5 Business Opportunities Your Competitors are Taking After BrexitTiku Chauhan
While we are unquestionably facing major challenges as we stand on our own for the first time since 1973 after Brexit, there are also opportunities to be taken, provided you can clear the fog of anxiety for long enough to see them that is.
We’ve pulled together the 5 most promising business opportunities to get you ahead of your competition now that we’re out of the EU.
5) Pick up the slack as businesses leave the UK
Even with the last-minute deal agreed with the EU on Christmas Eve last year, Brexit adds complications to our cross-Channel relationships. Fearing the effect that this may have, a number of firms including Sony, Muji, Panasonic, and even Brexit-backing Dyson are planning to move their operations either partially or entirely out of the UK.
As these businesses and others leave, they create gaps in the UK market, ready to be seized by those able to see them. For businesses remaining in the UK, new opportunities will soon exist as the giants that occupied them move elsewhere.
4) Help your customers with their own Brexit woes
If you’ve been worrying about Brexit, chances are so have your customers. Why not position yourself as the solution to their new Brexit pain points? You may find the resolution for your own business concerns lies in addressing those of your customers.
They may be suffering with problems around VAT, labour concerns, import and export legislation, for example, and altering your marketing messaging as well as steering the course of your service offering to match may help you solve your customers’ problems as well as delivering you the business you need. Everybody wins.
3) Increased domestic demand and preference for buying British
In recent weeks, it’s already become apparent that buying products from the EU is going to be more expensive moving forward, with reports of shoppers paying VAT costs of up to a third of the cost of the original item.
This kind of price hike for imported items will likely lead to consumers increasingly looking to source their goods from within the UK, at a more competitive price. In one stroke, the European competition for British businesses is likely to be massively reduced.
As well as a raw financial incentive to buy British, many consumers may choose to do so simply as part of a new mentality brought about by the isolationism of Brexit, resulting in an additional preference for British goods.
2) Opportunities for automation and digitisation
In many ways, the past year under the guise of the pandemic has forced businesses everywhere to digitise, as the world moved online. However, much of this could be argued to be for the sake of survival, not growth.
Digitisation was on the march even prior to the pandemic and Brexit, and will not slow in their wake. Businesses who are able to adopt smarter and more efficient processes, will be those who find themselves ahead of the game.
Using software and smart solutions is the next step forward for every industry, and early investors will reap the rewards first.
1) Look beyond the EU after Brexit
While our frictionless relationship with the EU has come to an end, we are now open to an international arena of trade for the first time in almost 50 years. This arena is where 90% of the world’s growth is expected to take place.
Our new standing means a new list of trading partners, with the Government having committed to forming trade agreements to cover 80% of our international dealings by 2022. New partners mean new opportunities for British businesses. A new trade agreement made recently with Mexico, for example, provides Britain with access to 130 million new consumers.
By looking beyond the EU and taking stock of the new potential, you stand to not just mitigate the effects of Brexit but to overcome them and grow.
At Word360, we believe the solution to growth lies in your ability to communicate effectively, with other businesses and with your consumer base, wherever they are. We’ve prepared a guide on how to use language solutions to grow in post-Brexit COVID Britain, taking advantage of many of the opportunities we’ve just listed. Want to learn more?
Download your free copy of Digital Language Solutions: Your Route to Business Growth in Post-Brexit COVID Britain below.