Professor David Bailey, of Aston Business School, urged businesses to remain calm and offered three pieces of guidance to help them navigate the choppy waters of Brexit.
In the short term, the Professor was keen to stress that little will change between the UK and the EU. As such, he urged companies to not get distracted and remain focussed on their core vision and future planning.
The leave vote is likely to create a litany of opportunities for business, Professor Bailey stated, and he encouraged firms to be alert to possibilities. For instance, the initial fall in the value of sterling, which will make UK exports cheaper, could very well open new markets for a host of companies’ manufactured goods and business services.
Finally, Professor Bailey encouraged business owners to continue investing in research and development, skills and training. He explained that UK businesses will still be competing with the best companies across Europe and will need motivated staff with the latest skills, great brands, the best products and exemplary services.
Professor Bailey is an influential business expert on economic restructuring and industrial policy. He is perhaps best known for his knowledge of UK and West Midlands car manufacturing.