So you are a Tech company facing the uncertainty from Brexit... suddenly you read all the headlines Berlin, Amsterdam, Dublin and Paris are taking over London as a tech Hub and we are going to be in a recession. Free movement, currency drop, access to the single market are all uncertain in the future. Hold that thought and then relax and take a step back.
- Accept the likelihood and change we will face crises.
- Believe we can get ready for this to avert an effectively manage extraordinary incidents.
- Be willing to devote the time needed to think collectively about the unexpected and the unthinkable. Your worst case scenario, if you hadn't had that in place already.
At the moment emotions are leading in the media and in everyone´s personal environment and that is logical. Taking a step back is 1st of all to look at your service, when you start developing your idea into a company there was a consumer or business need what decided to launch your company.
If you review your service you will come to the conclusion that the need is still there. If the need is still there than there is plenty of market to be conquered and you can focus on your strategy and adapt to the uncertainty of the market. Be honest things like Brexit can happen, like the great depression in 1929-1931, World War II 1940-45, the recession of 1980-1984 and the financial crisis of 2008.
In economy it is not unlikely we feel and experience crisis. The interesting fact is the ones that face it, will adapt and be there. Also please reflect we are all still there and thriving with a new market challenge.
We must act on this Brexit choice, which will take many political decisions and years to come. For us entrepreneurs this means no leaning backwards, but refresh your strategy look at the chances it offers and adapt where necessary. Some basic Brexit experiences, what is already happening are
- Venture Capitalists are still willing to invest, so if you are looking for funding be better prepared. Show you are thinking and have flexibility towards market approach
- Check your market and look straight away if you need to open up other international markets for clients and or resources.
- Short term financial positions are not to ´hold´ on your cash, but utilise it to the maximum. We spoke to a company who was actually buying extra stock because of a price advantage of lower pound with a local supplier. Both companies win in this case.
- The current market is still the same, so make it a good chance to benefit from a lower export price and or a Brexit marketing promotion.
The above are just a few examples, especially in the Tech industry whereby scalability is key with detrimental cost increase for growth; there is a massive opportunity to review your current goals.
Present your business plan again to your team and engage them to come up with BREXIT opportunities. This will sharpen up your original goals and you can adjust your sails towards this. In a hype market everything might go easier, but in a crisis there are many rising opportunities, you just have to be open for the changes.
Personally I think the tech industry must embrace this change and take full advantage of Brexit and a lot of relationships are with me on this, with quotes like
London’s ‘Silicon Roundabout’ … ‘Brexit was a wake-up call,’ says startup founder Gary Stewart. ‘We believe that entrepreneurship has an important role to play
‘Keep calm and code on’, urges one VC firm as tech companies try to inject confidence into the industry after country votes to leave the EU
“As the global business community considers the outcome of today’s vote, we call on the UK government to adopt a stance in forthcoming negotiations aimed at ensuring that the country’s economy remains successful, open, competitive and innovative,” IBM told TechWeekEurope. “We look forward to continuing to help the UK retain its position as a leader in the world’s digital economy.”
“The good news is that the FinTech industry is thriving across the whole of Europe at the moment, should London’s position as the heart of European FinTech now change as a result of this vote.”
Whatever happens with politics and the changes to come, Great Britain will remain and play an important role in the Tech industry, we just have to be ready for it and embrace the change and taking advantage of this uncertainty.
Crisis offers opportunities, so when the emotions have calmed down, act as Winston Churchill said if you are going through hell, keep going. I do recommend taking this Brexit change in circumstances as a chance to reflect on your current business plan and take appropriate action.
This is a unique opportunity to make a difference and show your stakeholders that you are ready in all circumstances. This is what separates the good from the best; they adapt and go for that extra mile!
The last decade there has been developed a complete infrastructure for the Tech industry, which still gives us an advantage, plus the location, language and finally Great Britain has a great history and always has been a special place in the world and this is the time we have to show it again.
Michael Boevink is the CEO of Boevink Group, an organisation that adds value to companies is accelerating cross-border sales and providing expertise to scale up. Typical clients are companies that have already raised funding or are already generating significant revenues, and need to scale to the next level, increase their teams, develop the next version of their platforms, win partnerships and clients, and to put business controls and governance in place.