Bevis Wright Accountant

Welcome to 2019!

After the end of year break, so also goes the “Ghost of Brexit present,” where the noise of political power play deafened the stark need for action. This may never stop as could be seen on Tuesday, with parliament prolonging any tangible progress, the refusal to accept the deal on offer adding another twist to this meandering mystery, however the “Ghost of Brexit Yet-to-come” points to the reality that Britain will leave the EU (In whatever form it takes) on 29th March*.

But what real impact will this have on your business growth? What will be the true Brexit backlash and what will be just dismissed as “Oh well, Blame Brexit!”  How can we overcome the Brexit Blues and make 2019 a success from the outset?

By refusing to let emotion destroy decision making.

Remember in physics, growth is how far you will travel - the Distance

Time, for this purpose, is 1 year, so in its simplest terms, the Brexit Success formula is as follows:

Distance = Speed x Time.

Brexit success = Speed of change

But what is Speed? Speed is not just keeping up, it’s being faster, quicker, better and more agile compared both to last year and to our competitors now.

So, for your 2019 success strategy, consider the following:

What are the competition doing?
  • How do we score on the following?
    1. Awareness of who the competition are
    2. Key weaknesses and strengths
    3. How quickly they could replicate a key product or service
    4. Knowledge of their online presence and reach
    5. Effect on business if they opened an EU subsidiary
Are we talking to our customers?
  • Make a list of the top 50 key customers.  Put a date next to each of when someone from your company last spoke to them by phone or in person.  Ensure the oldest dates are translated to key actions to revive the links with these persons.
Research new suppliers
  • When did we last research available resources in other countries?
  • What capacity within the procurement department is there to allocate time to research?
Constantly look for diversification options in other products and other markets
  • When did we last sit down with the sales team and run a SWOT analysis on a product?
  • When did we last analyse other markets that our product could fit in?
What internal processes can be automated?
  • IT = Speed.  What areas of the business could take advantage of technology to further boost effectiveness?
  • Analyse staff time to find key activities that are using time with little or no return
Minimise the stress of the unknown
  • Delegate the task of keeping up with Brexit news to two or three staff members.  Give them time to research latest papers and releases.
  • Complete the tool to find the most relevant information to your business
  • Ensure Brexit is being discussed at management level, at least on a monthly basis.

Whatever the resolution in March*, every change brings opportunity.  A number of the most well-known companies today were founded during tough economic conditions, including Proctor & Gamble, General Motors, Ford & Uber.  By constant innovation, your firm comes one step closer to guaranteeing long term success.  Follow the formula in 2019 to ensure the “Ghost of Brexit Yet-to-come” provides sufficient incentive to embrace change and be winning from the beginning.

*(Disclaimer: officially the government could defer or remove this deadline however this article is focused on preparing for the legal deadline as at 16/01/19)