Why Your Business Should Already Be Planning for Brexit.
While the exact nature of Brexit has been up in the air for a while, the UK is still destined to leave the European Union. For business owners who want to continue overseeing healthy growth in uncertain times, it’s becoming more and more important to have a plan in place.
Business planning has always been crucial for entrepreneurs, CEOs and SMEs alike. Now, however, business plans of all shapes and sizes are starting to move in a completely new direction. Where does that leave your own enterprise?
Understanding the Impact of Brexit on Your Business Planning
Before drawing up any new business plans, it is worthwhile considering how much of an impact Brexit will have on your enterprise.
- Are you dependent on EU-based supply chains?
- Do you have offices based in EU member countries?
- Do you employ EU nationals based in Britain or elsewhere?
- Have you been overseeing considerable growth up until this point?
Business planning for the UK’s departure from the EU is going to be all about negotiating your own exit, of sorts.
Areas to Look Into
When building a business plan ahead of Brexit, you should be thinking about the core areas of your enterprise which are likely to be impacted. These may well include:
- Your workforce, and their ability to work for you. Will you need to take on new staff, or compensate those who already work with you?
- Your ability to move and work abroad. Are you a freelance entrepreneur? Or, do you have operations based in the EU?
- Your sales and marketing strategies – is competition likely to increase for you post-Brexit?
- Your clients and customers. Will your services, your products, and your ability to deliver them, change drastically? Can you continue to deliver to targets and perform to standards set by your own KPIs?
- Your cost centre. Will costs increase for you if you need tools or materials from overseas? What if you trade across the channel? Will this mean more red tape to cross?
As you can see, there is plenty to take into account. There is little wonder so many businesses have been quick to step into action when it comes to forward planning for the UK’s exit.
Creating Brexit Business Plans
While the UK is still ironing out the finer points of Brexit, that is no reason for you to rest on your laurels. If you haven’t already, now is the time to starting building business plans for when the UK eventually leaves the European Union.
If you’re unsure which steps to take first, or which steps to take at all, don’t worry. As a growth architects, we are here to help start-ups, SMEs and enterprising CEOs navigate their way through all of Brexit’s potential impacts.
If you’d like to discuss your business plans for Brexit or would like impartial advice on what to do next, contact me today to arrange a consultation. Call us on 020 3633 3708 or email email@example.com at your convenience.