DON’T LET BREXIT STALL YOU

The Brexit countdown is ticking away with just eight months to go – and two out of five small businesses haven’t made any preparations. Now isn’t the time to sit on your hands and wait for March 29, 2019.

Gareth Hagan, executive director of trade and investment services firm OCO Global, has five tips on how small businesses can start preparing:

1. Assess your existing business

Whether you export products around the world or operate domestically, take stock and know where your business is now. Analysing key areas such as staffing, pricing models and business development strategy will provide a helpful blueprint of your business and show where you might feel some strain come Brexit.

2. Reach out to customers & suppliers

Reviewing relationships and finding out how any Brexit impact on their businesses could affect yours will be vital. Your suppliers may be exposed to increases in prices, while your customers may be expecting a decline in demand.

3. Understand your potential

Brexit doesn’t mean businesses should go into hibernation and put off decisions. Launching a new product or service or seeking acquisition targets while your competitors are sleeping can open up strong opportunities.

4. Expand your horizons

Think beyond what you may consider to be a safe bet. If you are already exporting to the EU, look at markets in North America, Asia or the Middle East. Brexit can be about grasping new opportunities outside your traditional networks as well as building upon those you already have.

5. Don’t go it alone

Getting outside advice to provide insights and expertise can be helpful. There are lots of free resources out there, such as Chambers of Commerce and Department of International Trade, to help with developing new services or expanding into new markets.