ask the expert
December 2021/January 2022 business edge
How to increase your business resilience and growth plans in a post-pandemic environment Although elements of normal business life have resumed since pandemic restrictions were lifted, the operating environment for many UK businesses remains uncertain. Covid, the Brexit transition, the fuel crisis and container shipping issues mean some businesses have been experiencing supply shortages and increased costs. Now the Bank of England is signalling that curbing inflation may be necessary, and an increase in interest rates also seems likely. Is growth even possible in this context, when so many factors seemingly fall outside of an individual business’s control? We spoke to Luke Cartwright, NatWest’s Local Enterprise Manager in Sussex, who says markets influx presents an amazing opportunity to scale and grow, so long as a correct risk appetite and strategic plan are in place.
Local Enterprise Manager, Natwest Bank PLC
According to Luke, it’s a good time for SMEs to re-evaluate their business plans, in order to shore up resilience, boost productivity and create greater efficiencies. As all eyes turn to Glasgow and the COP26 climate summit, he adds that small and mediumsized enterprises (SMEs) have the potential to unlock significant revenue opportunity for themselves as well as enable the country to meet its ambitious climate commitments.
an Expert in Residence at the Coast to Capital LEP I support female entrepreneurs to develop and grow their business across Greater Brighton, West Sussex and East Surrey.
Access to a network of like-minded peers, supported by our Ecosystem Managers
So – what to do and where to turn if you are a business looking to grow and scale? Luke shares his top five tips:
Equip yourself with the right knowledge and tools
Use of our modern co-working spaces in one of our nationwide hubs
See opportunity in the challenges SMEs already play a critical role in the UK economy, contributing around 50% of total UK turnover and 60% of employment. Success in a changing social context is about identifying the challenges we face as a society and embedding your business in the solution to those challenges. If we look at the climate challenge, for example, an in-depth analysis of the UK SME landscape by NatWest has found that if the public and private sectors work together to provide relevant support, half the UK’s carbon reduction ambition can be delivered by the country’s SME sector. At the same time, SMEs themselves can tap into a £160bn-plus revenue opportunity.
Connect with your local business community In my experience, people do better when they are able to see others around them experiencing the same challenges and succeeding. Seek out contacts in your local business community and connect with other entrepreneurs around you – while they may not be directly relevant to your industry – they might have some insight that helps you think outside the box. Local enterprise partnerships are excellent places to start, and in addition to some great community contacts you will probably find a NatWest Expert in Residence at your local LEP. As
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Luke Cartwright
Now, more than ever, it is vital to have the right tools and support to help you and your business succeed. There are many different options when it comes to learning how to operate a business, from private colleges to not-for-profit courses. At NatWest, we offer Business Builder to support businesses and entrepreneurs at all stages (whether you’re just starting out or an established business looking to make a change). It's free and you don’t even have to be a NatWest customer to join. Business Builder is also complemented by a variety of events, which are run by our Local Enterprise Managers such as myself and other local partners.
Adopt a growth mindset Everyone starts somewhere. Accessing finance and serious backing can be difficult when you are in the very early stages of developing your business and often it’s an introduction to the world of investing that’s needed to boost your confidence. The NatWest Accelerator supports and empowers UK entrepreneurs to scale their businesses to the next level. Our free accelerator programme specialises in areas such as high growth, climate, FinTech and corporate social responsibility to provide: One-to-one coaching with our experienced Acceleration Managers A programme of thought leadership and events
www.sussexchamberofcommerce.co.uk
Focused support with access to experts from across your specialism
Find out what support is available to you The UK banking and finance industry delivered an unprecedented level of support to SMEs in 2020 and continues to support businesses of all sizes across the country to help them trade and invest for recovery. NatWest has just announced an additional £1bn in funding for businesses committed to addressing the climate challenge. Additionally, there are several grants available to SMEs, for example through the government’s Innovation Funding Service or its Help to Grow: Digital scheme. SMEs can find more using the Swoop Grant Finder funding platform. Businesses developing and investing in new products, processes or services or enhancing existing ones are eligible for tax relief. Other incentives include the government’s new super-deduction scheme. Of course, any decision to seek out a loan or investment should be carefully considered first. Decide on your goals and work back from that to work out the investment you need to get there. For individual support and advice, please contact our Local Enterprise Manager on email: Luke.Cartwright@natwest.com
tel: 01444 259 259
