The UK’s economic cycle has been posing substantial challenges to businesses of late.

High interest rates compounded with low market confidence led to budgets cut across the board, and though market predictions tend towards a near-future interest rate cuts, the Bank of England’s sentiments suggest otherwise (Reuters, 2024).

We’re facing a recession – that isn’t a new revelation (nor are we facing the worst downturn historically). What is new is the speed of which the business cycle occurs; just two years ago, the London Stock Exchange Group reported a GDP growth rate of over 7% in Q2 2021 (Reuters, 2024). In the last quarter of 2023, that same growth shrunk to -0.3%, pushing Britain to join other advanced economies in this (presumptively) short-lived recession.

Weathering the Market: Preparing for the Future

In this complex and uncertain economy, it is imperative for businesses to equip themselves with resilience to weather the dynamic shift of market conditions. Austere circumstances pave the way for organisations to reassess their USP; what is it that makes your business different? How can we prepare for the next cycle and capitalise on new opportunities? Most importantly, how can we deliver more value for less (now more than ever)?

Many business leaders and industry experts would suggest some of the following:

• Harnessing AI for Business Growth:
  Leverage embedded and generative AI within business management systems to boost user productivity, minimise costs, and enhance efficiency. This involves integrating AI with various data sources, including finance, operations, web analytics, and customer satisfaction metrics, to discover unique trends and strategise audience building/engagement.

• Simplifying Technology Integration:
  Address the challenge of the ‘software hairball’ by adopting integrated systems that consolidate data from multiple business functions—like finance, inventory, and supply chain—into a single view. This approach not only simplifies data management but also supports better decision-making, resource allocation, and fosters growth by eliminating data silos and reducing the complexity and costs associated with managing multiple software solutions.

• Elevating ESG Priorities:
  Businesses of all sizes are increasingly recognising the importance of environmental, social, and governance (ESG) metrics, driven by investor, customer, and employee preferences for sustainable and ethically governed companies. With regulations like the Corporate Sustainability Reporting Directive (CSRD) mandating broader ESG reporting, businesses must adopt systems capable of capturing specific ESG metrics (e.g., carbon emissions, plastic usage) to meet compliance, attract conscious consumers, secure top talent, and drive revenue growth while managing risks effectively.

Indeed these are excellent initiatives (the importance of ESG we have covered in detail in other B2EC articles) that will undoubtedly drive efficiencies in any business; but for the remainder of this article, we are going to explore how B2E Consulting can help businesses, right now…

“Innovate or die, and there’s no innovation if you operate out of fear of the new or untested.”

― Robert Iger, CEO of the Walt Disney Company

Doing More for Less

With the backdrop of economic challenges and budget belt tightening, B2E Consulting is stepping forward and bringing an innovative and cost effective solution to help our clients ‘do more for less’:

1. Cost Efficiency:
   B2E Consulting operates with a lean and agile model, avoiding the overhead costs associated with large consulting firms. Traditional firms often have significant infrastructure costs, including maintaining extensive office spaces and large employee bases. By operating with a smaller core team and leveraging a network of consultants on a project-by-project basis, B2E Consulting can offer its services at a more competitive rate, allowing businesses to achieve cost savings without compromising on quality.

2. Flexible Resourcing:
   Unlike traditional consulting firms that often assign consultants based on availability rather than expertise, B2E Consulting provides businesses with access to a bespoke Community of over 20,000 talented consultants. This ensures that clients can select consultants with the specific skills and experience required for their projects, maximising efficiency and effectiveness. Additionally, B2E Consulting’s just-in-time model means that businesses only pay for the resources they need when they need them, eliminating the costs associated with maintaining a bench of underutilised staff.

3. Tailored Solutions:
   B2E Consulting takes a personalised approach to each client engagement, focusing on delivering bespoke solutions that address the unique challenges and objectives of the business. This contrasts with traditional consulting firms, which may rely on standardised methodologies and solutions that may not always align with the client’s needs. Our consultants seamlessly integrate into the team, working with our clients to deliver change.

4. High-Quality Talent:
   B2E Consulting’s network consists predominantly of consultants who have trained and worked at top-tier consulting organisations. This ensures that clients have access to the same calibre of talent as larger firms but at a far more competitive price point. Additionally, B2E Consulting’s focus on treating consultants as individual human beings rather than cogs in the machine fosters a culture of collaboration, innovation, and excellence, further enhancing the quality of service delivery.

5. Agility and Innovation:
   B2E Consulting’s lean and agile model enables it to quickly adapt to changing client needs and market dynamics, delivering innovative solutions that drive sustainable business growth. By embracing new technologies, methodologies, and ways of working, B2E Consulting helps businesses stay ahead of the curve and achieve more with less.

Overall, B2E Consulting’s model offers businesses a cost-effective, flexible, and personalised alternative to traditional consulting firms, enabling them to achieve their objectives of delivering more for less in today’s rapidly evolving business landscape.

Conclusion

Recent market trends, while seemingly bleak, provides an opportunity to prepare for the future; the business cycle will rise in trajectory, making it imperative for organisations to adequately assess their strategy and employ the necessary processes in hand to capitalise on future opportunities. We can help you with that.

Learn more about how B2E Consulting can help you do more for less by taking a look at our Client Partner, Paul Hutchison’s explanation in this interview or contact us here.

References:

Abdulla & Bruce. (2024). UK Economy falls into recession, adding to Sunak’s election challenge. Reuters. Retrieved 20 March 2024, from: https://www.reuters.com/world/uk/uk-economy-entered-recession-second-half-2023-2024-02-15/#:~:text=LONDON%2C%20Feb%2015%20(Reuters),has%20promised%20to%20boost%20growth.

Laher. (2023). 10 Top Tips For Businesses In A Recession. Forbes. Retrieved 20 March 2024, from: https://www.forbes.com/sites/forbesbusinessdevelopmentcouncil/2023/02/01/10-top-tips-for-businesses-in-a-recession/

About the author – Dale McNeill:

Dale has spent the majority of his career consulting in IT Service Management, firstly with Northgate IS, then more recently with Accenture. An ITIL Expert with Cross Industry knowledge, Dale has led many consulting projects in large programmes across the IT Lifecycle. Dale joined B2E in January 2017, supporting some of our key client accounts and helping develop capabilities to support new clients, showcasing our expertise and growing our B2E community.

When not in the office, Dale enjoys going to a variety of gigs, visiting the cinema, cooking and talking to his budgie, Eric. A new addition to the family (Gus the Cocker Spaniel puppy) also keeps him busy and very fit!