The phrase “in-limbo” comes to mind when describing the present outlook for businesses in the UK. What will be the outcome of the June election? What will be the outcome of the withdrawal from the EU?
We will all likely be affected. If not directly involved in trade with Europe, we are possibly part of the downward supply chain.
What to do?
First of all, damage limitation planning may be appropriate. If part of your export sales are with Europe, or with firms who supply goods or services to Europe, there is an increased risk that your future prospects may be negatively affected post Brexit. Accordingly, you could:
- See what opportunities there are to seek out new markets outside the EU.
- Collaborate with customers who are dependent on EU sales to make joint approaches to non-EU markets.
- What government assistance is available?
- Take a fresh look at investment decisions to see if it would be more prudent to retain liquidity, or reduce borrowings to meet any future financial challenges.
It would also be illuminating to prepare realistic financial forecasts based on various what-if criteria.
There are compelling reasons for being prepared and the present hiatus may be that quiet period before the storm that gives us the space to do just that. Businesses that have concerns should face their anxieties head-on, and we can help.