Brexit is causing uncertainties within the business landscape which SMEs are currently trading in. It’s likely there won’t be any firm political decisions made in the EU negotiations until late 2018. However, now is the time to plan what the likely impact will be for your business.
Brexit planning needs to be a priority within your business and as we get closer to the end of the year, more information should become available about both a deal or a no deal scenario.
Until the time comes, it is best to plan to be flexible. As an SME you will have the advantage of being able to respond to change more successfully than large organisations. Good information and responsive planning is essential at this stage.
10 Key Actions to Consider
1. Make sure there is someone at a senior level to monitor Brexit
2. Be transparent with your customers about your planning process
3. If you have none-EU employees, maintain communication to understand their thinking and to share important information
4. Review your recruitment processes in preparation for attracting the right talent in a post-Brexit environment
5. Examine your supply chains and consider alternative options where you encounter supply or price risks
6. Review your current contracts and possibly renegotiate any negative impacts which might occur and then gain legal advice to discuss any requirements to be put in place for future contracts
7. Familiarise yourself and classify your trade data to comply with likely regulations
8. Capture additional data and any export documentation within your current systems to speed up customs clearances upon leaving the EU
9. Look into initiatives such as the ‘trusted trader scheme’ and warehousing to see how your business could benefit
10. Have discussions with your financial advisor, accountant or bank to look into products and processes to reduce your exposure to currency exchange fluctuations
This information was provided by the Manchester based Business Growth Hub, please review the links below to view their extremely useful Brexit Portal and Brexit Toolkit – they have lots of great resources, such as checklists and definitions of key terms.
You may also find this collection of resources from Gov.uk useful for preparing for a no deal scenario:
Remember, we are here to help Black Country businesses to develop and grow – you can always contact our business advisors with any queries you may have and they will signpost you to any relevant information, support or actions you can take.
Contact us at:
T: 01902 321 272