I am recommending to every owner-manager to stop reading newspapers and to stop listening to the news by any medium! The noise about Brexit (and Trump for that matter) is hugely time-consuming. Academics, reporters and politicians are feasting on the uncertainty and hyperbole of Brexit – the noise and distraction this creates for SME businesses have major opportunity costs.
The variety of outcomes from Brexit is countless and unpredictable. So, stop wasting time by reading and discussing Brexit. It is simply outside your control.
“Prediction is very difficult, especially if it’s about the future.”
–Nils Bohr, Nobel laureate in Physics
Each day we face the battle from our two sides of our thinking, i.e., “what we want to do” versus “what we should do.” We want to engage in Brexit gossip, speculation and the articulation of predictive opinions. What we should do is ignore this noise. Ask your “want” self why it wants to be distracted by this speculation? Be rational; what benefit will it bring? What opportunity costs will we absorb by not spending time doing more productive and profitable activities?
The best SME businesses move forward regardless of the economic conditions. They adapt, they get inspired by challenges, and they overcome obstacles. They just focus on winning more customers and serving their existing customers better and better. Brexit won’t affect this necessity of business growth and success.
I find this quote from Warren Buffet inspiring about ignoring the macro economic issues…
“If (Federal Reserve Chair) Janet Yellen came up and whispered in my ear what she was going to do for the next two years, it wouldn’t make any difference what we do. If we got a chance to buy a dealership at a sensible price with the right people, we’d buy it. We’d buy it in five minutes.”
So, cancel the FT, the Economist, the Guardian. Stop listening to the Today Programme and stop watching Newsnight and Question Time. Avoid attending any lecture about Brexit. Instead, read some great business books and watch Warren Buffet, Charlie Munger and Jeff Bezos on YouTube and concentrate on learning how to grow your business faster and better.
Finally, I will leave you with some wisdom from Lao Tzu, 6th Century BC Chinese Poet, “Those who have knowledge, don’t predict. Those who predict, don’t have knowledge. ”
P.S. make this the last Brexit Article you will read until April 2019