The UK government has released its yearly budget. In his speech on March 15, the Chancellor Jeremy Hunt sounded sensible, but some have drawn attention to a blind spot in his thinking. Bodies such as the Institute of Directors, the Confederation of British Industry, and the Federation of Small Businesses are worried that there isn’t enough to support businesses. These organisations are calling for the chancellor to adjust his plans to better accelerate growth.
No matter where you stand on the above, it’s clear that the headwinds affecting UK companies aren’t letting up. A sputtering economy creates challenges for entrepreneurs, but it offers opportunities too. Whether growth is spiralling or stalling, leaders must learn to parametrise the downside – and play for the upside. “Parametrising” isn’t a word you hear every day, but here it simply means setting aside the things that could go wrong in the future. You identify threats and try to figure out if you can live with them if they get worse. Doing this takes time, imagination and a willingness to approach hard situations.
