Last week’s autumn statement (Nov 2022) here in the UK didn’t do much to calm businesses nervously eyeing the prospect of rising costs, be it utilities, premises, wages, taxes…
Whilst for the individual there were a few glimmers of good news, for the majority it made for bleak reading and there appears to be no support for the sole traders, small and medium businesses that are currently impacted the most by the rapidly increased costs over the last year.
Therefore the post-statement reality appears to be businesses needing to increase prices to meet their costs, freezing employee wages (potentially reducing headcount), reducing the overall offerings and postponing planned spending on anything from product through to infrastructure. Unfortunately the first two options, whilst allowing the business to potentially survive, just go further in increasing the detrimental economic impact to individuals.
The latter two options are the classic response by business to limit immediate costs but is it the right approach? When a business needs to increase / stabilise its incoming cash flow, is limiting your offering and placing improvements on hold really beneficial? Maybe in the short term, adapting swiftly is key but there is a view that says you need to continue investing (albeit more cautiously), stay the course preparing future innovations and weather the economic storm. There is an interesting blog on LinkedIn from 2020 that discusses “strategies to successfully navigate through an economic crisis or recession” that is worth a read in the context of our current economic issues.
And this is where digital transformation comes to the fore – creating efficiencies through automation, de-duplication and integration – a preferable option to just cutting and/or retracting which in essence just reduces options to maintain incoming revenue.
Every product in PacSol’s catalogue will create efficiencies that will not only save money now but will continue to provide a return on investment for years to come – these are not just quick fixes, these are proven strategies that improve the performance of your business. Not only that, these efficiencies will free employees from the mundane to concentrate on the meaningful – spend more time on what matters such as product enhancements, sales or customer retention.
PacSol has blogs on the various aspects to be considered (further reading linked below), however, a call (or email) to us is ‘free’ and we will happily arrange a time to talk through your unique situation in detail and put together an initial proposal that will help your business do more.
Toby Gilbertson, Customer Services Manager. November 2022
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