Aim for growth, plan for disruption
European businesses are battening down the hatches in the face of swirling uncertainty, but leaders shouldn’t just sit back and wait for a clearer picture. There are still growth opportunities in the market for those adopting the right strategies.
There is no shortage of uncertainty in Europe, both economic and political. Brexit, weak export demand from China, growing populist politics ahead of EU parliamentary elections and an economic cycle that has passed its peak are conspiring to erode confidence.
In fact, Grant Thornton’s latest International Business Report (IBR) found that net economic optimism among EU business leaders – the percentage of optimists minus pessimists – fell by 18pp to 28% since Q2 2018. In eastern Europe, net optimism turned negative (-10%), plunging from 20%.
While the uncertainties are real, and businesses are right to be concerned, it’s important to remember that there are still significant market opportunities for businesses, if they can adjust their strategies to deal with obstacles and exploit opportunities.
Larissa Keijzer, region head Europe, at Grant Thornton International, says: “While the future remains unclear, European businesses with the best understanding of potential outcomes and the right strategies will outperform the competition.”