There is, without a doubt, a huge amount of uncertainty shrouding Brexit and its impact on the UK and, most significantly, its relationship with the EU going forward. Matters relating to the economy and finance, immigration and borders, healthcare and business are all likely to be influenced, but the degree to which they will be affected remains unknown.
While the lack of certainty adds an unwanted layer of stress to industries across the UK, business owners can mitigate the budding risks by preparing as best as they can, and as far in advance as possible.
A contingency plan is necessary – whether it is to address matters pertaining to imports and exports, legislative changes, or simply the desire to buy or sell a company during an unpredictable economic climate, a Plan B is a must to ensure business owners are in a position to handle a plethora of potential outcomes.
Here is a checklist of things you, as a business owner, ought to consider when it comes to preparing for Brexit and the future, wherever it may take us.
Manage your supply chainShort-term or long-term, Brexit will have a high chance of wreaking havoc on your supply chains. According to the Chartered Institute of Procurement and Supply, roughly 63 per cent of EU companies are looking to let go of their UK suppliers, and 40 per cent vice versa in favour of domestic sources.
Address your workforceHuman capital is perhaps your company’s greatest asset, so it is important that you address each individual’s working rights and employment status within your company. If you have employees from the EU, they will be required to apply for settled status in Britain to continue working for your business or may risk deportation. Company HR departments can assist with application procedures and paperwork to ensure this process is as smooth as possible.
Be aware of changes to trade legislationIt is difficult to predict how trade legislation will change, due to the fact that it hinges on what kind of deal is negotiated between the UK and EU upon departure. In any event, you will need to read and update your business according so that it is compliant with the new legislation created as a result of Brexit; it may be that little will change, but it is nonetheless wise to keep aside some funds to address the impact should it have any unforeseen financial consequences to your company.
Buy or sell?Buying or selling businesses is not a straightforward process even at the best of times, so with the uncertainty of Brexit thrown into the mix, it is unlikely that you can expect predictability in an already-volatile market.
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