This morning the BCC released its revised projections for UK growth. Sadly they concluded that there would in fact be “negative growth” in 2012 as the first half of the year had not been as good as expected.
However, when the numbers are looked at it is a revision from 0.1% to -0.4% not a great shift by any stretch of the imagination and I think most of us would view both these figures as a reflection of the stagnant economy we are experiencing on a daily basis.
That said there are still businesses out there which are able to find opportunities for growth in this environment as they exploit the loss of competitors in their particular market or identify new niches and markets where they can achieve additional or greater growth.
Whilst there is no doubt that the economic climate isn’t good it also isn’t bad, as evidenced by those stagnant forecasts.
What we can be sure of is that the world now is different from that which we experienced in the years up to 2008. As a consequence there is a need to assess our approach to business and consider whether in this new world we need to manage our businesses differently.
Whilst in the daily grind of work it is difficult to find the time to take a step back and assess the bigger picture, in the current climate I don’t believe that there is anything more crucial.
As an accountant, Simon Rowe, specialises in corporate finance, business turnaround and insolvency.