25% of Businesses claim that Marketing & Advertising would be first cost cut if a recession hit.

25% of Businesses claim that Marketing & Advertising would be first cost cut if a recession hit.

Tech giants Meta, Stripe and Twitter have all laid off staff en masse recently – With 21% of businesses surveyed noting that they would cut staff & wages first, should there be a wider cause for concern?

The Situation Explained –”These tech businesses have forecasted growth and if your lead time for conversion is quite long then you tend to over hire in the short term as you’ll need to have staff in place, get them trained up and engaging in the process as it takes months to convert these B2B sales. They’ve forecasted growth for 2023 that they know now isn’t going to happen, so they’ve had to reduce their workforce.”

Where does that leave regular SMEs?
“It’s slightly different as SMEs do forecast but, they do not over hire in the short term as they don’t have the funds. Instead, they will wait for business to increase to such an extent that additional hires are necessary, but they will cut on overheads, usually staff & wages. The cost of sales will never suffer, apart from the business trying to negotiate the best price, however if something does not relate directly to a sale it is open to be cut – Admin staff, IT Support, Accountancy, Sales & Marketing, these can all be outsourced so are vulnerable. In our survey you see supply chain and inventory the lowest at 8% because that is the only one that is directly related to sales.”

Preparing for the Future – How do you Recession Proof a Business?

“If you’re in a type of business where you’re more susceptible to a recession you need to make sure that you can withstand the types of shocks we’re going to be facing, because they will come.” – Larissa Feeney, CEO, Accountant Online

The Core Message- time is of the essence. Every business should be making strides to prepare themselves now rather than later.

“There is always a recession coming, so whether it is next month, next year or in 10 years’ time there will always be a recession on the horizon.”

Phase 1 – Understand the Type of Business You Have
“Essential services – software, healthcare, home repairs, mechanics, pet services, childcare – they are not hugely impacted by a recession. These businesses should be able to withstand a shock to the economy better than most.

However,discretionary services like luxury goods, high end cars, designer clothes, handbags, foreign holidays. These businesses are the largest casualties during a period of recession as a household does not necessarily need to spend money on them.

There are always failures but there are also several stories of great businesses that have been started in a recession, where they have spotted a gap in the market for something that has only come about because of the recession in the first place. Accountant Online was formed during the last recession, huge companies like Uber and Airbnb spotted gaps in the market and capitalised.

Be nimble, be agile and be willing to embrace new ideas, it could breathe new life into your business”

Phase 2 – Stabilise your Base
“Youneedto be securing a strong base and a positive balance sheet.Cash is king, especially in a recession. If your business has a good cash cushion it will give you more time to make decisions. Always make sure you have as good a cash pile as possible.

In businesses that have secured funding, they may have cash but there is a run rate that dictates when money must be spent and an expectation that investment will give returns.

If you are a business that is cash hungry, and you do not have the sufficient cash to see you through 3 to 6 months of trading, then do seek funding immediately to ensure stability when the downturn happens.”

Phase 3 – Secure Additional Funding

“When a recession hits, it is harder to get money because uncertainty reigns. Regular funders like banks and investors tend to get a little bit nervous and so flexibility is key. Speak to your bank or investors about an overdraft, additional funding, or supplementary loan facilities

Phase 4 – Examine Costs

“Ask yourself – where is your money going on a weekly/monthly basis? If you had to make cuts right now, how much would you be able to save? Do this regularly even when times are good so that you have highlighted savings you can make easily. If you havelarge outlays or outgoing investments, it’s time to review these and ensure that you can sustain this should your incoming cash flow begin to decline.

What about Employees?

“An agile workforce is an invaluable asset. In times of recession, we often hear about having to do more with less, this also applies to your staff. If you can do so, move your leading personnel around, give them that experience of working across different departments.Identify key individualswho are essential to your business’s longevity and growth.

