Preparing for Brexit
Our Growth Hub have identified three main reasons why businesses might not be fully prepared for Brexit:
1. With all the uncertainty, businesses do not know which version of Brexit or no Brexit we are heading to
2. Smaller businesses do not have the resources to dedicate to multiple scenario planning
3. Businesses do not know how to find out what they need to know and are confused.
Below the Coast to Capital Growth Hub have outlined 7 recommended, practical steps to prepare for EU Brexit. To view the full video blog, please click here.
Allocate a member of your team to take responsibility for developing Brexit plans. Ensure that you arrange cover for that person's 'business as usual' activities.
Visit the Coast to Capital Growth Hub Portal and click on the 'Brexit' button. Here you will find collated, key information provided through government departments, accountancy firms and Chambers of Commerce.
Complete the 'Prepare your business for the UK leaving the EU' exit tool here. The resultant information will be extensive but will contain a lot of helpful information to work through.
Follow the following principles:
1. Be fleet of foot to respond to changing environments
2. Support your people – they will be feeling concerned about how Brexit will affect them and their livelihoods, particularly if they are EU citizen
- Who is due to travel to Europe
- Do they have the relevant documents and visas
3. Know your supply chain
- Think about where your products and services are coming from and whether you are over reliant
- The length of time it will take to receive supplies
- The impact of tariffs
- Look at spreading your risk
4. Think about stock
- Look at the opportunities to carry additional stock - think about warehousing and whether there is a shortage, consider third parties/outsourcing, and think about what the impact is on your working capital?
- Do you have sufficient stock, bearing in mind the shelf life
- Are there alternative providers
- Consider HMRC accreditations
5. Review your data
- Do you have personal information that may be restricted in a no deal Brexit scenario
- Consider ways to capture more data
6. Check out your contracts
7. Talk to your funders, suppliers and customers
8. Do you have the necessary approvals and licences in place
- Especially if you are in one of the following segments; Legal, Technical, Financial service provider, Pharma, Professional services
- Are you aware of simplified frontier declarations
- Is obtaining an economic operator registration and identification number appropriate
9. Intellectual property - What impact will Brexit have on your IP?
Develop a plan
- Commit time to developing a strategic and operational plan
- Understand the impact of different Brexit scenarios
- Develop and assess mitigations
- Take Action
Work with your local Chamber of Commerce
- Look at the training they provide
- Look at the British Chambers of Commerce Brexit Checklist
Seek help and advice
- Coast to Capital are holding a series of Brexit Clinics from 19 - 21 March, where they are bringing in specialists to answer specific technical questions
- The British Library is running a series of webinars around preparing for Brexit
- Register for Gov.uk updates
- Speak to your Chamber of Commerce
- Talk to the Growth Hub to help you find the most appropriate support for your query.