The UK’s impending departure from the European Union will bring change for businesses of every size and sector.
While some companies are already planning for the challenges and opportunities ahead, Chambers of Commerce believe that all firms – not just those directly and immediately affected – should be undertaking a Brexit ‘health check’, and a broader test of existing business plans. Time spent thinking through the changes that Brexit may bring to your firm could yield real dividends in future.
While the final settlement between the UK and the European Union is still to be negotiated, these are steps that businesses of all sizes can take now to start planning ahead. A recent Chamber survey asked:
- Have you / your management team devoted time to considering the potential consequences of Brexit – direct or indirect – on your businesses?
- If you have one, have you consulted with your Board of Directors on Brexit – or scheduled an opportunity to do so?
- Have you mapped your supplier and customer base – and considered how changes in the UK-EU trade relationship could affect them?
The checklist has been prepared in response to the findings, which suggest that a significant number of firms are either watching and waiting – or taking no action at all. We hope you find it useful as a basis for business planning at both operational and Board level.
Your firm doesn’t have to navigate Brexit alone. Contact the South Wales and Mid Wales Chamber of Commerce team to find out how we can support you.