Every time you log onto the internet, turn on your TV or open a newspaper, the one thing that’s inescapable is Brexit. And as we move ever closer to the March 29th deadline, we are all still none the wiser as to what will actually happen, no matter how many experts and business leaders give us their opinions and speculations. Will we leave under a favourable deal? Will we leave with no deal whatsoever? Will we even leave at all? The most worrying thing is that we don’t know. And if you’re running a small business, having at least a vague idea what’s happening in the wider business landscape is key to being able to plan a strategy for the future.
Not surprisingly, this is causing a fair amount of concern among the small business community. So it’s important to plan for all eventualities, and look for both the risks and the opportunities that you may encounter. The possible downsides are enumerated every day. If your operation deals extensively with the EU or relies heavily on EU nationals, times could get tough. Due to the uncertainty we currently face, there is no mileage in just jumping the gun and cutting yourself off from the mainland, or you could end up in a worse position. As in most areas of life, however, having a contingency plan is always wise. Not leaping head-first into new expansion or long-term strategies would be a wise move. If possible, prepare a business plan so that you won’t be caught on the hop when the time comes.
And yes, look at opportunities that might arise. Increased demands for local products, for example, and take advantage of the fact that the simpler management structures of smaller businesses make them more nimble and adaptable, and see if you can work this into a way of taking some ground from the bigger players. But remember – with small-to-medium enterprises providing 52% of private sector turnover, you are a vital part of the UK economy, and nobody wants you to fail. With a bit of planning you should be able to weather whatever storm may be coming. Remember, SME funding UK provides a guiding light through the maze of different funding options for UK SMEs. With access to over 150 responsible lenders, our team is dedicated to finding the very best deal for our clients.
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