Noone can provide definitive answers but here’s what’s most likely in store for 6, 7 and 8 figure businesses based on key trends, the key opportunities and risks.
1. The value of Sterling (exchange rate) has declined (today it hit an all low of $1.28USD since 1985).
This means a weaker currency will be an advantage to exporters of manufactured goods; and services; but importers will experience the opposite effect.
The opportunity: start actively looking for markets outside the EU now i.e., China, Asia, US, Latin America etc. Don’t wait for someone to sort out trade deals. Get cracking now.
2. The UK economy on current trends indicates the possibility of a slow down (not a recession) that will last at least 24 months.
Expect public sector austerity budgets. It is most likely Treasury will announce a cut in Corporation Tax and business red tape to stem any companies considering locating elsewhere. If that happens, leverage that cash. The Government needs to become more business friendly. NB: The trend right now is uncertainty (but note the reaction to a PM being named today) but suggesting a melt down is a gross exaggeration and unhelpful to even infer.
Opportunity/Risk: This means YOU need to definitely focus on sales revenues, controlling costs, working on slimmer margins and building long-haul cash reserves otherwise you are in for a bumpy ride or a hard landing if your business can’t cope with a possible slow down.
Practically, do whatever you can to get reboot and tighten your offerings, your sales skills, and your competitiveness. Sluggishness and moaning won’t cut it out there.
3. Productivity is overdue for a shake-up and a reboot.
UK productivity (output per hour) trails the developing nations because many have relied on the strength of the Sterling. This means you really need to get your teams back into high gear: i.e., lean, mean and competitive. The markets you may need to enter will not tolerate complacency.
Opportunity: Lean back into good old British innovation and grit.
Depends how you read that. But opportunity is now here is what you need to think.
5. Don’t sit back and wait.
Be quick. Be fresh. Be energised. Brits have a skills primed for global markets in whatever business you are in – goods and services, IP and e-commerce.
6. Don’t cut training budgets
For goodness sake seek out the best trainers to get your game back into high gear. Invest with people who can polish your offering and take your game into high gear. Don’t trim on the things that require investment. Investing in yourself is mandatory.
Hope that helps. NB: Current today. I will update you on any new insights that come to light.