Many businesses owners admit that they are procrastinating due to the uncertainty of Brexit. There is no doubt that Brexit will have an effect on every business and every individual in the country but this does not mean that your business has to suffer.
The question is.. is this the best time to be waiting or the best time to be moving forward?
And the answer is.. even if you want to stand still, you need to be moving forward. Otherwise, everything else will be moving forward without you.
All farmers know, before you harvest, you have to sow and this is exactly the same for business.
Recessions go in 10-15 year cycles, meaning Brexit or no Brexit, we are probably due one anyway.
Now, do you want to let it affect you or are you going to be prepared?
How well you fare will determine how well you come out of the recession. Business who do better in the recession are the ones who continue to innovate, invest and evolve.
Case Study – Amazon
In the 2008 recession, Amazon continued to innovate and try new products. They bought out the Kindle as a brand new product and found on Christmas Day 2009, there was a record for the most downloads of e-books EVER!
This shows that those who invest and innovate will ultimately come out of the recession best.
Another thing to focus on during this time is your mindset.
As an MD/senior manager/business owner, your mindset filters down to the rest of your employees. Whatever you are going through and thinking, you will find that behaviour is reflected in your employees and the culture of your organisation.
If you’re not investing in your business and yourself, how do you expect your employees to invest in your business and invest in themselves?
Foetal Leadership is when MDs and CEOs are curling up into a ball and hoping to ride it out.
By doing this, you could potentially be missing out on so many opportunities for your business and ultimately losing out on profit.
Are you watching opportunities go past you or are you pouncing on those opportunities? How much is trying to ride this whole situation out really costing your business?
Try to put a figure on all of the opportunities you have missed out on due to procrastination and fear of Brexit. This could be due to not advertising, not selling or not putting your business out there.
That figure is costing your business. You could be potentially investing that in your business to make sure you come out of a recession or period of uncertainty well.
Unless we grow as individuals and businesses, there is no way we can look to the future.
Unless we keep growing as MDs/Senior Managers/Business Owners, there is also no way we can look to the future.
Running a business has to be a process of continual growth. Right now, you should be looking at investment opportunities and how you are going to best take your business through a recession, not just hoping to ride out the storm.
What will you change?