What........... You didn’t see it coming?

Two years ago we were haunted by the idea that Greece would default and be bounced out of the Euro beginning a domino effect that would sweep round Europe; Italy, Spain, Portugal, Ireland and may be even France. Now that would have been painful, the World's third biggest currency imploding suddenly circa 500 million people without the means to purchase basic essentials let alone luxuries. 'Europe' has been teetering for a number of years and the UK populace has voted with its' feet, possibly the fore -runner to many other exit votes.

What.... You didn't see it coming?

However despite the apparent unpreparedness of the political classes here and in Europe this is a controlled event. The Treaty of Rome is a contract between Nations and there is a mechanism for exit. So whilst the politicians can claim to be bewildered and the markets can storm we as businessman are used to dealing with the terms of a contract. The provisions for contract termination, the clauses with ongoing obligations on both parties and the notice period.

How the ensuing months and years affect your business will come down to how prepared you were before the vote and how quickly you can take stock of the likely impact of the changes on your business plan and your ultimate goal. So looking at the business fundamentals:

  • Market: confirm the effects on your existing route to market and customers; how will your competitors react; where are the new opportunities in Europe and elsewhere.
  • Cash: ensure existing credit facilities are properly serviced, check T&Cs, conserve cash.
  • Products / Services - is your offering fit for different markets / customers.
  • Management: does your team have the knowledge and experience to navigate turbulent times.

Every crisis brings its' opportunities but these may not be immediate obvious and may require you stepping outside of your organisation to find the right resource to help guide your business. You and your business will succeed and overcome this latest turmoil as long as you act and act now!