How to Score a Successful Brexit
As we count down the final days until 29th March, Brexit is the topic on everyone’s minds at the moment.
But writing a blog on the subject is like predicting the FA Cup winner: in theory there ought to be a limited number of potential outcomes; but in reality it’s hard to second guess who will be the winners and losers and how the game will play out.
Brexit may be much more serious than any football match, but, just like football managers from the Premier League through to non-league local clubs, it’s essential to have a game plan that’s based on knowledge while remaining agile enough to adapt.
Where are we now?
Until relatively recently, the answer to this question was complex but reasonably static. The Prime Minister’s deal, agreed by the other 27 EU member states, had been rejected but remained on the table and we were looking ahead to one of three likely outcomes:
· the negotiated deal
· a renegotiated deal
· a no deal Brexit.
In the past two weeks, defections, threatened resignations, changes to opposition policy and amendments that will form part of the meaningful vote due to take place on 12th March mean that we have to extend that list to include:
· a delayed Brexit
· a new referendum
· no Brexit
Confused? You’re not alone. While the politicians continue to debate and negotiate and the media continue to try and help us all make sense of it all, businesses are left attempting to plan for how it will affect them. The trouble is, it’s hard to plan for something that is (probably) so imminent and yet still so hard to define.
So What’s the Answer?
Brexit has ushered in an era of uncertainty as companies consider how it will affect them in all kinds of ways; from recruiting staff to securing contracts and purchasing goods and services.
While the current situation may be uncharted territory, it’s important to remember that uncertainty and volatile commercial conditions are far from alien to the business community; in fact developing a business strategy that can adapt to change has always been a critical element of success. As always, the companies that will be most robust through this period of change will be those that ensure they remain up to speed to with market conditions in real time, make decisions quickly and remain ahead of the competition.
Business intelligence and a flexible approach to marketing, aligned to evolving market conditions, will be a key differentiators as we settle into the change that Brexit will bring. Undoubtedly, the challenges will be greater for some companies that others, depending on the nature of your business, supply chain and customer-base, but commercial strategy must be developed hand in glove with marketing strategy because it will be more important than ever to focus resources on the areas that are most likely to drive profitability and reduce exposure to risk.