The fast growing businesses in the Top Track 250 demonstrate some innovative and positive ways to deal with the approaching disruption of Brexit.
The time is now
Many of the Top Track 250 companies say they have not yet seen any significant impact from the Brexit vote, but expect to do so in the near future. We've seen a significant increase in businesses actively planning for Brexit as March creeps ever closer. With the likelihood of no deal increasing, businesses with a growth mindset will already be identifying the key risks to their business, as well as manoeuvering to take advantage of any opportunities for growth.
Our experience with clients so far has proven that planning for no deal informs the plan for other potential Brexit scenarios, albeit over a longer time and with less immediate impact. A robust no deal plan will help you with all eventualities.
The greatest disruption to many industries will come from changes in regulation. Some companies are making changes in preparation for new trade rules and are trying to anticipate how it will affect their customers and suppliers. ProCam Europe (No 92 on the Top Track 250) is an agronomy business that helps growers maximise crop yields and profitability. Farming is an industry that will be particularly impacted by Brexit, as we leave the EU's Common Agricultural Policy. ProCam have been involved in lobbying the government to mitigate the impact of Brexit. Environmental consultancy SLR (No 246) thinks it's clients will need to be guided through new rules in the event of significant regulatory change.
It's not just the direct, legal implications that need to be considered - the wider economic ecosystem faces disruption. The combined impact of rising labour costs, fall in value of the pound, increased tariffs and a possible economic downturn are important in terms of forecasting and managing cashflow. Many of our clients are looking at how they work with their direct ecosystem. Some of our clients are working with their suppliers to develop Brexit readiness and resilience, as well as looking at how they can proactively work with their customers to develop Brexit preparedness.
People is another key element that will be impacted. Growth oriented businesses are not just thinking about the impact on retention and recruitment of people but also what new skills or agile working arrangements they need to manage the risks and opportunities of Brexit.
Opportunities as well as risks
IT services provider Civica (No 66) intends to capitalise on changes to legacy systems as a result of Brexit. Many businesses will need to upgrade or totally overhaul their systems to deal with new rules, or to ensure they are robust enough to cope with the disruption. Service providers can develop offerings that meet these needs.
The Cartwright Group (No 209) is a commercial vehicle body manufacturer. In anticipation of currency fluctuations, the business has developed an export strategy based on a weak pound. Certain British products will benefit from favourable exchange rates, leading to export opportunities in new territories and markets. However, businesses should also consider the converse - exchange rates may also impact the costs of imported components and ingredients used to manufacture products.
Online gold dealer BullionByPost (no 247) has seen strong demand for bullion in the wake of politico-economic events including the Brexit vote. Brexit will have an impact on our society and economy - quite apart from the legal ramifications. Examining how your products and services might have a different appeal in new economic circumstances may help you to identify new opportunities for your business model.
The Top Track 250 proves that despite the uncertainty, it is possible to plan for Brexit. Our Brexit Room offering takes a holistic view of your business, allowing you to create an action plan for different Brexit scenarios and identify quick wins. Get in touch if you'd like to hear more.