Small Businesses will need to take proactive decisions steps to prepare for Brexit. If a transitional period is granted then small businesses will have more time to take the necessary actions before the final exit of Britain from the EU.
Tip1 – Evaluate Currency Effects
Brexit has influenced the change to the pound and as it falls so do the costs to small businesses increase. These currency effects have had a knock-on effect to the end consumer as small business must increase prices to cope with increasing costs. By evaluating how your small business has been affected by these changes will allow you to protect your business from further currency effects. By being proactive and forecasting currency calculations you will be in a good position to deal with Brexit effects.
Tip2 – Plan for Change to Free Trade Effects
By making plans for any changes to the free trade that exists between the UK and the EU, then you can be prepared for any eventuality. If the UK ends its free trade agreement then huge costing and logistics effects will follow. There will also be new rules and new paperwork to supply with importing goods. By assessing your logistic needs and how they may be affected will lead your small business to find an alternative plan to cope with Brexit.
Tip 3 – Assess Migration Effects
To assess what effects migration will have on your business, you will have to look at the type of workforce you employ. If you employ EU nationals as seasonal workers, then you may be affected. However, this issue is still being discussed.
Tip 4 – Put Contingency Plans into Place
Putting your contingency plans into place well before Brexit is due to begin will protect your small business from every eventuality. It is best to plan for a soft, hard or no Brexit scenario to ensure that your small business is covered.