In this series of blogs, we will address some of the issues faced by growing owner managed businesses in the brave new world of the UK leaving the EU.
What the future holds remains uncertain, however there’s steps you can take to ensure your business is ready to adapt where and when it needs to. Following on from ‘Seizing the Opportunities of Brexit – Part 1’, this Insight will focus on more possible opportunities and solutions for growing businesses.
Focus on what makes your business special
People are likely to be your greatest resource, and not just your employed team but your suppliers, advisors or your local customers. In times of change, people want someone they can trust, someone they can follow. That means leadership. You may not have all the answers but think about what you do know and what you and your team are the best at. Focusing on those core skills or knowledge is what differentiates your business from the rest and gives your team a pride in what they do.
The post-Brexit world is far from clear and it is very tricky to provide a clear, concise plan for your team beyond the immediate horizon. Focus on change as a positive. All businesses need to keep up with customer needs and new technology. You could argue that when the business is not changing, it’s a sign that we have missed something and are not sufficiently responsive. People often assume innovation funding is only available for labs or people in white coats but good innovation can be anything from a new layout for a manufacturer to some new communications for a service business. Being innovative is an area that there is support for. RTC North is able to support smaller growing businesses through their Innovate2Suceed program.
Look for flexibility
When opportunities arise, consider how you could create flexibility. To meet the needs of your customer better, often means flexing around them. Being rigid could be holding you back. An example might be flexible working arrangements. Many business owners’ first reaction is an automatic decline. ACAS argue in their Flexible Working and Work Life Balance report that flexible working can benefit efficiency, productivity, customer service and customer loyalty. Having a team that go above and beyond for the customer is an asset in changing times.
If you want to invest in being more innovative or changing how you do business, contact us with your growth plan to see how we can help.
For more insights into growing a business see our website.