax relief, and cash grants available. Further information can be found here.
4. Grow your business
There are many ways you can keep your business on the up during these testing times. Analysing competition is one of the most important, study what they’re doing and learn. After all, they may be doing something that you can implement better. Social media is also a great platform to help grow your business. If you haven’t already, consider developing a social media strategy to reach more customers and promote your content. You might also want to explore paid and nonpaid content to reach new audiences.
5. Increase in sales and clients
Regarding clients, firstly you should spend time nurturing your current clients to ensure they’re satisfied with your service. To attract new clients, why not offer an incentive such as a discount? Or, set up a client referral strategy and get your current clients involved by offering them something in exchange for sending new clients your way by word of mouth. To increase sales, make it super clear to customers why your service or product is better than the rest, for example, why is it different? How will it benefit them? As mentioned previously, also make the most of social media and advertise your products to your target market.
To conclude, John Westwood, Group Managing Director at Blacktower Financial Group says: “We’re hoping business owners who are currently feeling uncertain will take our tips into consideration to help increase their confidence and allow their business to thrive through these tough economic times.”