Many micro and small business owners are probably like me: currently suffering from information overload following the recent referendum result.
As Deri Llewellyn-Davies of BGI Strategy, frequently points out, the advantage of being such an owner is that you can be nimble and quick on decision-taking – the disadvantage (compared to larger businesses)is that the decision-making process depends on one person – YOU!
When confronted with any problem the best approach is to break it down into its constituent parts and at times like these you can’t beat a good old SWOT analysis.
It doesn’t have to be particularly sophisticated but the very fact that you have gone through the process at all establishes some sort of (dare I say it) “control”. In my experience the best initial approach for a business owner in the services sector is to sit down with a pen and on the back of an envelope go through the following:
In addition, as indicated in Keystone Law’s helpful A practical guide to Britain’s potential break-up with the EU it is probably worth considering the following questions to take into account the current broader picture:
- Do we employ any non-UK Nationals – how might their departure impact the business?
- Do we need to make any changes to our Intellectual Property strategy to ensure we’re protected?
- Are any existing licensing and trademark arrangements ready for a Brexit?
- Will our relationships with our overseas suppliers or business partners in other countries change?
What this inevitably shows is that running any sort of business successfully, whatever its size, takes a lot of skill, patience and hard work: it is better to concentrate on individual aspects a little and often and to review progress at least twice yearly.
Whether this approach will work with the English national football team remains to be seen!