Uncertainty. That seems to be the key word when discussing all matters Brexit-related. When our own politicians don’t even appear to know the future of Britain in relation to the EU, how can the average practice owner predict how Brexit will affect them? In these uncertain times, practices need to do as much as possible to counteract the potential negative fallout of Brexit, so in today’s blog we’ll be running through a few tips to make sure your practice is Brexit-ready (whatever that means).
As uncertainty around Brexit grows, the strength of the pound must be considered- but the main economic hurdles will come with the change in spending habits. As we’ve seen before in the recession of 2008-2009, in times of economic downturn consumers will eschew ‘luxury’ products and services in favour of the more affordable. Don’t see this as a disadvantage though- sometimes the most difficult environments coincide with the best opportunities. Sainsbury’s, for example, thrived during the recession 10 years ago by giving away vouchers at the tills for the difference (between them and competitors) in shopping price. So our first advice to you is this: be adaptable, flexible, and willing to turn any negative consequence of Brexit into an opportunity.
We’ve spoken a lot about uncertainty so far, but there’s one thing that can offset the most ambiguous of futures- planning. Practices need to have an Option B and have contingencies ready for implementation. It is no good saying the future is so uncertain that we can’t plan or 'we’ll wait and see’. Assumptions can be made about exchange rates and the effects of these for costs and prices. It is reasonable to guess that inflation will be at about 2.5% in 2019 and that interest rates will stay as they are for the next couple of years.
Much of the press focused on Brexit has emphasized the potentially negative consequences of the referendum to withdraw from the EU, ranging from the general impact on Britain's economy to losing trade partners. Take a hard look at what your practice might need to change given the possible volatility that comes with the UK pulling out of the larger market, and act fast now in any areas that might give you trouble once Brexit is put into motion. But no matter what happens, if you have planned for the absolute worst-case scenario, you will never be caught short.
So in summary, the traits you need to have as a practice owner in the current climate are as follows:
A willingness to be flexible and adapt to any situation.
The ability to seize all opportunities that come your way.
Foresight, or the ability to have contingency plans ready for the worst.
Here at Practice Growth Agency, we want your practice to weather the storm that is Brexit, and we hope this blog has gone some way to helping you survive and thrive in the post-Brexit business landscape. If you would like to get in touch with us to discuss your practice in terms of Brexit or any of your marketing needs, just give us a call on 0208 123 3541