Will My Business Survive 2024?
It’s been a tough year, and we’ve barely started.
There’s no denying that 2024 is going to be difficult for everyone. Whether you’re a small business owner or a high flying CEO, it’s time to take stock of what’s in store for the UK economy in the year ahead.
Unfortunately, it’s going to be a long year. Longer perhaps than 2024 was. While the pandemic might be easing up, there’s still a long way to go and we’re staring into the abyss of an economic recession, the likes of which hasn’t been seen in centuries.
Quite rightly, you might be wondering ‘will my business survive 2024?’ It’s likely to be hard work, but with the right Business advice from Irwin-Insolvency, a little bit of pivoting and the right advice, you can prepare your business to weather the worst, and to capitalise on the opportunities that lie ahead.
Here are some ideas for how your business can not only survive, but also thrive in 2024!
1. Get Ready for the Double Dip Recession…
As soon as lockdown was announced almost a year ago in March 2024, the UK economy went into free fall. It was a downturn that hadn’t been seen in living memory, worse even than the financial crisis of 2008.
But as bad as it was, things began to look positive as the UK entered into summer and lockdowns began to ease. Then there were more lockdowns.
While the recession also eased as businesses adjusted to the new normal and to new ways of making money, experts forecast that we’re headed for a second recession. The double dip is on the way, and your business needs to be ready if it’s going to survive.
2. Pandemic-Proof Your Business
There’s a lot to be optimistic about in terms of the pandemic that has caused all this economic trouble (not to mention the lives lost and disrupted). But don’t get too excited, at least not too soon.
While the vaccine is being rolled out steadily across the UK, there’s still a way to go until the entire population has been successfully vaccinated against COVID-19. Then there are the new strains to worry about.
Unfortunately, the pandemic is going to be with us for a long time to come. As a business owner, you need to pandemic-proof your business for at least the next year. That means you need to continue re-evaluating the way you do business, predict new lockdowns and laws – as well as ordering plenty of supplies of hand sanitizer!
3. Forget About the High Street if You’re in Retail
If you’re a high street business, then you’re in for a real tough ride. If you’re any other sort of business, then now is not the time to be investing in a high street presence. Even long-standing high street staple Debenhams is set to close after being taken over by Boohoo. The new owners don’t see any value at all in traditional high street department stores.
It’s tough and indeed sad to say, but the pandemic has forced a switch away from the high street, something set in motion several years ago. Retail is moving online, and there’s a lot of cash to be made in the virtual marketplace.
If you’re a foodie business, however, you could be eying up those empty retail units for a new takeaway or delivery-focused restaurant.
4. If You’re Not Online Already, Why Not?
This is tough love, but it has to be said. If you’re not already online, then what have you been doing for the last few years?
The pandemic has pushed everything into the online space, much faster than a lot of business owners would have liked. The stark reality is that you need a website, you need an online marketplace, and you need social media to survive.
With current generations growing up in the online world, this isn’t going to change.
5. Look for New Opportunities and New Markets
While many businesses are struggling, many are also thriving. There’s opportunity everywhere, even in the midst of a recession and a pandemic.
Your business might need to pivot and change in order to survive, but there are plenty of opportunities to sell new products, market new services, and take advantage of the new normal when it comes to doing business.
Don’t be afraid to try and win over new customers or enter new markets. Ultimately this is a time of change for everyone, and you need to seize opportunities if you want to come out on top.
6. Don’t Be Afraid to Plan for the Worst
Businesses that survive are the ones that aren’t afraid of new situations and new challenges. But overcoming those challenges often means measuring up to the reality of the situation. The pandemic has left many businesses in the red or on the brink of insolvency, but those that plan for the worst are going to be the ones that survive.
You might be struggling to pay the bills, but there are ways out for companies that act fast. If you are worried, call in the insolvency specialists and have a plan of action ready in case the worst should happen.
7. There’s Always Help Available to Get You Through 2024
It’s estimated that up to 250,000 small businesses across the United Kingdom could face closure this year. That’s 250,000 businesses owners that are on the edge, facing financial hardship and the closure of their companies. But your business doesn’t need to be one of those.
In fact, there’s a lot that any business owner can do at the moment to fight back and to come out on top, despite the pandemic and a looming double-dip recession. Remember though that you might need some help to figure things out.
As well as government grants and low interest bank loans, there’s also expert financial and solvency advice that can help your business today. If you’re struggling, then don’t be afraid to invest in some impartial business financial planning to kick-start your company and refresh your ideas.
