Making no decision is worse than making a bad decision.
So much has been spoken about Brexit and of its likely impact on business in the UK. Whilst business confidence remains muted about its impact, it appears many are awaiting greater clarity before committing to longer-term plans. Preserving the status quo is preferred by many over taking a risk on future scenarios. This may prove, with the benefit of hindsight, a poor decision.
Brexit is a continuum for which there is neither a clear picture nor a deadline by which clarity will emerge. For those content to wait in the hope of gaining greater clarity there is only bad news. We should actually be getting on with our priorities and weighing up investment decisions re. new products, infrastructure, recruitment and people development with the same rigour and convictions as normal. To do otherwise would be to risk stagnation for our business, our employees and our customers. The consequential losses from stagnation would not be the result of Brexit, but of leadership procrastination.
It’s worth remembering that very few businesses are ‘hit hard’ by the impact of macroeconomics. Unless significant market share is enjoyed, it is more likely that the factors impacting our trading fortunes when faced with economic uncertainty are at the micro level and within our sphere of direct influence.
If businesses defer such decisions such as the development of people then they run the risk that those very people, particularly the good ones, will look for alternative employment in those businesses that offer the greatest opportunities.
We’ve always traded in uncertain times and will continue to do so for evermore. Brexit, fuelled by the incessant media coverage, is headlined as the biggest threat of uncertainty to befall this island. It may prove to be so, but it shouldn’t prevent truly competitive companies from prospering in the future. Those that struggle will be those that fail to evolve whilst waiting for the politicians and bureaucrats to solve their ideological differences.