Deal or No Deal, with Brexit due in 6 months or so, we have to start thinking what practical steps are required, so short and sweet – Plan.
Importing from the rest of the world, well I suspect little to no change, Importing or exporting from Europe is where all the action will be, so that narrows things down somewhat, the key question becomes whether you continue operating with whatever European country you do business with? What does need to happen is a bit of research into where else you might source your products. Know that and you’ll have the basis of a contingency plan in place.
For example, Children’s shoes often made in Spain, but where does the leather actually come from? would you do better to concentrated sales on the EU market abandoning the UK, would you do better hoping on a flight to Morrocco and seeing what is on offer there, will this change your style, environmental credentials, will it be an opportunity or the demise of your business.
All Brexit arguments aside, the practicalities of running a business are the same for us all… what decisions are made to ensure the future of a business are what matters – get right and the profits come in, get it wrong and the company will suffer.
We – at NCompass – can afford to be a bit complacent because we are only a small business and largely most of our clients are small to medium-sized business, even when they are a PLC. It really is and will be Business as usual.
Using our business as an example we have a healthy list of suppliers from USA and UK, but also we buy services from Vietnam, China, Ukraine, Europe, South Africa. We may not realise it all the time, but most businesses one way or the other do the same thing. It may not be the main core business, but nonetheless, we’re constantly buying from abroad. There will end up being minimal change in this approach to doing business.
I suspect, we’ll feel the effect of Brexit far more in the local Supermarket.
My aim here is not to say there will be no effect, but really to say that Business is about finding a medium, that will settle and level as individual decisions are made along the way. It’s either that or going out of business.
We don’t have any genuine reason to fear Brexit and I suspect neither should any of our clients… happy to listen to your comments.