|Newsletter 21 January 2018|
With the global economy entering potentially rocky times, and a post-Brexit focus on the future of exports, the final results have yet to be fully realised, but as the Prime Minister prepares us for what many believe will be a hard Brexit, we can begin to address the potential impact this will have on the brand that is Independent Britain.
Brexit ImpactIt has been more than six months since Britain voted to leave the EU. Article 50 of the Lisbon Treaty – the legal mechanism that will start the two-year divorce process from Europe – will not be triggered until the end of March 2017. For the UK's SMEs, it's a state of limbo. So how are they coping and how confident are they?
Apart from the initial plummet in the pound and persistent uncertainty, it seems that Brexit has yet to affect the majority of businesses. Of 1,300 national companies surveyed by Company Check in late 2016, more than 50% said that Brexit had had no effect on them so far whilst 30% reported a negative impact, unsurprising given the unsettled atmosphere. 15% of businesses said that Brexit had actually resulted in a positive effect.
29% percent of the 500 SME decision makers interviewed in July 2016 felt more confident about their business than they did before the EU referendum, compared to the 22% who said that they felt a lot less so.
However, a survey of 300 SME owners in August 2016 by Bizdaq found the opposite. 20% were more confident about the future, but 36% were less so. Both studies show the amount of uncertainty among small to medium sized businesses.
I was recently asked the question, “is now the right time to appoint a re-branding consultant?” The short answer is “yes”. There’s plenty of evidence that points to businesses stepping up their marketing activity during a downturn and reaping the benefits.
What we can do for you
A branding programme gives you the opportunity to stand back and evaluate the strengths and weaknesses of your existing brand, particularly in the context of a shifting political and economic landscape. Sometimes, all it needs is some fine-tuning. Your brand may be telling people what you do, but is it telling them why you do it? People connect and emphasise with brands that engage on this level provided that it’s genuine. If you’re looking at charity branding, it’s everything. Successful corporate businesses build their brands around their why.
I’d encourage you to take this opportunity to look at your brand and its components.
Brexit is going to affect business over the coming years, with positive and negative effects, as it would in any period of uncertainty. But one thing you can be certain of is making sure your that brand is working hard for you and carving you out as a forward looking enterprise who can not only embrace change, but actively reap the benefits that a post Brexit Britain will bring.
Peer Performance GroupsPeer Performance Groups are a great way for SME owners to network and aspiring managers to access support and advice from experienced professionals. Meeting monthly, participate in a monthly masterclass, peer coaching forum and call to action with monthly packages adding additional one to one coaching benefits and brand development services.
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