Navigate economic uncertainty with our insights

We continue to find ourselves in a time of upheaval. From ongoing economic uncertainty to an impending general election. All the while operating costs rise, leaving many individuals and businesses facing an uncertain future. No doubt about it, 2024 is already challenging.

Our recent webinar offered some help in navigating the turbulent seas of economic uncertainty. Sharing their insights and expertise was Verallo’s Managing Partner Paul Overall and our Client Partner Ian Hewitt as well as Chris Newell, Managing Director of business advisory firm Quantuma. If you weren’t able to join us, here’s some of our key takeaways.

Where to focus your efforts in 2024

If we can leave you with one idea in mind it’s this: Develop a robust strategy. Spend time figuring out where you want to see your business at the end of the year and work backwards. Using our simple “Now, where how” strategic planning tool build milestones to hit and stay on track. Keep it simple with a one-page plan, setting out where you are “Now”, “Where” you want to be and then the “How” to achieve your specific goals.

For Ian, a key focus  is team recruitment. Specifically, with a long-term goal of retention. Focus on bringing in people who’ll share your vision, strengthen the team  and maintain the team culture.

For a lot of us, there is a temptation to focus on several areas and then we split our efforts and stretch ourselves too thin. It’s essential to identify the most important or pressing areas of focus for your business. Then build a plan to achieve it before moving on to the next. One at a time. In planning sessions with clients Ian will focus on 3 key issues. Sounds too formal? The majority of planning sessions are over a cup of coffee working out a one page plan focusing on the 3 issues.

Maintaining financial resilience

Mapping out the current financial climate is key. Review your current pricing and your internal costs such as overheads and third-party suppliers. Build a cashflow forecast for your best and worst case scenarios, as well as for your current position. This is integral for planning ahead and building resilience.

Once you have that, you can start highlighting areas for improvement or streamlining spend. This is crucial for making goal-orientated decisions. For instance, whether your business will focus on margins or growth. Having clear goals helps build processes that, in turn, builds resilience for what lies ahead.

Opportunities for growth in the next 12 months

Here are the headlines: Mergers and acquisitions. Capital investments. AI. These are the areas where you can expect to see growth for the year ahead.

However, growth takes on a new meaning when you take the context of 2024 into account. Indeed, you could pull ahead competitively without even moving at all. Remaining resilient and protecting the status quo might technically not be growth but, if others are failing, you can experience the same benefits that come with it.

Our predictions for the year ahead

Although it’s not going to be easy, we’re coming towards the end of a period of adjustment. Interest rates are falling, inflation is stabilising and a new normal is appearing. The uncertainty that we’ve been dealing with is drawing to a close. Our prediction is that, in the near future, we can move forward with understandings that have been absent for a long time.

Have a listen to what else Verallo had to say about navigating uncertain times here.