It’s a solid truth that the UK will leave the European Union on 29th March 2019. After this, we will enter a transition period where we start to form trade agreements and start to make our way in a post-Brexit world.
While Brexit talks are ongoing, with a new proposed plan being unveiled in November, there are four possible outcomes of the negotiations:
However, what would each of these mean for SMEs in the UK? Our latest webinar explored all the possible avenues of what could happen after 29th March 2019.
Tune in to watch the webinar on demand here.
While we all wait with bated breath for the new set of plans to be unveiled, now is the time to be setting measures in place to keep your business safe.
Let’s take a look at the potential impacts Brexit will have on UK businesses.
We were joined by:
In the webinar, Jonathan Bowers revealed that only six per cent of businesses have formulated a plan on what their business is going to do post-Brexit. Why is this the case? It’s possible that businesses don’t know where to begin their plans or they don’t know who to trust. It’s also true that some people may be hiding under a rock and waiting to see if it all blows over! However, when it comes to your post-Brexit plans, your friends and contacts are vital.
Mark Blackhurst recommended speaking to like-minded businesses, as well as those in your supply chain, to see what practices other businesses have in place. It’s very difficult to plan for something that has yet to be decided by the government and there are many distractions – such as calls for a second referendum and votes of no confidence – however, it’s important to do what’s best for you.
While preparing for the worst might sound like a negative thing, there are plenty of reasons to stay positive. Small businesses and startups can take advantage of Brexit by strengthening their resources and having a back-up plan which will allow them to hit the post-Brexit market running.
Mark adds: “Use this chance as a wakeup call,” but urges people to look at the positives and see what you can do right now – don’t focus on the negatives.
Businesses are wondering if they would still be bound by any EU laws under a ‘no-deal’ Brexit. How do you plan when there is nothing firmly in place? How do we solve disputes? What trade agreements would stand?
In the face of uncertainty, startups should begin to source local (either regional or national) products which could even be cheaper than their current buying plans. Leaving out the expensive shipping costs from other countries could save your business money. We’ve seen this already with supermarkets sourcing local produce as companies look at tightening their supply chains. 29th March offers a fresh start for many organisations and is a good chance to review your supply chain. Use this as an opportunity to audit your supply chain and make new connections.
There will be a fee to leave the EU; we do not know the exact figure although it is predicted to be in the billions. However, we are saving money we spent on EU tariffs, meaning that the government may be able to invest in UK businesses, putting more money behind the British eCommerce economy.
There are a world of opportunities out there right now. Seek them out and use them! While we might not be cutting all ties with the EU (in the event of a Soft Brexit deal), put the feelers out for fresh opportunities and pots of funding that could be opened up to UK businesses.
This is the perfect time to think about how your business will grow over the next few years. Who can you connect with to advance your chances? Is there someone on your LinkedIn page who is more familiar with Brexit and its policies? It’s time to be proactive in order to stay ahead of the game.
Although it’s advisable to look at the worst-case Brexit scenario, a lot of good could still happen for SMEs, so keep a positive outlook and see what doors open for you over the coming months.
Register now for FREE to view the ” Brexit and the Impact on UK Businesses webinar”
View our jam-packed webinar schedule on the UKFast website.