Over the last two and a half years and more we have all heard a lot about Brexit and the negotiations around it. Like myself I’d bet most people are coming to the end of their patience with it and are somewhat reluctantly glad it’s seems to be nearing an end. Some might say be careful what you wish for, but I suppose certainty of what the future holds can be somewhat comforting even if it might bring challenges.
Business owners crave certainty because this means they can predict sales and hence profits without risk being a significant factor. Of course there is no such thing as a risk free future but with a little skill knowledge and determination risk can be managed.
Brexit is without doubt all about risk to the business owner. But the problem has always been, we don’t know exactly what the risks are with Brexit. There are so many variables at play and the situation seems to change by the week. It is therefore nigh impossible to predict the outcome with any degree of certainty. Given this, two words are in mind when business risk management comes to the fore: resilience and change.
According to Forbes Insights business resilience: ‘depends upon technology and systems, data backup plans, emergency alerts and having ability to change quickly to help you stay on top of the problem and protect your assets no matter the situation’.
Change here means being able to slow down, speed up or move sideways without disrupting your business thus maintaining sales during the change.
A business which has resilience and embraces change therefore will be in a good place to deal with any Brexit outcome. So what can the business owner do to realise these business characteristics? Start by asking yourself the following questions:
- How good are you at identifying your overall risk exposure?
- How good are you at developing contingent plans?
- Do you have a business continuity plan in place?
- Are your key personnel trained in delivering change?
- What is your track record for meeting deadlines?
- Is your business data accurate, up to date and robust?
If the answer to most of these questions is no or I don’t know, while this is of some concern there are ways to deal with it quickly.
You could set up a project office to assist you in the delivery of all the above. This can be achieved within a very short time if the commitment is there. It does not mean hiring more staff. Your key personnel will be trained and coached to focus on your risk exposure through acquiring knowledge, leveraging best practice skills, tools, techniques, procedures and software. This will give you confidence that your business is ready to deal with certainty and change.
So Projexit your business in the face of Brexit to ensure business continuity and certainty.