Economist John Kenneth Galbraith (1908-2006) once compared economic forecasting with astrology in terms of its reliability. His mocking comparison has arguably been justified in recent years and the British economic outlook remains particularly uncertain. Firms have to be especially flexible during periods where opportunities and challenges are particularly awkward to assess.

It could be argued that the modern history of economic development has been a narrative of booms and slumps. However, there have been periods of relative stability. For example, between 1950 and the end of the 1960s there was a period some economists have labelled as a ‘Golden Age.’ More recently, in the British context, there was quite a stable period in the decade that followed 1995. During relatively predictable economic times, the tools policy-makers use to manage the economy often work well. Despite this point, economic imbalances can develop which bring the stable era to an end.

At the current moment, it is problematic for businesses to know where the UK economy is headed. Much depends on what happens to other major advanced economies. It is also important to acknowledge that some economic sectors are likely to do better than others. There are many ways in which firms can show flexibility. For example, they may make greater use of temporary staff.

Serviced offices are ideally suited to firms that want to be able to adjust quickly to new opportunities as they arise. Their affordability means that serviced offices enable capital to be invested in other aspects of expanding firms.