Don't play the budget blame game
Allen Ruddock
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After much briefing and leaking the UK budget was finally delivered last week.
There has been endless commentary on the impact on the low-paid, the farmers, and businesses.
Whatever your business there will be an impact.
🪶maybe its impact will be light for your business. It's a little tickle with a feather duster.
🔨Maybe you feel it's a hammer blow.
🤞Maybe you're neutral and fingers crossed they've got it right for the country.
As a business owner, you had no influence on the budget content. You have to deal with the consequences.
Take responsibility
As a business owner, all you can do is take responsibility.
Not for what was done, but for how to react to it.
Where is your business in the pyramid of success?
In any particular market, 20% of businesses are failing. 60% are struggling or getting by. Those are the businesses most likely to bet hit hard by the budget.
They blame anyone and everyone else. They don't take responsibility.
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What the top 20% do
They take responsibility for their reaction.
Instead of saying
I can't control this,
they think
What can I do to control the impact. Can I turn this into a positive, an opportunity?
The top 20% recognise that people and businesses will still spend money. They have positioned themselves to be the business where that money is spent.
They don't cut their marketing, they increase it.
They look after their staff so the budget doesn't impact them.
They find and do the little extra things that make customers happy, but don't add much if anything to their costs.
They raise prices to protect margins if they have to, but not immediately. And not if they can add another productivity twist to maintain margins.
When faced with a conundrum like the impact of the budget, a successful business owner...
Changes what he thinks is possible.
Covid lessons
Covid saw the demise of many businesses. Others survived by tweaking the way they worked. Some pivoted completely and others saw an opportunity for a completely new business.
The budget impact is far less dramatic than lockdown. But you do need to put your thinking cap on, even if the immediate impact seems negligible. There will be opportunities out there.
What actions have you taken or are you planning as a result of the budget?
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