Large retailers are rethinking their inventory strategies along with down-sizing their big box stores to profitably serve the growing needs of online shoppers. Small businesses too must assess their sales trends and strategize to meet consumer demands.
United Kingdom's decision to leave the European Union will certainly have a massive ripple effect across the global economy. Newton's Third Law of Motion in physics states "for every action, there is an equal and opposite reaction."
What does this mean for our local small businesses? That would depend on your industry. Some will prosper, but others will suffer. No one can predict the final outcome, for the true effects will not be realized until 2 to 5 years down the road - maybe longer.
But what we can be certain of is that the financial markets will experience volatility around the world affecting interest rates, exchange rates and retirement accounts. Also, commodity prices will swing including gold, oil, cocoa and copper. And finally, immigration policies will be impacted that will certainly lead to international political consequences for every country involved in trade negotiations with the European Union.
All of this and more will have consequences on our local economy, and depending on how you position your small business will determine what will ultimately happen. Scopo wants the best possible outcome and we embrace "Brexit" because it just might be the type of disruption we are all eager for - positive change!
Fact: American businesses employ more than 1 million people throughout the four countries that make up the United Kingdom - England, Wales, Scotland and Northern Ireland.
The ripple effects for the American economy will be far-reaching and long-lasting. Can your local small business capitalize?
Joe Immordino, MBA