If Brexit was a Business...?
By Riannon Diano
Whether or not Brexit is the correct decision (time will tell), it’s important to understand why the decision making process was flawed and understand that if this process was adopted in a private business, it would be a disaster.
The following are some key decision making pointers, to help you make the right decisions, for YOU.
1.Don’t let emotion drive the decision
Brexit’s leave campaign was fuelled with fear. The fear of immigration, terrorism, the amount of cash outgoing to the EU and using false and misleading information. The politicians in charge of the leave campaign had caused the majority of the nation to FEEL fearful thus voting “leave,” instead of looking at the facts and making a factual decision.
When it is time for you to make an important decision it is imperative that you don’t let emotion cloud your judgement. Write down the pros and cons of each option and make sure you are only considering factual information.
2. Don’t empower uneducated people to make big decisions
Generally speaking, the majority of people aren’t experts on financial markets, politics and currency, however, they were given the power to make the final call and were also led by politicians who may not have had a complete understanding of the consequences. This is a scary thought!
Similarly, in our lives we can give away power to the wrong person to either make our decisions for us or give us advice. ‘Aunty Sharon’ may have had a successful business 30years ago, means well and has your best interest at heart, but does she have the knowledge and education to back what she is saying in your industry and with today’s new age ways of doing business? While politely listening to her, letting her help you make the decision may not be the best path.
3. Research before you make a decision
Astoundingly, AFTER the British people voted to “leave” they decided to start googling “What is the EU?”. The week after the voting, “what is the EU?” was the second top UK google search. If you had no idea what the EU was, wouldn’t you think you would take the time to research it, before you voted to leave it?
This is exactly the same for decision making in your life and your business. Research new ideas and options thoroughly BEFORE you make a decision. Make sure you are fully educated on all the options so you can make a well-informed decision and not regret it later.
4.Get advice from third parties (Professionals)
The general public of Great Britain most likely did not read comprehensive reports from economists, the EU, currency experts and immigration experts forecasting and giving their advice on the after-effects of the vote.
It would be impractical for you to do the same in your business or personal life, which is why it’s important to have an expert team to support you in business and decision making. While selecting these professionals, remember, if you pay peanuts you’ll get monkeys.
The Brexit decision has already started to have rippling affects all over the world. Stock markets are very volatile at the moment and our Financial Planners here expect it to continue for quite a while. Keep yourself informed and be prepared!
Hopefully, when it comes time for you to make some serious business or financial decisions, you make an educated, well thought out one, taking into consideration all the aspects and “rippling effects.”