Brexit has forced companies to spend significantly on contingency planning; this has led to idle production, delay expansions, and job cuts. Few of the companies have already decided to move their operations to another location. The uncertainty caused by Brexit has already caused enough damages to investments, output, and jobs. Despite all the chaos, UK companies have remained in resilience to face the adversity with creativity and innovation in engineering sector. Speed of innovation will usually take a hit during uncertain times. Even the capital investment is anticipated to take a fall, decision making on new projects will deteriorate and new product life cycles will extend. For forwarding thinking organizations there is a need to invest in R&D because it is crucial during hard times.
When there is a rivalry among businesses, many companies tend to improvise their product significantly becoming highly specialized in their sector and product offering. However, in times of uncertainty, it is advised to the companies to take a step back and look into the specialisms that have transferable benefits. Renishaw is a global engineering company which showed that this strategy can yield good results. This method has also helped the business to double its employees count to 5000 within 8 years span.
Business relationship with customers also takes a hit during uncertainty so businesses must have close-knit ties with customers and business must also have their own supply chain to lessen the risk. Export markets can give a new dimension for existing product offering, with new industry sectors and new consumer base.