Don’t let economic uncertainty hamper innovation

wazoku News

In the relatively early stages of the year, businesses are looking to evaluate their strategies in a time of economic and political uncertainty.

In the last few months it would appear that uncertainty has become the new norm. Events like Brexit, the US presidential election and the fluctuation of Sterling, among others, are encouraging an atmosphere of doubt and indecision for organisations.

The unclear political environment means that business owners and managers are trying to weigh up the likely outcomes of our exit from the EU. If the UK is not part of the single market, how will that affect free trade and tariffs? Will the UK be able to benefit from new export agreements with countries outside the EU? Will the changes have a continued impact on the value of UK currency?

Currently there are no answers to these questions, which generates many doubts about what the future holds, particularly for those businesses that trade across borders.

As a result, companies are delaying their investment plans and waiting for more concrete decisions before committing themselves to a future business strategy.

The current trend is to focus on running a lean organisation and keep costs manageable, but this approach can also have a significant impact on progress. However, this results in potential for missed opportunity in growth and connectivity.

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