Small businesses are facing more challenges than ever, with costs going up across the board, supply chain issues, talent shortages, and consumers also spending less. While this can feel very disheartening for entrepreneurs, the best way to get through these tough times, particularly in a flat UK market, is to find new opportunities and connections to boost revenues and growth.
Of course, we are seeing first-hand just how determined entrepreneurs can be in overcoming obstacles and creating success. We know from recent research we did for our How to Grow (in a recession) report with TSB, that over half of small businesses (52%) are experiencing challenges, but pressing on anyway.
Yet, it can be really exhausting trying to figure out the succession of problems that we’ve seen over the last three years. Now, more than ever, entrepreneurs need support and encouragement to identify opportunities and cultivate confidence and optimism.
Collaborating with other businesses can really help. Finding fellow peers who have been there and faced similar challenges in the past can take you out of your current situation, help break problems down and uncover fresh solutions. Just the act of talking about issues and sharing experiences can be therapeutic and provide a boost.
During lockdown small businesses forged fantastic connections with peers online, which has been a huge support to many. Local communities were at the heart of business success during the pandemic and the need is just as great now. However, a lot of us have also got out of the habit of meeting up face-to-face, which can also offer massive benefits.
Small business owners can shoulder a lot of stress and pressure, and typically spend a significant amount of time working in isolation, especially microbusinesses at the early stages of growth. They may not leave their houses or workplace throughout the day, making it harder to meet a range of people in the local area.
It is good to take some time out, even if this may feel counterintuitive when faced with a mounting workload. Getting some perspective and headspace can often lead to better decision making and ideas. Going for a walk and focusing on something else can bring about a business breakthrough. I challenge you to think about what you were doing when your last great idea popped into your head – I’ll bet you weren’t sitting at your desk!
One way to try to break this isolation and inject some inspiration into your business is by meeting fellow business owners for walks, known as ‘Netwalking’. Netwalks offer a chance for entrepreneurs to take a step away from work and enjoy some fresh air while still ‘working’ and connecting with like-minded business owners. And you can even bring your dog along too!
Netwalks are a great way to build a network with people who can understand the challenges you may be facing and can empathise with the perseverance it takes to keep moving forward.
This year Small Business Britain has started hosting Netwalks across the country, in partnership with BT. Hosted in local areas, with local business owners taking the helm as organisers, the walks are always accessible, gentle routes with each walk ending at a local independent coffee shop, where people can enjoy some cake and continue chatting.
So far, we are proud to say that we hosted Netwalks and eaten cake at 10 locations across England (and counting!), including Belfast, Brighton, Bristol, Derby, Edinburgh, Grimsby, Hay-on-Wye, Leighton Buzzard, Manchester, and London. And we plan to keep this initiative going because we have had some fantastic feedback and can really see the benefit for businesses, giving them an opportunity to connect, collaborate and grow.
You never know where a conversation may lead, the people you meet may turn into mentors, friends, or even customers. So please, take a break from your day-to-day, and feel free to come along to your next local Netwalk – even if it is just for the cake!
