The Brexit negotiations are still ongoing. Michael Barnier, EU chief negotiator is reported to have said a deal is 90% done with Ireland’s issue being a major stumbling block. However, the news vines are still awash with reports that suggest the possibility of a cliff-edge Brexit.
Come April 2019, a decision is expected to have been reached. Do you know how you can grow your business regardless of the results of the Brexit talks? Here are top tips to keep in mind.
Cause and effect strategy
The Brexit vote has already increased volatility and uncertainty in the trade market, an impact which will be felt by every company in UK. As a business owner in the UK, you should begin to draw a cause and effect strategy with all stakeholders of your company. For example. If you are in the car industry, increased tariff on EU import is a major threat. Brainstorming sessions should be devoted towards setting aside watertight strategies for keeping your inventory filled without damaging the overall bottom-line. Is it possible to import from outside the EU? Can your brand afford an EU office? These are questions that need to be answered.
Forecasting and focus
Identify other areas of concern in the Brexit scenario; using fact based macro-economic data. Engage your management team, placing emphasis on these areas and communicate your progress with your stakeholders. Do not lose sight of the changes that would definitely occur but do not let them scare you. Instead let it be your propeller into building a more robust business that can thrive in any economic climate post Brexit.
Create new markets
There are indications of new and emerging markets in fast growing countries like Malaysia and Bangladesh. The Financial Times predicts that rapid economic and population growth over the next 30 years will increase the lure of several emerging markets as destinations for UK exports.
Explore the new markets, venture out, and seek knowledge about the markets. The EU market is important, but it is not the only market in the world. Whatever happens with the Brexit deal, make sure your business is ready to deal outside the EU market.
In addition, look within the United Kingdom itself. Find out if your business can provide services to the UK government, and tap into the £242 billion the public sector spends per year on procurement
Robust customer relationship
A robust customer relationship management system will do your business more good than you can imagine. Develop a strategy to collect customers’ information and reach out to your customers often. An organized system with customer relationship management will help your business identify who its potential customers are, how to efficiently target and influence their behavior and in the long run as well as how to use the information to boost your operations. This will be crucial as customer retention metrics need to be improved for you to remain competitive in an economic climate that may worsen the cost of customer acquisition.
