# Five tips for building business confidence
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2020-09-21
Category: BUSINESS
Category URL: https://financedigest.com/category/business
Meta Title: Nexus Global Shares Tips on Boosting Business Confidence
Meta Description: Discover five valuable tips from Nexus Global on how to boost business confidence and thrive amidst economic challenges in the UK.
URL: https://financedigest.com/five-tips-for-building-business-confidencehtml

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_**Nexus Global share tips on how businesses can increase their confidence and thrive through these tough economic times**_

The current economic climate has thrown drastic obstacles in the way of UK businesses – new research\* conducted by Nexus Global reveals.

Nexus Global surveyed senior managers across the UK to determine how confident they feel at present regarding the current economic climate. According to the findings, UK businesses are least confident about the health of the country’s economy.

Considering the research, experts at Nexus Global share five [tips on how businesses](https://www.financedigest.com/tips-on-how-startups-can-turn-their-business-into-a-success.html "Tips on how startups can turn their business into a success") can increase their confidence and thrive through these tough economic times.

**1\.    Incentivise employees**

According to Nexus Global’s findings, giving bonuses or pay rises to employees are the two main factors [business owners](https://www.financedigest.com/the-top-5-demons-of-a-business-owner-and-how-to-overcome-them.html "The top 5 demons of a business owner and how to overcome them") feel less confident about. With many [businesses now looking to reduce costs](https://www.financedigest.com/simple-ways-to-reduce-business-costs.html "Simple Ways to Reduce Business Costs") to protect their finances long-term, unfortunately, many won’t be able to offer bonuses or an increase in wage to employees as they did before the pandemic. However, there are other ways they can motivate workers. Giving meaningful praise is the simplest way to show appreciation and doesn’t [cost](https://www.financedigest.com/spiralling-azure-costs-dont-necessarily-mean-your-cloud-strategy-is-off-course.html "Spiralling Azure costs don’t necessarily mean your cloud strategy is off course") a penny. Flexibility is another great option, for example, if someone has gone above and beyond, why not give them the afternoon off? Other rewards to consider include drinks on a Friday, or [office treats to boost](https://www.financedigest.com/workspace-says-utilisation-rates-boosted-by-post-lockdown-return-to-office.html "Workspace says utilisation rates boosted by post-lockdown return to office") morale and make employees feel valued.

**2\.   Employ an apprentice**

[Hiring new employees is also a worry of many UK businesses](https://www.financedigest.com/exit-bee-hires-neil-stewart-as-business-development-director-as-its-client-roster-grows.html "Exit Bee hires Neil Stewart as Business Development Director as its client roster grows"). However, with the government’s plan to kickstart the nation’s [economic recovery](https://www.financedigest.com/fed-says-u-s-economic-recovery-on-track-despite-covid-19-surge.html "Fed says U.S. economic recovery on track despite COVID-19 surge"), employers can receive an incentive payment if they hire an apprentice between 1st August 2020-31st January 2021. Hiring an apprentice is an effective way to grow talent and increase a motivated and [skillful workforce](https://www.financedigest.com/creating-a-skilled-workforce-fit-for-the-future.html "Creating a skilled workforce fit for the future"). It also helps to [improve your reputation among your sectors](https://www.financedigest.com/effective-integration-will-improve-mobility-in-the-tl-sector-over-the-next-five-years.html "Effective Integration Will Improve Mobility in the T&L Sector Over the Next Five Years").

**3\.    Explore government schemes to help [protect finances](https://www.financedigest.com/protecting-the-finance-team-from-burnout-to-drive-employee-retention.html "Protecting the finance team from burnout to drive employee retention") Increase financial investments**

[Businesses also stated they were worried about the possibility of not seeing an increase in their financial investments](https://www.financedigest.com/investment-opportunities-for-businesses.html "Investment opportunities for businesses"). It is no secret many businesses are struggling at the moment, therefore the [government has introduced various measures to help support businesses](https://www.financedigest.com/where-do-small-businesses-turn-when-government-support-dries-up.html "Where do small businesses turn when government support dries up?") across the UK. If you don’t have a significant cash reserve, consider turning to the government for help. There are many different loans, [tax relief](https://www.financedigest.com/what-is-inheritance-tax-share-loss-relief.html "What is inheritance tax share loss relief?"), and cash grants available. Further information can be found here.

