The UK is one of the world’s major economies and a driving force behind many other economies. From 2019, the increase in GDP is at 2.3%, which is a good indicator that the country is doing well again after Brexit. Unfortunately, 2020 was not a good year due to the Covid-19 pandemic. Several businesses have suffered a lot, especially those in the tourism sector. Thankfully, some firms are now slowly recovering, and hopefully, 2021 will bring good fortune for small and large businesses in the UK.
If you are looking for ways to make your London business more profitable this year, then here are some of the things you should invest in.
Agile Infrastructure
Over the past year, several challenges have threatened the way businesses operate, from cyber threats to the Covid-19 pandemic. Because of this, organisations must deal with the challenges of balancing flexibility and productivity by investing in resilient and agile infrastructures.
To maintain productivity in today’s unpredictable business ecosystem, having business continuity plans is not just enough. In fact, continuity plans are virtually unreliable. When millions of people have been forced to work from home due to the Covid-19 pandemic, businesses must scale their remote working capabilities. Those that have succeeded in doing this have prioritised agility in their infrastructure.
An agile infrastructure requires investing in technologies like digital tools, security, as well as workplace connectivity. This new business model requires businesses to think differently about their business infrastructures, something that’s adaptable to whatever could happen next.
Branding
Branding is a term that is still confusing to many. Even some marketers believe that it’s synonymous with a logo design or trade name, but this concept is so much more than that. It’s more of a definition of your company and who you want to be. Branding is also about attracting people and making them patronise what your business is offering. In a nutshell, it’s a sum of all your attempts in creating a particular image for your company. Although it’s tangible, the impact is tremendous.
London’s market is competitive and oversaturated, so you need to go the extra mile if you want to attract the right people and keep existing customers. Countless companies offer the same products or services. Therefore, you should give customers reasons why they should choose you over your competitors, and this is why you should invest in branding. Successful brands manage to generate qualified leads and enjoy higher conversion rates amidst a competitive market.
Human Resources
In the midst of the pandemic, the role of the Human Resource Department has become even more significant than ever. Yet, some companies don’t find the need to invest in HR. Remember, having a good HR Department is the key to having a productive work environment, where employees feel fulfilled and energised to perform their respective roles. HR has been helping forward-thinking London companies with many things, from management development to performance management and thus heading to HR recruitment agencies such as JGA Recruitment, creating plenty of London-based HR jobs, leading to a competitive sector.
One of the most important things that London businesses can do is invest in modern HR practices, including assessing the most significant aspects of payroll and having frequent discussions with employees to understand how to best support and train them for their respective roles.
