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Getting ready for Brexit

It was recently reported that businesses still felt uncertainty for their business’ future over the Brexit deal now that negotiations have begun.

However, not everything has to be doom and gloom. Use Brexit as a chance to explore new, non-EU partnerships. Also use t as a chance to thoroughly review your business plans as how you plan for your future will need to change. Do what banks call ‘stress-tests’ and go through as many ‘what if’ scenarios. As Thomas Norton and Thomas Sackville wrote in The Tragedy of Gorbuduc “hope for the best and prepare for the worst.”

Here are just a few ways to get your business ready for Brexit:

Have regular meetings

The trading relationship with the UK and EU is like walking on eggshells – every step needs to be well thought out beforehand. Have regular meetings with your accountants, supply chains, employees who are EU nationals, and any current or potential overseas partners to secure the safety of your business. It is important to regularly go over how Brexit and in what ways the negotiations we know of can affect your business.

Funding

There are some research & development and grant funding that are funded wholly or partially by EU budgets. Now is the time to develop long-term fundraising strategies in case those fundings become limited. If you decide to look for new funding sources and your cost base is primarily in the UK, be sure to agree on funding in sterling and not euros or dollars. Tax Agility can provide you with sound financial advice on how best to do this and which grants and funding is best suited for your business.

Employees

As mentioned before, sit down with the employees you have that are EU-nationals and discuss all the possible outcomes of Brexit negotiations and how they will be affected. Collectively look at ways to prepare for possible outcomes so your business and your employees not at a loss in the future.

Sitting back and waiting to see how Brexit negotiations will pay out is not an option. Planning and preparation for every possible outcome is currently the key to business success.

You may also be interested in the previous Brexit article we wrote: ‘Do you have a Brexit plan?’