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[30.09.2019]

Get Ready for Brexit

If you run a small business and particularly a creative business, there are two key areas of uncertainty surrounding Brexit, that could be keeping you awake at night. 

If you run a small business and particularly a creative business, there are two key areas of uncertainty surrounding Brexit, that could be keeping you awake at night. 

Firstly, because we are still very much in the dark about what kind of Brexit we will have (no-deal, hard, soft or revoked), the uncertainty is having a continual knock on effect on confidence and investment.  And secondly, many creative industries are heavily dependent on an EU workforce, whose futures in the UK are unclear.

Indeed, recruitment could be one of the biggest challenges facing creative industries after Brexit (some businesses are already feeling that pinch). While we are still unclear what new requirements might come into play, you can now conduct a review of your employees and encourage those who are entitled to apply for settled status to do so.  Keeping your workforce settled and reassured will minimise any impact on your productivity.  This article from Creative Industries Federation gives some further practical advice for dealing with employment issues surrounding Brexit.

But for most SMEs their main concern is that uncertainty around Brexit means that most of them still don’t really know what the costs are going to be to their business.  For this reason alone, it would be advisable to explore curtailing overheads and consider other forms of financing should they be required. Although we don’t know what the specifics will be, there are more general things we can do to keep your business in fighting shape. 

Here are some tried and trusted ways we can help you.


Cashflow

As the cost of Brexit to individual businesses is still far from clear, predicting your cashflow position and managing it properly is going to be more important than ever.  We can use this tool together to identify the shortfalls in your cashflow predictions, allowing you to make adjustments that will enable you to cruise through the rocky patch, rather than coming a cropper in a great, big, Titanic mess. 


Business Strategy

Running through different business strategies will give you the confidence that there is more than one (or even two) ways forward through Brexit, no matter how the UK leaves the EU.


Financing

If Brexit does have a financial impact on your business, but you are unable to make enough adjustments to allow for it, you may benefit from additional funding.  We can help you identify the best funding; quickly, before things get out of hand.


Confidence

Running a small business can be stressful enough, but the added (and still unclear) effects of Brexit can seem like the straw that breaks the camel’s back.  But with clear options of how to bring your business forward through Brexit A, B & C scenarios, coupled with clear cashflow predictions and funding solutions, you will be better placed to navigate your way through uncertainty and seize any opportunities that Brexit might offer up.

Book a session with one of our team to address your concerns over Brexit, be it cashflow, business strategy or financing.

Additional information can be found at:

https://www.gov.uk/business-uk-leaving-eu

https://www.gov.uk/find-eu-exit-guidance-business

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