It looks like small businesses are rebounding after suffering a significant loss of optimism during the last half of 2016. Business owners have more confidence in what the future holds despite the cost of doing business rising and the value of sterling falling. The increased confidence is good news, but now that better outlook needs to be maximised to its full potential. One suggestion is to embrace small business coaching.
Numbers from the Federation of Small Businesses (FSB) show greater confidence among small business owners based on the Small Business Index (SBI). The SBI for Q1 2017 came in at 20, the highest it has been since the end of 2015. Even more impressive is the fact that the SBI stood at -2.9 just after the Brexit vote in June 2016.
The FSB says that much of the renewed optimism is related to exports. More than 15% of the small businesses accounted for in the index have reported increased exports while more than 30% expect higher export volumes over the next quarter. Companies are selling internationally, to put it simply.
Making the Most of Current Conditions
Though the FSB doesn’t come right out and say it, the take-away from the first-quarter report is that small business owners and management teams are making the most they can of current conditions, irrespective of what Brexit negotiations might bring. Increased confidence is also a sign of better managing expectations.
Managing expectations is something small business coaching deals with quite a bit. A business coach works with a company owner and the management team to come up with short- and long-term goals with reasonable expectations attached to them, in the knowledge that goals have to be achievable if they are to act as motivators. Goals can only be made achievable if they are based on reasonable expectations.
Knowing all of that, current conditions for small businesses are still very strong. Even though there were predictions of an economic meltdown following the Brexit vote, the economy has continued to grow at a very steady pace. There is no reason for business owners to assume the worst now that Article 50 has been invoked. Expectations of growth and strength are reasonable and manageable.
Adapt and Overcome
Small business coaching is also about helping companies adapt and overcome. Regardless of what happens with negotiations, small businesses in the UK will survive because they will adapt. It is the way we’ve always done things in the past. It is how we will approach an independent future.
After months of anxiety and questions surrounding our leaving the EU, things have stabilised among small business owners and managers. That is reflected in renewed confidence and a brighter outlook for the future. If you own or run a small business, it’s time for you to make the most of the improved outlook by way of small business coaching. As a small business coach, I am here to assist you in any way I can.
Sources:
SmallBusiness.co.uk – https://smallbusiness.co.uk/small-business-confidence-recovers-2538032/
Photo credit:
MDGovpics via Foter.com /
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By Peter Smith.
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