Door Industry Journal - Winter 2016

17 THE door industry journal winter 2016 Also online at: www.dijonline.co.uk industry news feature What lies ahead...... Sterling has come under intense pressure in a very short space of time and that pressure has been exacerbated in recent weeks by signals from Theresa May’s government that it will go for a hard Brexit deal that sacrifices single market access in favour of stricter immigration controls. Since the vote to leave the EU the pound has fallen 20% against the dollar and 22% against the euro. It was trading at just under $1.21 as I write...the worst performing currency this year. The outlook I believe for all consumers in the UK is higher prices in the short to medium term. Inflation is on an upward trajectory for the next few years and whist it is not believed it will hit the highs of the early 80’s & 90’s, it will rise significantly ahead of the government’s target of 2%.... many economists are forecasting consumer price inflation at a minimum of 4% for 2017. As a salesman, it is never easy going to the market with price increases however unprecedented times call for measures of a similar nature. What we must do going forward in each of our respective businesses, whatever that may be or whatever sector we are in, is to ensure our customers or potential customers understand our value proposition and the benefit that is attached to same. Price, as we all appreciate, is very important; however, there will always be someone cheaper than you in the market, it’s just a fact of life. What we must all safeguard is that we have taken suitable corrective measures to minimise the stresses and shocks of recent events to enable us to continue to operate healthy and profitable businesses to support our companies, the security of our people and our customers into the future. Whilst Brexit did not signal the end of the world as many predicted, we as businesses must be more alert, flexible and robust in our decision making to adapt to the ever-changing market conditions following the vote on Thursday 23rd June, 2016. www.garagedoorsystems.co.uk Mark McEvoy, Garage Door Systems