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Get Ready - The Cost of Doing Business

Episode 7: Starting a Business.

London Chamber of Commerce and Industry (LCCI), recently featured on London Business Hub’s podcast Get Ready: The Cost of Doing Business, which gives advice on how businesses can navigate the challenges brought on by the cost-of-living crisis.

In the seventh and final episode of the podcast – Starting a Business –Richard Burge was interviewed by host Libby Foster alongside Wesley Baker, CEO of Blue Strawberry, and Dan Pratt, a business consultant and customer service expert. The discussion focused on the effects of the cost-of-living crisis for businesses and each guest set out the practical steps new businesses can take to ensure short and long-term success. There were three key themes of the discussion: how the cost-of-living crisis is affecting businesses, the steps businesses can take when operating in difficult economic times, and advice on creating long-term success for a small business.

Richard began by explaining what the cost-of-living crisis means to small business owners and the “worry and concern” it has caused for firms due to issue including cashflow, lack of pay for staff, and of course, the threat of going out of business. Richard and Dan both noted the importance of maintaining a “brave and adventurous” spirit in the face of adverse conditions and retaining strong relationships with customers, suppliers and banks in case unmitigable costs or circumstances arise.

The discussion then moved on to the steps business can take to ensure short-term success during a cost-of-living crisis. Dan noted that the most important thing was for businesses to “be human” and “be transparent” to retain dedicated customers and grow “incremental spending” in the long-run. Wesley maintained the importance of keeping a cool head and taking the time to engage expertise on decision making both from within and beyond your team. Richard agreed with both of these pieces of business advice.

For a new business to achieve long-term success, all guests on the podcast noted the important role that Chambers of Commerce play in connecting like-minded businesses. Wesley Baker and Dan Pratt joined Richard Burge in discussing the key role Chambers play in providing new business opportunities through information sharing in order to open up new markets. Richard also discussed how small businesses can broaden horizons and look internationally to secure long-term success, noting that with LCCI’s dedicated trade support businesses can, in just a few steps, engage with international markets. Richard finished the podcast by noting that success is driven by determination and enjoyment of doing business.

Listen to Richard speak on the podcast.