Words: Alexis Krachai, President of Sheffield Chamber of Commerce
The world is getting used to the return of President Trump. To put it mildly, he’s created quite a lot of news in the first 100 days of his administration. His tariffs are having the biggest impact on the global economy in decades, if not the last 100 years.
When there are such large forces impacting on the economy it can feel disorientating. Small businesses can feel powerless. Not to forget that all of this is on top of ever-increasing energy prices, a continued cost-of-living crisis and now, increases on employment taxes. I recognise and feel that pain too. Still, Sheffield’s business community is resilient.
Let’s take a step back. The onslaught of 24/7 news. The constant posts from a hyper-active President. The chopping and changing of policy. It can all feel uniquely difficult and overwhelming, but we have been here before.
Those long in the tooth will remember President Nixon’s economic policies that shocked the global economy back in the 1970s. Sheffield’s businesses powered through that moment. Remember Black Wednesday in 1992? The value of the British Pound collapsing was a real turning point in British economic history. That dark day gave rise to cheaper exports and the UK became more globally competitive. Sometimes a shock to the system can result in positive outcomes.
Yes, these moments in history can feel – and are – exceptionally challenging, but these moments arrive more regularly than we might imagine and remember. Time and time again, Sheffield’s businesses have dusted themselves down, adjusted, adapted and kept powering forward.
The government recognises the challenges many of us face. Despite increasing taxes on our SMEs, the Chancellor has pledged £500m support for tariff-affected small businesses. That money is coming through the British Business Bank, a Patron of Sheffield Chamber of Commerce. If you think they can help you and your business, then get in touch via the details below.
For the rest of us this is how we stick together. Over 95% of our business community are SMEs. Small businesses are everywhere. Support them. Where you can, use suppliers down the road. Promote local over global.
We have an economy worth over £14bn a year. There is huge spending power in our local economy. We need as much as that spent in our city as possible. That is why Sheffield Chamber is working with the Council, the two universities and the NHS on making local procurement policies work better for small businesses. Spend local, shop local, support local.
Household budgets are tight. We all know that but where you can, please get out and about. Enjoy the bars, pubs and restaurants across our great city. A night out isn’t just for fun. It is essential to keeping our nighttime economy going. Your night out is someone’s paycheck.
Perhaps most importantly, reach out to your suppliers, clients, customers and partners. Sometimes doing business is enough but it’s equally important to continue checking in with each other. We’re all human, and it’s tough out there. Mr Trump is thundering around and sending ripples around the world. Sticking together, listening to each other and collectively figuring out how to see the light in the gloom is so important.
That Sheffield spirit is what gives me confidence. We will see our way through this turbulent moment in time, just as we did the last.
To access support from the British Business Bank, please visit www.scci.org.uk
