Thursday, October 25, 2018

The Big B.: So much ink has been wasted over the past 2 years on what could, would or may happen after Brexit.

This uncertainty makes it very difficult to plan and prepare contingencies, yet businesses need to consider that Brexit is only one of the elements that will affect their strategy and decision-making. Kent businesses in particular fear the strain on motorways, customs, circulation of goods and storage.

It is now essential to focus on what the business is about and to carefully consider other external factors and internal elements that help to make it run and grow. This may be the perfect time to update and further your SWOT analysis – maybe offering something British will add to your USP? Whilst trying to remain confident in the future, now is the time to use strengths and resources to see opportunities in the challenges lying ahead.

Sound finances

The Brexit murkiness will affect taxes, exchange rates and inflation.

Businesses need to plan for unexpected levies by reviewing and adjusting running costs and spending. It is however, still time to apply to the EU funding sources available whether for energy-saving measures or for development and growth.

Supply chain

It is time now to take a wide outlook on every element of your supply chain from suppliers, contractors, material and labour costs. Are there any alternative options? Is it possible to diversify products or services, broaden the supplier base and the client pool? Are there opportunities for new markets and new outlets?

Staff

Find updated official information, regarding EU workers to reassure and support your EU staff.

To avoid recruitment and retention issues, some employers have prepared employment packages and support schemes. An investment in training and technology will be valuable both to balance the possible loss of skilled manpower and retain the company’s competitive edge whatever the circumstances.

Clients and competition           

Reassure and inform your clients of changes that may happen or new options available. Share whatever links and sources of information you may have or discuss concerns that may arise to plan and adapt.

While the big B. remains a riddle, businesses need to remain positive, focus on flexibility and consider all the different options to react quickly and tackle whatever issues when they arise. They are not alone. The Kent & Medway Growth Hub is working together with a range of partners – including the Kent Invicta Chamber of Commerce – to inform and support local organisations.

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