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What Brexit has shown small businesses?

Depending on where you sit on the issue of International trading, in and out of Europe, small businesses like FP Comms are sitting in mild conflict about the UK’s decision to exit the EU.

 

The Immediate and Long Term Impact

On one hand, there is the immediate and devastating impact it is having on the economy, on the purses of businesses and people’s mental state.  People are emotionally panicked, angry and confused.   There is no denying that people are feeling the pinch and punch.

On the other hand there is an underlining opportunity for businesses to become more rigorous and focused on your business.  Seek out your clients, communicate directly and effectively with them, deliver better customer service and also look at the areas of growth within the business.

 

Where are the opportunities?

Although, currently, the value of the £1 has fallen over 3.2% since the decision of the referendum was announced and confirmed.  However, if you have US based clients, because the $ has increased in value, they maybe convinced to spend more if you can up sell on some of your services.

The value of the sterling after Brexit

                             The value of the sterling after Brexit

I am not an economist, but the idea for any small business at this stage should be to hunker down, focus on areas of growth and strive to build an amazing business.

History has shown that the greatest inventions have been discovered through great adversity. So now is the time for small businesses, to work smart and believe in the positive change you thought you could create in the world with your business.

Finally, I would like to say, the impact this is having on large international businesses are lessons SMEs need to pay attention to for the future.

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