The world inside and outside of your business is always in flux. No matter how you deal with change professionally, there will always be external factors that impact the way you operate. You can’t control these factors, but you can adapt to them.

Where are we going?

With the pace quickening towards the in/out referendum on 23rd June, and media coverage at an all-time high we’re getting more and more reports of owner managers noticing a tightening of belts. It feels a bit like election fever, with uncertainty in the markets causing the big players to hold off on spending as we wait to find out the direction the UK will be taking after June.  This inevitably filters through our economy, so whether you are trading directly with big business or not you may well already be feeling the effects. With the interconnectedness of the economy it is almost unavoidable that someone you trade with will be affected by this global holding of breath.

So what can be done?

Recognising a change amongst your customers is the key – if you can spot a drift in confidence early you might be able to prevent a downward trend. In financial terms, timely accurate management information will give you the indicators you need to spot trends and take action. In practical terms it might be that you offer a bespoke discount, negotiate payment terms, increase your marketing efforts or simply keep in touch with clients to reinforce relationships.

Seizing opportunities

While commentators argue over what a post Brexit economy would look like, (which is probably the reason that big companies are cautious to commit to spending), there is a chance for some businesses to get ahead of the competition.

The in/out campaign is covered (reasonably) independently by The Economist. While the headline writers and pundits claim doom and gloom for an out result whatever the conclusion, there will be businesses who use this time of uncertainty to prepare to pounce on the opportunities post-referendum.

If the result is to remain in the EU, would the UK economy bounce back with the return of some medium term stability? If the UK were to vote exit, would it mean a continued holding of breath whilst business and world leaders work out the practicalities? Either way, trading must continue. Speculators will inevitably cash in at some point, and the trade between the UK and the world will need to continue.

When the money gets moving again, you don’t want to be the business left with insufficient staff or working capital to be able to turn the engines back on to full power.

You are here

You can spend forever analysing the possible impact of future changes, but more importantly you should concentrate on where you are now. Having accurate and speedy processes for getting financial and non-financial data out of your business today is key to knowing your starting point for tomorrow.

When the referendum is over, there will be a great clamour for businesses to seize opportunities.  The ones who will do this most successfully are those that know exactly what their finances and capacity are like now.

A4G have spent years developing different strategies to help businesses easily get this data without getting bogged down in a swamp of figures and spreadsheets. These clear processes and tools can easily give a small business the power of information usually only available to their larger competitors.

Through the use of Xero accounting software and tools such as Crunch Boards you can easily take back control of your business.  The right financial information can be a massive competitive advantage.

What is Crunch Boards? Find out on this BBC interview with founder Hannah McIntyre linked here. Give us a call and we can explore ways in which it can help you.