The temptation, of course, is to trot out a list of hyperbole. This would range from the doom and gloom variety to everything is going to be wonderful.
Pragmatism would suggest an outcome somewhere between these polarised goal posts.
From an accountant’s view point, does Brexit open up new avenues of advice. For example:
- Identifying businesses at risk of a fall-off in EU market share.
- Identifying clients in a downward supply chain to businesses that may be adversely affected by Brexit.
- Identifying resources to support export clients establish new markets for their goods and services outside the EU.
- Working on strategies to improve the resistance of businesses to a possible downturn in activity; building working capital, shifting debtors and stock into cash.
- Taking a hard look at investment plans.
- Taking a hard look at costs.
These are all activities that are deserving of attention and that professionals can take an active role in promoting.
To kick start the process, what about sending out an invitation to local businesses to attend a meeting on the possible changes that businesses will need to cope with post Brexit? No doubt there are a whole raft of local pundits who would be willing to speak.
Whatever the outcome of Brexit, it may be prudent to speculate in advance on the likely effects on UK businesses. Waiting for the politicians to play out their strategies before sitting up and taking notice may be a little like closing the stable door after the horse has bolted.
Examples of the Scouting tag line “Be Prepared” are legion, and worth recalling at this time:
By failing to prepare you are preparing to fail – Benjamin Franklin
Long-range planning does not deal with future decisions, but with the future of present decisions – Peter Drucker
Please comment with your thoughts on this. Collectively we can all help each other.