Opportunities will always arise

It’s always important to look ahead in business, as you can’t change the past, but you can learn from it and of course the start of a New Year and the next quarter of this century holds huge opportunities for those brave enough and willing to take them. 

I was delighted to meet many local business leaders when judging the Sussex business awards which were held on 5 December. There was a great atmosphere and positivity in the room at the awards ceremony and we were all left with lifted spirits and renewed energy. 

Whilst interviewing some of those nominated, I was struck by their enthusiasm and passion for their business. Yes, many of them are fearful following the October budget and the impact on their staff costs, but hopefully they will be feeling cheered on following the recognition of their achievement that the participating in the awards will bring. I’m sure they will find a way to navigate these changes.  

Running a business is all about dealing with and adapting to change and it’s a reminder that being a business owner isn’t for the faint-hearted. There are always new challenges to face, many of which won’t be in your control but there is usually a way to succeed. 

It’s hard to believe that it is now five years ago since the global pandemic began and look at the lengths many businesses had to go to pivot and adapt to change almost overnight, to survive, and in many cases thrive. Technology enabled huge advances that would have probably taken many years to roll out because of the necessity and many successful new businesses have been built in the last five years. I think many business owners also learned important lessons about managing both their cash flow and their teams during and since this period which influences how they do business today. 

If you take a sector such as hospitality which is such a large part of the local economy across Sussex and in Brighton in particular, it might be hard for some business owners to see how they can adapt to the cost changes announced in the budget when their business is so reliant on people and margins are tight.  

Part of the answer lies with looking closely at your systems and processes. Technology and AI can help to process some tasks more efficiently and better management of the data within the business can help it to grow. Remember it wasn’t that long ago that online booking systems were introduced or using QR readers for menus, so relatively small changes can have a big impact.  

Businesses also need to look at the value their staff bring and how that impacts on their relationships with their customers. Employees cost money, but good employees can be priceless to a business. Focus on where technology and your team can work better together to add value and what differentiates your business from the competition. Not only is the world changing, but so are the needs of your customers, so staying ahead of these trends is important.  

For example, according to Drinkaware, one in five youngsters aged 16 upwards don’t drink alcohol and the highest prevalence is amongst those aged 16-24. If the next generation of young adults are less inclined to drink, then your hospitality business needs to start to consider what will attract new customers as well as maintain interest for those that do. There will still be people who will want to go out and socialise, but their evening out will probably look very different to that of their parents’ generation, where a night in the pub was a rite of passage. 

I am looking forward to the Sussex Chamber of Commerce’s launch of the Brighton and Hove economic strategy 2024 to 2027 in March. This strategy shows how Brighton is pivoting towards other sectors such as technology to help drive economic growth alongside having a thriving hospitality and tourism offering. As a further example of how technology is changing the way that we work, I used an AI tool to turn this strategy document into a podcast so that I could listen to the plan on the way to work! 

So where will the opportunities come from for your business this year and beyond?  

The answer is that it is up to you as the business owner, but I can guarantee that your business will look very different in another 25 years. It will be more technology and data driven so data privacy will be even more important. Business may be both local and global, with deliveries being made by autonomous drones, or vehicles with sustainability at its core. It will be more interactive to increase the consumer experience, with decision making and shopping becoming more personalised, as consumers will have more choice. Consumers will make more health-conscious decisions especially those that improve their overall well-being as work life balance becomes more of a priority.  

Change is coming on so many different levels so if you haven’t already, start giving it some thought. 

For more information on how Kreston Reeves works alongside clients to understand their goals and help them achieve their ambitions, please get in contact.