After the dramas of 2023 most businesses are looking for a better economic environment in 2024. There has been progress in bringing down inflation and there is an expectation that interest rates will soon start to fall. There is also optimism that the Government will soon be reducing the taxation burden by either reducing tax rates or increasing allowances in preparation for the next General Election. It is now looking increasingly likely that growth in incomes will match growth in prices. This will come as a significant relief for those companies that are reliant on consumer spending and that have borne the brunt of the most recent economic challenges. The future is not however without uncertainty and risk. The war in Ukraine is still far away from being resolved, fighting in the Middle East that has now resulted in increased shipping costs, could expand still further. In addition, elections in the UK & USA could bring changes in policy that could impact on company profitability and future economic growth.
For most companies the message for 2024 is to plan for growth but to remain cautious with regards to the economic environment. This means maintaining healthy cash balances and avoiding investments that rely upon on over optimistic trading results. Particular focus areas include maximising operational efficiencies, optimising stockholding and ensuring best value from suppliers.
Davies & Robson offer a range of services to assist companies address the challenges of 2024 including:
- Ensuring best value from logistics contractors through effective tendering and supplier management
- Minimising transport costs through implementing the optimum solution and ensuring high operational efficiencies
- Minimising warehouse costs through the use of optimum layouts, handling solutions, systems and processes
- Ensuring that the warehouse and transport network provides the optimum solution
- Preparing and delivering sustainability plans to meet legislative and customer requirements.
Whilst 2024 will not be without its challenges, by careful planning and a focus on operational efficiencies and cost control it should be possible to take advantage of opportunities as they arise and be ready to respond to any threats as they emerge.
For further information as to how Davies & Robson can help your Business please call us on 01327 349090.
