In an interview recently with the BBC, RBS chief executive Ross McEwan was warning about difficulties for the UK and the bank in the event of a no-deal Brexit or ‘bad Brexit’.
cautious about lending to certain sectors
Mr McEwan went on to tell the BBC that the bank was being more cautious about lending to certain sectors in the run up to Brexit, specifically retail and construction.
Ross McEwan said: “There are some retailers we are having to be a bit more cautious about because they haven’t made the necessary transition from bricks and mortar to digital.”
Position your business for the digital age
Since RBS are the UK’s largest lender to businesses this should be seen as an indicator of sentiment among other lenders and investors. The message is stark and clear that retailers should not expect investment or lending support if they have not planned or begun to position their business for the digital age.
Modernisation is not necessarily eye-wateringly expensive
The good news is that retail modernisation is not necessarily eye-wateringly expensive and does not have to impact your retail business during the transition. If your retail business is still firmly stuck in the bricks and mortar age, it is not too late to start the digital transformation.
Effective benefits of implementing technology
Some of the less tangible but nevertheless effective benefits of implementing technology and digital platforms are:
- Better business profile to customers, staff, suppliers and investors
- Faster analytics on performance and margins to make more effective decisions earlier in the buying or sales cycle
- Easier to incentivise customers and measure the results
Many small to medium sized businesses have not prioritised transformation to digital through lack of resource or knowledge, but fear not – there is an abundance of help available to assist you in your retail modernisation.