If there’s one story that has dominated the news in the last few weeks, it’s Brexit. Celebrate it or lament it, there’s no avoiding the fact that it’s getting closer – or that it’s likely to mean big changes for business. There are very few businesses that can afford to be complacent about the likely disruption, even if you don’t work directly with Europe, it’s probable that at least some of your suppliers and customers do.
Working on the theory of preparing for the worst while hoping for the best, I’ve put contingencies in place for my business – LatestFreeStuff.co.uk. Here’s some steps you might want to consider for shoring up yours.
5 Steps to Prepare Your Business for Brexit
- Cashflow. The main thing that everyone agrees on about Brexit is that we don’t know what impact it’s going to have on business. That means there’s a reasonable chance of disruption and price increases. This could involve import and export taxes. It could mean a change of, or introduction to, other levies. To protect yourself against delays, problems and financial headaches, look at your cashflow and make sure that you can easily access funds, should it become necessary.
- Staffing. There are currently 2.29 million EU nationals working in the UK[1]. If they are required to leave, the competition to fill these positions could become fierce. Entering that arena with an already depleted workforce, you could find yourself struggling, so have a recruitment plan in place and keep your staffing at the optimum level now, avoiding problems later.
- Supply chain. You might not work directly with European suppliers, but that doesn’t protect your business from the ramifications of Brexit, because someone else in your supply chain inevitably will. Start having conversations, working out which of your goods may become restricted, and researching other potential avenues. Knowing where problems might arise is the first step towards overcoming them.
- Global markets. One of the best ways to deal with the threat of Brexit is to spread your risks. We’ve already set the wheels of an American launch in motion. This won’t be possible for everyone, but there are other options – increase your UK-only customer base, build relationships with other countries, Australasia for example, and talk to your best European customers to find out their expectations post-Brexit.
- Contingencies. Instability is a given when it comes to Brexit. There doesn’t seem to be much goodwill around, there will be difficulties ahead. That makes planning awkward, it’s worth taking some time to develop ‘what if’ scenarios and plans to cope with them. Adapting at a time of potential chaos is a significant strength and could put you ahead of your competitors – if you’re able to carry on while they’re struggling with their supply line and falling behind with production, you’ve a great opportunity to pick up new customers and thrive in a time that has as much opportunity as it does potential for disaster.
Deepak Tailor is Founder of LatestFreeStuff, the UK’s largest freebie website.
The online platform provides freebies, competitions and deals from the leading brands all in one place.
Deepak is also author of the bestselling book ‘ How To Live For Free.’ which achieved bestseller on Amazon within 4 days of release.
