As just over a year has passed since Brexit was declared, businesses are still in two minds up and down the county about how this will effect their business. Although control is something they believe is missing, there are still things businesses can do to stop the country’s exit from the European Union disrupting their business…
Here are 5 steps to avoiding disruption;
Even though when Brexit was announced, there was an instant reaction – some positive, some negative at the time it seemed massive which rightly so it is, but as a year has passed those sudden sparks of panic have faded into the background. However, it is very important that businesses especially SMEs do not let this completely slip under the radar as changes will happen and it could have a harsher impact on their business then they hoped.
As Brexit occurred we saw a fall in sterling, since then we have seen the pound ride a rocky roller-coaster and at one point it reached its lowest. As many businesses work internationally they run a currency risk and this is something that needs to be managed closely as leaving the EU will continue to impact currencies such as the dollar, the Euro and the pound meaning businesses should should look thoroughly to protect themselves against alternating exchange rates.
As mentioned, the effect of the fallen pound can cause great impacts to business’s margin, which may mean they begin increasing their prices. Unless a genuine reason is provided to you for them to up their price, it is important that you negotiate the best you can so your business is not cheated on inflated prices.
With Brexit now live it is most definitely worth reviewing current contracts and ensuring they are all up-to-date and are accurate because as the UK divorces the EU various rules and regulations could have an impact which can ultimately affect your business.
Be ready for change
As most will be aware, Brexit will impact businesses whether small or large as it continues to digest throughout the country, impacts will be good for some businesses but it will also hurt others which means your business regardless of the outcome needs to start a planning, this doesn’t mean panic it just means stay alert and be ready for any changes.