According to the International Monetary Fund (IMF), the UK economy is predicted to shrink for the remainder of 2023 and then grow by only 1% in 2024.
Interest rates continue to rise as pressure grows on the Bank Of England to call time on its aggressive monetary tightening campaign. There remains uncertainty in the Banking sector with First Republic becoming the third bank to be taken over by US regulators in the last two months and Asian stocks fell recently as more fears about the health of US regional banks have dented market confidence.
These events are mainly outside of our control and it’s worth remembering that in a 2009 book, the notable management consultant, Peter Drucker, was quoted as saying, “You cannot predict the future, but you can create it.”
So how do you go about creating your future during these turbulent times?
Start with writing a business plan. This is an essential tool for looking at your options, whether it is for raising finance or for putting your objectives into writing. In either event, a business plan will give you some form of direction and help you set goals, and most importantly, enable you to monitor your success.
Business plans should be as clear as possible, and since brevity aids clarity, they should also be as short as possible. A useful way of achieving this without losing any important points is to stratify the plan by confirming all details, where possible, to an appendix, leaving only the overall message in the body of the document. This will enable the reader to master the basic points of the plan more quickly.
HMRC is using Playday, the national day for play, to remind working parents about the Tax-Free Childcare scheme, which can help eligible families meet the cost of nurseries, childminders, holiday clubs, breakfast clubs and after-school clubs.
According to a BBC report, businesses investing in Artificial Intelligence (AI) are finding it increasingly difficult to predict what their technology bills will look like, as reliance on AI increases.