For businesses that trade with companies abroad, as well as businesses that operate solely within the UK, Brexit has created an atmosphere of uncertainty about the future. Many business owners are concerned about the impact that Brexit will have on employment rates, the availability of stock, and the financial climate.
- Hire an Inbound Marketing Firm
The impact of Brexit on the British economy has led many families to consider cutting down on expenditure to prepare for a possible lack of employment opportunities and financial hardship in the near future. For many sectors such as retail, this is concerning as this has the potential to lead to a drop in sales and conversion rates. To ensure that your company continues to be successful and draw in new customers throughout the Brexit process, you should prioritise marketing campaigns to reach more of your target audience. To do this, inbound marketing firms such as Angelfish Marketing can help you to improve your campaigns and reach a larger amount of customers.
- Create a Fool-Proof Business Plan
As the Spanish government tries to inform businessowners about the impact of Brexit, if you are considering starting up a business in the UK or abroad during Brexit, or are concerned about the stability of your business during this time, you should adapt your business plan to take Brexit into account. During Brexit, there will be many changes to how businesses are run and the documentation that you will need to be successful, such as the VAT and potential tariffs that your business imports into and out of the UK may be subject to, your supply chain and your amount of viable contracts outside of the UK. It’s crucial that these changes should be accounted for in your business plan.
- Control Your Finances
One of the major factors that Brexit will have an impact on is finances. This may hinder your potential for business growth, so in order to make sure that you are able to get the cash flow that you need to succeed, you should understand Brexit’s potential impact on inventory and working capital. As well as this, you should get to grips with how postponed accounting will work in practise. Not only this, you should install appropriate tools to help you control and track your finances throughout the period of monetary uncertainty. There are many tools that can help you to do this, such as accountancy apps and finance trackers for mobile phones that allow you to follow your expenditure, analyse your future cash flow, and organise your invoices.
- Rethink Your Funding
Due to the financial situation, UK banks and business investors may also be more uncertain about lending loans to small businesses, especially those which are based abroad. Although the government has stated that they will set up a UK Shared Prosperity Fund for struggling businesses in disadvantaged areas, this will be difficult to access for the majority of businesses and so you need to have a plan in place for funding.
- Consider Your Stock
If you are trading outside the UK in countries such as Spain, you will need to consider your stock and your EU employees. If you import stock outside of the UK or trade with EU businesses, you will need to consider the impact on VAT and customs, as well as product compliance and making sure that your products align with EU, as well as the new UK regulations. You will also need to establish the impact of any tariffs which may be put on your exports if a no-deal Brexit occurs as these can come at an extra cost and may need lengthy documentation.