The Brexit Effect: The Role of the BRM in Uncertain Times
When the people of the United Kingdom voted to leave the European Union in the Brexit referendum on June 23rd, the impact was immediate.
The value of the pound plunged. Stock markets around the world tumbled. Share prices in the UK may have recovered fairly quickly, but many businesses are now dealing with a period of uncertainty both inside and outside the country.
So what does this mean for BRMs who work for these impacted businesses?
In light of the Brexit decision, businesses in the UK are now facing some critical questions. This can be a daunting prospect, especially because right now, there are no simple answers to these questions. Some BRMs may even think that it’s impossible or unnecessary to take action until they have a clear vision of everything Brexit means for businesses.
Here is the hard truth, though: waiting is the riskiest action to take right now. In order for BRMs to move from tactical and operational activities to strategic partnership, first they have to be proactive. It’s time to rise to the occasion and show business partners and providers alike how invaluable they are.
But how?
- What will the political situation in the UK look like in three, six, twelve months’ time?
- How quickly will the process of withdrawal from the EU begin?
- What will this mean for companies that import and export goods outside the UK?
- What will this mean for companies that trade with the EU and outside the EU?
The use of risk management principles
In this tenuous time, BRMs from both public and private sectors can assess their company’s current position and help prepare for any possible outcomes.
Here are some examples of valuable and immediate actions that BRMs can take:
- Plan sessions and workshops with stakeholders to discuss the possible impact Brexit may have on them. An easy way to reduce speculation and decisions based on incomplete information is to manage existing relationships and make sure that all stakeholders are kept informed (even when there are no easy answers).
- Identify the real ‘unknowns’ and use placeholders to track them until more information is available. Many businesses reduce investment and discretionary spending in times of uncertainty. BRMs can help identify where investments can be reduced or supported by other sources of income.
- Provide a statement to customers and partners based on what is known. Include reassurance about the continuity of service provision, as well as a forward glimpse of any possible impacts on services and pricing.
- Look at any potential opportunities and threats in this situation, using techniques like SWOT. It’s important to remember that for some organisations, this current period of uncertainty doesn’t necessarily mean trouble. For example, businesses that export from the UK may be able to adjust their pricing to take advantage of the weak pound, allowing them to offer their services at a more competitive rate. BRMs can play a critical role in identifying these opportunities.
The full effect of Brexit is not yet known, but that doesn’t mean BRMs have to remain idle. Instead, we need to treat this as an ongoing situation and reassess its implications regularly. This is a prime chance for BRMs to showcase the business the value they bring, so that providers aren’t paralysed by uncertainty and instead continue to deliver value, while business partners are empowered to make decisions based on facts, not fear.
Claire Agutter is the lead tutor for ITSM Zone, an organisation that specialises in best practice e-learning. Courses include the BRM Professional, ITIL, COBIT, and more.
Great article Claire, some really good advice to help BRMs keep their head while others are losing them!
Thanks Jeremy, those of us in the UK are living in interesting times for sure!
Really good advice in this article, not just for UK BRM’s either – good advice for any time of uncertainty. We also seem to be in one of those times, its just where on the continuum this particular uncertain event is!