2020 vision can make Brexit work for you

When we leave the EU on Friday, in the short term everything will remain the same while we negotiate a new trade deal.

But this transition period ends on December 31, 2020, so what should small businesses do this year to be both prepared and ready to take advantage of any opportunities?

Here, Bobby Lane, business growth expert, gives his tips for making the most of 2020.

Get planning

With change comes opportunity and uncertainty. Now, more than ever, you must have a business plan in place for 2020.

A forecast of expected profits, assets and liabilities as well as cash flow or financing requirements will be critical. This will enable you to make decisions based on fact rather than gut instinct. You should also look at your teams, internal systems as well as the opportunities in your markets both home and abroad to make sure you go into this new era with a solid and stable base upon which you can build.

Be ready to pivot

If you are buying or selling internationally things will change.

For example, if we agree a free trade deal with the US you may no longer have duty costs to bring in or sell your products there.

New markets will open up, so it’s time to start looking for new suppliers and customers in countries that you have not worked with previously. Be flexible – what works in 2020 may not work in 2021.

Be aware of the risks

Many small businesses have been caught out by currency movements over the last few years. Identifying your cash requirements will show how much currency you may need in order to be able to trade.

Speak to an expert, your bank or accountant for ways of reducing the risk to your business of currency fluctuations, such as hedging.

Stay informed

Things are going to move and change very quickly during the coming months.

It is vital to stay informed of the changes and the potential impact on your business.

Using the Government’s website (gov.uk/business-uk-leaving-eu) to see how the changes could affect you is a good starting point.

Above all, don’t bury your head in the sand.

Change is coming, whether you wanted it or not. So be well informed, prepared, and ready to take advantage of the opportunities.