The clock is ticking until the Brexit transition period ends on 31 December 2020
Recent research suggests that up to a quarter of British businesses have undertaken no preparations for Brexit at all.
With only weeks left to put a plan in place, companies must take action now, particularly if they import or export to the EU or rely on European supply chains.
Is your business fit enough?
Whatever the outcome of political negotiations any change is stressful. Our exit from the EU is probably one of the most testing time for the UK economy – especially given the pressure it is already experiencing from the pandemic.
Achieving a lean and efficient state in your business will serve you well, whatever the future holds.
Any investment in time and resources to achieve “business-fitness” will be money well spent.
To help assess your risk why not use our helpful risk assessment tool.
Sleep better at night
Don’t bury your head in the sand, talk to us about the fitness of your business. We will help put together a program to monitor and improve health and preparedness…
- Lose weight – are you carrying any equipment or stock that is past its sell-by date? Or do you have unused space that you could shed or sub-let?
- Improve efficiency – speed up the conversion of sales into money in the bank, and
- Audit your supply chains – do you or your immediate supply chain trade with EU businesses? If yes, preparing an impact assessment would be advisable.
- Shedding unwanted assets and costs.
- Maximising use of space.
- Shortening cash collection cycles, more money in the bank.
- Improved marketing strategies.
- Ascertaining and dealing with supply chain risks.
- The creation of business plans that you can use to monitor actual performance.
Take action now
As well as using our risk assessment tool and getting your business fitting fit, there are other steps that you may wish to consider now to ensure your business is prepared for whatever may lay ahead.
Businesses should consider the following:
- The Implications for VAT
- The introduction of tariffs
- The new requirements for importing and exporting goods
- New border controls
- The needs of EU citizens in their workforce
- The impact on supply chains
- Scenario planning.
The Government has already indicated how it intends to manage some elements of the UK’s withdrawal and has provided useful guidance here.
Free resources and checklists
- Data protection and Brexit: what you need to know
- Business recovery planning: dealing with disruption
- HMRC urges businesses to act ahead of end of transition period to “avoid disruption”
- Government sets out steps businesses need to take to prepare for end of the Brexit transition period
- Preparing for leaving the EU