So what’s the plan?
With Theresa May set to trigger Article 50 on 29 March, businesses are now having to face the implications of what the post-Brexit landscape could look like.
The report by Anaplan revealed businesses’ action, inaction and fears ahead of Brexit:
- More than 44 percent of British businesses haven’t started planning for Brexit even though the majority are concerned about its impact
- Nearly 1 in 3 (29 percent) business decision-makers say that the decision to leave the EU has positively impacted their organisation already
- More than half (58 percent) of businesses are still using pen and paper for planning
- Only 26 percent trust the UK government to know what will happen post-Brexit
- Only 20 percent of respondents trust their CEO to know what will happen post-Brexit
- The biggest concerns for businesses from Brexit include losing access to the EU single market (31 percent), regulatory changes (27 percent), and exchange rate fluctuations (26 percent)
Karen Clarke, Regional Vice President, Northern Europe at Anaplan said:
“We live in a continuously changing world where volatility is the only constant. For those businesses that are prepared to deal with any changes around the corner, this volatility can be a huge opportunity.
“Unfortunately, there isn’t an approved script for how to cope with situations such as Brexit or the impending triggering of Article 50, but businesses can and should model and plan for multiple future scenarios and be ready course-correct their strategy.
“Looking at best- and worst-case scenarios to understand business impact will make organisations better prepared to manage and exploit whatever happens tomorrow or in the future.
“Along the same vein, business leaders must equip themselves to pivot quickly in response to any number of outcomes and by taking a connected planning approach, they can get to work immediately.
She added: The tools are available, and now, in this time of uncertainty, is when organisations should harness technology to support their business agility.”