Brexit, the coined term that represents all matters concerning Britain’s exit from the European Union, will directly impact your business wherever you are based in the global economy. British based businesses must directly adjust because sterling is the primary trading currency and globalisation guarantees that the relative strength or weakness of sterling will affect how businesses compete in terms of exports and on the stock market. It is prudent, therefore, that all businesses accept the reality of Brexit.
Britain will leave the European Union, so the issue is more about when and how rather than if or why. Reinhold Neibur is the American theologian credited for having written the Serenity Prayer. If one may sensitively adapt aspects of the opening paragraph; he speaks of the value of accepting the things one cannot change, the courage to change the things one can and the wisdom to know the difference (between the things one can change and the things one cannot). Brexit is one such thing that cannot be changed.
Acceptance is the first step and most rational way to help your business think critically about your market share, review your internal system preparedness and create opportunities for growth. Acceptance will influence your company strategy as you navigate any global changes in your industry as a natural repercussion of Brexit.
Building your inner focus is another step that is useful considering the inevitability of Brexit. You know why you started your business. You know why you are managing or working for your business. You know why you are trading in particular markets/industries or regions.
This is the time to zero in on opportunities that will inevitably arise and in this sense the early bird catches the first worm. Strive to attend seminars and subscribe to intelligent publications about business, network within your industry plus invest in your team and keep up to date with the political discourse concerning Brexit.
Compliance is the final concept that is suggested for your consideration. Ensure that your business is up to date on the laws, standards and regulations that come with Britain’s exit. You are reminded that this applies whether or not you are based in Britain because globalisation affects all businesses. Some of the practical ways to raise your awareness and solidify your preparedness are visiting websites such as www.gov.uk/brexit, businesspartnermagazine.com and iod.com.
Acceptance, building your inner focus and compliance are three strategies that will benefit your business to navigate the changes that Brexit will bring to the global business landscape. You have already experienced shifts in your industry such as the challenge of the cost-effective tactics in emerging markets, the perceived threat of artificial intelligence and shifts in consumer spending habits. Brexit is another such change. This may be either the best of times of the worst of times depending on your approach. Remember you have the wisdom to take the strategic actions to make the difference for your business.
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About the Author
Malik Muhammad was raised and educated in Jamaica, read law in London and the author of ‘Empower Yourself to Succeed’. He created The Empowerment Mastery System to influence, help and inspire businesses to cultivate their visions in a specific time frame. Malik enjoys vegan cooking and quad biking. He is an after-dinner speaker, event host and convenes empowerment seminars internationally