Tools & Support / Business News
Act now to maximise opportunities
Britain may have officially climbed out of recession, but Shropshire companies need to act swiftly and decisively to take advantage of the upturn.
That is the message from Helen Thomas, Managing Director of award-winning Shropshire accountancy firm Dyke Yaxley.
She said: "When the economy picks up, those businesses that are able to act quickly and take immediate advantage of the upturn stand to gain.
"Unfortunately, a recession often leads to a surge in redundancies. However, Shropshire employers should ensure that their remaining staff are equipped with the necessary skills to drive the business forward."
She added: "Customers will expect new product offerings when trading conditions improve, so make sure your firm is at the forefront of product innovation in time for the eventual upturn."
Mrs Thomas said firms often curbed their spending in areas such as marketing during times of financial crisis.
But she warned:"Organisations that cut spending in this area risk being squeezed out of the marketplace by their competitors, especially once the recovery begins.
"If you want to keep costs down, consider conducting email campaigns and other forms of electronic marketing."
She said the most successful Shropshire businesses this year would be those whose optimistic outlook inspired a similar attitude among members of their team.
"Trust and morale can erode during a recession, so it is important to take steps to improve relations between management and employees, may be considering initiatives such as team-building sessions or away-days.
"And although budgets may have been trimmed, investing in training can vitally strengthen a company's skills base for the challenging year ahead."
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