Fail to prepare or prepare to fail

Boards and management teams need to consider the risks and opportunities associated with Brexit and the impact of these on the business and its activities. An enlightened team will lead to a better prepared team such that understanding the challenges, discussing the options, and coordinating the plans will help articulate the many concerns that businesses are facing in these currently uncertain times.

Areas that require discussion include:
  • foreign exchange risk – the need to assess the financial impact of this foreign exchange implications on current and future years budget and cash flow projections. The depreciation of Sterling is an issue for a number of sectors where the cost of goods, materials and parts imported from overseas cost significantly more.
  • freedom of movement risk – where staff work for your business in Europe (no matter how long this has been in place) and for European staff who work for you in the UK what is the likely impact of removing one of the ‘four freedoms’? Businesses, which are heavily reliant on EU staff, may find it more difficult and costly to recruit sufficient and talented staff, and the cost of recruiting may also increase.
  • legislation changes – how will the need to negotiate new trade agreements outside of the EC structure be impacted by possible legislation changes?
If you are uncertain about Brexit or would like further information from our team, please contact us here.