**4\.** [Grow your business](https://www.financedigest.com/should-you-take-out-a-personal-loan-to-start-or-grow-your-business.html "Should You Take Out a Personal Loan to Start or Grow Your Business?")

Business [growth](https://www.financedigest.com/harnessing-the-power-of-super-deduction-for-business-growth.html "Harnessing the power of super-deduction for business growth") is also a worry of UK businesses. There are many [ways you can keep your business](https://www.financedigest.com/five-ways-businesses-can-prepare-themselves-for-the-digital-economy-be-kaler-pilgrim.html "Five ways businesses can prepare themselves for the digital economy – Be Kaler Pilgrim") on the up during these testing times. Analysing competition is one of the most important, study what they’re doing and learn. After all, they may be doing something that you can implement better. [Social media](https://www.financedigest.com/elon-musk-goes-viral-on-chinese-social-media-with-ancient-poem-post.html "Elon Musk goes viral on Chinese social media with ancient poem post") is also a great platform to help grow your business. If you haven’t already, consider developing a social media [strategy to reach more customers](https://www.financedigest.com/why-equipment-assets-should-be-the-source-of-your-customer-strategy.html "Why Equipment Assets Should Be The Source of Your Customer Strategy") and promote your content. You might also want to explore paid and nonpaid content to reach new audiences.

**5\.   Increase in sales and clients**

[Businesses also stated that seeing an increase in both sales](https://www.financedigest.com/how-i-turned-my-passion-for-art-into-a-global-business-through-online-sales.html "How I turned my passion for art into a global business through online sales") and clients was a concern. Regarding clients, firstly you should [spend time](https://www.financedigest.com/its-time-for-banks-to-spend-on-digital-mortgage-journeys.html "It’s time for banks to spend on digital mortgage journeys") nurturing your current clients to ensure they’re satisfied with your service. To attract new clients, why not offer an incentive such as a discount? Or, [set up a client referral strategy](https://www.financedigest.com/uk-to-set-out-new-energy-supply-strategy-as-prices-soar.html "UK to set out new energy supply strategy as prices soar") and get your current clients involved by offering them something in exchange for sending new clients your way by word of mouth. To increase sales, make it super clear to [customers why your service](https://www.financedigest.com/how-customer-services-has-changed-during-covid.html "How Customer Services Has Changed During Covid") or product is better than the rest, for example, why is it different? How will it benefit them? As mentioned previously, also make the most of social media and advertise your products to your [target market](https://www.financedigest.com/automotive-ecu-market-size-analysis-top-players-target-audience-and-forecast-to-2026.html "Automotive ECU Market Size, Analysis, Top Players, Target Audience and Forecast to 2026").

To conclude, John Westwood, [Managing Director at Nexus Global](https://www.financedigest.com/hybrid-theory-promotes-ines-martins-to-global-head-of-product-names-sean-badlishah-managing-director-of-apac-region.html "HYBRID THEORY PROMOTES INÊS MARTINS TO GLOBAL HEAD OF PRODUCT; NAMES SEAN BADLISHAH MANAGING DIRECTOR OF APAC REGION."), says: _“It is by no surprise to see business confidence at a low during such an unsettling and turbulent period, during which the UK economy has suffered its worst-ever decline._

_“We’re hoping business owners who are currently feeling uncertain will take our tips into consideration to help increase their confidence and allow their business to thrive through these [tough economic](https://www.financedigest.com/building-economic-resilience-in-tough-times.html "Building Economic Resilience in Tough Times") times.”_


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