I attended an interesting seminar in Leicester yesterday, organised by the East Midlands Development Agency. The title of the seminar was survive and thrive. The focus was on how to do well in a recession. It was full of practical advice for companies doing business in the current economic climate.
Survive and thrive seminar content
There were suggestions about managing relationships with employees as well as suppliers. There were ideas about how to negotiate effectively with banks. The session about maintaining profitability and growth was particularly interesting.
Sector specific recession
We are fortunate as so far the translation industry has been largely unaffected by the recession. Globally, the translation sector continues to grow almost at 10% per annum. Companies continue to look to trade in overseas markets. The irony of recession, is that you may be able to minimise risk by trading in lots of territories. There is lots of data to suggest that companies that export are more resilient, as well as more profitable.
However, we know that many business are suffering. This is especially true in the construction and financial services sectors.
Government and RDA response
Our view is that it is important for Government, and the regional development agencies, to take a lead in supporting business. This seminar was an excellent start in this respect. The sessions have proved very popular with hundreds of business owners attending.