Preparing your business for Brexit
The UK is scheduled to leave the EU on Friday 29th March 2019 and negotiations about the future relations between the UK and the EU are currently underway. Trade, travel and security are the main items on the agenda and it is hoped that an agreement on how these areas will be managed post-Brexit will soon be reached. With the deadline fast approaching business owners are beginning to prepare for the potential impact of Brexit, but with many questions still unanswered, it is proving a difficult task.
What impact will Brexit have on my Business?
This article intends to provide some clarity and direction on what business owners need begin thinking about to help them to work out what preparations they need to start making in time for Brexit.
How Brexit will impact one business will be utterly different to another, it is very apparent that a one-size-fits-all approach for businesses will not be viable. What is certain is that it will affect all businesses in one way or another, directly or indirectly.
It can be argued that being in the EU makes moving money, people and products around the world a lot easier for businesses. Contrary to this, given the crucial role London has as a financial centre, leaving the EU will not make this any more difficult. With the value of the pound falling some business owners who export goods have experienced an increase in orders whilst others are less optimistic. This is all speculation and how it will affect business will not become apparent until the UK leave.
How can I prepare my business for Brexit?
As a business owner it is important to start thinking about the potential implications Brexit could have on your business and a good way to start is by considering the following points;
Where do you conduct business – solely in the UK or in the EU and globally?
Who do you conduct business with – where are your customers and suppliers located?
What regulations are you regulated by – are they EU laws?
What is the make-up of your workforce – do you employ EU nationals?
If the EU is the answer to any of these questions, then Brexit is going to impact your business directly in some way, the extent to which may remain unknown for some time.
This initial analysis should then allow you to create a plan to respond to the issues you have identified. Within this plan it is worthwhile identifying the following;
The extent to which your business may have to change because of Brexit
The key risks and opportunities associated with Brexit.
This article covers the very basics of getting your business prepared for Brexit. With such little direction and information in existence on Brexit as a whole, we hope this goes some way towards helping business owners to gain some clarity of the possible eventualities. As time goes on, we are sure that information will become more readily available and greater insight on the impact of Brexit will be divulged.
At Lawson-West Solicitors our Commercial Team are keeping up to date with all the latest news and developments regarding Brexit to provide their clients with as much detail and guidance they can. If you have any concerns relating to commercial law, particularly with regards to Brexit, do not hesitate to contact the team today. With a pragmatic approach to every case, call them on 0116 212 1000 or complete an online contact form.