The Organisation for Economic Cooperation and Development (OECD), an international organisation that promotes economic growth and sustainable development, has forecast that the United Kingdom’s Gross Domestic Product (GDP) growth will increase from 1.2% to 1.7% in 2025.
The OECD, however, notes that the outlook remains uncertain as the UK’s economy faces a number of challenges, including the need to rebuild fiscal space, support the green transition, and strengthen work incentives.
Consequently, to avoid the adverse effects of an uncertain economy, entrepreneurs have been advised to engage in strategic business diversification as a key component to business sustainability.
Speaking with FinIntell, on the sideline of a faith-based programme organised in Manchester for businesspeople, Augustine Okhale, Managing Director of Max Megacare Limited, a care service company, said that the deliberate decision to diversify and expand his company’s services has helped reduce risk and increase revenue streams.
Mr. Okhale said that a key part of a company’s strategy for sustainable growth is business expansion strategy that increases market presence, reach new customers, and boost profitability.
“In business and even in life generally, one cannot afford to remain in one position. That was why Max Megacare Limited diversified it services to include logistic business,” he said.
The Max Megacare MD said that his company now provides medication deliveries and other logistic services. “To the glory of God, I have no regret diversifying and expanding the business as it has helped to increase and sustain the company’s revenue,” he added.
Passion for Business
Sharing his business journey and why establishing a business has always been his passion, Mr. Okhale said that he developed the passion for business while living in Italy.
“Throughout my time living in Italy I had always wanted to do business and not to work under people. I have always had the passion of starting my own business. And I know there will be challenges to face coming from being an employee to running your own business,” he said, adding that he was also aware that “when you move into a new territory to do business, you must start by understudying the system before knowing when to start off.”
“I was gainfully employed in Italy before coming to start a business in the UK. But when I arrived the UK, I started by working as a caregiver through agencies. But while working there, my main focus was to start my own business which eventually happened after understanding how the UK system works,” the Max Megacare MD said.
Advice for Upcoming Entrepreneurs
On his advice to upcoming entrepreneurs, he said, “Anyone who wants to venture into business must not focus on the present situation. Once you have the passion, coupled with a clear vision, you will succeed in the long run.”
“When I started my business, there were times I could not pay bills. But today, I am not regretting establishing one because the business is growing with good revenue and expending to other sector,” Mr. Okhale said. “To all upcoming entrepreneurs, just keep your dream alive; go for it…and the Lord will always direct you.”
Information Is Key
The Max Megacare boss also encouraged entrepreneurs to always seek relevant information in the areas of their profession.
“Leant to ask questions because information is key. Ask and learn from people that know about the business you desire to go into because there are areas of the business that experience of those in the business will guide you,” he said. “There is no harm in trying. And there is no shame in asking to seek knowledge. You do what you need to do to succeed.”
He said further, “When you apply the knowledge gained and your passion into business, you will always have a breakthrough. And as you run the business, you must know when strategic diversification or expansion will be the main key to the business’s sustainability and growth.”
