Elections always create a hiatus and more uncertainty than most would wish for, this one has been no exception. One thing to note is the more predictable the results of an election seem, the less predictable it is. For business leaders, the results haven’t made the future more assured, and some things need to be considered in strategic planning as a result.
Firstly, Collaboration is going to be an essential political skill, and it’s mostly absent.
The May government characterised its campaign with a personal presidential style top-down hierarchical control driven agenda, on the manifesto, on the campaign, on Brexit. The result has pushed Mrs May into needing to influence and accommodate the views of others, to build relationships, to find common ground and to accept change. That’s likely to show strains early, and I think this parliament has a limited life. As business owners who recognise a need for collaboration this is a time to focus on meeting the uncertainties by working more closely with our teams and partners. Take the opportunity to build more strength in networks, in bonds with clients, suppliers and associates. Be ready to flex around the uncertainties that may result.
Secondly, Economic change is inevitable, but it will be small and slow.
The May government’s general direction on the economy won’t change much in the short term. Brexit negotiations will take attention from day to day economic matters so that we can expect continued low-interest rates and slightly rising inflation. Your market is likely to remain as it is regarding the activity. The time decision makers take won’t change, the pressure on pricing and profitability will still be there. Tactically you can plan with your existing knowledge of the landscape, for at least the next six months or so. Business is mostly likely to be ‘as usual’.
Finally, What matters is what happens, not what might.
Elections always lead us to speculate about the future, to see many demons in the darkness, to worry about the possibilities so much that we lose sight of the realities. Be alert, look out for what is happening, be ready to spot a change in attitude or mindset in your clients, but act on what happens and not what might.
Unless that is you want to see a change, in which case act as if it has already occurred, and you’ll find that it probably will.
Politically the next few months will be interesting, exciting for some, engaging for many.
Don’t let it stop you leading the best business you have ever run.