What I’ve learnt running my business in these challenging economic times

By Uzzi Rafi , Founder of GeoSmartPro

Lesson 1: Cut back wisely, wherever you can

Responding to national lockdowns, a recession, and soaring inflation, we had to scale back and streamline quickly to ensure the long-term viability of our business; we downsized from an office with 10 employees, to an intimate working space within the Enterprise Hub at the University and five full-time employees.

The upside of having to rapidly adapt to these unprecedented market conditions was that it reshaped how we ran our business. We shifted to more cost-effective ways of operating; we outsourced work to freelancers/consultants and established virtual working teams, onboarded digital project management tools to improve efficiencies, and pivoted to focus solely on leveraging e-commerce platforms to get our product to a wider market than before.

Lesson 2: Network at every opportunity

Expanding and leveraging our network of contacts has had a profoundly positive impact on our business. With no in-person networking events being hosted during the pandemic, we had to adapt and joined the Business Incubator at the University as a means of meeting other businesses.

Overall, our experience has been fantastic; I’ve been able to meet and network with other like-minded business owners, it’s boosted my morale during some of the most challenging days, and I’ve been inspired by some of the other businesses that we’re now looking to partner and expand with. All of which wouldn’t have been possible had we not found an environment where small businesses could meet, exchange ideas, and support one another.

Lesson 3: Don’t hesitate to ask for help

Having once found asking for help hard, and a weakness, I have since learned that is, in fact, the opposite. As founder of my business with a duty to do everything possible to ensure its viability, knowing when, and how, to ask for help when I don’t have the answers is actually a strength. I’ve asked for all sorts of help to overcome a variety of obstacles; from my business mentor, customers, our board of directors, and even my family! I’ve found that everyone knows something you don’t; leverage their expertise and knowledge and, more often than not, you’ll be pleasantly surprised at what you’ll learn.

Lesson 4: Never stop innovating

If we hadn’t innovated a new product line and figured out a whole new, more efficient way to deliver it to market, our business wouldn’t have survived the pandemic and inflationary rise in operating costs. We’ve had to innovate ourselves out of the numerous complex economic situations we found ourselves in; it forced us to become more adaptable and grow in different ways. Our innovation journey is still bearing fruit today; we’ve new products being launched, streamlined our distribution networks, and automated parts of the business. Innovation is at the heart and soul of our business and drives our business’ growth and long-term sustainability.

Lesson 5: Build a framework for expansion

I think it’s crucial to have a roadmap to expand, whether it’s diversifying your business, expanding your products/services offering, or scaling-up existing operations; it creates a safety net for your business. Having reviewed our business plan and identified gaps in the market, in addition to expanding our smart home appliances product line, we are looking to both grow our operations in the EU, UK, and US as well as expand to the Middle East, Australia, and New Zealand. By franchising our businesses, developing distribution networks, and establishing a foothold in the global market, it gives our business more leverage to ride out any future economic uncertainty.

Uzzi Rafi founded his Herts-based SME, GeoSmartPro , in 2018, which pioneers the development and production of smart home appliances; from fans to air fryers. He was inspired to start his business after his son was born and his family struggled to sleep during the peak of summer heatwaves in 2018. His predicament got him thinking about how much easier life would be if the appliances in his home, such as fans and cooking appliances, had smart features built into them that responded to either commands from a mobile phone or automatically adjusted itself to its environment. Partnering with his wife and brother, and leveraging their network of contacts, they established their business and have successfully launched three smart home appliance products, with more in the pipeline. Under the guidance of the GeoSmartPro non-Executive Board of Advisors, GeoSmartPro are continuing to innovate their product line and expand their operations beyond the Western Hemisphere.