With the Brexit deadline looming closer on March 29th, it is becoming more likely that there will be a no-deal scenario. Whilst the government do not want a ‘no-deal’ scenario, it is the outcome that could demand the most rapid business preparation, and it’s appropriate to prepare for a range of outcomes.
Research by Sage of 1,000+ UK-based SMEs shows that only 26% of businesses reported they are preparing for a no-deal. Although no decision has been made yet with regards to whether we will leave the EU, your business should take action in order to be organised and prepared.
Sage has recently published a descriptive whitepaper to help businesses to plan for a no-deal Brexit, focusing on key areas of impact on your business, along with actions to take to ensure that your business is ready for a possible no-deal.
How might my normal business operations be affected with a no deal Brexit?
In the Sage whitepaper, entitled Preparing for Brexit, Sage considers how your organisation can better prepare your supply chain and key stakeholders; managing customs and tax implications; the impact on your current recruitment processes; regulatory requirements under current review and how to handle the status quo; legal implications such as intellectual property and contract law; and finally systems and data storage.
Special Considerations for Sectors
The paper also includes more industry-specific help, designed to guide your through the various considerations in your particular market:
- The food and drink industry including the tariffs on movements of goods and storage of perishable products
- Agriculture including EU funding and labour laws – as the restrictions of free movement of people may result in significant challenges to recruit and retain workers
- Pharmaceuticals and Chemicals including ongoing regulatory compliance and new frameworks
- Retail – again including access to labour and taxes. You may also be subject to the economic downfall that is predicted
- Professional services – including personal data flows meaning that significant safeguards need to be implemented
All organisations are looking for certainty. Whether the Government’s plan is ratified or not, every business will enter new territory with many decisions to be made over the next 2 years. Download the Sage whitepaper to give your business a headstart.