Don’t let a lack of confidence damage your business

CHANCELLOR George Osborne’s announcement of faster than expected economic growth in the first quarter of the year may have received a muted response.

But from where I’m sitting, even a small sign of improvement in the economy should be welcomed.

What the Chancellor’s announcement should do is start to inject some optimism back into the economy and from what I’ve observed for the past few years, it’s a lack of confidence that has had a massive effect on the economy.

My feeling is that the economy is being held back at the moment by a lack of confidence rather than anything else, but if business owners can see that the economy growing, albeit slowly, it should hopefully encourage them to be more optimistic for the future.

A lot of businesses have become very good at battening down the hatches and maintaining the status quo, taking no risk at all, but the danger in that philosophy is that they might miss out on opportunities that come along, especially when they have ceased to adapt to a changing environment.

If people feel they are still struggling but that they can at least see a light at the end of the tunnel, however, now is the time to seek the advice they need to survive into the future.

It is possible to deal with debt in a sustainable way that will allow a business to move forward rather than being weighed down by the burden of losses that have built up during the bad times.

To find out more about how to manage business debt, call me and my team at Moorhead Savage on 01709 331300.