Brexit Buffers – protecting your business
By Erica Wolfe-Murray No-one knows how Brexit will impact your business, whether it’s large, small or you’re self-employed. So here are some ideas to help build resilience against the potential rough waters ahead. 1. Introduce a pricing range If you don’t already, ensure you offer a spread of pricing models so customers with varying budgets can buy from you. Think about adding different ways of taking payment too if you don’t already do so – such as credit cards, Paypal etc. 2. Are there new marketplaces you can access? We are all using internet marketplaces to buy a wide range of products and services today. Have you considered how you can take advantage of this worldwide marketplace? Can you publish a book, a guide, online learning, list on AirBnB? 3. Add new revenue streams to build resilience in your business Most businesses in the UK only earn revenue in a couple of ways – for example selling a product or a service. They overlook the value of the actual knowledge they have about what they do. They don’t realise their understanding/behaviours of their market may also have value, or see how they can make more from their past customer/client list. Can you offer a new service to tap into the trend to repurpose or upcycle, for example? Is it worth re-contacting past clients to offer a regular service contract or a subscription payment model? Have you thought of using your knowledge to teach short courses – either in person or online? Is there an event you could run – perhaps working with a couple of other local businesses? 4. Hyper-local + regional + national + international market offer Many businesses and freelancers gain work from a relatively small geographical radius. Can you apply this hyper-local business model to a wider region, to a national or international market? There will be many similar businesses like yours selling in their hyper-local markets too – if you can do something new in yours, can you then train/support others to deliver it in theirs? This could be a licensing/franchising type model that might have value, both in the UK and internationally. So be imaginative using all the different intellectual assets that exist in your current business. It will help you face the future with resilience. But start planning now ahead of your competitors, not when you start to feel the cold winds of downturn. Erica Wolfe-Murray is the UK’s leading business expert. Her new book‘Simple Tips Smart Ideas’ is out 24th January.
