Brexit is a hot topic at the moment. It is hard to go anywhere without someone asking ‘What do you think of Brexit?’ But for businesses, it goes much further than small talk. It is the livelihood of the business owner and the staff. A no deal Brexit would mean that there is no deal between the EU and the UK so the future relationship between the two would be unclear.
Lots of businesses have already started implementing contingency plans for businesses, some of which includes laying off staff and making job roles redundant. But is this the right move?
No deal Brexit could impact supply chains for businesses and consumer spending. This means that businesses could have to put expansion plans on hold and trading with other businesses in the EU could be challenging.
Some big businesses like Philips, Aviva and Barclays have already taken drastic measures in preparation of the no deal Brexit. Some of the measures include moving production to a cheaper place or downscaling business activities.
But what can companies do to prepare for a potential no deal Brexit?
Companies need to start thinking now about their operations in case there is a no deal Brexit. The best course of action is to talk to a solicitor about what the implications of the no deal Brexit.
Look at where you are currently selling, where your suppliers are and where you want the business to be in the future.
Take some time to look at what agreements are in place for non-EU marketplace deals and then think about how you can apply these to your suppliers and customers in EU countries. Consider how border delays and how this might cause delays to your deliveries.
If you are having concerns about how your business will cope with a No Deal Brexit then you can talk to our team about getting funding to cover the slow period that might occur in the lead-up to Brexit.
Talk to our team: 0203 900 0970