James Caan: My advice for business

Essentially, we, like the public sector, also need to do better, and deliver more for less. Two practical examples of this are that any business that we are doing which is at a low margin and therefore inefficiently wastes effort for little reward, needs to be cut; there will simply be no room for complacency. Secondly, as the public sector is taking a pay freeze, both in direct terms and increased pension contributions, we as business leaders need to consider implementing the same measures with our employees if our budgets are tight. Nobody wants to make people redundant, and so if ways can be found to negotiate with staff, and implement similar freezing measures, then this must be considered.

 

My point is that there is no point in business leaders bemoaning the cuts, and every need for them to take the essential actions to remain viable business models – the onus is on us. As an entrepreneur, you need to be objective about the environment that you find yourself in, and adjust to it.  We also need to reconsider our pricing, and look at what aspects can be passed on. We also need to look at the changing costs of doing business and focus on the areas that make positive contributions, and find ways to create value in response to changing demands.

 

This advice is not complex; it is about critical and reflective attitude change, and the most successful will yet many business leaders will be the ones who make the changes. It is this positive business attitude that we need to adopt, if business is going to drive UK growth. Businesses that do not show such resolve will find the coming years extremely, perhaps existentially difficult. I am confident however, that the majority of UK businesses will make such changes, and many have already shown exceptional introspect.