Navigating through the Brexit uncertainty is a major concern for most businesses.
From our primary research of 30+ large and small businesses, we note that most businesses we reviewed dont have any structure or plans in place for the current Brexit situation.
Baachu recommends setting up a Brexit committee comprising competent and appropriate people from across the business.
For larger businesses, members could be from compliance or risk, operational, sales and financial functions. For SMEs and third sector, a senior responsible individual could be nominated.
The main function of this committee will be to clearly identify the high risk and high opportunity areas and have appropriate implementation plans in place.
Once the high risk hot spots have been identified, a thorough impact analysis on different aspects of the business must be carried out. Mitigation plans must be documented wherever appropriate. Actions that can be taken in the next few weeks must be set in action and tracked.
Similarly, the high opportunity sweet spots that have been identified must be analysed and appropriate actions taken.
While your Brexit committee is a hive of activity, it is but natural for the others in your business to be anxious about all the uncertainty. It is very important to be transparent and allay any fears and worries.
Clearly communicate any changes to your partners, employees, subcontractors, outsourcing partners and other stake holders. The strategic management team being open and calm will instil confidence in the authority and improve relations.
In times like these, communication is key to not only winning new contracts but retaining and nurturing existing ones
We at Baachu, have been helping our clients by risk assessing the impact of Brexit to their growth plans. In some cases, we are part of their Brexit committee, identifying the hot and sweet spots and formulating plans of action. Please contact us at email@example.com if you would like us to assist in this regard.