What can businesses learn from the election?

The media is still reeling and most of us aren’t entirely sure what the election results really mean, but those of us with businesses to run can’t sit at home worrying. We, no doubt like our political leaders, need to think about the ways in which to move forward, or at least do a little buffering. Thankfully, the election provides us with fertile ground for lessons learned, from all parties…

1. Don’t change direction ‘on the hoof’: if Theresa May in particular has taught us anything this year, it’s that nobody likes a u-turn. Changing circumstances may call for adaptations for immediately prevailing circumstances but we can all do with taking a bit of time (and advice) to consider our actions fully. So while we’re all concerned about economic instability, the minority government’s likely paralysis in Westminster will no doubt mean fewer changes to fiscal and economic policy in the short term and a chance for us all to do some thinking.
2. Know our market: sometimes people really do know what’s best for themselves, and no one likes to be told what they feel. We are experts in what we do but we try to think about who our customers are and ask the right questions to understand what they are looking for so we can deliver the right product.
3. Develop and present sustainable and achievable products and services: in other words, none of us should offer what we cannot possibly deliver, but we shouldn’t be frightened to grow either. We’re big fans of steady growth. It doesn’t sound very exciting, but it’s a lot more enjoyable than a u-turn!
4. Consult with available expertise: trust and value the experience and knowledge of colleagues (it’s free). We find that the people around us are our biggest assets. Coming from a range of backgrounds they bring experience and inspiration.
5. Keep the message clear: we may have the very best product in the market, but if we overcomplicate it our customers and partners will turn off and the vision gets lost. Communicating fundamental business objectives is an important driver in growth when seeking advice, communicating with clients or motivating our own teams.
6. Expect the unexpected: will there be another election? Will Brexit actually happen? If Labour come into power will we all have to think about higher corporation tax and intervention? Who knows? But then that’s what good planning is for.

Whatever happens, we all want to keep doing what we are good at doing, and with a little luck as well, keeping these lessons in mind should help.