It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Edward Grant-Salmon, Managing Director of Xtra Express Logistics.
I believe that businesses, particularly those in the logistics sector, will need to work hard on their sales pipelines in 2024.
Interest rates and inflation on fuel have massively impacted cash flow for businesses in our industry in 2023, so logistics companies need a steady flow of new contracts coming in to negate this and be sustainable.
The businesses that are cash rich and not paying high interest rates on business debts will weather any further storms that 2024 sends our way.
Ultimately, the 2024 economy will be driven by government decisions on fuel duty, inflation, interest rates and other changes to legislation such as rises to the living wage and National Insurance contributions.
Environmental, social and corporate governance (ESG) and eco/sustainability will be key considerations for logistics firms in 2024 too, with many prospective clients looking to them to demonstrate what they are doing to reduce their carbon footprint and tackle climate change.
