As many economists predicted, the so-called “Brexit” referendum’s passing immediately caused an economic domino effect that has resulted in market crashes all over the world. The value of the British pound dropped precipitously in response to the news of the vote approving the UK’s departure from the European Union, falling to what amounts to a 30-year low. Stocks in companies across a variety of industries also experienced the impact of the sudden market volatility, which is why many business leaders have been quick to review the policies and procedures they put in place to prevent these kinds of external factors from affecting growth.
Operational efficiency remains key to ensuring external economic factors do not drastically alter a company’s potential for continued growth, with many business leaders in the tech industry favoring an approach in which a template for software proposals is utilized as part of a comprehensive and highly efficient approach. Ensuring these kinds of business practices can be accomplished with a great deal of efficiency is just one aspect of surviving and thriving during periods of economic uncertainty, as there must also be a clear focus on building a company that is flexible and adaptable.
The other key to thriving in spite of sudden market volatility is to understand the need to adopt a long-term perspective. While economists foresaw the global market crashes Brexit has caused, many also agree that the markets should normalize over time and return to previous levels of activity. Giving in to panic and acting with a short-term focus will only compound any issues relating to external economic factors.