It seems like wasted (metaphorical) ink to write about the latest Brexit developments and how these will impact businesses tomorrow.
The past couple of weeks have seen negotiations, debates, agreements, extension proposals, a “pathway to a deal”, then a “great deal”… followed by negotiations, debates (you can see where this is going…).
In short, uncertainty and confusion reign
With the post-31 October future and the extent of the disruption caused by multiple variables still unknown, there’s been little to inform an intelligent response from the UK’s business community. As such, we’ve seen some companies halting production, others making significant cuts to investment plans and many having wasted money on stockpiling goods.
It doesn’t seem to matter what size or sector a business operates in, concerns are widespread and many still feel unprepared.
The National Audit Office recently admitted that “a large proportion of traders and businesses would not be ready for new customs and regulatory controls.”
And that’s just one part of it.
1.Focus on Talent
As well as ensuring a steady flow of goods, organizations will also have to make sure they’re able to retain talent – especially those sectors which employ a large proportion of EU workers, like construction.
Many businesses still struggle with this on a day-to-day basis, and Brexit has simply highlighted the need for investment in software and planning solutions.
2. Be Adaptable
At least that’s one positive we can take from this whole situation: it’s illustrated that in a complex, global business environment, readiness to adapt and plan ahead are crucial.
Too many UK businesses have for too long tried to manage their operations and assets using a patchwork quilt of numerous Excel spreadsheets, software, and unreliable, outdated (or very sparse) and siloed data sets.
Today, this can be replaced by a single platform.
3. Invest in the right tools for prosperity
There’s no point picking an advanced solution with all the bells and whistles, if it doesn’t speak the language of its users, though.
Brexit isn’t going to go away any time soon, so any investment in tech needs to deliver value beyond just implementation.
By the time you read this, the situation may be very different than it is today. Without solid reassurances from on high, it’s up to UK businesses to act now.
Whilst many have been forced to take risks in terms of investing in contingency plans, taking a ‘wait and see’ approach is a risk too far.
Leaders must take a proactive rather than reactive approach to planning for Brexit.
Viewing the past three years in a positive light is a stretch, but there is an opportunity to be grasped here: businesses can re-evaluate outdated processes, embark on or enhance digital transformation strategies, and adopt the tools and talent that will support them (and the UK economy) in the long-run.
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