Early this year, the Confederation of British Industry’s (CBI) revealed that it expects the UK economy to continue growing this year and beyond, an observation that has held true.
Current figures suggest that the recovery is occurring at a faster pace than previously forecast. Though caution is still required, most experts seem to be of the opinion that the dark days of stagnation are slowly but surely withering away.
This is good news for businesses looking to make investments or enhance their base of operations, be it in terms of processes, more staff or even acquiring an industrial property.
Rob Wood, chief UK economist at the investment bank Berenberg, commented: “Business optimism is heading ever higher and higher and the economy seems to be flying, as the UK rapidly puts the quagmire of the past couple of years firmly in the rear-view mirror.”
After a period of cautionary practice, many executives will be keen on taking advantage of growing confidence in the economy and starting to look at strategies to implement that will allow them to usher in a new era of productivity and prosperity.
This guide gives you the lowdown on some of the options available to you.
Thinking about existing space
The physical space of your office and warehouse equates to high costs. While the expenditure on these is often necessary, more affordable and practical options can be found instead.
Check to see what your contracts are for your current premises and then look at industrial property that is for sale – this will give you a rough idea of when you can make a decision to commit.
There are endless benefits to acquiring new space. If, for example, your office, warehouse and production line are all housed in one building, separating these key areas can result in improved performance.
A case in point might be that the manufacturing processes you use to develop your goods is unavoidably noisy, which can be distracting to workers in your office.
Migrating this arm to an out of town unit can solve this problem and, in turn, improve employee performance, as their working conditions will be much more ambient so to speak.
Hire more staff
Increasing the size of your workforce will directly boost your output, and, through effective multichannel marketing, allows you to deliver more goods to what will hopefully be an expanding customer base.
The thing about employees is that they offer more than just physically resourceful, they bring with them experience and intelligence that can be utilised in blue sky thinking sessions.
Therefore, when developing your business, think long and hard about the types of employees you are looking to hire. When it comes to interviewing people, ensure that you properly vet candidates and, at an interview, ask questions that you feel will help you confidently select individuals that will be real assets to your company.
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