Time to push your business, you never know where it may lead!
As we start to see the outcome of the UK Government’s easing of the Covid-19 Pandemic lockdown in the UK, with a return to a new normal, now more than ever is a time to be positive, to look forward with ambition and to present ones business as relevant and vital.
The UK economy, in common with others across the World, has been profoundly affected by the Pandemic. Statistically, the numbers appear to confirm the UK is experiencing one of the steepest recessions ever, as the unprecedented lockdown, imposed to stop or arrest the spread of the virus and to protect the NHS, has for many businesses stalled economic activity in its tracks. Of course there are no guarantees the easing of the lockdown will fuel the economy to fully recover in short order.
Sadly, for some the recovery will be too slow or non-existent. Amongst Rix & Kay’s clients we have, of course, seen some clients struggling to adjust. For a few the challenge has led to business closure with all the loss that brings. However, we have also seen clients thriving and building on opportunities the pandemic has presented. For example, a client with an anti-bacterial product has seen sales grow from early stage revenues in the low hundred thousand pounds annualised, to millions. The challenge for such businesses has not been to find sales or demand in its wider sense, but to plan and financing working capital to scale up operations on an accelerated basis, to hire and engage new employees to support increased production, while maintaining the integrity and quality of its product. What that business has is agility, strong leadership and belief in what can be achieved.
From every low point there are usually opportunities for those who are agile and able to adapt to see and grasp opportunities. Recently, for example, Boparan Restaurants, owner of restaurant brands including Giraffe, Ed’s Diner, Slim Chickens and Fishworks, entered into exclusive negotiations with the Administrator of Carluccio’s UK operations. Assuming the deal completes, it is likely to save up to 900 jobs and will continue to trade at around 30 restaurant locations. No doubt at a fraction of the pre-pandemic valuation and on terms that would not have been possible only 6 months ago.
While the UK may be encountering a profound long-term economic realignment, with significant re-ordering of the way business is conducted, including for me, and all colleagues at Rix & Kay, home working and less international travel with office and communication tools supporting this development, businesses that are able to adapt will thrive and grow.
I have to admit to being a Madonna fan from way back when… Madonna once said ‘No matter who you are, no matter what you did, no matter where you come from, you can always change, become a better version of yourself’. It is impossible to state with any certainty what is in store for the UK Economy in the short to medium term and what this will mean for one’s business. For those with the confidence and vision to find and take the opportunities, to adapt and push forward there is reason to be positive.
With colleagues in the team, we have extensive experience of navigating the uncertainties of past recessions and the collapse of the financial sector – all vivid memories. If you read this and would like to discuss the commercial and legal challenges and opportunities you are addressing, to get an insight and support from someone not caught up in your circumstances, please do contact me, firstname.lastname@example.org or by phone to +44 (0)800 276 1151.