life after Brexit – 5 musts for growing businesses

We know the decision to leave the European Union was a shock to a lot of growing businesses. Just when you had prepared yourself for stable growth the ground was shaken beneath you.  Now the reality is beginning to show; a slowdown in trade, almost a plateau.

As small/medium ambitious businesses, we have survived worse than this. When times are tough is when we are at our best, being nimble of foot and quick to react. What should you be focusing on so we can continue to thrive and grow as Brexit gets closer?

1. Get “outside” advice – we are all so close to our businesses, sometimes it is hard to see the wood for the trees. At emphasis we use a coach to guide us through uncertainty. External consultants are exposed to a range of businesses and are well placed to provide sound advice at this point of change. They will challenge your status quo and encourage you to act or react to this ever-changing environment.
2. Be ready to react – assess your business; what impact will leaving the EU have on you? Don’t over commit to your employees. Perhaps offer a bonus this year rather than salary increase so you haven’t over-committed to your overheads. Make sure you have a short time working and layoff clause in your contract now, before the impact hits. This will mean you are ready to react if, and when, hard times come. It is always better to introduce contractual changes with a general legislative update rather than standalone clause.
3. Keep core costs low – to be agile, outsource your support functions such as HR, IT and marketing so you can flex the demands in line with the needs of the business. Then you are keeping your overheads low whilst maximising the support and advice needed by your business.
4. Look at the basics – make sure you have got all the basics in place; streamline processes, look at all your outgoings, make sure things are operating effectively. When you have a firm foundation, you will be ready for growth or the impact of Brexit (whatever that may be). Trying to put in processes reactively is twice as difficult as putting them in proactively.
5. Review the strategy – with all the recent changes, your strategy may have changed. Once you have got the basics in place it is time to review your strategy. Are you still pointing in the right direction for your business, or has Brexit impacted on this? Are the right people in the right seats? Are you fit for growth and are the same opportunities there?  Often running your strategy past one of our HR Directors will help you get your strategy on-track.

Businesses are about people, growth is about people, the key to getting the best from Brexit is through your people. We are a people business, if you want help to guide you through the pitfalls of growth and change – talk to us.