A lot has been said about the risks to the UK economy as a whole posed by Brexit. There is little you or I can do to mitigate those, apart from lobbying our Members of Parliament. As to the risks to individual businesses, it is hard to say much, because of the uncertainty.
- Will we get a hard or soft Brexit?
- Will we get trade deals with other countries?
- Will EU funding be replaced 100% by UK Government funding?
- Will EU regulations be scrapped?
Here are a few questions you can ask yourself to begin to evaluate and then manage the risks to your business.
- Do you export to the EU? If so, could you begin looking at other markets, even before we get new trade deals?
- Do you import from the EU? If so, can you source supplies from elsewhere? Can you produce the relevant goods or services in-house?
- Do you rely on EU migrant labour, either seasonally or permanently? If so, could you train British or non-EU workers to do the jobs?
- Can you compete on quality rather than cost? If so, tariffs may be less harmful to your business. How about improving quality now?
One risk to beware of, is the temptation to expect all EU regulations to be abolished in the near future. They might be retained. Many people will consider some or many of them as desirable anyway. Think of
- Health and Safety
- The Environment
- Working conditions
Even if we think some are a bit over the top, as some are bound to be, do not forget that to trade with the EU, even post-Brexit, we will need to comply with most of them. Think too that non-EU countries might prefer to buy from people who maintain EU standards on certain things. So, if the UK Government scraps some of these regulations, think carefully whether you would be better off maintaining those standards before you scrap them. Think babies and bathwater.
Do you need a bespoke consultation on how to meet the risks to your particular business?
Get in touch.