Is your business ready for Brexit? The UK left the European Union on 31 January 2020 and entered a transition period which is due to end on 31 December 2020.
How can a small business prepare for Brexit?
Firstly consider your suppliers and customers, and even their suppliers and customers. Are there any that will be affected by aspects of Brexit? If trade with the EU is direct or indirect there will be repercussions. Import and export costs will change, especially if the UK is a ‘third country’ after Brexit. Potentially trade will slow down.
Talk to suppliers and customers outside the UK about trading procedures during the transition or no deal period.
Consider if there any EU nationals in your employment who will be affected.
Avoid a wait and see approach. Plan ahead now. Remember there is no guarantee of a transition period to make adjustments if we have a no-deal scenario.