Brexit: is it time for British business to tighten the belt?

Britain1

The effects of Brexit on the British economy and British business are difficult to predict and many questions remain.

  • Will new workplace laws be introduced?
  • Will EU regulations carry over into UK law?
  • How will this affect budgets and resources?
  • Do British businesses now need to watch where resources are being used?

We don’t have the answers to these questions right now but there are a number of arguments circulating about how Brexit will affect British business. One suggestion is that European Union red tape will come to an end and British business will have freedom to operate with less regulation and access more profit.

On the other hand, the success of British-based entrepreneurs – and, as a consequence, the economic success of the country as a whole – is contingent on access to the single market, low tariffs, and the free movement of people.

Regardless of your views on the merit of either of these arguments, everyone will agree on this: business thrives in a secure and stable environment. Uncertainty surrounding Brexit and how the UK government plans to roll out its withdrawal from the EU presents challenges for all entrepreneurs and business leaders.

A market upturn is like riding a big wave

Let’s look at two potential outcomes for your business:

  • If Brexit is positive for your business, you will gain more customers and get busier and busier. But if your business is busy and growing, you either don’t have enough staff now or won’t have enough staff in the very near future. You need to manage that growth. Think of it as like riding a big wave – all you can concentrate on is riding the wave. That is easier to do if you have made the right preparation.
  • If Brexit is negative for your business, you will soon need to start looking at which customers are most profitable and which are unprofitable. Questions will include: does your business have the workload for current staffing levels and do you have enough, or too many, staff? Either way, a scheduling system allows to see these trends months in advance. You can prepare for the next wave (or dip) ahead of time.

British Business needs to know how to respond to different Brexit outcomes

Britain2

No matter what happens after Brexit, a smart business should aim to be stable and secure during the transition. A step toward that is to invest in a workforce management system that manages time and money in the past (a timesheet system) and the future (a scheduling system). It is best practice to implement a time tracking and scheduling system before you get on the ‘big wave’.

We have that system and can help your business – on your current staffing, schedules, and project plans – recognize when you need more staff, so you can plan accordingly.

“Now, more than ever, it is crucial to be prepared, to know your time costs, to be able to schedule resources for maximum efficiency and to see if you have enough – or to much – staff for the upcoming workload,” says Timewatch’s Phil Jones.

“Armed with crucial information on your projects, employees, customers, and past and future workload, your organisation can make the important and informed decisions that will be needed in the coming years. It is important to be fully prepared for any new or amended regulations before – and not after- they are implemented.”

By quantifying time and your resources, you’ll have the data to be able to understand the effects of Brexit and take action. By investing in a timesheet or scheduling system, you will be better informed as to which jobs, customers, and employees are contributing most to your business success – and which are not.