We are now less than a month away from the biggest decisions facing the UK voting public, do we stay or do we leave the EU? Unfortunately this lack of uncertainty can and will affect business confidence.

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With the current EU Referendum poll predictions 46% for stay, 40% for leave and 14% undecided (24/05/2016, FT), the one thing we can guarantee is that the hype from both camps will get even more ugly and it will dominate the news headlines continuously over the next few weeks.

So as a business owner, if you are finding that sales are slowing or key business decisions are being delayed due to the uncertainty, the next few weeks may be an ideal time to spend working “ON” your business.

Some areas you should focus doing preventative maintenance on your business are; 

1. Review trading for the first 5 months of 2016 , are you on plan? Are your sales, purchase ledgers and accounts up to date? Review then create an action plan on where and on what activities you should focus your efforts, for the remainder of 2016?

2. Consider updating to an online accounts system - if you still do monthly or annual accounts manually or using an antiquated system, considering using an online system. This will likely save you time and produce reports and information much easier and quickly. Ultimately reducing administration time, therefore allowing you and your staff to focus on the right activities that generate additional revenue.

3. Stay in touch with your customers - send out a newsletter, obtain testimonials, create case studies and ensure your sales staff are continuing to do their calls and visits, even if there are no decisions to be made. Just keep in touch with your clients and continue to build relationships but don’t sell if they aren’t buying.

4. If you carry stock, now might be an ideal time to carry out a stock check or audit - understand what’s obsolescent and hasn’t sold in the last 12 months, should this be priced differently, or a campaign started or could these items be sold through a different sales channel, even on eBay, to turn into cash?

5. Keep in touch with your suppliers - as you may need to extend payment terms or there may be opportunities to obtain some additional stock at a competitive price as they will also be feeling the pinch.

6. Hold employee appraisals – even half yearly 1-2-1s early, spend quality time to effectively listen to and support the development needs of your employees. Your staff may well be feeling the same anxieties as you if things are quiet, so they may need reassuring too.

7. Send staff on training events and workshops - or hold in house training events to help improve and raise industry or specific skill and knowledge levels. It will also help them with having a change of scenery.

8. If you have productive staff standing idle - is there an opportunity for them to take some holidays early? Structure shifts to reduce overtime costs, or utilise these employees to carry out in-house maintenance of plant, equipment, infrastructure and buildings.

9. Get out networking – go to events, diners, shows and exhibitions as this could be an ideal opportunity to create new business relationships plus also learn what the new developments are within your industry.

10. Finally don’t reduce prices to obtain or increase sales – no matter how keen you are to clinch further sales, if the client or customer isn’t ready to make a decision and buy now, you can’t put your price back up when they are ready to buy! You will also undermine the good work you have done to obtain your current pricing levels. If anything only offer a concession such as extended or spread payment terms or consider rolling into the deal some added value service such as delivery or an annual check or review.

No matter what the outcome is on the 23rd June and whichever way the wind blows, keep your ship seaworthy and staff match-fit so you can adjust your sails quickly. There may well be a positive bounce in business opportunities which you wouldn’t want to miss or not be able to capitalise on.

Oh and by the way we also have the UEFA Euro’s to contend with, which can and will be another distraction!

If you are looking to review and then grow your business, Business Doctors Cumbria offers a free business health check to help you to establish a clear vision and to start working on the steps to fulfil your aspirations. For further information please contact Peter Fleming 0845 163 1490 m - 07966 686112 email peterfleming@businessdoctors.co.uk.

http://www.businessdoctors.co.uk/health-check

Next free business event How to obtain “Freedom” from your business 

Thursday 16th June – Carlisle Golf Club, 12 noon – 2.00pm 

To book call 07966 686112 or email peterfleming@businessdoctors.co.uk