Get your business Brexit Ready.
As an SME, what should you be doing now? What’s the best way to protect yourself and continue to build your business when there are no specifics available?
With a new prime minister on board, all talk is focussed on delivering Brexit by 31st October. A fast-paced schedule is on the table, but there are still so many unanswered questions.
As an SME, what should you be doing now?
What’s the best way to protect yourself and continue to build your business when there are no specifics available? Does anyone really know what is going to happen?
The fine print is yet to be agreed, and is likely to continue to change and morph over coming months. But, whether you’re a start-up or an established SME, there are steps you can take which will help limit Brexit’s impact on you and your organisation.
Your team at Credit Passport - the only credit score developed specifically for SMEs - has identified five key steps to take now which will protect your business in the coming months of uncertainty. They are:
As an SME, what should you be doing now? What’s the best way to protect yourself and continue to build your business when there are no specifics available?
Do A Risk Audit
Take some time to carry out a risk audit on potential issues that may surface in the immediate aftermath of Brexit. How will a no-deal affect your business? How can you keep track of the impact a managed departure will have on your sector? Consider the operational impacts. Will Brexit affect your funding sources? How will it impact your supply chain? Will your deliveries be delayed? What will the impact be on your workforce? Ask yourself the difficult questions and consider your options. Factor in the potential for additional costs, taxes or delays now. This will help you focus on business as usual when the time comes.
Keep On Talking
Talk to your partners, suppliers and customers about their plans or concerns. Chances are they’re also feeling anxious and they’ll be reassured that you’re taking clear steps to manage the future. If you work with larger organisations, they’re likely to have already put contingencies in place, so ask them to brief you on any plans which impact you. There’s also no harm in sharing your approach in a newsletter/email if you produce one - demonstrate that you’re confident in your approach and business.
Workforce Planning
This may not affect everyone, particularly if you’re a smaller business, but if your staff includes non-UK, EU-nationals, you’ll need to keep an eye on decisions being made about them. Consider the ramifications for future recruitment too.
Listen To Your Industry
You’ve got a business to run, and as an SME you can’t afford for your working life to be taken over by Brexit planning. Trade bodies and business support groups across all industries have task-forces in place to support organisations like yours. They will get information and advice, ahead of the general public. So, keep an eye on the information or support they’re offering (open their newsletters!). You could even talk to your competitors regards common issues. Offer up your concerns and opinions in steering groups if you can - we are all in this together, after all.
Build Resilience
Preparing for multiple Brexit scenarios, is undoubtedly the most sensible approach. However, as an SME ensuring that your business is attractive for lenders, suppliers and other stakeholders is the most effective way to protect and strengthen your future. Understanding and managing your credit rating is central to this. Your credit score is the goto method for stakeholders looking to work with SMEs - in fact is the only way to understand whether you’re going to be a reliable and effective partner. Find out more about how the financial system views you with the only credit score developed solely for SMEs like you. Click Join for free above to get started for free.
