A LEADING businessman has warned companies on the Fylde to treat the economic climate with caution.
Edwin Booth, chairman of the family-run retail group Booths and Business in the Community’s North West Advisory Board, says struggling businesses have to introduce a new strategy if they are going to survive the recession.
According to the entrepreneur, the recent culture of greed shown by bankers claiming huge, multi-million pound bonuses, cannot be sustained and local business must not take a similar approach.
Mr Booth said: “In terms of providing a better atmosphere in which to do business, the businesses can address the social agenda in a more competitive way than they have done.
“They might not be making enough money but the changes their businesses could make should make their staff feel more engaged and more supportive of their personal objectives.”
Mr Booth, who is the chairman of Booths stores throughout the Fylde coast, says there are a number of ways in which they can turn their fortunes around.
He added: “Various organisations have people within them that are involved with social enterprises and support clubs.
“They should be encouraged to engage more actively with their businesses or companies.
“Businesses can also seek help from other companies where they can engage with anything from the education system or environmental bodies.”
The chairman of the retail giant recently used a public debate at Lancaster University’s Faculty of Arts and Social Sciences (FASS) Enterprise Centre to speak about the way forward in an era of budget cuts and growing revolt against excess executive pay.
He spoke about his experiences in business and how his relationships with trusted partners has been the key to his success.
He added: “The most important factor for me is the quality of relationship my business has with its sellers and customers.
“We engage with suppliers in a way which says ‘this is our agenda, what is yours and can we aline our businesses?’
“If I have a good supplier who I trust and I know is creative, I can use them to pursue my business interests.”