Affect of current economic climate on your business

Hi all,

As a UK business owner myself, I am really interested in seeing how other UK business owners perceive the current economic climate and uncertainty surrounding brexit has affected, or will affect their business. I'm not after opinions on whether brexit is right or wrong, just what you feel the affect might have been to date on your business or might be in the future.

For me I have seen a definite downturn on business coming my way in recent months, but whether this is because of brexit or not it's impossible to say for sure, but the timing does seem coincidental...

If people would be willing to answer the poll question with whatever statements are relevant for you and add any comments on personal experience I would be really interested, as I suspect other people could be as well!

Thanks!

Jon

 

Another week or two and Brexit may hit my business.
Based on the only data I have so far, earlier this year, I expect international sales to drop from current 22% of sales to 0% for over a month. And be much bigger impact in cash terms than last time as we are several times busier in October / November than March / April.

With the MPs wanting to kick the can down the road yet again. With of course no compensation.

Overall we are otherwise on target in sales level for this time of year.

 

@Mr D what sort of business are you in?

I have one client spending less that maybe Brext linked.

On the other hand I just got a lot of extra work from a client overseas paying at a rate fixed in USD so that is worth more to me than it would have been without the fall in the pound.

 

Ecommerce.

 

Since Brexit has been going on for 3 years or more, it's hard to say? I only work for a handful of clients but since their business involves taking business away from traditional B&M they are growing regardless. Would they be growing faster otherwise, who knows?

 

There is a lot more to the current economic situation than Brexit.

1. US vs China trade war
2. China's economy has a lot of potential problems any weakness will expose.
3. The EU economy is weakening. Germany has had a manufacturing slump.
4. The Eurozone already has very low interest rates (overnight deposit rate negative) so ECB has limited room to deal with it.
5. Japanese manufacturing is shrinking.

 

I'm old and I've seen a lot.

I've seen business owners jump on every type of bandwagon there is.

It's too hot, too cold.
This political situation, that political situation.
This part of the year, that part of the year.
These trading conditions, those trading conditions.
I've heard "nobody's buying [whatever you sell] any more.
It's brexit.
It's the demise of the high street.
Online is dead.
Direct mail is dead.
Cold calling is dead.
It's this government, it's that government.

Before anybody jumps on any bandwagons......could it be that........

You are not marketing hard enough?
Your sales process is crap?
You've stopped working so hard?
You now only see negatives instead of positives?
Your website is outdated?
Your offer is not as good as the competitors?
You've just got bored with your current business?
You are suffering from depression?
Your staff are hypnotising you into believing there's no customers?
You're just tired?
You just want other business owners to reinforce your false beliefs?
Your systems have become bloated?
You are not giving 100% customer delight?
You no longer believe in you/your product/your business?
You've been 'coasting' for too long?
You don't love your business any more?
Going to 'work' no longer excited you?

Just saying!

 

What used to be our core business has completely died - but that is because the market changed and has nothing to do with Brexit, the price of cheese, the fact that Trump is an idiot, China, Japan, or even Auchtermuchty. For that reason, we are now doing something completely different (A Man with Three Buttocks).

 

@The Byre sorry, you are out of date:

1. All problems are caused by Brexit
2. All hard to justify decisions are because of GDPR (health and safety so so passée)

 

We connect business buyers and sellers in the UK. When Brexit was announced, it was thought that we would see 10X less activity in the following months. Turns out GBP devaluing proved to be very appealing to international business buyers, who flocked to us in greater numbers than before!

 

Down 10 - 20% last year but definitely UP since the election and Brexit decision. This is in the "discretionary spending" zone.