If the years 2020 and 2021 weren’t challenging enough, some would say that on a business level, 2022 has brought an even greater number of post-pandemic, and post-brexit challenges. As the year draws to a close, De Kamer founder Jeannine van der Linden offers some key tips and guidance to help coworkers and business owners address the current tricky areas of running a business and how to navigate these waters for the year ahead.
Some problems go away but Brexit is not one of them
Let’s face and accept reality, Brexit has made doing business across Europe a whole lot more daunting for entrepreneurs based in the United Kingdom. With businesses having gotten back into the swing of things post pandemic, it appears that many in the UK are only now grappling with the impact of Brexit and starting to search out what solutions there are for trading in Europe. The current solution for most now, is to run two businesses in parallel; one in the EU and one in the UK.
While the concept of registering and running two separate entities may be unknown territory for many entrepreneurs, the reality is that on a structural level it is not a new process nor a difficult one – all the EU countries have a single point of contact for business in English with communication channels in other relevant languages per country. This alone makes it much easier to trade in the EU.
Additionally the infrastructure to travel into the EU from the UK is in place with fast and efficient transport options. So, having both an EU business and a UK business is a feasible possibility made much easier by coworking spaces like De Kamer, that offer space and services to suit your needs, from very basic plans to full 24/7 private officing, all of which allow you to –register your business address in the Netherlands with the Chamber of Commerce. If you’re looking for clarity on what you need to do, there are a plethora of checklists and guides that you can access online to help you navigate your approach.
If you’ve been stalling to resolve a way to trade in the EU, then you’re doing your business an injustice. The train is leaving and it is time to get on or get left behind.
In times of uncertainty, intelligent restructuring is key
It’s a bitter pill to swallow, having to come to terms with a looming recession and the current economic and cost of living crisis across the world. However we have to face the current challenges realistically, and ready ourselves to do some intelligent business restructuring.
As the year comes to an end, many sectors are slowing down. Before you take leave of the year that was, now would be the ideal time to start doing some intelligent restructuring for your business. How? Start by looking where you are going to pull your revenue from and identify what your various revenue streams are.
A recent study indicated that in some coworking spaces, there has been a major shift in how we think about doing business in shared coworking spaces and also in using traditional offices. The research indicated that in coworking spaces and office spaces, utilisation was already not very high in 2019, and since the pandemic it has inspired businesses to do things a lot differently than before.
There have been a lot of restructuring elements in the way people do business, but this does not mean you have to go ‘full tech adoption’. The hybrid work model has become increasingly popular for employers and employees. What will you do differently next year to keep up with the evolution of work in your sector? Now is the time to make changes and set a plan in motion for 2023.
Take stock and scrutinise your books
One of the most critical tips for any business before they take leave from the year, is to take an inventory of what you are spending your money on. By auditing in close detail what you spend your money on, you’ll quickly be able to get an indication of what is important to you.
Your expenditure shows what you think is worth putting your money into. You can then identify where you are over spending, what you are neglecting to invest in and what changes you can make to improve your revenue stream. Over the last couple years, there has been a serious shift in who is using coworking spaces, and who wants to use coworking spaces now. It is becoming increasingly important to understand in depth,who your potential target market is and what is becoming more important to them. This isn’t just true for coworking spaces, but across all sectors. Consider for example, who is physically going to grocery stores and who is and who is using online shops and apps to deliver.
It is always worth looking at where your revenue is coming from and understanding what it is going to and what the true return on that expenditure is. Ask yourself what you are missing and where your blind spots are.
Get outside insight and perspective
Nobody knows it all, and whilst getting critique on the inside goings on of your business can feel daunting, it is important to embrace learnings and gather fresh insights to effect real change for your business. Having an outsider’s perspective is a great way to help you identify where some of the blind spots and opportunities lie for your business..
You will want to choose the right person, someone who you know is in your corner, and somebody you can trust to help you see the true state of your revenue. If sharing too much with an individual is something you’re not particularly comfortable with, then you can take a different approach by asking people in your community for their thoughts. Someone in your sector may offer an insight into ways you can change things up and scale your business.
You can always get insight from your accountant, but trying to figure out how the market is changing and who might be interested in what you’re doing, is the thing that is best done with other people. This is something you can do within your coworking communities.
On the fence about joining a coworking community? Here are five reasons why joining a coworking community is good for you and for your business.
Have a question or a story you want to share with us about tackling business challenges for 2023? Please email us at: firstname.lastname@example.org