As Brexit seems to be a huge problem, it becomes unarguable that whoever thinks up solutions will be successful. And who can reposition for success than flexible micro businesses?
Small Business Opportunities in Brexit Britain
Amid uncertainty and the overwhelming concerns arising from the impending UK’s independence from the European Union, experts reel off Brexit opportunities for SMEs. From all indications, this political and economic divorce could lead to unprecedented good fortune for small-size local businesses. Consider the following.
- Training the human capital for up-skilling and cross-skilling
One forecast of the impact of Brexit is that the unemployment rate will increase. This will be caused by the looming uncertainty which negatively affects investors. To withstand what may become a harsh business environment, big brands will cut expenses or even relocate to a different country. Businesses which are ready to solve the unemployment problem by exploring the human capital development industry will have a lot of work to do.
- EU responsibilities revert to UK Citizens
The analysis of the effect of Brexit on the public sector shows that all the public sector tasks that are handled by EU officials will be handled in Britain. As a small business owner, consider breaking into this sector to supply goods and services. The government will be looking for British firms to fulfil certain needs left open by European businesses, so be sure to exploit these wherever you can.
- Increase in demand for local variants of popular EU products
Since there will be an increase in the cost of imported goods and services, consumers will prefer to buy local products. This is a good prospect for micro establishments and businesses that pride themselves on British-made produce. Any opportunity to take advantage of this situation within your own business should be looked at.
- Expansion into global markets
The internet and the teeming e-commerce platforms give small businesses the opportunity to expand and achieve even more than they could have done before. The pounds’ devaluation makes UK products more affordable to international buyers.
- Change and adaptability management
There will be a high demand for change and adaptability coaches as businesses grapple with the new reality. If you are in a position to offer some form of management consultancy to a business that is struggling with the new market conditions by Brexit, make yourself known as a lot of work will likely come your way. The reality is that we are likely to see a lot of companies tightening their belts to deal with the uncertainty, so bear this in mind when making your approach.
• Freelancing
Freelancers will be in high demand. Business owners who do not want to commit to the cost and risks of keeping full-time employees will use expert independent contractors to complete their jobs. We are likely to see this type of short-term contract work go on the rise, regardless of how Britain’s relationship with the EU looks after the conditions of Brexit have been formalised.
SMEs in Britain should approach Brexit with a sense of festive creativity because there are massive opportunities for micro establishments in post-Brexit Britain. The survival of the UK economy will depend on how innovative businesses will be able to overcome the challenge of existing in a marketplace that doesn’t have the same benefits as those enjoyed by operating in the EU.
