A look at the business market halfway through 2024

Our team of employment and business experts have been examining how the jobs and business markets stand at this halfway point of 2024.

Last week, we reported back from our employment team – and now we are turning to business and looking at the factors that have combined to make 2024 a challenging environment.

Our team of business experts support entrepreneurs, start-ups and small business owners with all aspects of running and growing their own company.

They have been hearing about a variety of challenges – as well as areas of opportunity, especially around new technology and exploring potential for growth.

Work Avenue CEO Debbie Lebrett said: “The cost of living crisis has also become a cost of doing business crisis.

“We deal with businesses of all shapes and sizes, in all industries and sectors, and one thing we always hear reported back to us is how rising costs are making it more challenging to run a profitable business.”

Our clients are reporting soaring prices on everything from travel and energy to stock and ingredients. Those reliant on imports are finding it especially tough.

On the positive side, we have also been supporting businesses in many areas.

One of the most common enquiries our business team help with is around using artificial intelligence and new technology – and its potential to assist with everything from marketing to design to sales.

Business development, and finding new clients, remains the key ingredient to running a successful company, whatever the size, and is something the our team consistently work on during free one-to-one sessions with the entrepreneurs and business owners they support.

A new Government will also provide both opportunities and challenges for business.

New Business Secretary Jonathan Reynolds MP is already enjoying a high profile, vowing to be pro-business, explore closer trade relations with the EU and bring “long-term growth and prosperity” to the UK.

However potential increases in the National Living Wage and business rates, as well as any changes to tax or VAT thresholds, could have a negative impact on those firms already struggling to manage costs.

Another finding from our team is that there is a common dilemma among both solo entrepreneurs and people who run a business where they are also the one who personally delivers the service. These types of businesses want to grow, but don’t know how to find the time or staff to take the next step.

That is shy we have our own social enterprise, where people on their training courses are also offered paid work experience with business clients – giving those businesses the chance to grow in a cost-effective manner.

Debbie added: “This is a win/win. Those wanting to retrain and upskill, to either find work or go freelance, get much-needed hands-on experience – while our businesses get support in vital areas.”

• Work Avenue offers a range of free workshops, advice sessions and other services to help entrepreneurs and businesses in the community. To find out more, please visit theworkavenue.org.uk/business-support.