Brexit - get business-fit for the Brexit transition
Whichever side of the Brexit debate you favour, on one matter we can probably agree, that we are unlikely to make the journey without encountering a few potholes along the way.
This fact sheet should provide you with basic, easy to read information on the benefits of attending to some basic business fitness issues in preparation for our parting from the EU after 29 March 2019. The comments are based on a no-deal, worst case scenario. In our opinion, it’s always best to be prepared.
If the withdrawal agreement is ratified by all parties there will be a hiatus for a period, and during this time the free movement of goods will continue. Then the hard work starts on agreeing our future relationship…
WHY IS BUSINESS FITNESS ADVISEABLE?
Any change process is stressful. Our exit from the EU is probably the most testing time for the UK economy since the banking crisis of 2007-08.
Even if your business does not trade directly with companies inside the EU, it is impossible to escape any disruption to the movement of goods as our upward and downward supply chains – with customers and suppliers – are invariably linked at some point with EU transactions.
Investing time and resources to attend to a few basic issues as we move closer, and then engage with, our separation from the EU, will enable your business to weather any trading disruptions and slow-down in economic activity that may occur.
And even if you invest time, as we suggest in this update, and the transition causes no ripples in economic performance, you will be well placed to hit the ground running and out-pace your competitors.
What we are suggesting is a win-win outcome.
HOW DO WE GET BUSINESS-FIT?
There are three areas where we feel time would be well spent in improving your match fitness for Brexit. They are:
- Lose weight – are you carrying any equipment or stock that is past it’s 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.
Answering these basic questions will enable you to concentrate on those matters that are likely to have the most impact on your chances of riding out the Brexit transition with as little disruption as is possible to your trading performance.
WHAT ARE THE BENEFITS IF WE START A BUSINESS FITNESS PROGRAM?
Apart from the practical outcomes outlined above attending to business fitness should facilitate:
- 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 user to monitor actual performance.
But perhaps the most beneficial spin from the process is that you should be sleeping better at night, content that you had examined all your business risks and ascertained how you were going to deal with them: either before the Brexit transition commences, or thereafter.
WHERE DO WE START – AND HOW MUCH WILL IT COST?
The best place to start is by calling us to discuss your needs. We are happy to treat this first consultation on a complimentary basis. After working out your tailored fitness plan we will agree a fixed fee arrangement before any paid for work is undertaken.
Just use the contact information below. Look forward to hearing from you.
If required, we can assist. Please call for more information.
Nunn Hayward LLP
2-4 Packhorse Road