News • 16.02.24

Alcumus SafeContractor’s take on Recession

Gemma Archibald
Alcumus SafeContractor CEO

By Gemma Archibald, Alcumus SafeContractor CEO

As the United Kingdom braces itself for the impact of the recession, businesses across every sector are gearing up to face the challenges ahead. In this article, we’re diving deep into what a recession really means, who’s likely to feel its effects, and how, right here at Alcumus SafeContractor, we’re standing by to offer continuous support during these uncertain times. Let’s kick things off by getting to grips with what exactly a recession means. It’s not just a simple dip in economic activity; it’s a prolonged period of decline. Imagine it like a rollercoaster: GDP drops, unemployment rises, spending decreases, and businesses hesitate to invest. It’s an economic journey that shakes up society, affecting both businesses and individuals.

Now, when it comes to who’s feeling the pinch, well, it’s pretty much everyone. But certain sectors, like retail, hospitality, entertainment, and real estate, are likely to feel it the hardest. And let’s not forget about industries such as construction and manufacturing, which could face significant challenges due to reduced demand and investment.

ONS Director of Economic Statistics Liz McKeown said: “All the main sectors fell on the quarter, with manufacturing, construction and wholesale being the biggest drags on growth, partially offset by increases in hotels and rentals of vehicles and machinery.”

In times of economic uncertainty, we often see businesses switch up their game plan, turning to contractors and suppliers instead of hiring full-time employees. This shift allows them to stay flexible, manage costs more efficiently, and tap into specialised expertise as needed.

According to Construction, the construction and manufacturing industry should take three steps to tackle the recession effectively.

  1. Take time to tender properly and secure reliable partners.
  2. Pragmatically apportion risk so it is balanced across the client and supply chain.
  3. Keep your supply chain updated with regular, open conversations to identify and mitigate risks.

Here at Alcumus SafeContractor, we get just how crucial contractors and suppliers are during uncertain economic times. The recent news of the UK entering a recession only underscores the importance of maintaining a robust supply chain. Our vetting process, coupled with visibility into the supply chain, ensures that contractors and suppliers meet the highest standards of health and safety, professionalism, and competency by providing reliable partners. This not only protects businesses from potential liabilities but also fosters trust and confidence throughout the supply chain during this uncertain time.

Our invaluable industry insights and best practice guidelines are readily available on our website for easy access. By equipping businesses with the tools and knowledge they need to navigate these challenges, we’re empowering them to adapt, innovate, and thrive in the face of adversity. So, while the recession may stir up some uncertainty and panic, it’s crucial for businesses to stay resilient and proactive. By tapping into the services and support of Alcumus SafeContractor, companies can not only weather the storm but emerge stronger and more resilient than ever before.

Together, let’s navigate these choppy waters and build a safer, more sustainable future for all.