How to approach Brexit’s impact on business? Should you be concerned about your company?
Sustainable business and compliance Consultant Frank Given offered his specialist view during a ProfileTree video interview.
“The important thing for businesses now is not to panic about it, this is part of a longer process that this phase of it concludes on the 19th of March next year, so being ready for that transition is their next main step.
“If there is no deal then the important thing for businesses is to look at the new deal information on the government’s website and what that means for your business. The key part of it will be around taxation for most businesses and how they will be affected by that.
“The other part of it is to really think about your customer and supply base, so think hard about how your customers are really managing Brexit, whether or not they impose a risk onto your business, think about your suppliers that are fitting into your business, are they secure or not because if they are not secure, you won’t get products and services from them and this is the same with the customers, if they are not secure then they may not be able to pay.
“The third thing is to look at your staff, there is a mechanism where they will be still able to stay within the UK and if they are from the UK and Ireland, they will be looked after as part of the common travel area.”
Frank addressed a number of Brexit-related issues and added some advice for businesses.
“The most important thing for a business is to maximise the opportunity and to build cash into their business, and that’s really important because they will have a bit of a cushion and a bit of a buffer to survive a shot after a few months if something doesn’t go to plan.”
He also explained the support available for companies ahead of Brexit.
“Yes, there are actually two different programs and they are both currently available and which I am actively involved in, the first one offers up to £2,000-worth of funded support for your business it if involves cross-border training and has a specific Brexit issue.
“The second program is Invest Northern Ireland, that is going to be launched shortly on their Think Ahead program which is not just a funded support for an adviser to come in, but it also help companies with the great funding beyond that as well”
Close Focus – www.close-focus.co.uk
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