The more business owners I talk to, the more I release how much the delay in Brexit has created a false sense of security. Business owners seem to be waiting for it to happen before they actually worry about doing anything about it.
As much as the last 3 years has been a pain and most people are bored of talking about it, listening to it or even thinking about it. As a business owner that is not an option.
Now I do not profess to be any sort of Brexit expert, but I have spent this last month attending as many talks, boot camps and support sessions as I could. Mainly so that I can try and help my clients move in the right direction and get them in touch with some of the experts I have met. In all the meetings I attended a few key areas came up with some core questions I thought would be good to share with my clients and you – my readers!
The 6 key areas business should be looking at are:
- Import and Export
- GDPR and data storage
- Workforce
- Intellectual Property (IP)
- Insurance and Tax
- Currency
A lot of businesses are quick to say, this won’t really affect me – I’m only small, I don’t trade in the EU, etc. but this is something that will impact every business and person, let’s look at some of the questions you need to ask yourself:
- What does my own supply chain look like – where do my products come from at the source and where do my products end up?
- What will happen if my suppliers go out of business?
- What will happen if my suppliers increase their prices by up to 20%?
- If I import or export – have we sorted out our eori number? – If not, have we considered the impact of our product’s potential being detained?
- Do we have enough cash flow in the business to carry us for 6 months?
- If not have we considered what options are available to us with regards to equity release?
- Do any employees from the EU have a settled status?
- Once we leave the EU, most IP such as brands, logos etc will no longer be protected in the EU, have you consider any brand damage?
- If you are stockpiling in order to beat potential inflation – have you increased your insurance to cover the extra stock being held onsite?
- Have you reviewed any investments, spoken to a wealth manager or your accountants about the stability of yourself and your business?
This is just scraping the surface of what businesses potentially need to think about but hopefully, it will get you thinking in the right direction.
If you have any additional questions about any of the topics in this article, please get in touch and I can help you move in the right direction.
Also remember that it is critical to look after your workforce during this time of uncertainty and if you need any help on how to approach that, give me a call.