Knowing what other companies are thinking right now is hard to figure out. I suggest that it’s better to take a proactive approach instead of reacting to future developments as they unfold or even after.
Locate New Suppliers Who Aren’t In The EU
UK companies using EU-based suppliers need to start looking outside of the continent and start establishing new partnerships. These new relationships might not actually come to full fruition, but if your current relationships wind up proving unsustainable, then you might wind up being alone or having to shell out exorbitant sums of money.
Be Mindful Of Fluctuations In Currency
Along a similar vein, any company operating inside the EU needs to stay abreast with current rates of exchange. Given all the uncertainty and turmoil that surrounds Brexit, currency fluctuations are proving to be erratic and dramatic. Since there are still numerous potential outcomes, there is ample chance that the pound might drop in value. In order to get ready for this, we decided to hedge Euros at a certain rate so we could have some protection. That means we’re capable of sustaining our operations for the time being, regardless of the final outcome. This is essential for any industry facing really tight margins.
Assist EU Staff With Any Right-To-Remain Paperwork
All great leaders worry about how Brexit turning out will impact the employees they are responsible for. Company owners need to help their staff just as much as they possibly can. This will include giving them a hand in the administrative tasks and paperwork involved in the right to remain inside the United Kingdom. In our case, it’s totally worth investing in our people, because we know they’d like to remain, nor do we wish them to leave. The worst thing that could happen to many UK companies is a shortage of skills, labour, and talent because the best workers were forced to return home.
Think About Relocating
Over 1,200 company leaders were surveyed by the Institute of Directors, and 4 in 25 were already planning on relocating, and nearly just as many were seriously thinking about it. UK companies are already intending to relocate at least some of their various operations abroad or have even already shifted some of them in order to handle the growing likelihood of Brexit being a ‘no-deal’ scenario.
Change can be hard to handle, but relocation to protect your business might prove to be a necessary adaptation to all this.
A no-deal Brexit would inevitably mean serious hurdles in the form of trade barriers and disruption, but these could severely hurt your company, which means that relocation might actually be more palatable. Alternatively, you might hope to remain in the UK and just hope that post-Brexit tax regulations and regimes are more friendly and flexible.
Come Up With A Robust Contingency Plan
Finally, no matter how Brexit turns out, you’re going to have to have a contingency plan ready to handle all potential outcomes in order to keep up your company’s success and security. The contingency plan has to be versatile enough to handle all the various outcomes while also helping you enjoy peace of mind and confidence.
Businesses in the service industry will need this more than anyone. With a no deal Brexit up to 2.5m jobs at risk – it’s a precarious time. These services are both within and outside of financial services, with many of the services in question exported directly to Europe and also to UK manufacturing firms that sell directly to Europe – so there will be potentially indirect ramifications too. Hence a contingency plan is extremely important for businesses in this part of the economy.
Find Ways To Stop Worrying
This is my last piece of advice. I realize it’s a lot easier to type it than do it, but there’s no point worrying about all the upheaval. You’re wasting precious energy and time. Keep in mind that everybody is riding through this at the same time. How you adapt to circumstances is what determines your future success. Look at every market change as a chance to grow. Remember that all of this is going to create more opportunities than problems. Just make sure you respond mindfully.