After a difficult start to the decade, London business is commencing its post-COVID recovery. Thanks to the vaccine rollout and the then-easing of lockdown restrictions, April saw business confidence in the UK capital jump 20 points to 32%, in the process recovering to pre-pandemic levels.
After a tough 18 months, it’s important for local firms to keep that confidence high. Here, then, are several ways that these companies can fuel continued optimism in the city’s economic prospects.
Prepare for the future
If the last few years have taught us anything, it’s that you can never be sure what’s coming next. With society having recently returned to at least a semblance of normality, it’s vital for firms to have a thorough plan for the future.
COVID-19 is one of many developments that could severely impact local firms. Other events, including climate change and rapid technological advancements, could completely change the way business and society work – and it’s important for businesses to be prepared for these changes when they occur.
Coworking is where people from different business backgrounds work independently in a shared space. Coworking spaces are generally more affordable than traditional offices, with a pay-as-you-go arrangement that’s ideal for freelancers and independent contractors. Without the overhead that comes with a traditional long-term office lease, coworking offices are also ideal for entrepreneurs looking for an accessible and affordable start-up space.
As well as being affordable, coworking spaces are a great way to meet like-minded people. Whatever your trade, it’s likely that you’ll meet someone at a coworking space who’s working on something similar, making this kind of space an ideal networking hub.
With London business confidence growing, more people are looking to get involved in the capital’s corporate scene. Whether you’re a small business or an independent worker, coworking spaces are a great way to thrive in the capital.
Incentivize customers and employees
COVID-19 has had a profound effect on businesses and customers alike. Many customers may not have the financial resources they had pre-pandemic – and, as a result, could be reluctant to spend on products or services available from your company.
Consider running special offers, such as discounts, to incentivize customers. You can also use social media to easily get your products and services in front of prospective customers, as well as build a community that will encourage customers to return to your business when they are ready.
Similarly, incentivizing employees is key to maintaining confidence and reducing staff turnover. Increased pay and other financial incentives are effective – but, given the financial impact of COVID-19, your particular business might not be able to offer any of these incentives in the first place.
Fortunately, other ways businesses can incentivize employees include offering flexible working times, or drinks on a Friday. These actions can make employees feel valued as well as foster a sense of community, thereby improving morale across the business.
Thanks to a return to pre-pandemic levels of confidence, the good times may be coming back for businesses in London. Following these tips will put local firms in a good position to keep that optimism going.