As Brexit is now delayed until Halloween 2019, many businesses are becoming increasingly frustrated with the uncertainty surrounding it. While it’s certainly not ideal, why not turn the delay into an advantage?
You can take the additional time to ensure your business is Brexit ready, regardless of how it plays out. Below, we’ll look at how your business can best prepare in order to survive Brexit with minimal damage.
Preparing for changes in EU trade
One of the biggest concerns businesses have regarding Brexit, is the potential trade implications. As the UK will lose its free trade status with the EU, it’s likely going to cause significant delays and increased costs to imports and exports throughout Europe. So, if your business wants to prepare for this, there are a few things you can do.
Firstly, researching alternative trade options can help. Either searching for UK-Based suppliers or looking further afield internationally and developing new trade relationships is a good idea. However, if you’re set on remaining with your existing suppliers, stockpiling could be an alternative option.
Focus on your supply chain
It’s a good idea to talk to your supply chain to see what they’ll be doing to prepare for Brexit. If just one supplier fails to plan ahead, it could cause issues for the entire supply chain. This, in turn, will be devastating for your business as just one issue can lead to delayed orders which will significantly affect customer satisfaction. So, don’t wait until after Brexit to talk to your supply chain, do it now so you can adequately prepare.
Making sure you’re financially prepared
Whatever the Brexit outcome, there could be huge delays and complications both in trade and in your supply chain. Therefore, you need to make sure you’re financially prepared. You can check out loan providers such as Liberis for financial funding.
If you can, you’ll want to start saving money you can use as an emergency fund when Brexit finally happens. That way, any delays and increased costs are unlikely to affect the business. Take a look at your list of clients too and how likely it is they’ll be affected by Brexit. If your clients struggle financially, you will too!
These are just some of the way’s businesses can start getting ready for Brexit. While the delay may be frustrating, it does give you the opportunity to spend more time preparing, potentially reducing the negative effects Brexit will have on your business.