We’ve had the referendum, and the die is cast. Britain will be leaving Europe on 19 March 2019. So are you getting ready for the impact of Brexit in your business?
Whatever kind of deal Mrs May comes out of Brussels with, one thing is for sure, that Brexit probably will have an impact on your business. It might present you with challenges in terms of staffing and recruitment, or your supply chain.
Back in January we gave you some pointers about making Brexit contingency plans in your business.
Opportunities Arising from Brexit
Brexit will probably also present your business with opportunities. You need to be ready to take hold of them with both hands.
Liam Fox, the Secretary of State for International Trade, reports in the national press this weekend that 2017 saw the highest level of Foreign Direct Investment projects in our history. That’s a huge vote of confidence from real investors with money to spend.
Exports of goods also rose by 15.9% and services by 11.6% to £617 billion in the year to October 2017. What better reference could there be, in cold, hard cash of the world-wide trust in British, high quality products.
Remember that only a quarter of British exports are to the EU and their imports from the UK have fallen from 54% to 43% in the 10 years to 2016. Meanwhile, the IMF predicts that 90% of future global growth will come from outside the EU.
Are you Getting Ready for the Impact of Brexit?
The Government is preparing a new Export Strategy which they are to launch this spring. It will provide financial support, but also practical in-person support and advice about how to start exporting.
In his article, Liam Fox estimates that another 300,000 businesses which don’t currently export could be encouraged to do so. There are already a lot of exporters here on the Fylde Coast, making all manner of things from sweets to spare parts for expensive cars. Could your business be the next one?
If you’d like to plan for the future of your business and develop new export markets, why don’t you get in touch for a no-obligation chat?
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