There has been much deliberation over what will happen since the UK voted to leave the EU, especially about over what will happen to UK businesses.
Predictions range from total devastation to a total positive transformation. The truth is there is no way to know for sure what is going to happen. But there are ways you can limit against the worst to ensure, either way, your business will continue to thrive.
Businesses need to gear up with a plan.
Even though nothing will change immediately, businesses need to identify ways they can protect their businesses and take advantage of the opportunities Brexit may present in the short, medium and long term.
James Sproule, the Chief Economist and Director of Policy for the Institute of Directors has said that ‘Many Companies believe that as they don’t export they wont be affected when the UK finally leaves the EU, but every company has a degree of interdependence which is greater than most people think.’ For instance some companies suppliers may be sourced from abroad.
If you haven’t already, you might be advised to speak to any of your EU suppliers and customers to provide clarity and reassurance. This could also be useful for securing the terms of any agreements or contracts.
Yes, the referendum has created a definite rise in market uncertainty for businesses. However, with the correct planning, you can ensure the impact on your business is minimised.