Predictions for Brexit
There are arguments for and against Brexit… Let’s start with the potential upsides.
Although the country and its government seem to be in a state of mayhem at present, the consequences of Brexit are not all bad. Here are a few ways that we can benefit:
- If immigration is reduced those with in-demand skills will be at a premium.
- During this time of uncertainty many businesses will opt for flexible contracts and therefore freelancers and contractors stand to benefit.
- Entrepreneurs and those who are self-employed stand to do well with less competition and more government support.
- Small businesses with the ability to adapt rapidly to changing circumstances, plus reduced burdensome regulations, can use this to their advantage over the larger more sluggish organizations.
And what could go wrong…..
- There are concerns that Brexit could have a negative impact on lending, which many growing businesses rely heavily on.
- Potential interest rate rises and reduced property prices. Kavita Oberoi, Entrepreneur, stated: ‘A lower pound could raise inflation, in turn banks have to respond by raising interest rates which could lead to creating negative equity for property owners’
I am an optimist and I believe that we are a resilient nation, we have weathered many a storm and we will come out the other side refreshed and ready for the next. I am confident that the UKs small and medium sized businesses are flexible, adaptable and ready to power through. Entrepreneurs will see the opportunities that lie at the heart of this transition and grasp them. I agree entirely with the statement made by Jim Duffy, CEO of Entrepreneurial Spark: ‘Entrepreneurs will simply just get on with it and what’s important today is that they continue to plan to ensure they can navigate any turbulence, while exploiting bigger opportunities in the months and years to come’.