What do FD’s plan to do post referendum?
QR3 networks regularly. I attend a quarterly meeting of finance professionals. Last Friday morning was one such breakfast meeting and around the table, for the first time since the referendum, was a group of around 25 finance directors from many different sectors.
We were given a rather downbeat economic outlook. Post Brexit Referendum, there has been an adjustment down to growth prospects (1.8% GDP growth 2016, 1.1% in 2017), reduced investment forecasts and employment activity is becoming more conservative.
A question around the group of highly skilled finance professionals was what are the immediate implications of Brexit on your organisation? I was heartened by the response. With a few exceptions of businesses who specifically do a lot of business in Europe, it was:
- Business has improved
- We are still looking to employ – but we want a choice of highly skilled people – regardless of their residence or origin – so please don’t boilerplate immigration rules when we leave Europe.
- We want Government to give a clear path to re-build confidence – otherwise there is a present danger of the media talking the economy down.
- Don’t have a snap General Election. That might suit conservative politicians, but it would only benefit them (and no one else). The business community wants to grow and general elections hinder growth because they cause more uncertainty. We can do without it after two recent referendums and a general election.
This got me thinking. It was very clear to the finance directors around the table what they needed to do. It is very clear as well to QR3’s part-time finance directors what businesses should do.
- Remain positive – don’t talk yourself or your business down
- Recognise the risks and plan how you will deal with them
- Identify those areas of your business that are affected by the UK exiting Europe and deal with them appropriately
- Don’t leave anything to chance
Do you recognise this? Does it not signify business as usual?
It doesn’t matter whether your business is in start-up mode, growth, turnaround or whether you’re planning to exit, its always useful to know where you are now, where you want to be and what the risks and rewards of getting there are. In this regard, QR3 has launched the Business Foundation Scorecard.
The BFS is a low cost, professional and completely independent assessment of where your business is in terms of strategy, sales & margins, systems & control and people. One of our highly experienced finance directors will visit to your business for up to a day and chat with you and key employees – asking around 100 questions around the above topics. They will quickly assess the challenges in the business and make clear recommendations that, if implemented, will enable your business to overcome the challenges. It’s like a mini internal audit report, but one that is written by a “been there and done that” FD with at least 10 years experience at Board level. It is commercially focused and will result in a short form, actionable report.
We will quickly follow up to make sure you’re happy with the results and ask what actions you’ll take and when you’ll execute them.
Interested? Complete the form. We’ll call, chat through the details and if it’s right for you, agree a date for your diary.