Are You Ready for Brexit?
With less than 10 months left before Brexit, new and existing businesses planning to launch in the UK face a daunting to-do list. Business heads need to prepare for customs, scrutinise supply chains, redraw contracts, develop contingency plans and much more.
As part of the planning process, businesses (especially those from abroad) will need to undertake a thorough macroeconomic impact analysis. This will reveal the extent of the effect of Brexit on key issues which will impact your business.
The Impact and Opportunities of Brexit
If you are coming from one of the Commonwealth countries like Australia, New Zealand or even India, Brexit will probably present your business with lots of opportunities. You need to be ready to take hold of them with both hands.
Liam Fox, the Secretary of State for International Trade, recently reported in the national press that 2017 saw the highest level of Foreign Direct Investment projects in our history. That’s a huge vote of confidence from real investors with money to spend. As European businesses begin to retract from the UK, it opens doors for businesses from elsewhere to start operations here.
Take our exports figures. Export of goods for the last year rose by 15.9% and services by 11.6% to £617 billion in the year. What better reference could there be, in cold, hard cash of the world-wide trust in British, high quality products.
It must be remembered here that only a quarter of British exports are to the EU. Their imports from the UK have fallen from 54% to 43% in the 10 years to 2016 when the referendum took place. Meanwhile, the IMF predicts that 90% of future global growth will come from outside the EU.
Where else could this trade by coming from if not the Commonwealth nations where most eyes from UK are looking at. The trade restrictions have already begun to ease as the kingdom prepares to welcome business ventures from Australia, Canada, New Zealand, South Africa and India with open arms.
Preparing a Plan
The Government is preparing a new Export Strategy and business promotion strategy which they are planning to launch this coming spring. It will provide financial support for new businesses starting at home and those coming from abroad as well. It will provide practical in-person support and advice about how to start exporting.
As I see it, your business should follow a step-by-step process to prepare sound strategy.
Step 1 – Analyse your business risks and opportunities.
- What is your total business cost post-Brexit?
- Import and Export licences, Certificates and other trade documents. What do you need, when and where?
- Free Trade agreements – opportunities for Australia and NZ
- Risks from other competitors and changing regulations
Step 2 – Prepare a Plan of Action
- How to plan if nothing is clear?
- Contingency plans to make sure everything stays on course
Step 3 – Implement the Plan
- How to turn Brexitchallenges into a competitive advantage
- Control costs – have a budget, invest in the business
- Sort out compliance – automate where you can
- Have a Brexit Out strategy to mitigate consist and generate better value and costs saving
- Use Brexitas a catalyst to a be a truly competitive and compliant global business
- Use opportunity to invest and digitise the business and be prepared for any future significant trade agreements
- Prepare for future events – ensure you business is agile & flexible to adapt to change
Step 4 – Review the process and find Areas of Improvement.
Step 5 – Engage help and expertise if you need it. Go back to step 1
We will try to cover each of these in detail in future blogs. If you’d like to plan for the future of your specific business and develop new export markets, why not get in touch with our experts for a no-obligation chat?
How Our Team Can Help
The range of issues that have to be potentially covered by any meaningful plan is very large. We at Global Front Room have assembled a team of experts, both here in the UK and across the world, who can help you prepare and, if needed, implement a plan tailored to your unique circumstances.
You should regard any costs incurred now as an insurance premium to safeguard the security of your business. Doing nothing may well cost you more in the long run when you find out that you were late to the party.
Can you afford to run the risk?
Ultimately every industry will have to adjust to accommodate the new rules. The support companies receive from their suppliers and service may prove the defining factor for success.
We at Global Front Room can help analyse the financial impacts of Brexit and identify opportunities for setting up businesses all over the UK. We can propose solutions to ensure continuity of service to help you manage your operation in the country.
We are already supporting many client businesses with Brexit contingency planning. Our clients include businesses that started here as well as foreign companies that have starting setting up operations in the country.
Our experts can help you find the best solutions for short and long-term business success. Please join our network to explore opportunities on how we can work together to make your business a success.
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