Running Your Business During Brexit Uncertainty

August 11, 2019 11:40 am

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Brexit has been casting a large shadow over the British economy for the last few years. As the final date for the UK to leave the EU gets closer, there seems even less clarity on what will happen on the leave date. 

Whether you are pro-Brexit, or against it, the uncertainty surrounding the future of the country will have affected your life in some way or another, whether that is direct, or indirect. This uncertainty is never felt more so than in business. 

The change in status for EU nationals will no doubt cause a big issue post Brexit. Where a company employs people from outside the UK, they have previously been able to live and work without the need for a visa. This is now likely to change, and that will mean that people will need to apply for settled status. 

With a significant shift in the work force within the country, your business needs to have a strategy to manage every eventuality in place. 

Right To Work Documentation

Currently, if your company does not hold the correct right to work for an employee, you could face fines of up to £10,000. There is a great deal at stake by not managing this process effectively, and with the imminent changes in the rights of EU workers, there has never been a more critical time for your business to take notice of this fact. 

You will need to consider a way of tightening your procedures on managing right to work documents such as passports and visas. Have a system in place that will highlight the date that employees documents are due to expire.

Preparing For Any Staffing Shortages

With some sectors being reliant on migrant EU workers, there is potentially going to be a staffing shortage in the event of lower-paid, unskilled workers returning to their home countries. This may indicate the need for training and recruitment, or evaluation of other ways your business could become more efficient should it lose a big section of its workforce. Use the time on the run-up to the exit to find ways of managing your company’s workflow more effectively. Look at introducing labour saving systems, or outsourcing some of your workloads to other companies. 

Imports And Exports

Nobody currently knows how imports and exports will look after Brexit. While the government seems to be at a deadlock in coming to an agreement with the EU over these matters, one thing is sure; there will be changes. 

Businesses should consider stockpiling any non-perishable imported goods. This will at least keep down the risk of shortages should there be trouble managing to obtain stock. 

Prepare For The Worst

With the new prime minister now taking office, and a shift in the negotiations on the exit agreement taking place, nobody knows how the situation will play out. What is certain is that businesses need to prepare for all eventualities if they don’t, they run the risk of being caught out financially in the future.

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