SOF April Newsletter

As we navigate through the ebbs and flows of 2024, it seems like the perfect moment to chat about something many of us are facing: a noticeable slowdown in corporate client projects. From the UK to Europe to South Africa, the story seems consistent—a dip in enquiries, budgets tightening, and projects being paused or scaled down. So grab your coffee, and let's dive into this together, shall we?

What's going on?

In the past six months, I've seen a shift. Fewer new projects are coming in, and even our reliable clients are pulling back. It's not just SOF—many of you have shared that you're seeing the same trend. What's behind this global cautious step back? Here are some thoughts:

1. Election Year - 2024 is a big year for politics globally. With elections on the horizon in major countries, it's no wonder businesses might be playing the waiting game—waiting to see how new leadership could affect the market and their strategies.
2. The Corporate Shuffle - It's like musical chairs right now with companies merging, others splitting, and many shaking up internal structures. This kind of change can make companies tighten their belts and hold off on external spending.
3. Economic Headwinds - The word 'recession' has been popping up more than anyone would like. Predictions aren't sunny, with economic experts suggesting a cautious approach might be wise.

These are just some ideas I have had - and I would be interested to hear yours.

So, what can we do?

Don't panic. Here's what I'm thinking:

• The Power of No - It’s tempting to take on any work during slow periods, but there's power in focusing on what we do best. Let's not spread ourselves too thin.
• Stay Connected - Now's the time to engage with our networks. Sharing insights, staying visible on LinkedIn, and keeping the dialogue open with our clients can remind them why they'll want to work with us again.
• Look Inward - With more open space in our calendars, it’s a great opportunity to review our own processes, maybe cut some unnecessary costs, or refine our strategies. Every little tweak helps!

What are you noticing in your corner of the world? Have you found any strategies that help during slower times?

Drop your thoughts below—I’d love to hear what’s working for you.

Before You Go

If these musings resonate with you, make sure you subscribe to the SOF Newsletter . I’ll keep sharing my observations and tips, hoping they’ll be as useful to you as they are to me.