The Business Brexit Checklist: Are You Prepared?.
While Brexit has been delayed, it is still very much underway. How has your business planning been affected by the UK’s forthcoming divorce from the European Union? Are you fully prepared for some of the wider impacts which could affect you, your employees and your customers?
Brexit is going to affect businesses in many different ways. To help you understand how it may affect your own enterprise, I have put together an introductory checklist below.
Imports and exports are guaranteed to change post-Brexit, regardless of any potential deals.
- Is your business dependent on resources travelling in and out of the EU? Have you considered:
- Potential border delays?
- Additional trade tariffs being applied?
- Additional checks being placed on certain items and transfers?
- Can you prove where your stock and/goods originate?
- While, at the time of writing, it is not clear whether a deal or ‘no deal’ arrangement will be put in place, now is the time to start looking carefully at your existing trade agreements and dependencies.
The financial impact for many businesses post-Brexit has never been understated.
- Have you considered potential changes to VAT duties you may be subject to?
- Have you taken full account of your existing inventory, and are you ready to tie up capital if required?
- Are you aware of potential charges and tariffs set to come into play following Brexit?
Staffing and Human Resources
- Do you employ EU nationals?
- Are your EU employees prepared for Brexit?
- Are they aware of the EU Settlement Scheme? This Scheme will allow anyone from EU member states to live and work in the UK following Brexit.
- Are you fully prepared for any staffing shortages which may be hit by Brexit? Have you considered hiring through UK channels?
- Have you considered your long-term hiring plan? Will you need to find talent from the EU in future?
As Brexit approaches, you may need to either redraft or terminate certain contractual agreements.
- Is there any existing paperwork or agreements you have in place likely to be affected by Brexit? Have you put a contingency plan in place should contracts need to be terminated?
- If your contracts do not make reference to the EU, you may not need to make any changes. However, you will also need to bear in mind potential new tariffs, customs procedures, travel arrangements and legal ramifications should contracts need to be amended.
In addition to the above, I strongly recommend you take a close look at the UK government’s ‘business readiness’ guide available here. This official advice will give you more support on what to expect when Brexit comes into play later this year.
Where here to help small business, entrepreneurs and executives navigate business planning and business growth through Brexit and beyond. Need help with setting up a solid business plan? Call 020 3633 3708 or email email@example.com today and we will be happy to arrange a consultation with you at your convenience.