UK Businesses Take Steps to Prepare for Impending Recession, But Lingering Concerns Remain

Recession preparation is top of mind for UK business owners, according to a recent survey from Speakers Corner. However, over one-fifth still do not feel fully prepared.

99% of Businesses Making Changes to Ready for Recession

The survey polled 500 UK business owners on recession planning and workforce outlook.* It uncovered that 99% have implemented proactive changes to safeguard their companies against economic downturn.

Yet 22% say their business is not currently prepared for recession. This highlights ongoing concerns within the business community as the UK stares down the barrel of its biggest two-year fall in living standards since the 1950’s.

With household incomes set to plunge 6% in 2023 and 2024 per government forecasts as highlighted by the BBC, businesses across Britain are already feeling the pinch.

Top Recession Preparation Strategies

To brace for tough times ahead, companies have taken measures such as:

· Cutting marketing and advertising spend (27% of respondents)

· Restructuring their business model to drive efficiencies (25%)

· Relocating to cheaper office space (24%)

Concerns Linger Despite Preparation

However, doubts persist about recession readiness. As Speakers Corner Managing Director, Nick Gold, commented:

“Recession breeds uncertainty around job security and finances. This leads to negative mindsets and stifled creativity."

Gold advised that rather than hunkering down, businesses should motivate teams to innovate.

Maintaining Positivity and Culture is Crucial

Research indicates that companies maintaining positivity and protecting employee wellbeing perform better during economic contractions.

By staying upbeat and keeping staff engaged, UK businesses can help weather recessionary storms. But this survey signals that more work may be required to alleviate concerns and guarantee preparedness.

If you still need further advice, then hiring a speaker can help to provide your team with all the insights and tips to help you feel better prepared! Our friendly team of experts are more than happy to share their knowledge with you!

Give us a call today on +44 (0)20 7607 7070 or email info@speakerscorner.co.uk.