HOW TO BUFFER AGAINST BREXIT

With all the chatter about Brexit and the negative impact it could have on the economy, it’s no wonder small business owners are feeling cautious. But what will the actual impact be and how can businesses prepare in this crucial year?

These tips from Shaun Thomson, CEO of Sandler Training in the UK, could help set you on the right path.

Lead from top Communicate with staff that you have a robust plan. If you need to change your business model explain what will be done, the timeline and staff’s involvement.

Retain good workers The recruitment pool is going to be smaller and many businesses are already seeing a drop in applications. Make sure existing staff feel valued – talk to them about their development and satisfaction levels. Remember, it’s best to promote internally and then fill lower roles.

Change hiring tactics If you do recruit a lot of European workers you have a year’s run at planning around it and looking at other recruitment pools. Think about hiring younger workers.

Sales protection The actual sales figures are an indication of what has happened, not what is going to happen. Put in place the right leading indicators (e.g. new accounts we have opened, new contacts, markets and meetings) so you get early notification of whether you need to make adjustments.

Stay strong on investment Don’t hold back on investment and expansion decisions. Having the best company and people gives you the foundation for growth. Even if your market isn’t growing then take advantage of other companies that are playing it safe.

Plan for the future Rather than living in the short-term period of uncertainty, think about where you want to be in five years and how you will get there. Do not allow yourself to become distracted by the short term.