Are you in training for the Brexit Marathon?

Do you remember back to March 2017? That was the date we declared we were going to exit from the EU.

This set the deadline for our national drawbridge to be raised on Europe as the 29 March 2019.

This is the first time we have separated ourselves from our largest trading partner since we joined the Common Market – the precursor to the EU on 1 January 1973. I was 17 and just about to leave school at the time and if I’m honest I don’t think contemplating the entry of the UK into the Common Market was at the top of my agenda.

Or even on it at all!

It’s interesting how over the next 45 years of my life, this inauspicious event gradually (some may even say surreptitiously) morphed into membership of the megalodon European Union which affects just about every aspect of one’s life in some way or another.

Good move? Not, it now seems clear, according to today’s majority!

Anyway…….

It could be useful, when considering the effective strategies we could employ to weather the changes that this tumultuous process will likely create, to visualise the exit as running a marathon.

The comparison may seem to be a little left-field but bear with me.

If you have ever signed up to run in a marathon you will likely have embarked on a fairly rigorous training program prior to running the race.

Similarly, it would be prudent if you are running a business to get into shape before the Brexit transition starts next year.

Whatever the outcome, whether it be a deal or no-deal conclusion, change will be upon us and until we all get used to the new post- EU landscape there could well be a dip in economic activity.

At the moment, we are all holding our breath, waiting for the politicians to reach an agreement and hopeful that the outcome will lead to a positive increase in our international trading status with the rest of the world.

However, there are things we can do now that will prepare us in a positive way for whatever variety of Brexit we end up with.

In short, we could get into marathon training mode, only this time to get financially fit, not race fit.

There are no real downsides to this process.

Even if there is a smooth Brexit you will be match fit and ready to hit the ground running, prepared to take advantage of businesses opportunities as they become available.

At the very least businesses which import or export goods from and to the EU
could:

  • Create an impact assessment
  • Undertake a comprehensive balance sheet review. This would involve converting unused assets into cash and shortening the time it takes your business to transform sales into money in the bank.

 

I would suggest that you at least consider these options, unless you are already ahead of the game.

Find out more through THP Chartered Accountants

Here at THP we would be delighted to help you however we can. We offer a range of accounting services to help you with everyday assistance from bookkeeping and accountancyauditing and business management or company restructures and acquisitions, just get in touch with one of our team members today. With offices located in  CheamChelmsfordWansteadSaffron Walden and London City.

Join The Conversation
ICAEW
Member of the Legal Services Guild
Sign up for our Newsletter