Entrepreneurialism is absolutely alive and well in the UK, with the number of small businesses continuing to grow across the country. Today, small-to-medium enterprises (SMEs) account for over 99% of the nation’s business population, and for nearly two-thirds of all employment.
This rapid growth is good news for entrepreneurs, but also something of a challenge. Widespread growth means widespread competition, and potential market saturation in a given locality or industry. As such, a new business needs to stand apart from the crowd in order to succeed. What can your small business do to improve its chances?
We live in an era of automation, and the recent explosion of AI innovation has simply heralded a tech-forward iteration of the same era. While there are many businesses that see this as an opportunity to fast-track growth, there is also a distinct co-incident movement away from that which makes a business stand out to its customers: personality.
Of course, there are ways in which AI can be used to add a personal edge to early communications and answering customer queries. In many cases, these fall flat – particularly when a customer doesn’t feel especially heard. As such, investing in ways to make the customer experience count can set you apart from the rest.
If the UK’s present economic situation was to demonstrate anything, it would be the power of shrewd financial decision-making in fostering business longevity. There are myriad ways in which vital cash can be inadvertently frittered away, and addressing these can make for a healthier financial basis on which your business can thrive.
Cutting costs can take more than a few forms, mind. It is not purely a matter of finding the cheapest rates for supplies or services; there are also money management options that could save on business rates or taxation. It can be worth starting a relationship with expert advisers in order to avail yourself of these potential benefits, and chart a shrewd course to healthy business finances.
As important as it is to run a tight financial ship, you should by no means make frugality your priority. Indeed, there are cases where shrewd expenditure can lead to better long-term results – and there is no better illustration of this than recruitment.
Good staff can be hard to come by, but the hiring of quality candidates is a task made all the harder by limiting influences such as low salary offerings or minimal workplace benefits. The jobs market is such that workers, right now, have the upper hand; they know their worth, and know to work in their own best interests. If as a small business you aren’t aiming above average salary for a given role, you can expect a high rate of turnover and stunted growth as a result.