A recent study by the Federation of Small Businesses (FSB) suggests that only one in five small businesses exposed to the impacts of Brexit have prepared for a no deal situation. Yet at the time of writing, leaving the EU without a deal is very much still a possibility.
Regardless of whether we leave the EU with or without a deal, Brexit is going to have an impact on businesses, large and small. With change, can come risk. This risk must be accounted for by your business to ensure that your ability to operate effectively is maintained.
So, if you haven’t updated your business continuity plan to account for the impact of Brexit, now is the time to do it.
Our recent blog looks at factors which you may need to take into account when updating your business continuity plan with Brexit in mind. Those areas which may cause disruption to the running of your business and therefore threaten your business continuity.
Business continuity planning can help your business get ready for a range of different scenarios. By mapping out a range of scenarios that Brexit could present and thinking about how your business would respond to them if they should occur, you put your business in the best possible position.
There will of course also be some areas where you will have to take action to ensure your business can continue to operate as it does today after we have left the EU. The best place to go to check what these actions may be is the Get Ready for Brexit checklist set up by the UK government. This will give you an idea of the actions that you need to take and timeframes for getting them done, in order to ensure that your business can continue to operate in the same way as it does today, following the 31st October.
Don’t forget, Brexit could also bring with it many opportunities for those businesses who have thought ahead and planned for a range of outcomes.