Start by ‘thinking small’ and consider the extra value by spending locally in small businesses

Christmas is almost upon us, which may present a time to take stock, to review the year just closing and to consider the year ahead.

Just 12 months ago we were all learning about another Greek letter – Omicron – which had been designated as the latest variant of the Covid-19 virus.

Whilst it swept the population at a staggering speed, fortunately, its effects were slightly less devastating and there was a growing sense that we might be through the worst and that things could quite return to normality. But then, just as the days were lengthening and Covid was receding, war broke out in Ukraine.

Beyond the human cost that the Russian aggression brought, energy markets suffered an associated impact that saw price hikes that have wrought havoc. Distribution costs, heating costs, production costs – all have soared because of the associated fuel costs. In agri food, fertiliser costs rocketed and by extension, food prices spiked. All of this Russia-related disturbance simply played into other global pressures that arose from the pandemic, with supply chain distortions playing out in many unexpected ways.

Then, closer to home, we saw political upheavals on all fronts on a scale and of a sort that few have ever seen. The NI Executive slowly collapsed. The First Minister resigned and an Assembly election was triggered, with the resulting passage towards an Election meaning that the EU/UK discussions on the NI Protocol were put on ice. The election was held and the parties were returned with a different balance of MLAs but the result did not lead to the nomination of a Speaker, nor the formation of an Executive.

Then, just a few weeks later, the Prime Minister who had secured a general election victory just two and a half years earlier was unseated by his own party, to be replaced by his former Foreign Secretary who became the last Prime Minister to have an audience with Her Majesty Queen Elizabeth. Then, in a remarkable show of national and international mourning, the nation came together for the Royal funeral before the political upheaval recommenced and the new Prime Minister herself, was replaced by the former Chancellor of the Exchequer.

Against this backdrop, the business community maintained pressure to see resolution to the outstanding issues of the NI Protocol, visiting Brussels and London to engage with officials and political representatives from all sides. Over the following weeks, there was a sense of official re-engagement, a declared ‘change of mood music’, and a sense of optimism. This has persisted, but there is little actual sense of what, if anything, is being achieved.

And locally, whether for genuine reasons or through political sleight of hand designed to create pressure, NI remains the only part of the UK where energy support payments have not yet been put in place. It is a disgrace – one that means that over half a billion pounds that could be flowing around the local economy is not.

That is a quick summary of one of the most turbulent years I can recall. Looking ahead, we clearly have some tough times to navigate - but we can all do our bit to help each other through. Small changes and a sense of decency and responsibility can help immeasurably. Start by ‘thinking small’ and considering the extra value you can share by spending locally in small businesses.

Pay your suppliers’ invoices quickly – not just on time, but early. It doesn’t cost any more but it can make a huge difference to cashflow and confidence. Consider how to make efficiencies in your own business and your own household to trim costs. Many of these may be to do with saving energy, so it’s not just good for the business but for the planet, too.

All the forecasts and projections suggest we are going to have a very difficult period ahead before things start to pick up. It is not going to be easy, but we can use it as a challenge to do things better.

Business people look for challenges, because solving them often creates new opportunities. Let’s not squander that but, instead, draw energy and inspiration from it. So, on that note, let me wish you Happy Christmas and we can all hope for a more peaceful and prosperous New Year.