Building a business has never been easy, but in recent years – following a global pandemic, a cost of living crisis and other economic challenges – it has certainly become more challenging.
In 2023 the business world has undergone significant changes compared to the pre-pandemic era, with inflation, hybrid working models, complex communication systems and finding new and innovative ways to manage workforces proving difficult to balance.
According to recent statistics, 48% of business owners looking to sell their company have zero exit strategy. Yet, planning your exit is an essential part of any business, as it is absolutely guaranteed that you will exit your business at some point – either willingly or not.
On the scaling up journey, too many business owners fall into the trap of being at the hub of everything– creating an ‘owner’s trap’ that can be difficult to break out of.
If you are looking to start a business, an important consideration is whether you want to start from scratch or whether to purchase a franchise.
It is safe to say that most companies in the UK faced more challenges than ever before in 2020. However, one hugely positive thing that came out of last year was the growth of peer-to-peer business support, underpinned by the help and encouragement business owners showed one another.
As we near the end of a year unlike any other, many business owners will be hoping for a more optimistic 2021 and preparing to turn a new leaf. The crisis is not over yet, but it has already shown us the importance of resilience, resourcefulness, and vigilance for businesses and there are many key lessons for us to carry into the New Year.
