With the Brexit deadline of the 31st October fast approaching, businesses are being urged to make sure they are ready and taking steps to prepare for whatever the outcome.
So, when it comes to Brexit planning what should your business be doing? Where should you be looking for the information that you need to inform your planning?
What is the governments advice to businesses to get ready for Brexit?
The government have recently launched the campaign ‘Get Ready for Brexit’.
The campaign appears to be aimed at encouraging all businesses (and individuals) to think about what they may need to do to prepare for Brexit and to take action now.
You can view the Get Ready for Brexit website here.
You are first asked to answer a range of questions about your business, including:
Depending on your answers to the questions, the website provides a checklist of areas that your business will need to check and confirm. Along with actions to take and timeframes which may apply e.g. one week, one month etc.
The government’s advice is therefore very much tailored to your business and circumstances. Which actions you will need to take or decide to take will depend on your situation and knowledge of your business.
What funds are available to small business to help prepare for Brexit?
The Brexit readiness fund – launched on the 29th August this is a fund of £10million, made available to business organisations and trade associations to allow them to put on Brexit related training, events, and produce advice packs for example, which can then be accessed by businesses large and small. Whilst not a fund directly available to small businesses, it should mean that there are more knowledge bases for you to access to get the information you need in order to prepare for Brexit.
There may be other funds which you can access as a small business, so it is certainly worth doing your research. For example businesses based in Scotland may be able to access the Brexit Support Grant.
Why is planning critical to ensuring business continuity after Brexit?
Whether we leave the EU in a deal or a no deal situation, one thing is for sure. Your business must be prepared to deal with any changes which may come your way. With change comes both risk and opportunity. Putting planning in place will help you manage the risks but also help you take advantage of any opportunities that may arise for your business. Whilst the uncertainty of Brexit is what many businesses are concerned about, to ensure your business continuity is impacted as little as possible following the 31st October you must be preparing and planning for whatever the outcome.