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In November, UK GDP grew by 0.1%, according to Office for National Statistics (ONS) data relayed by CNBC. This revelation defied economists’ expectations – as indicated in a Reuters poll – that the British economy would actually contract by 0.2% in the penultimate month of 2022.

Nonetheless, this discrepancy “can hardly disguise the likelihood that whilst recessionary conditions may be shallow, an economic contraction is underway,” strategist Jeremy Batstone-Carr of the US banking institution Raymond James Financial explained to CNBC.

Indeed, economists have warned that the November growth figure might not necessarily be a sign of things to come, and that the long-expected UK recession might be delayed instead of averted. Naturally, this begs the question of when exactly the country should emerge from recession.

What have economic experts predicted about the UK economy?

One projection from the Bank of England has the UK experiencing a recession lasting at least four financial quarters – and Batstone-Carr has pointed out that “the effects of the Bank’s monetary tightening are still to feed through the economy fully.”

Furthermore, as the ONS has noted, UK GDP still ultimately fell by 0.3% across the three-month period running up to the end of November.

Batstone-Carr has continued: “Together with the corporation tax increase to 25% and the expiration of the tax reduction on new investments, the economy only stands to contract further.”

As for when exactly the recession will come to an end, a Reaction article written by Ian Stewart – Deloitte’s Chief Economist in the UK – forecasts that the UK will not recommence economic growth until 2023’s fourth quarter.

Deloitte expects UK GDP to drop by 1.4% overall in 2023. Stewart acknowledges that this would mark a “rather deeper downturn” than that predicted by economists on average, who anticipate the negative growth figure clocking in at 1.0% instead.

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How can UK businesses help to protect themselves against headwinds in 2023?

Though the UK has hardly been alone among major economies in battling inflation and rising energy costs, more than half a million workers in the UK have opted for early retirement since the COVID-19 pandemic began.

This situation has hampered the country’s productive capacity, while Brexit has made trading with the EU more expensive for many British businesses.    

The onus is therefore on companies across the country to look for ways to budget more effectively – ideally, of course, without sacrificing the quality of the products or services provided.  

You could seriously consider renting what is known as a serviced office. The Startups. website explains that a serviced office “comes ready-furnished, with internet and phone lines pre-connected and devices already equipped.”  

Though you might be reticent about spending time looking for a new workplace, keep in mind that you can do so time-effectively with help from an office broker. One of these is Office Freedom, which can peruse the choice of serviced offices in Soho, for example, on your behalf.

Basing your business in a well-connected London area like this can also make it easier for you to source new supplies regularly.  

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Sometimes, it can feel like providing all of the things needed to run a business takes more effort than actually running it. In a leased office or lot, there are all kinds of responsibilities to think about. Everything from heating to lighting, computers, stationery, furniture, cleaning, and safety equipment needs to be provided on a constant basis. This inevitably takes focus away from business objectives and ties up essential resources.

However, with a serviced office, like the ones offered by Servcorp, all of these things are taken care of on your behalf. These premium workspaces can be rented – on a short or long term basis – with everything that your business could ever need included in the deal. Unlike traditional office leases, you are paying for a personal space that is ready to use from day one. Plus, you can choose from one of two prestigious Servcorp addresses, in Auckland.

Step One: Establish a Budget

For smaller companies, budget is bound to be a priority. Fortunately, most reputable providers offer a range of different price tiers and packages. And, the majority of serviced office arrangements come with ‘user pay’ features. So, you don’t necessarily have to pay for a fully equipped workspace, especially if the package includes things that you don’t need. It is best to speak with a provider directly if you want more information on office rates.

Step Two: Pick a Great Location

Servcorp owns and operates from three prominent addresses in Auckland and Wellington. Its serviced office solutions are available at the Vero Centre and the PwC Tower. These are both prestigious Auckland addresses and they add credibility and authority to any business that makes it homes there. However, before you decide on a location, think carefully about things like distance from key clients, ease of parking, leisure (respite) areas, and equipment quality.

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Step Three: Start Small and Grow

If you have never used serviced office solutions before and you’re not sure how much space you need, the best approach is to start small. The great thing about this kind of service is that there are no rigid contracts. Businesses can downgrade or upgrade, as and when they see fit, by adding features to their existing deal or package. You can even pay on a monthly basis, so that you’re not locked into any long term arrangements.

Step Four: Select the Best Features

While budget is always going to be a consideration, skimping on features and perks is not a good idea if you want to take full advantage of the communication, secretarial, IT, and administrative benefits of serviced solutions. Make sure that you have a dedicated phone line and mailing address, as an absolute minimum. Also, check the policy on calls if you are planning to liaise with clients overseas. Most offer free local calls, but charge for international communications.

Step Five: Read the Rules Carefully

It is really important that you understand the terms of your arrangement, before you hand over any money. One of the best things about serviced offices is that they don’t have to lock you into a long term contract, so ultimately, if you are unhappy with the deal, you won’t have to wait long to change it. However, it is still best to read the terms and conditions carefully and know exactly what you are getting.

Choose Servcorp for Premium Serviced Office Solutions

With serviced office solutions from Servcorp, businesses can benefit from all the flexibility of ‘nomadic’ a work schedule, while also enjoying the security of a physical work environment. There are obligatory long term contracts, no charges for services that you don’t use, and there is no need to go it alone. The secretarial, administrative, and tech support teams are always on hand to provide advice, information, and onsite training.

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