I’ve refrained from mentioning the B word in my posts. Like many of you I’m heartily sick of the dreaded ‘Brexit’ word. It’s not that I’ve been burying my head in the sand or anything, just rather like many people I’ve not felt qualified to give advice. But there is one thing I would recommend, and that is to plan.
Not knowing which way we’re going to go, let alone what’s going to happen then, can perhaps make people think what’s the point of planning when your crystal ball has totally clouded over.
Any time you work on a business plan you are faced with two things.
- The Knowables
- The Unknowables.
Now at anytime those ‘unknowables’ take an amount of guesswork based on things like the starting point of your business, the economy, strength of the pound, forecasts etc. So you plan using what you know and your best guesswork based on your current knowledge.
With Brexit/no Brexit looming those ‘unknowables’ are worse than usual since they can be a totally different set of unknowables depending on a hard Brexit or even no Brexit at all! Suddenly your best guesswork is built on very little knowledge and two possible outcomes at extremes of each other.
I usually say that planning is fun but I imagine planning for many businesses at the moment is a nightmare. So many factors are outside individual businesses’ control it can feel like you’re going to hit sheet ice and there’s not a damn thing you can do about it.
But I still believe in planning. Plan based on what you know and then plan based on what you can imagine. Planning in the current climate is going to need some creativity. Brainstorming how a hard Brexit or no Brexit might affect your business; get your team, your suppliers, your Customers involved, perhaps a third party unconnected with you who can add a ‘naive’ or independent view.
This is about planning for the worst case scenario but it can also be about recognising opportunities for example the effects of a weakened pound on exports, tourism, staycations etc.
McDonald’s taught me a lot about the importance of planning, and how to be smart about it. I learned that planning is a team sport; most effective when it involves the people it affects as well as those who will deliver on it. Add someone with no bias or axe to grind into the mix, and you will develop a truly effective plan.
I learned that you listen to those with the skills and experience, but you also consider the new and the different; that it’s ok to re-visit what might once have been considered crazy or just plain wrong for the business, as things change, and the ‘right time’ comes along.
I learned that you have a system for planning that makes it routine, regular, consistent; that keeps you focused on the end goal, even when you need to adapt, or change your route.
A plan for me isn’t something to be made then stuck in a drawer it needs to be dynamic; reviewed and adapted to changing circumstances. And 2019 may prove the most fluid yet.
Do one thing: Review your business plans. Do they include worst case scenarios or potential opportunities?
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