How do you prepare your business to face this year’s ‘perfect storm’?
The Bank of England has warned households to expect sharp rise in inflation this year.
In terms of business challenges, is this the making of a ‘perfect storm’ – Brexit, rising inflation, government budget cuts, less consumer spending, sterling falling in value, a drop in manufacturing output and now the announcements from the new US President of policies promoting an ‘America First’ agenda.
Rather than waiting for this to happen shouldn’t we all as business people look at how we operate and the cost of operation. By ensuring that our cost base is as best we can then the business challenges of maintaining profit is made easier. By examining our supplier base not only in terms of robustness but also cost and country of origin should be the focus of all forward-thinking businesses.
How can businesses best undertake this review? It could be argued that businesses as part of their natural businesses cycle would do this. But do they have the time or the knowledge of what is available? You don’t know what you don’t know.
I am constantly surprised that businesses don’t take this decision and constantly rely on traditional approaches to procurement. Asking for help is not a weakness but I believe a strength of a good business. If this comes at no cost, then it is a duty of all managers to seek outside advise and can strengthen the approach to the future
By using external advice with knowledge of different markets businesses can ensure that they are best placed to face the ever-mounting business challenges of remaining profitable in these uncertain but exciting times.
When it comes to business, asking for help isn’t a weakness. It can end up being a pretty smart business move.