Brexit latest – the outlook for business and what you can do…
The political upheavals of the last week have done little to resolve the Brexit issue, the underlying political manoeuvrings or settle a growing list of issues for small businesses across the UK.
Leaving aside the political considerations we now seem to be at a point where there will be a no-deal, a compromise deal (the so-called Chequers’ plan) or a no-Brexit outcome; all are possible.
Those of us working hard to build a business in the UK will be hard put to take much more of this indecisiveness.
There is, however, something we can all do while these political issues are being resolved.
The main question we need to ask is: What is the worst outcome for my business?
The consensus from most economic think-tanks and informed opinion is that a no-deal outcome would be the least helpful outcome. In which case, if you fit any of the criteria set out below, you may want to create a detailed impact assessment for your business: what are downside risks and how can they be countered?
- Companies that export to the EU
- Companies that import goods from the EU
- Companies that have key customers or suppliers that are dependent on trade with the EU.
The government has just published an updated version of the Partnership Pack on GOV.UK to help businesses plan for the unlikely possibility of a ‘no deal’ EU exit and includes additional information about trade at the border from departments across government.
The pack is for organisations to use for their own contingency planning and to share with their clients and customers.
It had been designed so that you can take information from it and tailor it to suit your own needs.
The pack focuses on how VAT, Customs and Excise could be affected and includes information split by topic and audience and also includes flowcharts.
Future editions of this pack will include additional information around policies that will impact trade at the border so it’s a great idea to register to receive Brexit related updates automatically.
You can sign up here
With less than 120 days until the 29th March 2019 deadline, we need to consider our options. As we have said before on this blog, we need to get business fit for the Brexit race.
Apart from an impact assessment if you fit any of the above three categories, all businesses need to be prepared for a possible downturn in economic activity, especially if no arrangements can be agreed with the EU before 29 March.
We need to take a hard look at our business assets and figure out how we can speed up the conversion of leads into cash in the bank.
We need to work smarter.
There are no downsides to this suggested course of action. Even if Brexit produces an amicable outcome for all sides being business-fit will allow you to hit the ground running and outpace competitors who less able to respond.