This article is not about the rights or wrongs about Brexit but the impact it could have on your business.
The business community as a whole has been looking for certainty and as a whole wants to avoid crashing out of the EU. The Federation of Small Businesses believe a no-deal would hit small businesses hardest because they don’t have the resources or capacity in the short term to deal with sweeping changes.
The government have published ‘no deal’ Brexit notices which the Confederation of British Industry (CBI) welcomed, however, the British Chambers of Commerce (BCC) criticised the government for making businesses ‘wait too long’ for answers to ‘basic’ Brexit questions.
There are a number of ways Brexit could affect a business including:
- Changes in the labour market
- Exchange rates
- Tariffs on supplies and exports
- Border delays
- Additional administration
- EU funding will cease
- New applications for Trade Marks
According to the Federation of Small Businesses, only 14% of small businesses have started planning for Brexit. Those businesses that believe they will be impacted by Brexit are planning to postpone major business decisions or innovations (35%) and cut staff and expenditure (21%).
Even if your business is not directly impacted by Brexit, it’s worth considering the knock-on effect. If other businesses start spending less and cutting staff how that could affect you? Consider all areas of your business including lending facilities.
If you would like a meeting to discuss the impact of Brexit on your business get in touch and we can explore completing a plan for your business.
Image from Flickr by Bankenverband.