Brexit – Managing the Uncertainty

Brexit – We have now voted to leave the EU. From what I have read so far I think that means we all have to get used to the term EEA – European Economic Area which is an area that provides for the free movement of persons, goods, services and capital within the internal market of the European Union (EU) although I suspect given the lead up to the referendum that the free movement of people might be up for debate.

So regardless of how you voted, we now need to get on and make this work. If you are a business owner then you need to think about how Brexit will impact your business.

One certainty in all this is that Brexit has brought uncertainty and investors don’t like uncertainty. With some of the companies I am working with experiencing depressed sales leading up to the vote and until it is clear what will happen going forward I suspect we have more to come.

Whatever the outcome you need to ensure your business survives and continues to grow.

So here are my top ten tips to help your business survive Brexit.

• Review fixed costs (implement zero based budgeting – start from zero and justify everything).
• Minimise borrowings and have collateral in place in case borrowings are required to get through any difficult trading.
• Ensure your business is profitable now and generates cash.
• If possible, build up a cash cushion.
• Sharpen your systems and processes so that they are as streamlined as possible.
• Really understand your market – update your knowledge in line with the current economic situation.
• Communicate regularly with customers.
• Review features and benefits and ensure you offer real value to your customers.
• Ensure your staff are trained on your products, processes and systems so that they can give the best possible customer service.
• Develop agility in your business so that you can react quickly to changes in your market place.

If you would like to know more and discuss the specifics of your business, please call 0333 050 9053