Brexit

On 29th March – Brexit will happen, or something will happen, or not.  Who knows?

But every business will be affected in one way or another by Brexit or at least the uncertainty surrounding it.

The following must not be read as a pro or anti- Brexit – just things to consider if you are running a business:

Continuity of Supply

Most businesses rely on supplies:

Restaurants – fresh fruit veg, fish etc.

Bars/pubs – imported beer and wine

Manufacturing – raw materials and machines spares

Construction – building materials

Professional services – computers/stationary

Retail – goods for resale

There is no need to panic, but there is no harm in making some contingency plans now.

It is better to be safe than sorry: if you can afford to buy and store contingency, non-perishable stock, this should be considered.  If not, check with your regular suppliers to understand their stock/supply policy in relation to Brexit.

Labour

If your business employs a significant proportion of foreign workers you should reassure them that their jobs are safe and assist with any form filling and applications that may be required in order for them to remain working.

Selling Goods and Services into EU

If your business is selling goods or services into the EU then, if possible, ensure that delivery is brought forward to before 29 March for pending orders.

Make contact with your EU customers now to reassure them of your commitment to continue trading with them.

Currency Hedging

If buying goods in €Euro, it may be worth considering hedging currency, if only to ensure that your business is not affected by any wild fluctuations which may occur in the days and weeks following Brexit.

Travel to EU

Consider additional health/travel insurance for directors and staff if not already in place.

In a no-deal Brexit EHIC cards may no longer be valid.

Pricing of goods and services

It will be vital, particularly in the first 6-9 months after Brexit, to maintain a close watch on supplies prices and, if necessary, increase prices to customers where possible.

Summary

All businesses are different.  Every director/proprietor must take time to review the potential impact and take appropriate action to ensure the continuity of the business.

Don’t be a Brexit Ostrich!