Don’t procrastinate, assess your needs now

QAI am being pushed by my workforce to invest in new equipment, IT and personnel to compete with our competition and develop new business, but I think it would be prudent to wait until the effect of Brexit becomes clear. Which of us is right? WITH respect, your logic is flawed. You are trying to delay answering a very specific micro economic question with macroeconomic reasoning. What you should be asking is why does your workforce believe that investing in new equipment, IT and personnel will improve your business, and are they correct?

To answer the question, you must look at the position of your business, perhaps begin with the negative; what is deficient about the current equipment, IT and personnel? If possible, take each area individually. It may be that new equipment will take new personnel to operate, so this is one decision, not two, in turn, what is the potential improvement in customer service and profitability from making the investment.

Competition is here to stay, only the best companies will compete successfully, to become and remain competitive investment is always required. The trick is to consider decisions carefully, but do not procrastinate; perhaps take some external advice and then make the considered decision to invest.

Trump and Brexit will obviously make a difference to the UK and world economy; and nobody really knows how. Of course, the general state of the economy is going to affect the sales of all businesses, but the best run, most efficient and most up-to-date companies will always be in the best position to make the most of any opportunities.

Interest rates are still at their lowest for years, and likely to stay that way. Even if banks are reluctant to lend, there are a number of other options, such as our ArchOver P2P business loans secured on accounts receivable or the value of continuing contracts. If the investment is right for your company, you’ll be able to raise the funds.