UK plc, show more confidence and regain your competitive edge.
Britain has an abundance of talent and is inherently creative and inventive, just take a look at the inventions that changed the world and the globally recognised achievements in music, art and advertising.
But our creative spark appears to have been eroding over recent decades. There is much rhetoric from political parties and initiatives, such as “Making Britain the most enterprising nation in the world”, but as ever, it comes down to the nations real doers, the entrepreneurs, thinking, just how can we get the country moving again?
Clear regulatory obstacles
I know I’m not alone in wanting these cleared for a start. They not only block growth but can also lead to unnecessary, energy sapping, time consuming litigation. From meetings and discussions I have with business owners, the single biggest barrier to small businesses hiring more staff is the fear of employment law and the way tribunals apply it.
Let’s face it; the majority of business owners know their business is only as good as its people. If a person is not good for the business, surely it is not unreasonable to let them go? Many excellent, people orientated businesses often end up paying disproportionate amounts to undeserving cases. The result often being small firms making payouts, which may prevent pay rises being secured or bonuses to the majority that deserve it. Or even worse for the UK economy, prevent additional staff being employed.
What happens in team sports? Substituted more training or released….exactly the way it should be. It’s a part of the game and business should be no different? No-one releases players that add value to the Team effort.
Access to Effective Support Networks
Such networks are invaluable for Business owners, providing opportunities for new firms to learn tips from successful entrepreneurs. Mentoring, business coaching and seminars can all boost business. Such initiatives will undoubtedly help grow companies this year, and they are more likely to take on additional staff as a result.
Focus on Profit Margins
Finally, entrepreneurs must be proud to focus on profit margin. The reality is that healthy margins enable a business to absorb growing costs, such as research, development, employ new staff and build an effective management team. Without margin, businesses either cannot grow or run the risk of failure.
We’re too ready to congratulate those with top-line sales growth and a successful exit. Instead, why not cheer and celebrate those who have the confidence to price up, make great margins and be in business for the long-term? It’s these businesses that will thrive and survive the rollercoaster economic cycles in the long run. Entrepreneurs must take the lead and show more confidence and commitment in what they offer.
UK Business….get your mojo back, lead the way and we may yet again become the most enterprising nation in the world.