Home Business NewsBusiness Is your business prepared for Brexit? Here are some handy tips…

Is your business prepared for Brexit? Here are some handy tips…

by LLB Reporter
21st Jun 16 11:16 am

Ahead of Thursday’s historic vote

Eight out of 10 UK businesses have failed to make adequate preparations for a potential exit from Europe following the upcoming referendum, according to a new survey.

In a survey of over 400 managers, Interim Partners found 80% feared that the businesses they are currently working with are failing to prepare adequately.

Predictions about the potential effects of Brexit included increased legal, travel and import costs, slump of the pound on the Foreign Exchange market andchanges in how trade deals are made with EU countries.

Those surveyed also warned that if UK businesses do not take swift measures to cope with these changes, they risk losing out in the event of a Leave vote.

“Interim managers are specialists in change management, and are often brought into businesses to help them navigate periods of transformation and uncertainty,” said Steve Rutherford, Managing Partner of Interim Partners.

“As such, they are ideally-placed to help businesses negotiate the potential economic pitfalls of a UK exit from Europe.”

 

Here are six top tips to help businesses prepare for Brexit:

1. Develop new markets: By nurturing relationships outside the EU, your business will be more resilient to losing trade with your existing European partners.

2. Hedge your investments: To maintain financial stability and protect against overspend, make sure that any risky investments are countered with more reliable propositions.

3. Don’t act in isolation: Form coalitions with sector peers to build new bridges and strengthen existing relationships.

4. Consider a comms strategy: When you’re going through turbulent times, it’s a good idea to keep your stakeholders informed and reassured – plan ahead by getting a communications strategy in place now.

5. Have back-up plans: You can’t plan for every eventuality, but you can give yourself as many options as possible – consider all the possibilities in case things don’t work as expected.

6. Embrace the change: Brexit might not be your preferred option, but if it happens try to see the positive – look out for new opportunities and don’t be afraid to take them when they arise.

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