As well as applying for a research and development grant, pivoting your business to accommodate recent changes in the economy could help during tough periods.
As an example, many restaurants survived the Covid-19 pandemic by launching food delivery services which enhanced their business models and provided a new source of revenue in the process.
Lawford said: “If you’re potentially facing hard times, ask yourself: ‘Do I need to pivot slightly because of these challenging times?’”
A tough economy doesn’t necessarily only bring difficulties for you and your business; there might be opportunities as well, he added..
“Try to approach with a growth mindset to position your business in the best place possible to take advantage of any challenges that you are facing,” he said.