What challenges will leaving the EU present to Yorkshire SMEs?

Since a small majority of the country voted to leave the EU in the recent referendum, the state of British politics has changed dramatically. Discussion and debate has shifted from what the consequences may or may not be of leaving the EU, and this has created a sense of uncertainty across the country.

There are countless outcomes that may occur as a consequence of the vote, and many SMEs are now wondering what it could mean for their businesses and what challenges they will have to face in the near future.

For example, some SMEs have had to rethink their plans to expand into European markets now that the UK’s access to the single market and skilled immigrants has been called into question. Many are also fearing that another recession could pose a huge threat to their businesses, as was the case in 2008.

In the wake of the vote to leave the EU, lead generation and sales strategies must also be reconsidered. Many markets will inevitably be impacted by the vote, so targeting these is less likely to be effective. On the flip side, some markets may experience growth – how can this be factored in to a refined sales strategy?

Another challenge – or opportunity, for those who would prefer to see it that way – is client retention. In turbulent times, existing customers may become apprehensive and rethink their strategies. This is a good opportunity to reiterate your value to these customers, as well as to get across in plain terms what the implications of the current situation may mean to them.

Ultimately, now is the time to take action and ensure that your business is in a stable position to ride out the wave of Brexit and land safely on the other side. Now is the time to stick out from the crowd, to differentiate yourself from your competitors and to ensure you don’t get lost in uncertainty. Don’t overreact, don’t underreact and know that your approach will determine the outcome of your business.

Northern Media are a full-service marketing agency based in Wakefield. If you’d like to know how we can help your business, please get in touch with our Sales Director Jonathan Scott on 01924 367 105.

Written by Jonathan Scott

Sales Director

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