30 second summary:
Ever since the UK decided to leave the EU, many of us have grappled with “what next?” for our business. Here we share some key ways to sharpen our ability to drive business growth – despite Brexit!
So how can we sharpen our ability to grow, profitably and sustainably? By acting on drivers that ensure success. Take six for example:
- Develop your mind-set
- Shape strategy
- Engage people
- Develop customers / clients
- Generate leads
- Manage money
Three mind-sets characterise most business leaders, especially but not exclusively business owners.
- Earn as much as possible.
- Have a great lifestyle.
- Leave a legacy.
What is it for you, for your people? How has Brexit changed that?
Ask: How can we make the most out of Brexit in our business. “Putting a blanket over my head until I can make sense of this”, (business leader, Sunday Times, June 26th), is not the best approach. Think: what new market needs does Brexit pose? How can my business address that uniquely?
Equip your people to deliver your business plan. If you don’t have a plan, bring your top-team together to structure your thinking, to re-tune your strategies and to shape new ones that align to emerging realities. Be clear about ‘first-steps’. It’s even more critical in times of significant change.
It costs 4-10 times more to win new customers than to retain and grow existing ones. By developing existing customers we also create strong reference sites and referral opportunities. So, thinking of existing customers, ask: How will Brexit affect them? How can we better serve, add value to them?
By using multiple lead-generation methods, you strengthen your business. For example, do/can you use, test and measure the effectiveness of: direct sales, website, email marketing, customer referral schemes, endorsements, telemarketing, advertising, direct mail, networking, social media.
All things being equal – which of course they will not be - a fall in sterling boosts sales if you export but squeezes margins if you import materials and products. Renegotiate longer-term deals with suppliers. It is in your suppliers’, your customers’ and your own interest to continue to do business!
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