Brexit checklist

Our Brexit checklist is designed to help you consider some of the key questions as part of Brexit preparations. We have identified five areas that businesses should begin examining as part of their preparations:

 

Regulation and compliance

How will you keep up-to-date and maintain compliance with the changing regulatory frameworks?

Will you still be able to trade easily and efficiently with other countries through your existing legal structures?
Will existing insurance provisions be appropriate post-Brexit?
Have you updated your supplier terms of business?
Have you assessed the right-to-work status of your workforce?

 

Financial planning and forecasting

In what ways will decisions and uncertainties impact your cash-flow and access to finance?

Have you considered how your forecasts will be impacted by the different Brexit scenarios?
Have you identified potential working capital shortfalls?
Could changes to hedging strategies breach your loan covenants?
Have you thought about the tax implications of Brexit and what have you done / changed so far?
Have you considered how your access and sources of finance could be impacted?
Have you considered how your share schemes will be impacted by fewer potential purchasers for existing or retiring shareholders?
Do you have the technology solutions to help model and plan for different economic and operational scenarios?

 

Trade

What is the impact of Brexit on your supply chain?

Do you need to make alternative arrangements for importing and exporting to the UK from the EU?
Will you need to allow longer lead times because of greater customs clearance times?
Will you need to change the supply chain footprint and alter your logistical arrangements?
Will you subsequently need to re-evaluate your supply chain partners?
Have you considered how your business will cope if the UK falls back on WTO trading arrangements?
Do you know if your suppliers have assessed their exposure to risk and ability to supply your business?
How will you stay up-to-date and compliant with changes to custom rules on movement of goods into and out of the EU?
Have you considered how your business will cope with a slower and more complex method for recovering EU VAT?
Have you reviewed your existing supplier contracts and do any of them need updating or amending?
How big is your exposure to contract risk and do you know which contracts to focus on to assess your exposure?
Will Brexit impact your ability to meet the requirements of existing contracts?

 

People and talent management

How will your business continue to recruit and retain the right people?

Do you know if you will have the workforce you need post-Brexit?
Do your current employment contracts, policies and procedures need to be amended?
How will you retain the right talent for your organisation?
Have you assessed the right-towork status of your workforce?

 

Business management

What tools will your business put in place to avoid disruption to core operations whilst maintaining business continuity? 

Will you need to restructure the business or acquire additional entities in different jurisdictions in order to mitigate Brexit changes?
How will you attain the financing required?
Have you considered how you will project manage any business changes to your structure or operations?
Do you know what the macro impact of Brexit will be on your business?
What are the risks to your business posed by the current global economic trade and tariffs issues?
Have you produced a business continuity plan for post-Brexit? And, have you ever tested this plan?
Where will your business look for new opportunities in a post-Brexit economy?
Have you reviewed your existing supplier contracts and do any of them need updating or amending?
How big is your exposure to contract risk and do you know which contracts to focus on to assess your exposure?

 

For more information about how we can assist you with your Brexit preparations please contact Simon Hart.