10 Reminders for Business Post Brexit

Whichever way you voted, it’s clear that we’re going to have to get on with it! The world is different, but in many ways it’s just the same. Uncertain times will become the norm; at least for the next 2-3 years.

Perhaps not a great place for a business to be, but then history has already presented many times when business hasn’t been a great place to be…. But we survived.

I remember when I lost my first really great employee – I thought it was the end (a bit dramatic, but you know what I mean) then someone said ‘just recruit better’. And that is where I believe we are now – let’s make it better than it was before.

• We’re still the 5^th largest economy
• We’re still an expert global trading nation
• We’re still an attractive investment proposition for lots of reasons
• We’re still creating jobs; 55,000 since Jan 1, despite the national living wage
• We’re still a great nation and will pull together.

So the question is ‘how does your business decide what to do now, and for the next 2-3 years?

Perhaps a difficult question, but it’s one you have to answer – letting your business drift would be a cardinal sin. Here are my 10 reminders for business owners post Brexit;

1. Remember that every situation presents both opportunities and threats and you have to be alert to both. Look for opportunities from uncertainty.
2. You’ll need to lift your head and look outwards, not inwards to see, and understand what is happening; the stock market, the pound and currencies, bond yields and the housing market
3. Get closer to your trade association, FSB, Chambers of Commerce, IOD etc.
4. Look for trends; but have a plan for both the up and downside.
5. Keep your financial business forecast up to date. You should have 3 versions; optimistic, realistic and pessimistic so that you are looking right across the piste.
6. Re-forecast at least quarterly, monthly might be more appropriate for some businesses.
7. Favourable imports don’t mean favourable exports or vice versa. You’ll need to be aware what is happening.
8. Before making a decision to invest or change direction, do your research and gather facts before deciding what to do. Knee jerking is not recommended.
9. Surround yourself with good people, especially advisers who can help you.
10. Remember you’re not the only one going through this. And whilst most of your peers will have their heads in the sand you should capitalise on their complacency.

Yes, things will change; some quicker than others and most will be for the better if we remain positive, calm, creative and focussed. Keep talking to your workforce and you’ll pull through with flying colours!