What can Exeter businesses expect in the event of a hard Brexit?
The Brexit debate has been heating up in recent days, and not necessarily for the better. Prime Minister Theresa May is struggling to bridge the gap between confidence and reality while is seems that the government is beginning to put contingency plans in place in the event of a hard Brexit. In truth, the outcome is still hardly predictable. We should nonetheless note that the chances of a no-deal Brexit are looming on the horizon and this has everyone worried. What might this situation signify for Exeter businesses and are there any ways in which they can seek to avoid this turmoil? Let's take a look at some professional observations in order to fully appreciate the big picture.
Hard Brexit: All Doom and Gloom?
The term "hard Brexit" stirs up our worst fears; particularly due to the fact that such a situation has never occurred in the past. This has left even the most experienced analysts scratching their head and at best, their advice represents more guesswork as opposed to educated guidance. However, let's take a step back. Even the most jaded economic experts admit that any short-lived turmoil will be replaced with greater market stabilisation. This is just as relevant for Exeter businesses as it is for the United Kingdom as a whole.
It is also critical to mention that a falling pound will signify a healthier market for exports; especially when referring to the European Union. Businesses which are able to take advantage of this scenario will undoubtedly prosper. The pound will rebound and any perceived instability is not likely to impact the markets from a long-term point of view. Still, are there any ways in which local businesses can prepare for what lies ahead?
Taking Success to the Digital Domain
The influence of the online e-commerce community upon the traditional retail sector is simply undeniable. This is why the majority of Exeter businesses possess a website. Unfortunately, only a small portion have enjoyed success. Why is this the case? All things being equal, it is likely the result of an outdated or otherwise obtuse e-commerce solution. Modern enterprise ecommerce platforms need to be able to offer a sense of flexibility while still providing the latest digital tools. Some hallmarks of a worthwhile provider include (but are by no means limited to):
- Scalable software in the event of an upgrade or downgrade.
- A variety of secure and reliable payment gateways.
- 24/ 7 customer support in the event of a problem.
- Robust and adaptable APIs
The bottom line is that the best way to weather a storm is to batten down the hatches well in advance of this approach. Modern e-commerce solutions will provide Exeter businesses with the edge required to remain one step ahead of the curve. As a result, they will be able to take the appropriate actions when the time is right while still catering to their existing client base.
