Becoming a “Balloon Business”

Benefits of becoming a balloon business

With a no deal Brexit looming over our heads, the country, and many of the SMEs within it seem to be stuck on pause thanks to high levels of uncertainty. We at Ultimate Finance understand that finding a way to survive and thrive will be priority number one for SMEs.

What is a “Balloon Business”? A trend first identified last year refers to flexible companies with the ability to scale-up or down to align to business needs and customer demand. These types of small businesses can adapt quickly to changes outside of their control. From reacting to fluctuating competitor price points, to managing growing market demand, a Balloon Business will know some operational steps that they can take to keep their business model succeeding.

Adopting this ballooning strategy may allow smaller businesses to play to their strengths, take advantage of opportunities much faster than their larger counterparts, and ensure their businesses are at the forefront of any relevant trends when as they arise.

“The more financial sources you have, the more difficult it will be for any sudden economic down turn to shatter your business.”

Avoid pitfalls and get planning

Findings from one of our recent studies which conducted research into the resilience of UK small and medium-sized businesses showed over half of participants had invested in business resilience in the past 12 months. Looking ahead to a future with a new relationship with the EU and other trading partners, means that many SMEs will need more planning to be ready to prosper in the future.

It is vital for businesses to understand their challenges. Planning is key and will go a long way, so drawing up a checklist that is simple to understand, realistic, and to the point is a must. If SMEs can pre-empt market need, they can use the findings as a resource in choosing alternate sources of income that can act as a safety net of support during periods of ambiguity. The more financial sources you have, the more difficult it will be for any sudden economic down turn to seriously damage your business.

Thriving all year round

For a perfect example of how balloon businesses work, look back at the Christmas period. For some, the run up to the festive period can be a hectic time that sweeps them off their feet. However, this is often followed by a quiet period between Christmas and the New Year which can cancel out a pre-Christmas boost.

At this time, balloon businesses will have been more proactive than ever; scheduling meetings with key clients, planning their upcoming communications and refreshing their marketing presence both on and offline. No matter how quiet it may have felt, they appreciate that customers and prospects will be back and eager to hear about what their suppliers have to offer and will expect them to be equipped to meet all of their 2019 demands. For those SMEs that took such an approach, the start of the year will undoubtedly have been a much smoother transition compared to those that took a less flexible approach.

The Ultimate Guide to Resilience

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