How do you feel post-Brexit as a small business owner?

Aside from the intense Facebook debates over the past week, there’s an overwhelming feeling of uncertainty for small business owners especially those that survived the previous recession.

Will we enter another recession? Will things carry on as before? Will it be small business that feel the changes, whilst big business carry on as before?

Altrincham HQ was established during the recession fuelled by a desire to help local businesses market in the year they’re doing business in. It was austere times – our home town was called a ghost town by the tabloid press – and yet as a business we have grown year on year now working internationally as well as locally

So what should small businesses do post-Brexit?

1. Expand Your Marketing Budget – Don’t contract
There’s a well known quote attributed to Henry Ford “A man who stops advertising to save money is like a man who stops a clock to save time”

In times of uncertainty, businesses will often try to cut what they consider unnecessary costs.

And bizarrely marketing is often considered something that is a nice thing to do, rather than what it actually is – an essential thing to do.

You will never grow a business, by cutting back on the thing that actually brings in more customers

So in terms of marketing – expand your marketing budget, do more of the things that work and expand your customer base.

Be proactive and expand your business ahead of any post-brexit impact rather than waiting for the impact to hit and being reactive.

2. Save Some Cash Reserves
Whilst I mentioned before that Altrincham HQ was established and grew during the recession – my events business only survived during the last recession due to cash reserves

Like many events companies in Manchester monthly revenue reduced significantly – to just 20% of what it was pre-recession – and it was only cash reserves that allowed us to ride through the recession

Many other business closed down during this time and we actually managed to then double our income post recession

If you are making huge profits now – save a little away to help you ride more austere times

Being in a strong financial position also allows you to make the right decisions in terms of client acquisition – you should be in the position where you take on clients because they’re the right fit for your brand, rather than because you need to take them on

3. Avoid Buying Solely On Price
If 1 and 2 have been spend and save

Then number 3 is spending the right way

Buy cheap and buy twice is something i’ve always lived by

It may seem wise to top up those cash reserves by shaving money off services – going for the option £50 cheaper than the other service provider

But always make sure you’re comparing like for like – it’s easier with the same products, but service providers are very rarely like for like. There’s experience, results and customer service to consider and it may cost you more in the long run if you cut corners

4. Up Your Ambition, Don’t Lower your Goals
Grant Cardone often talks about goal setting and 10x everything you do

Average businesses set average goals and get average results

Whereas

Successful businesses set massive goals and get massive results

So when it comes to goals, think about what it will attract and what results you can expect

If you lower your goals (even if just mentally and unsaid rather than written down) because of what you assume or read in the media you will get what you expect

5. Don’t Talk Ourselves Into A Recession
Ultimately all of the above is about a mindset – living by a positive or negative one

It’s often said that the last recession came because the media talked up the recession and then so did the rest of the country

It’s worth remembering again what we said at the beginning of this blog – we started in the recession and went on to massive success. Many of those friends that are part of my local network did exactly the same. There are bars, shops and retailers that rode the last recession extremely well and are now the success stories new businesses look up to

So for every story we’re reading now about multi million pound deals falling through post brexit – there are success stories we can shout about, amplify and hero

Next time you go on to social media – retweet a positive local business story.

Let’s creative that positive narrative and let’s talk and action our way to success rather than being a Debbie Downer

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Please call Alex on 07806774279 or email alex@altrinchamhq.co.uk

Alex

Alex McCann is owner of Altrincham HQ – a social media management and training company based in Altrincham, Cheshire that has worked with 100s of local business developing their social media strategy. Alex has 500+ LinkedIn testimonials and is Ranked Number 1 for Social Media Marketing in the UK via independent customer reviews on Freeindex.