Brexit… Just how prepared are you? (If it does happen.) Research shows that during the most recent recession in 2007-2009, the businesses which thrived and grew were not those that made cutbacks to staff and marketing – but those that continued to invest in sales, marketing and operational efficiency.
It is still too early to predict how the UK’s vote to leave the EU will pan out, however you should be acting now to ensure that your business is well positioned to mitigate risk, and profit from any opportunities which arise.
Bloomberg studied 9 successful companies over 3 years during the most recent global recession, and compared them to less successful companies over the same time period. They found the following success factors to focus on:
1. Making life easier with improved service – not just making products cheaper
2. Improving sales channels – making it easier for customers to research and purchase products
3. Selective use of data analytics to improve revenues and profits
4. Bringing innovation to cost cutting
5. Investing aggressively during the downturn
6. Mastering mundane operations, improving efficiencies
7. Motivational leadership & incentivisation of employees
We can draw an interesting conclusion from this study – that optimism and active investment in business improvement is the best policy and the same applies during Brexit.
It is also sometimes true that pessimism can be a self-fulfilling prophecy – if you put investment plans on hold and start to make cutbacks, that may well have a negative impact on your business, and on the wider economy as a whole.
At Elevate2 we can help you to deliver on the 7 success factors listed above. We offer a wide range of advisory and consulting services, including a 360 review of your business which can help you to evaluate the state of your business systems and processes. We will make sure you are optimistic about your ability to capitalise on the inevitable opportunities that are likely to arise in the coming months and years as a result of the UK’s changing relationship with the EU.
Contact us for more information:
☎️ +44 (0) 203 733 2110
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