Next, the retailer, released their half year results on 25 September 2018. A full eleven pages of that statement was devoted to their Brexit planning and it makes for fascinating reading. Even if clothing retail is not your sector, Next go into useful detail on what their risks and operational challenges are expected to be, how they are classifying them and how they intend to deal with them. They pose specific policy questions to the government on their post-Brexit choices and are clear on what is needed from government to improve their business planning.
What is it that Next are doing so well?
• They have a clear understanding of their business.
• They have analysed the risks that Brexit poses to their business, including the cost to their customers.
• They have assessed and ranked those risks to concentrate their preparedness work in the areas of highest impact.
• They have created solutions and mitigations for the risks, and costed them.
• They have implemented those solutions and mitigations.
• They are telling everyone about it, thereby increasing consumer and market confidence in their brand.
This is an incisive and keenly focussed piece of work; particularly given that the Brexit landscape is vast, ever changing and confusing. Next have drilled down into the risks that will have the greatest impact on their business and approached them with pragmatic and well-informed solutions.