Cardiff and South Wales in general is becoming a very large business spot. Huge redesigns all around Cardiff and the bay with the huge and stunning 1 central square now situated right in town. This is going to increase the amount of business and start-ups that move to our city. But I have an issue with the general older businesses in the Cardiff location. This is something I have been talking about with 5 different business owners in the city and we all came to the same conclusion.
People are scared to spend money.
The famous saying “you have to spend money to make money” is 100% accurate when it comes to small businesses. Generally, the more you invest in smart marketing in the early days, the more you will get out later on down the line. But it seems that many businesses are too stuck in their ways. Everything is “too expensive” even if they can see the potential long term returns of it. For example properties, online marketing even talented workers to a certain extent. This mindset needs to stop.
London is the business capital of Europe because the company’s and their owners and directors are willing to spend a lot of money looking to the future. Hiring the best people and paying a little more for them. Because the long term ROI of having a talented member of staff will vastly outweigh the extra 20-50% you have to pay in their salary.
If the South Wales economy is going to get any further we have to get these small-medium sized businesses in our location to stop trying to make short term gains and sacrifice the short-term profits for the longer term effects.
I’m lived in London and I’ve lived in Cardiff and the general consensus is very different. People are scared to spend money here. If we truly want to grow our city we can’t be scared to do this! That’s just my thoughts but feel free to comment below.