Following a year of eye-watering inflation in 2022, especially energy prices, economic forecasts for the UK for 2023 make for sobering reading. According to the Bank of England, the UK is facing its longest recession since records began, while the UK Office for Budget Responsibility (OBR) expects the UK economy to shrink by 1.4% in 2023, leading to the biggest drop in living standards on record, with consumer spending set to plummet.
So, with really challenging times ahead for many UK businesses, what can owners do to mitigate risk and make their business as recession-proof as possible? Find out from Rory MccGwire, founder and chief executive of Atom Content Marketing, publisher of the Donut websites – and battle-scarred veteran of previous recessions.
Show notes
Cash flow
Pricing
- How to raise prices without losing the sale
- Free Product pricing calculator
- Seven ways to price your product
Cutting costs
Managing stress
- Q&A: Managing stress as a small business owner
- How to deal with stress and set backs (series three podcast episode)
Recruiting team members
Getting advice and support
- Guide: sources of advice when times are tough
- Donut Small Business Collective
- War stories: How Atom survived 31 years in business (Rory’s LinkedIn post)
Closing your business
About our expert
Our guest expert is Rory MccGwire, founder of Atom Content Marketing, creator of the hugely popular Donut small-business-advice websites. Atom’s origins stretch back more than 30 years to Rory starting up in London, growing it significantly to employ more than 20 staff and many freelances, with offices in London and Bristol, creating small-business content for many high-profile clients, including the UK government and leading blue chips.
As for most other businesses, 2008 – when the UK last experienced a serious downturn – and the years that followed were challenging for Rory and Atom, to say the least. But, thankfully, Atom continues to be a leading provider of content that enables small businesses to be more successful.
Read Rory’s post about his 30 years in business on LinkedIn.
About our sponsor
Thanks to Dell Technologies for sponsoring series four of the Start Your Own Business podcast.
Dell has what you need to start, scale, and succeed, including end-to-end tech solutions to boost productivity and maximise security so you can focus on innovation.
Our partnership with Dell means you get top products at special prices and a personalised consultation from a dedicated tech adviser who will get to know the goals of your business. Find out more by emailing the Dell for Startup UK representative at [email protected].
What next?
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To get tips, support and inspiration from other small business owners:
- Join our thriving Facebook group the Donut Small Business Collective
