Companies in Aberdeen and Aberdeenshire pull together to tackle festive downturn amidst recession
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Companies across Aberdeen and Aberdeenshire are pulling together as we head into the festive season, working together to protect their businesses following confirmation that Britain is in recession.
Local companies including Waterloo Quay Properties, Dev4 Online and Pier Solutions, are utilising their monthly sessions in Aberdeen based advisory boards The Alternative Board (TAB) to share strategies and mitigate increasing business pressures.
A recent survey by TAB revealed that 82 per cent of business owners and leaders do not have a clear idea where cuts can be made to reduce financial overheads.
TAB business owner Helen Mill who runs the advisory board sessions has been swift to act in ensuring entrepreneurs receive the support and advice they need to continue their valid contribution to the local economy.
She said: “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.
“TAB has a fantastically diverse business leaders' community, and it is vital that these 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 include recruiting and retaining skilled staff, dealing with spiralling costs in their value chain and uncertainties on policies, particularly in the energy sector.
"We are helping businesses to tackle this through access to webinars, sharing best practice and by launching a Recession Ready Hub of support materials.”
TAB member Gail Henderson of Ellon based Dev4 Online Properties said: “It is impossible to escape the gloomy economic outlook but it’s also vital that we as local business owners maintain a positive and proactive approach.
"TAB provides a great space for airing concerns in a Chatham House rules 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 businesses 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 Aberdeen and the Shire, TAB 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, a blog on eight ways to get recession ready blog, and a Recession Ready quiz, the free resources can be found online.
