It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Alexis Krachai, President for Sheffield Chamber of Commerce and Industry.
Goodbye 2024. Hello 2025. What will you bring for businesses across Yorkshire and Lincolnshire?
On a global scale, welcome back Mr. Trump. He’s discussing making it harder for companies outside the U.S. to sell products and services there. The UK has a special relationship with the U.S., but if you’re exporting to America, stay in touch with your local Chamber of Commerce and inform your MP about tariffs that could impact your business.
Closer to home, the UK economy is either turning a corner or under pressure, depending on who you ask. The increases in national insurance and other tax rises were not well-received towards the end of last year. The government needs to act quickly to rebuild business confidence. Expect reassuring words but pay attention to the Spending Review in June. The government will set its big spending priorities for the coming years, and it’s crucial they support local businesses by not cutting business support.
Lastly, if you run a business, how can you navigate what is likely to be a challenging and interesting year ahead? Get out and about. Growing your network isn’t just about finding new customers and clients; it’s about getting the inside track on the wider economy, understanding political changes that can impact your business, and learning how to harness new technologies. If 2024 was the year we woke up to artificial intelligence, 2025 is likely to be the year many more businesses start using this technology to fuel growth.
We live in interesting times.
