What are the small business consequences of the UK leaving the EU? If you’re worried your business will be greatly affected Brexit, The Kelvin Partnership will guide you through.
The deadline for Brexit is 29th March, which is fast approaching! But, what will leaving the EU mean for your UK-based small business? There are 5.6 million small businesses in the UK, which make up 61% of the nation’s workforce. And, as a small business ourselves, we want to make sure others are preparing as best they can.
Consequences of UK Leaving the EU – Tips for Small Business Owners
Ensure Continuity of Service
As a small business, your supply chain is a priority. Make sure you are preparing and taking steps as far as possible to ensure the continuation in the production of your products/services. Everyone within your supply chain will be preparing for Brexit in their own way. It’s essential you do too! To ensure your customers experience the same standard of service, begin problem-solving with every element of your supply chain. Be proactive and remain informed, don’t wait for Brexit! Of course, a Glasgow accountant from The Kelvin Partnership will be more than happy to provide you with financial advice and support throughout this process. We always put your best interests first – even during this time of uncertainty!
Increase Stock Levels
Do you rely on stock imported from the European Union? Now may be a good time to place higher volume orders from your overseas supplier. With or without a deal, it will likely become more challenging to import and export after the 29th without paying custom costs. Increase your imports, now.
Client and Customer Payments
Every sector will be affected by Brexit and everyone will be putting measures in place! Make sure you chase up any outstanding balances with customers and clients now. Those who need to make payments to you will be prioritising making changes within their own business for Brexit. And so, if you don’t act now you, don’t expect that money after the 29th!
The last piece of advice to prepare your business for the consequences of the UK leaving the EU is to think positively. As long as you, as a small business owner, are being proactive and thinking practically about Brexit, you can’t do much else about it! Focus on your customers and clients. Your business plan isn’t going anywhere and neither is your passion. So, change your mindset, motivate your team and concentrate on the successes you are making at the moment.
As we mentioned in our last post, we are passionate about helping commercial and domestic clients through challenging stages. Therefore, you can expect The Kelvin Partnership team to be on hand should you need any specialist business services during the transition period. We will inform you of regulation changes that affect your business and work with you to ensure your small business remains on track and growing.