Aug 30, 2016

Since the UK decided to ‘Brexit’ the wave of discussions has continued to circle with attitudes ranging from patriotic defiance through to doom and gloom. Never has something attracted such speculation since the ginger one decided to leave the Spice Girls.

I more than understand the potential risks. I am aware that higher trade tariffs may come into play which could negatively affect export levels. I also recognise that Brexit may restrict the movement of goods across Europe or, perhaps, make this a more protracted process. I can also see that Brexit, and the uncertainties surrounding it, might negatively affect consumer confidence which could impact spending.

However, the reality is, none of us really know what will happen. Hence the use of the somewhat more flexible verbs ‘may’ and ‘might’ instead of ‘will’ in the earlier paragraph.

The initial result came as a bit of a shock to many including, it seemed, the Brexit camp who seemed devoid of any plan post the result; hence the currency crash which followed. And I am not being flippant when I say I am sure it is not just the UK political system that didn’t know what to do and I am sure it caused a few bemused looks and “what do we do now” questions across British board rooms. However, with every down there is most certainly an up, as whilst a weak currency has numerous negative implications, British exports is not one of them. International shoppers will now be getting even more of a bargain from British shores. A quick search on the internet confirms that many consumer blogs are motivating customers to look at British retailers if they want a real bargain. So whilst goods sourced from abroad by British retailers have become more expensive the British online high street has become even more attractive.

Along with many other businesses our approach has been to (try) and forecast the various implications, do what we can to adapt ourselves against them and continue to move forwards. In all honesty what else can we do? Sit on our laurels and wait till it all comes out in the wash? Not really in our nature. Having a young and nimble business has allowed us to adapt our strategy quickly and I believe after the initial shock we are very well placed to move forward and benefit from the increased cross border sales. As a famous Britain once said “the optimist sees the opportunity in every difficulty”. At wnDirect, we are very optimistic about the post Brexit opportunities.