Should you prepare a business plan for Brexit?

Should you prepare a business plan for Brexit?

With negotiations for a Brexit deal, or lack of, coming to a laboured conclusion, there is still a vast grey cloud forming over the British business industry. This is not necessarily a negative or positive cloud, it is the uncertainty it brings to such a vast range of business industries which provide important foundations to the British economy.

It seems with the Government having released a guide on how to cope with a no-deal Brexit, many businesses are preparing for a range of outcomes of Brexit negotiations. Re-establishing your business plan should therefore become an important focus for your company to ensure you can adapt quickly to the outcome of whatever Brexit deal the UK will be presented with. Here we will look at how to best utilise your business plan for Brexit.

How could Brexit affect my business?

The simple answer to this question is ironically not very simple at all. With negotiations having been ongoing for around a year and a half, there are some elements of the deal which are clearer and some which are just as foggy as when Article 50 was first activated. From general trade to agriculture and fisheries, how Brexit directly affects your business is relatively circumstantial. However, there is one particular change caused by Brexit which will be universal to most businesses.

This relates to employment law. Revamping your business plan in preparation for the UK leaving the EU should include a detailed consideration on changes to employment law in the UK. This is due to the fact the EU has had a significant impact on the current employment related legislation which currently hold businesses accountable. Does your business plan highlight any potential weaknesses in your relative HR departments? Have you considered planning a workforce audit to see how much of your workforce will be affected by changes in legislation?

Planning for more than one scenario

Adapting your business plan for Brexit should be an important consideration for your company. However, as discussed before, there is a vast sense of uncertainty in what exactly these changes will be. Preparing your business plan should therefore focus on a range of scenarios and how your business will react to each one. The importance of scenario planning shouldn’t be understated and will help ensure your business can operate most effectively when the UK eventually leaves the EU.

Although Brexit is inevitably over the horizon, beginning to plan now can be the difference between sinking or swimming post-EU. Consider a wide variety of implications caused by Brexit. How would your company react to each scenario? Does your company have the resources required to deal with each of these stages? Will you need to make any adaptations to your structures and processes to best react to the potential changes? The key element is preparedness- is your business ready for the variety of outcomes it could potentially face. You are then ready for anything that leaving the EU might throw at you.

If you would like help with preparing your business plan for the potential impact of Brexit, get in touch today! Contact us online using the form on the right or call 01604 420 420.

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