While business confidence in the UK has been stricken during the coronavirus pandemic, it has always remained a relatively fragile concept.
For example, business confidence in the UK averaged around -3.80 points between 1958 and 2021, including an all-time high of 55 points in 1959 and a record low of -87 points during Q2 2020 and the onset of Covid-19 on these shores.
Clearly, this suggests that growing and maintaining a successful business can be incredibly challenging, whether you consider financial, technological or managerial issues. In this post, we’ll look at some of the key strategies that enable you to grow your venture quickly in the current stock market outlook.
1. Hire (and retain) the right people
Before you can even make concerted company growth a viable objective, it’s imperative that you have the right team and workforce in place.
After all, it’s your team of employees that will enable you to pursue and successfully accomplish business goals, while also ensuring that growth objectives are achieved as quickly as possible. The best business books suggest that the most successful CEOs build a team of people around them who are both flexible and who are willing to challenge and push back.
This will require you to create a viable company culture and identify the type of attributes that you want in particular employees, while also focusing on building relationships and fostering a greater sense of collaboration.
Similarly, it’s also important to retain top talent and employees over time, particularly as this is considerably cheaper than acquiring new staff members.
2. Consider sensitive investment options
However, it may also be wise to consider investing your company’s capital into various vehicles and options, in order to grow this as quickly as possible while also managing and minimising risk.
Reputable investment management firms can help in this regard, by creating tailored investment portfolios based on your capital holdings, objectives and the level of risk that you’re willing to take on.
Just remember to create a fixed budget for investment, as you should only ever commit an amount of capital that you’re willing to lose.
3. Make risk reduction a key company objective
The concept of risk is inherent to every business, which is why as many as one in five new startups fails within the first year of trading.
While it’s impossible to eliminate or control risk, however, you can at least recognise this and take practical steps towards minimising it across the board.
One of the best examples is investing in relevant and bespoke insurance coverage, with this providing immediate protection against various internal or external risks that have been identified across the business.
The latter point here is key, as you’ll need to identify the risks that are most pertinent to your business before taking actionable measures to tackle these.