Brexit: Be ready for exit

By Sirka Moore, international relationship builder, BDC Moore

Without a doubt Brexit will bring about change for most businesses in the UK.

Unfortunately, not many business owners have had the chance to analyse how Brexit might affect their business.

Based on a survey conducted by the British Chambers of Commerce in August 2018 62 per cent of the 2,530 companies haven’t completed a Brexit risk assessment.

The EU is the UK’s largest trading partner, in 2017 counting for about 44 per cent of the UK’s exports and 53 per cent of the UK’s imports come from EU countries.

Why should business owners who export and/or import spend time on a Brexit risk assessment?

It will help them to establish where and how their business might be affected and especially how to mitigate those potential risks. Some of the changes to their business may also require time for completion. It is almost the same as if a person goes on a road trip to a certain destination without preparation, map or navigations system, finding obstacles like road closures, traffic jams etc. en route, which will be holding them up to reach their destination on time. Why would any business owner put their business at risk and ‘drive’ off into the unknown?

There is no certainty around what Brexit will mean for UK businesses and planning for it seems impossible.

While currently there is no certainty around what Brexit will mean for UK businesses and planning for it seems impossible, businesses that sell and buy from the EU need to have a contingency plan in place. It will need to be sufficiently flexible to cope with a variety of possible outcomes.

Should you be interested in finding out how to get your business Brexit ready, we would be delighted to assist you.