The UK service sector enjoyed modest growth in September 2017 but not at the level which economists and business leaders would have welcomed.
To small business coaching specialist Peter Smith, figures tell him that the UK service sector will benefit from small business coaching through highly experienced and knowledgeable mentors.
Peter has worked independently and as an associate member of Thames Valley Business Advisors with business owners and CEO’s since 2005.
Slowdown in growth
Whilst there is no need to be alarmed, it must be acknowledged that growth was at its slowest in September 2017 since August 2016. Economists cite the lack of clarity about Brexit as a strong factor. Many people expected a much clearer picture by this stage, over a year after the Brexit referendum.
The Guardian newspaper offered a secondary reason in an article from October 2017; that rising prices were slowing the speed of service sector expansion. Prices have steadily increased since spring 2017 and consumers are paying more today for items and services than in 2016.
Data implies that the result of Brexit complications is that the service sector, B2C, is faring worse than B2B as we close 2017. Expansion would be through greater B2C sales.
To make the most of every sales channel someone like Peter is an invaluable resource. Realise potential and enjoy growth by recognising current opportunities which help you to expand even in a hesitant post Brexit Britain. It can be done, with the right approach and advice.
Adapt and thrive
Adaptability is a key element for small businesses. Whatever the environment you find yourself trading in, the ability to understand conditions and thrive through the challenges is what makes the difference and could see a small business grow and eventually become a corporation. It’s knowing how to act that equates to a conundrum.
Higher prices negatively affect sales so being adaptable means considering:
- Increased value for price.
- Identifying new sales channels.
- Reinforcing existing sales channels and relationships.
Think rationally, don’t panic
It’s easy to look at statistics and sensationalist headlines and perceive matters incorrectly. It should be remembered that although growth is slower than experts expected or hoped for, the UK service sector is still growing. This is obviously positive. Sometimes growth occurs at break-taking speed, at other times it slows, this is a fact of business life.
Please don’t get too dispirited; we’re moving in the right direction. Small business owners should focus on day to day consistency, look quarter to quarter and build year on year.
Expert assistance is only an e-mail or call away
A noted small business coach like Peter Smith has seen many scenarios play out in a variety of economic highs and lows and he will be able to coach you through problems, plans and how to make the most from the current climate. If you aim for a year on year growth of 20%, Peter can help you, so please contact him via TVBA or directly.