It is hardly surprising that Brexit is fast becoming as big a turnoff as tax. How on earth are we supposed to react or adapt to such far-reaching changes when the exact details of our exit are still undecided just a few weeks before the March 2019 deadline?
Businesses that buy or sell goods to the EU must be pulling their corporate hair out – just how will their supply lines be affected?
A new government website covering possible Brexit consequences
The government has already published a bunch of documentation setting out the consequences of a no-deal outcome and they have now doubled up this resource by creating an EU exit website aimed at advising UK businesses.
The HM Government site’s URL is https://euexitbusiness.campaign.gov.uk/
The main points of focus are:
- Employing EU citizens
- Importing, exporting and transporting
- Operating in the EU
- Regulations and standards for products and goods
- Using personal data
- European and domestic funding
- Intellectual property
- Energy and climate, and
- Public sector procurement.
If you have neither time or inclination to for this level of detail what can be done to safeguard your situation and have ongoing benefits for your business?
Action to take now to avoid downside risks of Brexit
It would seem to make sense to take a hard look at supply line issues by undertaking a formal impact assessment and we are aware that many importers and exporters already have this process underway.
The other action you could consider is to work on your business fitness. If, as has been suggested by the pundits, Brexit does create a slowdown in economic activity, then being in good financial shape will not be wasted effort.
If you think this is an idea with traction please call so we can discuss your options.