Shropshire businesses must be ready to adapt to face the inevitable changes that the current political climate will bring.
That’s the message from DY Director Mark Bramall, who said the UK’s economic landscape had already seen significant changes.
“But while the exact impact of Brexit and the current Government’s position remains to be seen, it’s clear that businesses will need to be prepared and adapte to face whatever may be around the corner.”
Mark said forward planning was the key to managing change and businesses would need to allow sufficient time to test any plans. “Now is the time to review your short, medium and long-term objectives, identifying any strengths, weaknesses, opportunities and threats – look at what your competitors are doing and draw up a specific timetable for action.”
He said change brought with it both challenges and opportunities, and businesses would need to embrace both.
“You may need to reconsider your existing offering, perhaps modiying products or services, or approaching entirely different markets – or you may want to think about partnering with another business.
“It’s not only the business though that will need to embrace change – your staff will need to be on board too. But people can be resistant to change, so you will need to help create a positive culture for change within the workplace by including staff in the transitional process.”
Mark said change could also seriously affect profitability and businesses should consider introducing detailed reporting to understand what part of their business is profitable, and also look at strategies to increase turnover.
“Working to increase sales to existing customers can be one of the most effective ways to boost the bottom line, and you should also negotiate with suppliers to ensure you’re getting the very best deal.”
Businesses that need to borrow additional funds may need to delay any planned investments until there is a clearer picture on the way forward.
“Take specialist advice on managing cashflow, and get regular cashflow forecasts to help with your budgeting processes to make sure you’re in the best position possible. Change doesn’t need to be a bad thing – companies who plan carefully and adapt can use it to their distinct advantage when it comes to boosting business.”
DY Director, Mark Bramall