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Expert Answers to Biz Questions

Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.

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How will Brexit impact UK businesses?

 

The Brexit agreement is now in motion, and it’s time for businesses to prepare for the change. Business owners need to understand how Brexit will impact their business and the new regulations coming into place. Every organisation will be affected differently, but it is how you respond that will matter. 

 

From reduced investments to workforce issues, every industry is likely to suffer an economic hit from Brexit. However, some will be impacted more than others. 

 

Brexit winners are undoubtedly the media industry, manufacturers of specialist machine parts, and, of course, domestic businesses. Most of the UK’s media companies earn most of their revenue from English speaking companies and only a small part from EU members. Furthermore, domestic businesses rarely work with international suppliers and are unlikely to be impacted by new trading agreements. In fact, domestic organisations may even benefit from Brexit as their competitors struggle with new trading tariffs. As for the manufacturing of specialist machine parts, these businesses are likely to turn to Asian countries to build new sales relationships. 

 

However, many industries that suffer at the hands of Brexit, including the fishing industry, food and agriculture, manufacturing, transport and financial services.

 

The disruption of goods and services between the UK and EU is a well-known consequence of Brexit. Fortunately, many businesses began to stock-pile goods while the UK and EU were still in their tariff-free trade agreement. Now, however, companies need to maintain good relationships with EU suppliers and offer a transparent approach to trading. Supply chains will experience delays and increased costs throughout 2021. Importers and exporters should understand the potential implications of new border tariffs for their business.

 

Consider keeping an eye on the foreign exchange markets so you can predict when to import and export from the UK and get the best prices against the different money pairings. It may be worth looking through the UK forex Brokers and assessing which one works best for your business.

 

Businesses will also suffer from the legal implications of Brexit. As the UK untangles itself from the EU legal framework, businesses will need to understand how the law has changed. This is likely to cause business owners challenges as they navigate new contracts and changes to their everyday operations. 

 

It’s not all doom and gloom. By remaining calm and protective of the UK employer brand, we can reduce the impact of Brexit. Look after your employees and organisation and capitalise on the new opportunities you are presented with. 

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