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East Midlands SMEs pull together to tackle downturn

East Midlands SMEs pull together to tackle downturn

SMEs across Derby and the East Midlands are pulling together to protect their businesses following the Bank of England’s confirmation that Britain is in recession and the pound slipping to a record low against the dollar.

Local companies including PNE Controls, Diacom Networks and Force Engineering are utilising their monthly sessions with Derby based advisory board – The Alternative Board – to share strategies and mitigate increasing business pressures.

A recent survey by TAB revealed that 82 per cent of SME business owners don’t have a clear idea where cuts can be made to reduce financial overheads.

TAB business owner Max Crosby-Browne who runs the advisory board sessions has been swift to act in ensuring East Midlands entrepreneurs receive the support and advice they need to continue their valid contribution to the local economy.

“Running a business can be lonely at the best of times and never more so than when facing a downturn which is why it’s vital our members continue to meet and talk openly about the pressures they are facing,” commented Max. The East Midlands has a fantastically diverse SME community and it’s vital that these smaller local employers are supported through a recession so that job losses are mitigated, and they can continue to deliver the entrepreneurial flair and innovation that bring so much diversity to our region.

“Particular challenges we are already seeing the East Midlands include rising costs right across the supply chain, significantly increased costs of borrowing, and a slowing in demand as Consumers brace themselves for rising costs, and Businesses look to minimise stock levels and investment. We are helping businesses to tackle this through their regular monthly Peer Boards and increased focus on cash flow planning in their regular 1:1 sessions, and by launching a Recession Ready Hub of support materials.”

TAB member Neil Cockings, owner of Mansfield based PNE Controls added:

“It’s impossible to escape the gloomy economic outlook but it’s also vital that we as local SME owners maintain a positive and proactive approach.  TAB provides a great space for airing concerns in a confidential and supportive environment among peers who often share similar experiences and can provide great advice from a local perspective.  It was hugely beneficial in helping me steer my business through the Pandemic and it’s great to have the support of this community of fellow SMEs to help ensure my mindset remains positive towards these challenging times.”

With peer-to-peer support central to the commercial success enjoyed by TAB members across the East Midlands the company has pooled together advice from its business owners who experienced the country’s last big recession in 2008.  All believe being part of TAB will help them survive the next recession.

TAB has utilised these expert insights to create a free Recession Ready online hub to help SMEs across the UK prepare for a downturn. Featuring business guides and insights, an ‘8 ways to get recession ready’ blog, plus a Recession Ready quiz, the free resources can be found at www.thealternativeboard.co.uk/recession-ready-resource-hub.

TAB is a membership model where members, who are owners of private businesses, pay a monthly investment for business advisory and coaching services.  TAB SME facilitators nurture the growth of local businesses, deriving immense satisfaction by facilitating positive changes in the lives of local business owners.     

For more information and to find your nearest business advisory board please visit www.thealternativeboard.co.uk


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