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An Action Plan for these Turbulent Times

A 3 point action guide to help you ride these turbulent times

I don’t know about you, but I spent the first week after the referendum feeling like I’d been kicked in the stomach. Just two weeks later, with a new political leader at the helm, it does feel as if we are steadily finding our way through the maze, with businesses getting back to what they do best, realising that amidst all this uncertainty, there is work to be done.

So from the perspective of business, what should we be doing now?

Like any business decision, the key is to assess the situation, make the decision, then to put the plan into action. If it then needs modifying, then so be it, but the reality is, more businesses fail because of a delay in making a decision than the result of the decision itself.

If you are concerned about how to respond to current turbulence, then consider the following guide to move your business forward:

1.       Ride the wave: To use a surfing analogy, you can either fight the waves, or ride with them. In particular, it feels like this is the time to consider what the turbulence means for the people you deal with. Better communication, particularly through listening, will help you to understand what impact the turbulence is having on your staff, your clients and/or your suppliers. Undoubtedly all parties are in uncharted territory and with good lines of communication, you are more likely to be able to respond and adapt. As a simple rule, communicate openly, communicate often. 

2.       Focus on the plan:  Although all too many small businesses don’t have a written plan, there is usually a goal or a mission that they are heading for. This is a very good time to review it (and write it down!), and to ensure that those in the organisation understand where you want the business to go. It is good to talk this through so that you ensure that everyone understands what you are expecting from them, and to check in to see how that is developing, ensuring that you stay aligned. And in case any of us need a reminder of the power of having a written plan, check out Andy Murray reviewing his written plan at every change of ends at Wimbledon!

3.       Be prepared: Heraclitus of Ephesus is thought to have said (over 2,500 years ago) that change is the only constant. So in your business, be ready to adapt and change when you notice that there are new opportunities out there for you. Don’t focus on the doom and gloom when you hear it, focus on the gaps, the opportunities that will always emerge. Exchange rates are perhaps an easy illustration. Many hospitality businesses in Devon and Cornwall are now optimistic that with the fall of the pound, there are going to be more tourism-based opportunities as we become more attractive to foreign visitors. Other businesses have already seen this boost their business as a weak pound makes us more attractive for foreign buyers and investment.

So, whatever you do, allow yourself a little time to review your planning, to make sure that all those in your business understand it, and most of all, to keep lines of communication open so that you have every opportunity to ride this wave, and the next one…

Katharine Bourke is a Director of South West Growth Service Limited.  For further information contact Katharine at [email protected]