Sitting duck or Brexit butterfly?
No matter what your business is, the predominant issue going in to the last quarter of 2018 and first quarter of 2019 is how Brexit (in whatever form it’s finally agreed) will impact your business.
Businesses commonly plan for contingencies, assessing the likelihood and potential impact of future events (like the loss of a key contract or the insolvency of a supplier) so why isn’t this happening to the degree you’d expect with Brexit? Why are so many mid-market businesses doing so little; sitting ducks soon to be swamped by the inevitable wave of change?
Spread your wings
At FIG we believe planning for Brexit not only helps reduce risk and uncertainty, it offers fantastic opportunities for forward-thinking business to spread their wings. An obvious way to counter the impact of the potential loss of customers and income from within the EU is to diversify in to new markets and create lucrative new income streams.
Your ability to communicate clearly and effectively with customers, prospects and stakeholders will be critical to your ability to thrive in a post-Brexit trading environment.
Here are a couple of tactics that can be adopted quickly and easily:
- Tell customers what you’re doing to prepare for Brexit – it will inspire confidence and trust in your business.
- Ask customers and prospects what they’re doing – identify any issues you can help with.
- When you contact prospects be clear about why you’re different and how that could benefit them in a post-Brexit era.
- Deliver content via a planned communication strategy which keeps you front and centre in your audience’s mind.
Other practical measures you can take include:
- Adjusting your recruitment strategy to take account of any gaps likely as a result of reduced immigration
‘only 16% of East Midlands businesses have analysed the impact on their businesses of immigration and limits on the free movement of people.’ Source: Brexit: What East Midlands Mid-Market Businesses Expect The Impact To Be
- Re-engineer distribution channels
Investigate ways to minimise the impact of changing trade arrangements on customers by making arrangements with local agents – or even setting up local offices. Make sure you communicate what you’re doing to keep your promises to customers and how you intend to get what they need, where they need it.
In the event of a no deal it’s thought that World Trade Organisations default tariffs will be introduced, so plan for any changes you think this might mean to existing storage and transportation arrangements.
At FIG we specialise in providing strategic marketing advice and have recently helped several businesses reposition themselves on a global scale.
If you’re considering taking your business in a new direction get in touch with us on 01457 857111.