The British public voted in favour of Brexit: Britain’s exit from the European Union. We saw the pound plummet to 1.24 Euros to the Pound (at the time of writing this article), which, as I am sure you will agree, is not good news for the UK economy. There is also noise about Scotland potentially calling another referendum for independence.
So what does this mean for business?
As with all things change is constant. And it’s the businesses which need to adapt to the environment in order to survive. As John F Kennedy once said “Change is the law of life. And those who look only to the past or present are certain to miss the future”.
Business owners/directors should be looking at forwards not backwards for opportunities to obtain first mover advantage or at the very least should be monitoring competitors so they are not left behind.
Time to re-evaluate
This is the time to re-evaluate your current supply chain, organisations which have dealt predominantly with European suppliers should either look inwards to see whether there is an alternative UK supplier that can offer a product at similar quality and cheaper price than their European supplier. Or should set their sights further afield and look to countries outside of the EU, for example, India, China, and the USA as alternatives.
Businesses should also consider how this will affect their current customer market. Given that the pound has dropped when compared to the Euro, our services/products may be more competitive to European customers than they have ever been previously.
Now is not the time to panic. It is a time to sit down and plan and revaluate your existing business model.