What will be the final impact of Brexit on small business?

Our latest blog below covers the impact of Brexit on small business in the UK and Europe after the March 2019 cut-off date. Alternatively, you can watch a video of this blog at the bottom of this page.

The countdown to Brexit is on. At the time of writing, 20 months on from the referendum and 13 months to the cut-off date for Brexit, businesses are no closer to understanding what the trading environment will look like in a post Brexit Britain.

We understand there will be a transitionary period whereby the current trading arrangements will continue, but make no mistake about it – March 2019 is a key cut-off date. The business landscape will change as customers and suppliers make decisions or implement decisions to manage the risk to their business.

Since the referendum, there has been a noticeable crystallisation of the risks that were alluded to during the referendum campaign: exchange rate volatility, weakening investment and increased business uncertainty. The future for businesses both large and small, already trading internationally, has been significantly altered as a result of ‘Brexit’. The greatest risk for businesses following the decision is that the current uncertainty becomes an excuse for procrastination. It is vital for businesses to take the initiative and proactively plan for the challenges that lie ahead in order to prosper in a changeable economic situation.

Regardless of whether the business trades in the EU or beyond, impact of brexit on small business will be direct on any business which is dependent on international trade. Proactive businesses are already planning and making decisions so as to mitigate future risks. In order to achieve or even maintain business success in the current economic climate, it is crucial to plan for such eventualities. This requires a combination of assessing where the risks lie in your business both in terms of sales and the supply chain and developing plans to manage each of those risks effectively.

The strategic importance of this decision is monumental, and there are many aspects to consider in ensuring the right decision is made. No business leader sets out to make the wrong decision, but without the right information, that is the inevitable consequence.

Here at Shaping Business, we work with international businesses across Europe and are able to help you with market research and analysis, strategic planning and with establishing a European base to secure your future international revenues. Similarly, we can offer comprehensive support to European businesses looking to establish and secure opportunities in the UK market, post Brexit.

Ultimately there are different options for every business. However, the reality is, that these decisions cannot be put off pending some form of political stability, or trade deal that may happen in the future. There is an immediate need for businesses to plan, make decisions and take action, in order to secure their futures.

Brexit impact on business

For more from Shaping Business on Brexit, you can also read our blog post on Brexit risk assessment for businesses or watch the video