This week the UK was supposed to leave the EU. It’s been a rollercoaster ride and it doesn’t look like its set to end any time soon! Friday 29th March is no longer the date that ‘Brexit’ happens, and it seems that no one is sure if it’s even going to happen at all.
The uncertainty has been unnerving to businesses in the UK, to say the least. For UK businesses, it’s unsettling. It’s now more important than ever before to ensure that your business continuity plan is well structured and ‘Brexit-proof’. This is where the Risk Dashboard comes in. With a Brexit delay of nearly 3 months or more, you can give your company the chance to finalise plans and assess any potential risks that might occur should the UK leave with a deal, leave without a deal, or remain in the European Union.
How will Brexit affect UK businesses?
In short, everyone will be affected. If your company trades within the EU, outside of the EU or just within Britain, your company will need to be aware of changes and potential hoops you’ll need to jump through in the near future.
- Uncertain regulatory changes
It’s fair to say that new UK regulations will be introduced to replace current EU law, and this will no doubt lead to uncertainty when it comes to trade regulations.
- Supply chains
Depending on where your supply chain originates, it’s expected that there could be delays. This could be especially true if constituents come from multiple origins.
- Border issues
It’s likely that there will be more hoops to jump through when it comes to importing or exporting goods across the border. This isn’t necessarily a bad thing, but it could mean more paperwork and extra checks to ensure you’re compliant. As with all things Brexit, being prepared ahead of time will mean it’s much less likely that your goods are held up in costly delays.
- Compliance and trade
Importers and exporters may need to comply with additional administration and potential higher tariffs with the introduction of new trade laws.
- Staff and employment requirements
If members of your workforce are EU citizens, it might be that they face additional requirements for work, residence and travel. As an employer, it will be your responsibility to inform them and support them wherever possible.
- Brand names and designs
If your brand is trademarked, it’s likely the rights will change once the UK leaves the EU.
These are just a handful of areas to be aware of. The Risk Dashboard can work with you to ensure you’re compliant in all areas to avoid the risk of costly fines. It’s also great to give each department within your company details on how their roles could be affected, as with everything, prior preparation prevents poor performance!
For more information on how the Risk Dashboard can assist your business through these uncertain waters, please don’t hesitate to get in touch. You can visit our website, or contact Neil Campbell, Commercial Director on neil.campbell@riskdashboard.co.uk or info@riskdashboard.co.uk. We look forward to hearing from you.
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