Debate: Growing Businesses
There’s no doubt the economic landscape has seen some seismic shifts over the last 12 months. With Brexit still on the horizon and Donald Trump in the White House we invited our panel of experts and advisors to Yorkshire Bank in Preston to ask how Lancashire businesses can best move forward in these uncertain times.
How can business best plan for growth in times of uncertainty?
Stewart Cook: It’s important they engage with professional advisors, solicitors, accountants and the bank, look at the risks to the business they can identify in respect of these uncertain times and see where investment needs to take place. It is important money’s invested wisely so that they get the best return. It can be hard, particularly for smaller businesses where maybe the owner manager is doing their day job as well as trying to run the business. It is important that they engage with their professional advisors because those people can take them away from the business for an hour or two and really discuss what’s concerning them and what they need to do.Jamie Allison: You have to surround the client with the right advisors and make sure that’s being done in a collaborative way. It’s about effective planning. We tend to sit down with clients and spend most of the time giving some line of sight into the next six, 12 or 18 months. Tom Flack: We’re in a lot of different sectors. We’ve got a care business, a hospitality business, property and land and we are in the energy sector as well, so we’re quite a diverse organisation. A lot of people have spoken about uncertainty, but there’s also a lot of opportunity, especially for an acquisitive business such as ours. There are a lot of deals to be had.
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