Things that businesses can do to start investigating and creating opportunities
Although the impact of Brexit is still uncertain, some of the knock-on effects that are being forecast could , in fact, create real commercial opportunities for Jersey’s business community. A devaluation in the pound, for example, will make exports more affordable for international buyers and might result in an increase in investment funding. So, here are a number of things that businesses can do to start investigating and creating opportunities:
Now is a good time to look into finding new contacts and investigating new markets, inside and outside the EU, that could present opportunities to do international business. If you have an idea of where you can expand to then you can push into those markets when the future is a little clearer.
If your main international market is the UK, Brexit could mean that European competitors are in a weaker position or withdraw completely. This could present opportunities for you to expand your offering or your market share. Now is the time to prepare so you can take advantage when the time is right.
Your online presence can be a huge source of competitive advantage if you are looking to sell internationally. Make sure your website is optimised for a global customer based, or at least for those in your target markets and get up-to-speed with how to most effectively promote your site, perhaps to those markets where you already have some customers but could attract a lot more.
If you are importing goods or services now might be a good time to investigate new supply lines especially if you are reliant on EU suppliers. Look for better prices, stronger service level agreements and deeper long term relationships with suppliers.