With Brexit always on the mind, business owners and employees alike can be forgiven for feeling a little apprehensive; Halloween could not have been a more fitting date for Article 50 to finally go ahead. If you are a business owner, it’s wise then to train specialised staff who can analyse the Brexit timetable, pinpointing any impending changes in the property sector, and any structural shifts. A Brexit compliance officer, of sorts, will certainly make life easier, and even more so if you’re looking to expand in the midst of everything.
Staying unaffected by Brexit
Unfortunately, there are little to no businesses in the UK that will remain unaffected by Brexit, the property market included. With this in mind, examine your business processes, both big and small. However, it doesn’t have to be all negative as leaving the EU can pave the way for many new business opportunities.
Still, it’s important to be prepared. Some of the equipment used within your business may be manufactured in the EU and even if the parts are manufactured elsewhere, it may be that they are held in the EU before being dispatched to you. This could spell additional delays in goods being held in customs clearance areas. Plus, it could also mean extra costs involved relating to customs import duties, as wells administrative overheads.
If you’re currently looking to expand, source new local suppliers as this will help to prevent future possible delays and keep you safe from those additional nasty fees. Understand what Brexit means for the market, the region you operate in, and plan for the worst-and-best-case scenarios. Keep up-to-date with happenings and continuously research.
And, most importantly, keep calm and carry on. Hire a virtual office from Be Offices to discuss plans, whether this is within the company or to connect with importers and investors in non-EU states.
Minimising the impact of losses
A hard Brexit involves a deal whereby the UK leaves the single market and customs union, as well as the EU. In the event of this, businesses that import goods are likely to experience a significant additional cost as a result of increased import premiums, as discussed above. With this in mind, this is why it is wise to source your goods locally, if possible to do so. Those additional fees will only hamper the expansion of your business. Moreover, if you’re looking to expand your business within the UK, using goods sourced in the UK may aid business connections and boost that expansion.
Target new customer markets
Forget about Brexit for a second and consider just how you would expand if the referendum never happened. One viable way would be to target new customer markets. High-end Scottish food firm Border Biscuits, for instance, announced expansion plans, despite uncertainty relating to Brexit.
The company, based in Lanark, has stockpiled raw ingredients and spare machine parts ahead of the planned EU departure. The investment for the expansion push totals £3.5million, with the biscuit company looking to delve into China and the US, showing expansion is still possible. The company’s commercial director, Mark Bruce has said their expansion strategy involves getting products on the shelves of more supermarkets, into more hotel rooms and onto more commercial airlines.
Think about where else you could market your business, whether you could manage properties further afield, attract investors from overseas, and how you could go about doing so consistently.
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