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What about Brexit ? Three top tips to be ready



“Don’t wait. Plan for any case scenario, and do something!”
Hamish Muress, OFX

The Brexit issues make British SMEs wonder about their future in international trade. After the 29th of March 2019, the regulations about exchanges with European countries will change and businesses will have to adapt rapidly to the new rules. It’s vital that any business involved in international business development should prepare for all the potential outcomes of the Brexit negotiations.

Here are the top three tips from Brexit experts:

1. Understand your vulnerabilities

Self-auditing your business is the best way to identify any weaknesses.  This will help you take the right decisions when the final Brexit deal – or No Deal – becomes clear.

Ask yourself:

– What is your business model and means of delivery outside the UK?
– What is your cash-flow situation?
– Do your products match EU and UK standards?
– Which certifications do you need, depending on your sector (Food, clothing, services, E-commerce…)?
– How might your contracts need to change with clients/providers/partnerships?
– Do you have the right insurance policies in place?

2. Keep a close eye on international currencies rates

No one can accurately predict how the British pound will be affected after Brexit. You should monitor all the international currency fluctuations over the next few months – US dollar, Euro, Yuan and Yen – so that you can point your trade in the best direction once the UK has left the EU. Remember also to check contracts with partners: you can fix an exchange rate in the contracts you have with any third parties involved in your business.

3. Set up a risk assessment

Providing your firm with a risk assessment is an essential part of the self-auditing process, by carefully considering the impact of key external factors. That means identifying and analysing any potential scenarios following Brexit – and any serious risks to your business. You can then develop a strategy to avoid or limit the consequences of these risks.

Don’t be afraid of Brexit. We can help you with your exportation projects, from and to the UK. Contact Advenia for more information.

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