The upside to the economic downturn: ‘Not all doom and gloom’
BUSINESSES that have become “leaner and meaner” as a result of the economic downturn are now taking advantage of opportunities for growth.
The economic climate has forced many companies to re-evaluate their business models and streamline their operations by cutting costs and trimming headcounts.
However, many that have made tough decisions are now ready to implement their business plans, according to experts at accountancy firm RSM Tenon in Yorkshire.
The upside to the economic downturn is considered in detail in a new free supplement from TheBusinessDesk.com in partnership with RSM Tenon to download today.
Neil Sevitt, regional managing director for the North at RSM Tenon, said there were opportunities for businesses with entrepreneurial flair but all had to work harder than before to be successful.
Solid relationships with key stakeholders, high standards of customer service and incentivising staff were all crucial for growth, he said, and the businesses implementing these strategies were reaping the rewards.
He said: “There is no escaping the fact that businesses today are operating in an extremely challenging environment.
“But as we all face up to the economic challenges presented by the global downturn, we believe there are opportunities for businesses to grow. It’s not all doom and gloom, despite what many commentators are telling us.
“With an emphasis on relationships, communication, planning, confidence and growth, businesses can fortify themselves against external forces and take their businesses forward.”
Daniel Summerfield, regional director for the North at asset based lender Venture Finance, said: “We’re seeing many Yorkshire businesses become leaner, meaner, and seeking sustainable and progressive methods of funding as a way of taking charge of their own fate.”
