In the early 1990’s, a recession was something you kept on going through to come into some sunlight the other side. However, the last eight or nine years have been very different.
We have all had to adjust to ongoing turmoil – pressures that may change but are unlikely to ease in the way they did before.
Increasingly, I find that SME owners focus less on national or even international politics and economics, and more on simply getting their heads down and triumphing over immediate business challenges as they arise.
Slower economic growth has been forecast by many for the UK this year, which means business owners have to have a total focus on, and belief in, their business to take the risky step of investing.
Many, however, are now faced with the choice of investing or getting out of the game, in an increasingly competitive marketplace.
If owners have to borrow money to make that investment, will there really only be a negligible rise in interest rates this year?
Certainly, lower inflation and steady interest rates would help business and consumer spending, the latter having defied predictions and continued in the face of Brexit.
Meanwhile, EU workers flee a Brexit-threatened Britain. The combination of low unemployment and the worst shrinking of living standards for decades, means that the workforces negotiating for higher wages look to be holding a stronger hand than they have for several years. Read more