SMEs are being urged to be bold and make decisions amid predictions of global economic uncertainty in 2024. Leading business advisory The Alternative Board (TAB) believes UK SMEs can continue to deliver strong results if they don’t allow themselves to be distracted by geopolitical unrest and an expected change of government next year.
“A wait and see approach simply isn’t going to be good enough during a hardening market,” commented Ed Reid, MD of TAB (UK). “Every business owner in the UK established their company because they have entrepreneurial acumen. My message to them is simple, remember that early drive and use it to make bold decisions in 2024. Keep an eye on external forces but don’t slow down or delay decisions. By being active and ambitious and setting achievable targets for the calendar year business leaders can achieve whatever they set their minds to in 2024."
Ed continued, “Standing out from the crowd will also be key, delivering great service and concentrating on what you are good at, to attract and maintain your customers and clients. The old adage - that it’s easier to retain than to recruit new customers, continues to stand true and should be a continuous process within any business."
“Since the pandemic we have become more remote, choosing virtual connection over being face to face, this has its place, but people buy from people. So, in 2024 make it your aim to get in front of a potential client or customer, how often does the boss contact a client, check in, you may not realise just how valuable that interaction can be."
Working with business owners across the UK, the rigour of TAB’s advisory services ensure SME leaders set targets, make decisions and are held accountable every month to their peers via private peer board meetings.
“Never underestimate the value of your peers,” adds Ed. “TAB members gain so much support, advice and insight from spending time with likeminded entrepreneurs. It’s very easy as a business owner to avoid big decisions because the buck stops with you. TAB supports leaders by ensuring big decisions are discussed and acted upon.”
It’s a strategy that has been hugely successful for TAB which has supported over 1,500 SMEs across the UK. Revenue growth of companies working with TAB between 2020 and 2021 averaged an impressive 28.4 per cent and 80 per cent of TAB members report their turnover had increased since joining TAB.
“The best thing business leaders can do in 2024 is believe and invest in themselves,” concluded Ed. “If you are not confident to do that, then consider spending time with other local business owners. Our members thrive on the professional and personal support they receive from local peers and that alone can have a huge impact on the psyche of business leaders in a tough market.”
TAB is the world’s largest franchise system providing peer advisory boards and business coaching for business owners. Across the UK over 1,500 SME business owners have benefited from TAB. Revenue growth of companies working with TAB between 2020 and 2021 averaged an impressive 28.4 per cent with 80 per cent reporting their turnover had increased since joining TAB.
