Well, what a week it’s been!! I’ve been asked about no-deal Brexit Prep several times by clients and it’s still a bit of a big black box of the unknown and although we are told that legislation has been passed to ensure that we don’t leave without a deal, it’s not something that fills many of us with confidence mainly due to Boris delightfully saying “he would rather be dead in a ditch” than ask the EU for an extension!
So what can you do? First stop should be www.gov.uk/brexit to see what you should be thinking about. There is a link to check what you need to do and what you ought to consider from both a personal and business perspective.
One of the key areas you need to think about from a business point are imports and exports and what changes to trade rules and agreements will mean to your business and if these will result in increased costs to your business. Never mind the impact on the time of getting goods in / out and cleared through any new customs regulations etc. You should also consider whether you will have to absorb these costs because you are tied to RRP guidelines from suppliers or whether you can pass them on and remain competitive. Exchange rates are going to fluctuate, they always do in times of uncertainty, so again can you absorb this or do you need to look at passing these costs on.
It is probably a good time to look at your business in general, where are your costs and are they sensible or do you need to look at trimming them down and controlling them more so as to help improve your bottom line.
Of course, burying your head in the sand can also remain an option, but really isn’t one I would recommend! But as I said at the start – preparing for the unknown isn’t the easiest!