What does Brexit Mean for your Sales Pipeline?
So, we’re out! Phew, what a night. Love it or hate it, we are where we are and we all need to consider the implications for our business. The world won’t change overnight and we shouldn’t over-react. However, there will be change. The future is perhaps more uncertain than it was 24 hours ago. But that future is still in your hands. How you approach that future will determine its outcome for your business.
But what does Brexit mean for your current customer base and your ability to build your sales pipeline? Does it mean anything? Well, let’s do some very quick (non-expert) analysis on what might happen. Clearly, Britain will experience change. In many ways, we’ve already changed hugely over many years. We have become a service economy. We don’t produce goods like we used to and we import more than we export. Yet, our service sector typically sells to companies that manufacture and sell goods both here and abroad. So, it’s all interconnected. You can’t totally divorce one thing from another.
Those manufacturers and importers may well see some significant disruption. It’s likely that Sterling will ultimately stabilise but it has seen the biggest fall in history this morning against the dollar. The FTSE is trading significantly lower as I write. Both of these factors alone will have considerable impacts on companies in the UK if they persist. The cost of importing goes up. Profits will potentially be lower unless those organisations put prices up (or negotiate better pricing – but on what basis?). Maybe there will be a threshold beyond which they can’t increase price. Thus, profits drop. If they do increase prices to compensate, it’s probable that inflation will go up with resultant pressure on interest rates? With a lower FTSE, what happens to company profits and personal investments and pensions? Less money in consumer pockets? And what about investment in jobs and infrastructure not least in the private sector? We haven’t even spoken about the debt that UK PLC has built up that the government is trying to reduce.
All of this is possibly conjecture to some extent. It’s what ‘might’ happen not what will happen. I’m sure there are experts, much brighter than me, who will provide a very different picture. No doubt, those in the Brexit camp will argue for the benefits and opportunities this give us all. But, it could happen and we could be on the cusp of a recession in the UK. Not forgetting of course, that we are still in a global economy. The Eurozone is in a state of flux. And, who knows which was the US Elections will go. Once again, we’re all interconnected and, in or out, it’s not straightforward.
What to do about sales?
The reality is that you have to focus on things you can control. That doesn’t mean ignore what’s around you though. Growth may be harder to deliver. Some sectors will be resilient and some will take advantage of the turmoil. That’s the case in any market at any time in history. Could this be an opportunity for your business?
Whatever happens, ultimately, a strong sales pipeline provides some degree of insulation against the bumps in the road. The more you have in your sales funnel, the more chance you have of continuing to generate new business and the less you will feel the loss of current clients that may be affected by the upheaval.
Therefore, we’d recommend a few basic but key steps to make sure your pipeline is full so that your business is more resilient.
- Plan your sales strategy – everyone needs a plan. If you’ve been putting off pulling together a formal sales plan, now is the time to act
- Work out target sectors – going after markets that are more affected by the change is likely to be less effective.
- Identify opportunities – which sectors are likely to experience growth during this period. How can you service those?
- Work out your routes to market – what’s the best way to reach those targets?
- Be visible – how can you get in front of the people you need to target? Don’t hide. Get out there and make some noise.
- Be credible – build your credentials to differentiate your business. Have you checked how you look online and stack up compared to your competitors recently? A blog like this showcases our know-how. What are you doing?
- Take action – don’t procrastinate. Now is the time.
Ultimately, what’s happened has happened. There’s no point sticking your head in the sand. Things will change. You can choose to take control or be controlled. The more proactive you are now, the more you’ll feel the benefits and the less likely you’ll be to fall behind your competitors.
Change is agnostic. It doesn’t care whether you voted in or out. So, work out what the next few months and years might mean for you and your business and don’t wait. Focus on sales now. Remember, change can be an opportunity to grab market share. Make sure it’s your business that reaps the rewards, not your competitors.
If you’d like to find out how GSA Business Development can help Generate Growth for your Business, contact us now on 0845 658 8192 or send us an email.