By Ashley Preen

November 17, 2017

Quick Guide to Brexit for Small businesses

Small Businesses will need to take steps to ensure that they are prepared for Brexit. Here is the most important issues that small businesses will have to prepare for.

Currency Effects

  • Most small businesses will be affected by the currency effects of Brexit
  • As the pound devaluates, costs increase
  • Currency effects that have been experienced have not been largely disruptive
  • Predict currency calculations ahead of the time to gauge effects on your small business

Free Trade Effects

  • If the UK leaves the EU with no free trade agreement there will be large costing and logistics effects
  • Large amount of new paperwork may be involved with importing goods
  • Look at your logistics needs and make contingency plans if you are reliant on the import of goods solely from the EU
  • Still unclear if a transition phase to help businesses will be implemented

Migration Effects

  • Rights of EU nationals is still being debated
  • Top of negotiating list between UK and EU
  • Most significant effect will be for seasonal workers and professions where there are skill shortages such as nurses and doctors
  • Small businesses that employ EU seasonal workers should prepare for this eventuality

Contingency Plans

  • Contingency plans should be prepared and put in place if there is a ‘no deal’ Brexit
  • Examine most crucial areas that will affect your small business and make plans
  • Make contingency plans for soft, hard and no-deal Brexit for all the risk factors mentioned above