In Brexit Britain, confidence levels amongst small business remain strong. You can throw a lot at entrepreneurs and they will respond with optimism, tenacity and a dogged determination to trade. Enterprise Nation founder Emma Jones shares views on the small business landscape and advice on how to get your business Brexit ready.
Last week we released results of our Small Business Barometer. Having polled 800 companies and spoken with many more via focus groups, the findings were upbeat, with 68% of respondents saying they expected to grow business in the last quarter of 2016, despite acknowledging Brexit uncertainty.
Of those, 59% said they were planning to boost profits by introducing new products or services.
This is the mood I’ve seen since the vote was called for the UK to leave the EU. Entrepreneurs are telling me that far from pulling back on export plans, they’re gearing up even more to Go Global.
They are assessing risk and spotting opportunities. I’d expect nothing less from the small business base of Britain!
With confidence in the air, position your business by following these three steps:
Assess risk – if you’re importing products, you will want to look at how the increase in cost affects sales and profits. Speak to an accountant to calculate any fluctuations in your cost base and whether this calls for any funding requirements.
If you don’t have an accountant, call one for free using the ICAEW Business Advice Service.
Seeking advice on your cashflow forecast will give you the knowledge to act and confidence to trade.
Identify opportunity – consider new routes of revenue such as international trade (covered below) or selling to new customers in the domestic market.
Did you know that the government has set a target of spending £1 in every £3 with small businesses by 2020? Whether you sell travel services, tax advice or food supplies, this spells a big opportunity.
Take a look at Contractsfinder to identify any opportunities and get to know buyers and understand the buying process through listening to on the topic of selling to the public sector which you can access here.
Go Global! – until Article 50 is triggered, the UK retains its trade agreements with 27 EU states and, at the same time, the government is in discussions to do deals with countries including Australia, the US, India and China.
Now is the time for you to explore these markets too! Join an Enterprise Nation Go Global mission (US in October and China in November) to meet customers, do deals and boost export confidence through meeting other small businesses treading the same path as you.
As the financial markets shake and large corporates decide on strategy, it’s the fast moving small businesses of Britain who are keenly responding to change and will ensure the UK continues to prosper.
There’s never been a better time to plan and deliver on your business growth!
*Emma Jones is founder of Enterprise Nation. The company delivers modern support to small businesses for £4 per month.