The word ‘unprecedented’ was completely over-used during Covid…
But it’s fair to say, that post-Covid, UK business owners have genuinely faced unprecedented challenges – and of course, it’s not just down to the after effects of the pandemic. Take your pick, from Brexit and Ukraine, to rapid technological growth in areas like AI.
True, there are plenty of business owners who are doing well, even during a cost of living crisis and the threat of recession – but some have struggled with changes over the last couple of years.
> Scared to make predictions
It’s common sense. Because very few people saw a pandemic coming, it made everything feel uncertain. Even now, there are business owners who are paralysed by uncertainty and worry about what’s ahead. Some have delayed making important decisions – or the decisions they did make have been very short term. But there are some HUGE trends and opportunities emerging in virtually every sector in 2023, which are being ignored by businesses, simply due to fear of the future.
> Over-reliance on past strategies
I remember during lockdown, how many people in business just wanted things to ‘get back to normal’ and yes, some things did go back to normal. But Covid accelerated the underlying rate of change in technology, society and business. Not everyone has caught up yet. Some strategies that worked before – or even during Covid – are no longer effective, but they are still being flogged to death.
> Underestimating workforce changes
The labour market is in flux right now. Some businesses are weathering the storm much better than others. Attracting and retaining good people requires much more THOUGHT by business owners these days and the use of different tactics, often highly tailored to the individual. Labour shortages are part of the issue, but the employee mindset has shifted several degrees since the pandemic. Yes, many businesses have recognised this fact – but still not figured out how to solve it.
> Failure to adapt
The fallout from Covid has created turbulence in the world economy. But this creates enormous opportunity. For example, there is massive growth potential within UK manufacturing right now. Some owners can see it clearly, others can’t. Likewise, there is significant scope to cut costs and overcome labour shortages with many roles, by leveraging technology or offshoring. But like anything else, there are those who adapt to change quickly – and those who always play catch-up.