How firms can pivot and grow even in difficult times - Paul Rose

With Brexit still rumbling on with uncertainty four years after the referendum, and the manufacturing industry wrestling with challenges including automation, digitalisation and a widespread skills shortage, it’s key to ensure your business is as future-proofed as possible.

Challenges have always been a part of running a business, but businesses that make short-term, knee-jerk decisions in a crisis are unlikely to weather many of them. Whilst cutting costs may be unavoidable in some areas, when it comes to people there is a risk of losing valuable skills if not handled properly. Top talent is hard to find and something that businesses should hold onto and ensure they have a good structure and offering in place when they reach the other side of a crisis.

It’s also key to be agile in responding to a rapidly-changing situation. Throughout Yorkshire we’ve seen incredibly creative, entrepreneurial solutions that have kept business operating in testing circumstances this year.

It’s safe to say that few hospitality businesses will have had a detailed plan that could be rolled out in the event of a global pandemic leading to a national lockdown, yet the way many have pivoted and adapted during the pandemic has been phenomenal.

A restaurant pivoting to a take-away or delivery model at short notice might not seem like a big shift, but when you consider the level of logistics – the different suppliers, technology, volume of orders and processes – involved with making the change, it is commendable even before factoring in the added public health regulations. Whilst many of these businesses will be itching to open their doors at full capacity, some of the learnings of the pandemic will likely stay and we’ll see far more hybrid-models in hospitality, meaning that once this crisis is over, those who have been innovating throughout have developed additional revenue streams which can help bolster their recoveries.

As a business, Tadweld has been incredibly fortunate. Many of our customers work in the food and drink sector, meaning they have experienced a huge rise in demand, and in turn our work has been non-stop throughout the year.

It’s a good problem to have – and being able to efficiently dial up supply to meet increased demand not only helps to keep vital supply lines running during a time of national emergency, but also solidifies existing relationships with clients.

Businesses must use this agility to keep on top of fast-moving social distancing guidelines and Covid-compliance to not only ensure the safety of their teams, but also to retain their confidence.

As we were hit by huge demand, social distancing impacted our capacity and we had to be quick to change some of our operational processes.

Acting swiftly and communicating clearly is a key part of keeping operations moving efficiently in times of crises.

Many businesses have seen 2020 as a time for caution and quickly turned off the spending taps. But if you’re cutting marketing budgets, you’re damaging your brand. If you’re cutting research, you’re damaging your future products. What you’re cutting now, you’re borrowing from your future.

Being a business that holds its nerve and continues to invest will pay dividends as the economy recovers and it presents a rare chance to build market share by outflanking more cautious competitors.

Paul Rose is chairman of Yorkshire engineering firm Tadweld

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