For nearly two years, businesses have focused their attention on adjusting to the impact of COVID-19 and learning to operate in this ‘new normal’. Recent research estimates that the pandemic has cost SME’s upwards of £120 billion across the country , with central London bearing the brunt of these costs. As we begin to emerge from the pandemic, it’s important to know that you are equipped not only with skills to deal with current challenges facing your business, but also the tools you need to build a clear path and take your business into the future. In response, London’s business leaders have sought to create a ‘new normal’ based on digital output, remote working and alternative hybrid models.
The London Business Hub offers free and impartial advice to businesses across London. We are here to help businesses navigate this transition and grow. We have pulled together some top tips to help your business bounce back and grow as we emerge from the pandemic.
Expand your leadership skills
Arguably, the biggest lesson the pandemic has taught us is the need for fast thinking and flexibility. Old business models have been upended and new ways of working have come to the fore. Leaders have had to take immediate action, and make tough decisions, to adapt to changing business operations to service their customers and communities alike.
In order to upskill your workforce, it’s important to look inwards as a first point of call. Particularly for those in senior leadership positions, understanding the areas of business you may not have day-to-day contact with is crucial. Learning about new areas of business is similarly key to help move your business through new areas of growth. Seek to fill in your knowledge gap, but also knowing when to hire the right talent to complete your skills is a sign of strong leadership.
It might seem like the hardest part of the pandemic is behind us, but this doesn’t mean that you should stand still. It’s integral for business leaders to continuously grow their personal leadership skills such as these to help your businesses adapt, change, and grow.
Build a strong network
It can be easy to isolate yourself during tough times, particularly if you’re running a business by yourself. That’s why connecting with other business owners is a fantastic resource to bounce ideas off one another. Signing up to local events, workshops and trade shows can help you meet experts inside and outside your field.
In the digital world, online business webinars and seminars can be a great resource. Social media is another great platform to connect with old friends, make new ones and grow your
Develop your digital offering
Throughout the pandemic, technology has often been the only way entrepreneurs could stay connected to their clients, customers and colleagues. Many of the changes to the business landscape have been driven by and reliant upon technology. Whether that’s social media or data analytics, it’s imperative to keep your finger on the pulse of the biggest technology trends across your industry and understand how you can use these tools to grow your digital capacities for employees and customers.
The London Business Hub supplies a wide range of online tools and resources to help business leaders get to grips with new technologies. Signing up to webinars run by technology experts for example, can improve your own expertise. It’s similarly important to equip your own staff with the tools to broaden your company’s digital offering. Embracing the digital transformation is not just a short-term fix, but a long-term approach even as the pandemic recedes.
Remember, growing your business doesn’t happen overnight. These small tips are just a few ways business leaders can help make the most of the post-pandemic environment. To grow your business, don’t just focus on immediate goals but a long-term plan of where you want to be in the next year, five years and ten years from now.
A programme to support your businesses growth
For more expert advice on navigating the post- pandemic world, our Recover & Grow programme is the perfect place to start. Delivered in partnership with Bayes Business School, this free, intensive programme has been designed to help businesses build their resilience and set the foundations to grow.
Get access to four modules themed around leadership, digital growth, finance and marketing, alongside business clinics and coaching.
Join the next cohort which starts on Wednesday 27 April 2022.
Check the eligibility criteria and apply online here by Wednesday 20 April.
DISCLAIMER While all reasonable efforts have been made, the publisher makes no warranties that this information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate.
Top Five Ways AI Can Help Grow Your Business
Artificial intelligence can help you achieve business growth.
Public Sector Procurement: Guidance and Support for Small Businesses
Discover ways that small businesses can profit from public procurement.
How Important is Networking for Your Business
Discover how networking can help small businesses.