We can talk about all manner of factors impacting the UK’s economy and the economies of other regions, like the global health pandemic for instance. However, these factors don’t really strike at the heart of the core factors driving this negative impact. They merely test a fragile financial and economic system to its limits, exposing the flaws which we’ve all likely known about for a very long time.
Basically, what it comes down to as a general move away from the ardour with which small-to-medium enterprises were supported, by both the government and the private sector. In fact, let’s throw in the consumers too… There used to be a time when the average consumer on the street preferred patronising their local neighbourhood corner store, likely operated by someone they’ve known for a while, over something like a multi-national brand chain store. You might perhaps be one of those people and your defection to supporting the multi-nationals isn’t necessarily your fault.
There’s a big consumer psychological war being waged and it’s currently being won by those establishments that are already hugely profitable and so they have the research, development and marketing budget to maintain their power. It’s just more convenient in so many different ways to patronise the biggest players in the market and so that’s exactly what you’d justifiably do.
Something like being able to take up delivery of a pair of shoes you need for tomorrow, by drone, is more convenient than having to jump into your car and drive to the mall. Isn’t it? There are so many other examples that can be explored, but the bottom line is that the biggest enterprises, brands, organisations, etc, are winning this economic war, leaving their competition in the form of small to medium enterprises for dead.
The worst part about this is that small to medium enterprises have always made for the backbone of any healthy local economy, in spite of the success of multinational companies domiciled in that specific local economy. If we have any hope of saving the economy and bringing it back to an existence which has wider-reaching benefits, we need to start incentivising the success of SMEs again.
This brings into light those rock-star entrepreneurs who are in fact doing this, but you’ll likely never ever hear of them for as long as you live!
We’re talking here about the likes of forward-thinking novice entrepreneurs who have the foresight to want to give the likes of disqualified directors a second chance to put their experience and acquired practical business acumen to good use, instead of having it waste away! Kudos to the entrepreneur whose name is still in good standing with the Company Register, but they know they can get a wealth of information, experience and knowledge from partnering up with disqualified directors or those directors whose names come up for having gone through something like a liquidation process!
That’s what rock-star entrepreneurs do. They surround themselves and/or partner up with the best talent, regardless of some of the unfortunate circumstances that might have caused that talent to have to halt proceedings in the business world.