It has now been over three years since the British people voted to leave the European Union, and the time is coming for the actual “Brexit” to take place. There are many different concerns and ramifications related to Brexit, those are well documented. But here, let’s consider what the opportunities might be.
Strategy, Deal or No Deal
Whether Brexit happens or not, now might be the right time to look at your business and review your strategy based on what you believe the future holds for your market. Given the uncertainty and increasing likelihood of a “no-deal”, we are already seeing businesses taking actions to mitigate some of the risks: the banking industry, for example, has already moved some of its operations outside of Great Britain to avoid being caught out.
Some people have mentioned that Brexit could bring the level of changes Y2K brought at the turn of the century, the only potential resemblance is that it requires planning and careful contingency so that businesses are prepared for change.
Let’s look at for example the finance department and CFOs, not just in Europe but globally, they are certainly maneuvering in the unknown in guiding their team. As a result, CFOs are reacting by prioritizing cost reduction rather than new products and market developments as their top business strategies for the months ahead. Businesses as a whole need to look not only at the risks presented by Brexit but also how to optimize business processes and performance to withstand and even thrive beyond Brexit.
It’s been all too easy to cite only the likely risks and pain points associated with Brexit.
While this blog is not a debate about the pros or cons of leaving the EU, we know change is coming and change can create opportunities, even without a known path forward.
Why Brexit Could Drive Transformation Forward
Like any large historical trauma, Brexit could see the creation of the necessary environment for new innovation and the acceleration to be put in place.
This is not just about reacting to changes to avoid risk and loss of the marketplace, but it is about being ahead of the curve and adopting a disruptive position no matter what.
I know it is a little bit out there but why not think about Brexit as a catalyzer; a real driver for major transformation and innovation. We just have to look at how digital technology accelerated the transformation of the recruitment or travel industry at the beginning of the 21st century.
The impact of Brexit, if it happens, will be felt across the UK economy, EU, and potentially create ripples in the global economy. It is where reconstruction is required that those that have looked at it as an opportunity will have the chance to act, adapt for flexible, responsive, and sustainable strategies that truly meet the demands of the future.
Redesigning and rebuilding one’s product and services, making them simpler, clearer, and easier again taking for example digital transformation.
What opportunities do you see in Brexit for your organization?