Brexit is one of the biggest challenges that businesses are facing – both now and in the future when the UK leaves the European Union (EU). But there is a lot of uncertainty around Brexit, making it difficult for businesses to take action and put the plans in place that will help them during what for most is a tricky period. However, rather than simply focusing on the challenges around Brexit, your business should be exploring ways to thrive post-Brexit. Technology and innovation are two areas where your business can step up and see positive outcomes. To help you along the way, we have created a guide on doing business in a post-Brexit world, which highlights how technologies such as Industry 4.0 and the Internet of Things can keep your company moving in the right direction. For example, when it comes to customs, scalable technology could interconnect the EU and the UK efficiently. This could make a positive impact for your business when dealing with border control. The guide goes into more depth on this topic and others too.
Thriving in times of uncertainty
Should uncertainty be expected in business?
Uncertainty is one of the biggest complaints that businesses have had around Brexit. Companies can adapt and prepare, but as negotiations on possible deals have been drawn out for more than two years, it has been difficult for businesses to be prepared as they haven’t been exactly sure what to prepare for.
The fact, though, is that the world is uncertain.
If it isn’t Brexit, it could be fallout in the trade disputes between the US and China. It could be over-regulation. It could even be a need for new skills, tax burdens, climate change or exchange rate volatility.
It is why business leaders should be creative and look upon uncertainty less as a risk, and more as an opportunity to win a competitive advantage.
Instead of simply reacting to Brexit, businesses should look at how they can thrive after Brexit. And the opportunities lie in technology and innovation.
With Industry 4.0, major innovations in technology are coming into maturity at the same time – embedded by companies around the world that are integrating the virtual and physical worlds to bring forth powerful new ways of working.
Businesses in all industries have an opportunity to use digital tools to their advantage, increasing productivity and efficiency to win a competitive advantage.
Brexit must be considered a red line where British businesses look to push heavily towards reinventing business models, products and services.
By Stacy Mcintosh