If you’ve been reading the business headlines recently, you could be forgiven for wondering whether now is the wrong time to start or grow a business.
Rising National Insurance contributions, increased business rates, higher fuel and energy costs, and continued pressure on household spending have created one of the toughest trading environments many business owners have experienced in years. The recent news that Coughlans Bakery has entered voluntary liquidation is another reminder that even long-established businesses are not immune to these pressures.
As an organisation dedicated to supporting entrepreneurs and businesses, it would be easy to focus solely on encouragement. Equally, it would be wrong to ignore the reality that many businesses are finding life incredibly difficult.
Our role is not to tell people that everything is fine. It isn’t…
Recent headlines remind us that resilience, adaptability and strong financial management have never been more important. Successful businesses today aren’t simply those with the biggest turnover or the longest trading history. They are the ones that understand their customers, know their numbers and are prepared to adapt as markets change.
One of the encouraging things we see every day is that, despite the headlines, people continue to back themselves. Every week we meet individuals with new ideas, established businesses investing in change, and entrepreneurs finding new markets, improving productivity and creating opportunities where others see only obstacles.
That’s why we remain optimistic.
Not because the challenges aren’t real, but because we’ve seen first-hand what determination, good advice and timely support can achieve.
If there’s one message we’d encourage every business owner to take away, it’s this: don’t wait until problems become crises before asking for help. Review your pricing. Understand your cashflow. Talk to customers. Look for efficiencies. Seek advice early. The businesses that emerge strongest from difficult periods are rarely those that try to tackle every challenge alone.
Economic cycles come and go. Every generation of business owners has faced its own set of obstacles. What endures is the ingenuity, resilience and ambition of the people behind those businesses.
The challenges facing businesses today are significant, and we shouldn’t pretend otherwise. But neither should we lose confidence in the entrepreneurs, innovators and employers who continue to drive our local economy forward every single day.
How UP supports businesses through challenging times
At UP, our focus is on helping entrepreneurs and business owners make confident, practical decisions at every stage of their journey.
Whether someone is starting out, adapting to change, looking for support, or creating space to grow, UP brings together programmes, workspace, mentoring, creative opportunities and connections designed to help businesses move forward.
START: Practical support to help founders go from idea to action, including our bootcamps.
GROW: Hands-on guidance to help businesses strengthen, adapt and scale, including support through the Croydon Business Support Programme (CBSP) and one-to-one mentoring.
SPACE: Flexible workspace options that help businesses operate professionally, including Virtual Offices and Serviced Offices.
CREATIVE: A growing creative community, including our work with schools and colleges through UP Creative.
NETWORK: Connections that create momentum through our partner ecosystem, events and local business community.
Because in challenging times, businesses do not just need encouragement. They need practical support, trusted connections and the right environment to keep going.
Political leaders will come and go. Economic conditions will rise and fall. But the determination of people to build businesses, create jobs and improve their communities has remained constant through every period of change. Our job is to help ensure that spirit not only survives, but thrives.