For those that are concerned about a growing wage bill, outsourcing offers a lifeline. By outsourcing distracting key tasks to a freelancer or agency you can give your business freedom, flexibility and in certain scenarios better results, without the concern of a large wage bill”

Leicester TV

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Education Technology Day must be extended to prisons

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Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

Typically thought of as being an easy to clean area of the home, hard floors have risen in popularity in recent decades. Globally, hard floors are the most common floor type,2 and research released today by Dyson has uncovered poor cleaning habits that mean hard floors are likely to be harbouring an array of hidden nasties. This comes as 32% of Brits – equating to 21.6 million people in the UK – will use the same dirty mop head for six months or more before replacing it. What’s more, one in 20 also admit to keeping the same mop for a year or longer, and one in 10 think it is acceptable to use the same mop 100 times, spreading dirt around their floors every time they use it. Cross contamination is a primary issue for most common and traditional mopping methods with germs and bacteria further being unknowingly spread around homes as Brits use dirty water to clean floors.3 45% only change the water to new water between rooms, whereas 41% wait even longer until it looks dirty. This could mean that floors are being washed with dirty water, adding more dirt rather than taking it away. Surprisingly, almost one in 10 (9%) even admit to not changing the dirty water at all when mopping. Over a quarter (28%) admit to mopping their floors once a fortnight or less while over half (53%) admit they don’t regularly clean behind appliances and leave dirt to build up for as long as six months at a time. image002.jpg On how to achieve a perfect barefoot clean feel after mopping, Geli Lee, Dyson Engineer and Home Cleaning Expert offers their top tips for eliminating dirt around the home: 1. Create a cleaning schedule to stay on top of dirt build-up. In the last year, there has been a 15% global reduction in the number of people who maintain regular cleaning schedules. 47% of the British public admitted to only being motivated to clean when they spot visible dirt or dust.4 Regular floor cleaning with a wet hard floor cleaner like the Dyson WashG1™ removes more stubborn dirt than vacuuming alone. It is important to have a debris free surface, clear any clutter from the floor or other surfaces. Choose the right machine: Different vacuums are designed for different floor types and home sizes. Some machines will be engineered with hard floors in mind and will struggle on thick pile carpets, for example. Choosing the right machine for your home will make a big difference to the ease and speed with which you’re able to clean your home. Clean your floors ‘little and often’. Washing your floors frequently in areas that receive more foot fall will help to stop dirt building up and getting trodden into your floor. Using a dedicated wet floor cleaner on hard flooring such as the Dyson WashG1 is helpful for this, as the versatile format means it vacuums and washes the floor simultaneously. Cleaning schedules have also become less regimented. In recent years only 41% of people claim to have a regular cleaning schedule, and 60% admit to cleaning reactively; being motivated to clean only when there is visible dirt or dust5. It’s perhaps not surprising, that a fifth of people are still concerned their floors are dirty after they’ve mopped them (22%) and one in four6 feel extremely worried about indoor dust at home. Geli Lee, Dyson Engineer and Home Cleaning Expert reveals why it is important to change the way we mop: “Cleaning your hard floors properly and regularly is important for maintaining a healthy environment around your home. Without a proper cleaning routine, dirt may unknowingly build up and spread around your home. It is evident from our research that current mopping habits mean British households aren’t cleaning their floors as effectively as they should. “From ignoring problem areas where dust and debris build up, cross contamination with dirty water to not replacing mop heads or inconsistent cleaning, current mopping behaviours may be making floors dirtier as opposed to cleaner. Moving away from traditional methods, wet floor cleaners like the Dyson WashG1 simplify the floor cleaning experience and provide a modern efficient and hygienic solution” To help take the guesswork out of mopping, the brand new WashG1 is Dyson’s first dedicated wet floor cleaner that tackles wet and dry debris in one go. Engineered for hygienic cleaning and maintenance, the WashG1 is revolutionising wet floor cleaning, removing the need for multi-products and multi-steps to achieve a barefoot clean feel around the home. To put the product to the test, Dyson have cleaned one of London’s most iconic landmarks The Victoria and Albert Museum. From cleaning the grand marble floors housing the most prestigious exhibits, to cleaning up leftover food in the Gamble Room Cafe, the WashG1 had a dirt busting tour of the museum leaving it spotless. Images can be found here. The WashG1 introduces Dyson’s engineering expertise to cleaning hard floors. With a 1 litre clean-water tank to cover flooring up to 290m2, the Dyson WashG1 uses a combination of hydration, absorption, and extraction technologies to remove wet and dry spills and stains simultaneously. The Dyson WashG1 is available to purchase now from Dyson.co.uk, retailing at £599.99.

Housing shortfall calls for public-private collaboration

Housing shortfall calls for public-private collaboration