Brexit – Is Your Business Ready to Embrace Change?
The decision for the United Kingdom to leave the European Union will undoubtedly be challenging for businesses, which will essentially mean that businesses have to adapt to all the chhanges and nuances that Brexit will bring.
Businesses will need to prepare for change and manage the forthcoming changes effectively in order to minimise disruption. Here is our guide to preparing your business for Brexit.
Create a Plan and Set Realistic Goals
Adapting to change can be difficult for anyone. However, some people find that the transition from what they view as the norm can be particularly challenging. By creating a concise plan which clearly outlines any forthcoming changes in a simple, but informative way, you will be able to manage any change to the business more effectively. It is important to seek the views of different people from across the business and a ‘brainstorming’ session which feeds in a variety of different views and which prompts a creative discussion, is a good way to formulate an effective plan. Consideration will need to be made to everyone that is associated with the business, including internal and external stakeholders.
Communicate
Effective communication is paramount, particularly in the face of uncertainty and change. Communicating forthcoming changes clearly with your team, as well as clients, not only demonstrates good leadership, but it allows the team to see very early on, how you envisage the business with implemented changes. Getting the team involved by having regular discussions means that you have the ability to get new ideas which can feed in to the changes. Having a positive outlook can really help in achieving long term goals and plans and it will also help to ensure that people feel included, and that their views are important to the future of the business.
Maintaining Momentum
Not everyone will be happy with any forthcoming changes and there will be some team members that are more vocal than others. The key to maintaining momentum stems from having the ability to engage effectively with all staff on a regular basis. Be honest with any information they request and try to gauge how they are feeling. Regular meetings where people can have honest discussions and staff surveys, can often be a great way in maintaining momentum, and managing expectations from affected staff.
Get The Team On Board
It is important to get senior, middle and junior management on board with regard to your proposed changes. Whilst a good plan will help to achieve and win the approval of management and staff, it is always a good idea to ensure that each area of the business that will be affected is consulted. A wide ranging group of representatives from across the business can have regular input and will get an oversight of any planned changes. They can help to feed in to an effective plan which includes everyone. A risk management plan is a great idea at this particular stage as it will help to manage any risks, with a clear plan on how to mitigate those risks should they occur.
If you’re concerned about the changes that Brexit might bring to your business then we can help. To arrange a private consultation and discuss how Brexit will affect your business in more detail, please call 0121 236 0777 or email info@morganreach.com today.
DISCLAIMER: This article is for guidance only, and professional advice should be obtained before acting on any information contained herein. Morgan Reach Chartered Certified Accountants cannot accept any responsibility for loss occasioned to any person as a result of action taken or refrained from in consequence of the content of this article.
Brexit – Is Your Business Ready to Embrace Change?
