“Brexit”. It’s become the buzzword of 2016 hasn’t it and will probably be added to the Oxford Dictionary soon, in fact I’ve just added it to my computer’s dictionary now!
It’s no wonder people from all walks of life are familiar with the term, given that business confidence in the UK economy has dropped by almost double since the historic EU Referendum on June 23rd.
The BBC reported that, according to a YouGov and the Centre for Economics and Business Research study, the portion of businesses that said they felt negatively about the UK economy rose from 25% the week before the EU vote to 49% in the week after it.
It’s no surprise then that The FSB, who represent the interest of small businesses, have joined four fellow national business groups in urging the Government in an open letter to take decisive action to confirm that EU nationals working in the country still have the right to keep living here “because their skills are crucial to the success of our businesses,” the letter stated.
If the Government listens to the letter’s advice the authors reckon it “would be a shot in the arm for business confidence, and send the right signals across the world. This may be a time for calm reflection, but it is not a time for inaction.”
— FSB (@fsb_policy) July 11, 2016
The FSB have also Tweeted the above. Why? Because a lot of business owners, like you and me, are weary after the recession, nervous about what the future holds and uncertain. But as the letter says, doing nothing isn’t wise. So the letter might outline what the authors think the Government should do, but what should we business owners do?
Well the first thing we can do is take a deep breath and a step back as many of us are too close to the situation. This might sound silly but think about it: if you stand right next to a brick wall all your see is the wall, the obstacle and problem. If you take a step back you see the sky above the wall, the flowers lining the bottom of the wall, the possibilities and positive things- the bigger picture.
After stepping back, use Brexit as an opportunity to see how well your business strategies and finances are prepared to withstand unexpected change. Then get ready, so no matter what happens- and nothing much is certain yet- your business will cope.
As you can probably guess, we’re fans of step 6- collaboration. No matter if you voted ‘Leave’ or ‘Remain’, you can still look to work together as a team with other like-minded businesses, using online tools and handy technology like an effective CRM (Customer Relationship Management) to make the collaboration run smoothly.
Costs can be reduced, turnover can grow, marketing can be more effective and customers can be happier with the right partnerships.
So there you have it, collaboration is the secret we think will help prep businesses for a stable post-Brexit future!