Recent figures show that the number of UK companies that are struggling financially has fallen by 6% overall and by up to 11% in some sectors. The figures come from a study conducted by Begbies Traynor an insolvency company.
This is surprising reading when one considers the predicted outcome Brexit would have on the UK economy. So what is it that UK companies are doing right and why in the face of adversity are UK companies seeming to thrive?
Perhaps the first thing to consider is the quality of products and services. The UK has long been associated with making high quality products, take Rolls Royce as a clichéd example or Dyson electrical goods as a less discussed example of British commercial success.
What these UK companies and many more have in common is quality products that combine innovative design with outstanding production.
Alongside quality products and services goes value for money. Every company has to competitive in order to sustain success and profitability.
Another aspect that can help attain business success is the ability to react and adapt quickly to changes in the business environment and customer’s needs. This can take many guises, say a business realises that it needs to move to bigger premises, this can take a long time, finding the right place and dealing with all the legal matters can mean not keeping up with demand in the interim.
The solution may be to move to temporary premises in way of a stop gap and companies like Neptunus make this option a genuine reality.
Finally, in order for companies to improve and to grow, they cannot rest on their laurels when it comes to the talent that has commanded them a firm footing. Continued professional development should be built in to a company’s business strategy and be centred around what staff really need – paying lip service will only lead to resentment. When staff perform well it is because they feel confident and to feel confident they need to be well trained.
Your staff are the lifeblood of your company and so treat them as you would yourself.
As the old adage goes “genius is one per cent inspiration and ninety-nine per cent perspiration” and while you may not have to be a genius to set up and grow a successful business, you do have to have the determination not to cut corners and to work at it really hard