Two months since the UK voted to leave the EU and the dust finally seems to be settling - but it’s still very early days in trying to determine what post-Brexit Britain might look like.
Truth is, for all the forecasts and predictions, nobody really knows what the future holds in store for our economy.
Unfortunately, ‘wait and see’ is not really part of the small business psyche. Businesses don’t like to stand still - so in this uncertain and potentially turbulent period, what can you do to keep your business moving forward?
In this blog, we’ve identified a few things that all small businesses should be doing to prepare for our future outside of the EU…
While the long-term prognosis for the UK economy remains unclear, Brexit has already had a significant and tangible effect on businesses through the sharp drop in the value of the pound.
Bad news for importers, it’s conversely great news for businesses selling products or services to international clients trading in Euros or Dollars.
If your customer or client base is UK orientated, now might therefore be the perfect time to explore the possibility for international growth.
Thanks to the currency drop, your products or services are now around 10% cheaper to international buyers then they were a couple of months ago - so make hay while the sun shines and look to capitalise on that extra value to sell yourself to potential overseas clients.
However you voted in the referendum, the die is now cast and there’s no turning back. So even if Brexit looks like it might hurt your business, there’s no point in self pity - it’s time to be positive.
And there are some positives to cling to!
For starters, leaving the EU should free up the UK Government to liberalise ‘red-tape’ regulations, which often reduce the productivity of small and medium sized businesses.
And by eliminating the cost of EU membership from the Government’s budget, there’s an increased possibility of tax reductions that could benefit businesses too.
If you’re concerned that Brexit spells bad news for your business, you can bet your employees are feeling the pinch too. And an environment where people are fearing for their jobs (or even just worrying about the lack of potential for a pay-rise) isn’t conducive to business success. In effect, it’s a self fulfilling prophecy.
Now’s the time for you to show your mettle as a business leader. Talk to your staff, motivate and encourage. Get them to buy in to the concept of pulling together through potentially difficult times.
If you are a service provider, make sure you’re communicating to your clients too. They may be equally apprehensive, and they’ll look to you for re-assurance.
Change the way you evaluate success
If you’re used to measuring success by looking at your business’s bank balance, now’s the time to change your thinking.
With the game-changing exit from the EU looming, it’s becoming far more important to look to your sales pipeline or new business enquiries instead, setting KPIs that measure your future prosperity rather than reflecting on metrics you’ve already achieved.
Monitor new leads, website traffic, conversions, social media engagement - anything and everything that shows you how your offering is resonating with your customers.
This may also be a good time to start looking for a little external help in the form of management accounts, which help to give you a clearer picture of how your business is performing.
You may find these blogs of interest too: