Brexit will have a far-reaching impact for many businesses. Bringing both uncertainty and new opportunities, middle market businesses must start planning for any eventuality. We have identified five areas that businesses should begin examining as part of their preparations:
Regulation and compliance | Financial planning and management | Trade | People and talent management | Business management
Maintaining compliance with changing regulatory frameworks will be crucial to enabling a business to continue to operate and trade across the EU and non-EU countries as they do now. For example businesses will also need to consider how Brexit might impact their ability to access some tax reliefs and whether insurance provisions will still be appropriate.
Forecasting the impact of decisions and price shock uncertainty will be crucial to maintaining business continuity. Equally important will be the ability to access finance to fund suitable working capital requirements.
Can your supply chain withstand Brexit? Businesses need to consider the potential impact of increased customs duties, greater regulation causing delays to the movement of goods and services and the effects on cash-flow. Have you made sure your suppliers have also considered this?
Changes to UK immigration policy will have a profound effect and businesses should be thinking about how they will continue to recruit and retain the right people to maintain business continuity and make the most of Brexit opportunities.
Avoiding disruption to core operations and maintaining business continuity will require careful planning and may involve restructuring the business or acquiring additional entities in different jurisdictions. This may also mean outsourcing key areas to increase efficiency and enable a business to focus resources elsewhere.
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