Whether you’re ‘Vote leave’ or believe that ‘Britain is stronger in Europe’, businesses nation-wide will feel the effects of Brexit. Here are some top tips to get your company prepared for the 29thof March.
- Know Your Weaknesses
Different businesses will be impacted in different ways following a final Brexit deal. If your company trades in Europe, it is important to consider how changes in tariffs will affect your costs. With an inevitable fall in the value of Sterling, it is wise to plan how a change in currency will damage your profits as well as the impact this will have on your competitors. It is also possible to use a fall in currency to your advantage and prioritise exporting goods once the pound has fallen.
Even companies that don’t trade in the EU will likely be affected by Brexit. It is really important to consider how a collapse in public confidence will affect your clientele. Public confidence could have detrimental effects on your business, especially if it’s a smaller, more unstable company. It is better to be safe than sorry, and always have a backup plan in place.
- Be Prepared
Once you’ve acknowledged that there is some sort of risk to your business, you need to start planning and preparing for the best way to deal it. Does this mean changing to a UK supplier to prepare for an increase in tariffs? Does this mean raising money now and leaving it aside for next year? Does this mean preparing to increase the number of exports you’re company produces?
Each business is different and will feel the effects of Brexit in unique and unpredictable ways. It is important to know your company, understand the risks, and put some damage-control plans in place. ‘Brexit’ is coming, so start preparing for our new reality and who knows if you’re meticulous and thorough Brexit could bring your company prosperity and success.