BREXIT is a reality. Irrespective of the way we voted, we can’t turn back the clock now!
It’s somehow sweet and sour to be a “pure play” or digital company. In a way, you don’t have the “burden” of “brick and mortar”, in another way, you are affected the same way as a brick and mortar company; because every business has to adhere to laws, be proactive about economic and political changes.
Brexit has happened. Pretending the event has not happened is not going to cut it. The only way to deal with Brexit is to tackle the unravelling ripples. The government is also preparing for long term scenarios.
Both digital and brick and mortar businesses now need to find a positive way to handle the change Brexit will bring. The UK government has set up a new department to tackle Brexit. You should have a team focused on Brexit. Irrespective of your strategy, the following will be important:
1. Monitor EU GDPR
EU General Data Protection Regulation (GDPR) is being enforced by EU policy makers focused on data protection and privacy. Post Brexit implementation, we can expect UK to define its own new regulations; companies should make efforts to understand the EU GDPR and align for compliance. Perhaps getting an ISO 27001 certification can be the best proof to comply and prepare for data security. This will empower them to easily switch over to anything new that may be enforced eventually
2. Follow ICO and their policies closely
ICO is the UK’s independent authority set up to uphold information rights in the public interest, promoting openness by public bodies and data privacy for individuals. The UK has empowered ICO to levy fines, and would be wife for companies to closely follow ICO updates and abide by their laws. ICO has stated that they will continue to provide legal protection to UK consumers and can go beyond the requirements set out by the EU.
“Organizations collecting and using personal information about citizens in Europe will need to comply, regardless of location.” – Said by Nick Stringer, a Digital Media Consultant specializing in Regulatory Affairs & Public Policy.
3. Scenario Planning
Digital businesses will have to prepare for varying economic outcomes as everyone awaits the outcome of the government negotiations with Brussels.
The Prime Minister has repeated several times now that Brexit means Brexit, but it’s been reported that it could take up to 10 years and £5 Billion.
In the run up to the actualisation of Brexit, there are few events in Europe, BRICS countries and MINT countries that may affect the digital behaviour of the British people.
4. Look for opportunities and not barriers
As the updates roll out during the transition from EU to being non-EU, entrepreneurs must focus on the opportunities to explore with this change. Apart from the positive report initially, the road will be rough and smooth.
You may opt to:
Optimise your websites and mobile platforms/ apps to take currencies beyond the Euro and Dollars. Asian, BRICS, MINT and other emerging currencies should be incorporated into your payment strategy
Africa is coming together: The African Passport is now a reality. Eventual integration of the continent will create potential low level innovation opportunity for innovative digital companies
Smart technology propositions already developed in Europe can be exported outside of EU
Digital Startup Europe could be replicated
Social Media is global. Opportunities on social platforms will continue to grow
Digital disruption in the right sectors and new frontiers should be explored.
Closely follow the developments and understand the new barriers, to only devise the way forward for better business executions. New challenges may arise, but cannot stop you from acquiring new clients.
5. Identify changes to devise effective solutions
Brexit is fresh and it will bring situations and scenarios not thought of earlier. UK is still attached to EU until Brexit is completely implemented. Keep an eye on new developments and identify which of them applies to your industry, to enable you plan and devise a solution to accommodate it.
According to EU’s own website, only 15% of Europeans shop online from another EU county. In a way, it is not Armageddon. There will be positives to come from the unravelling effects of Brexit.
Most importantly, it is important to prepare for the long journey to “Brexit Full” as it is becoming obvious that “Brexit Lite” is not going to be accepted by the British public. It is important to prepare for and deal with changes to come with the right digital change management experts.
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