A business leader has warned companies heading into 2023 to look for “long-term solutions and not just quick fixes” as the recession continues to bite.
Briege Leahy, chief executive of Hertfordshire Chamber of Commerce, is conscious that some sectors will fare better than others during the year ahead, but advises all businesses to keep a tight rein on costs.
She said: “Companies need to regularly assess the health of their business and build a lean efficient team to support them through this difficult period.
“It is of utmost importance that businesses keep a tight rein on all costs and always look at prices. They should look to long-term solutions and not just quick fixes.”
Leahy believes information technology, green manufacturing and energy, the data science industry and cyber security and artificial intelligence are the potential growth areas.
But she fears for retail, leisure and hospitality, construction and manufacturing.
“According to data for the UK’s Digital Economy Council, the number of advertised tech roles is 42% higher than pre-pandemic levels and tech and IT-related vacancies make up 13% of job vacancies,” said Leahy.
“The trend towards a low-carbon economy has fuelled a rise in the green energy sector. The low-carbon sector is now worth £205.7bn, with big increases in demand for wind, solar power, wave and tidal energy.
“On the other side of the coin, the jobs that are first to go when a recession hits are the ones that depend on consumer spending and people having disposable income.”
