Brexit, Don’t Panic
The political turmoil that has resulted from last week’s referendum decision to leave the European Union will have given many business owners pause for thought.
It has become clear that, whatever trading relationship the UK establishes with our European neighbours in the future, the issue is unlikely to be resolved in the near future. In the meantime, there is likely to be a large degree of economic as well as political uncertainty – as the currency and equity markets have shown over recent days.
But what does all this mean for the way you run your business? How can your company cope with the current volatile climate? Here are some tips to help you weather any storms that might be coming your way.
Chances are, the fundamentals of your business have not suddenly changed as the result of the leave vote: the products or services you provide are the same, and your customers are unlikely to have been directly affected at this point.
Even if some of your business is conducted with other EU member states, there has not yet been any change to the terms of trade. If anything, the fall in the value of sterling could help by making your exports cheaper to overseas customers.
That said, there is a lot of confusion around about both the long- and short-term economic implications of Brexit. So it is your job to give the “business as usual” message both to your customers and your staff. Confidence is infectious, and vice-versa: a positive mental attitude can help deliver the right message in uncertain times.
Come up with a plan
It never hurts to devise a plan to help you cope with any downturn in business levels. No one can predict the future, but many people believe there is currently an increased risk of an economic slowdown. Think about how you can prepare your company to cope with issues such as a loss of customers or rises in production costs, for example.
Focus on the controllables
There are many valuable uses of your time as a business owner but worrying about external events that you can’t control is not one of them. Put your energy into dealing with the factors that are within your sphere of influence, whether it is making your operations more efficient, getting better deals from your suppliers or exploring potential new markets.
The firms that are most successful at weathering difficult economic conditions are those that prepare well, and remain calm and focused on the task in hand.