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