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Brexit: Steering Your Business Through Uncertainty

Brexit is looming with the exit date quickly approaching on the 29th of March. It’s constant presence in the tabloids has certainly knocked the confidence of SME’s across the UK and this uncertainty looks to continue through our exit and beyond.
 
With negotiations still ongoing, many aspects of how the UK will leave the EU are still murky. It’s vital for your business to act now, so you can prepare for what’s ahead. To help you get started, we’ve put together some tips that will help you steer your SME through Brexit’s uncertain future.
 
Solidify your supplier relationships
Start strengthening your relationships with current suppliers and look to forge new ones as well. Your business is going to be directly affected by political intricacies and trade agreements, so it’s vital that you maintain a strong and efficient supply chain.

 
Improving the relationship between you and your supplier will put your business in a better position to withstand any coming uncertainties and changes that Brexit will bring. As well as building contingencies to account for changes in regulations, you might also need to think about rerouting products and services to keep within customs demands.
 
Have a contingency plan
There are no guarantees that border checks will go efficiently post-Brexit. Your business should have a contingency plan in place to ensure that your goods keep moving. Capacity handling issues are inevitable at the port of dover, so your company should look at alternative shipping arrangements. Another option would be to hold more stock in your warehouse and if you’re operating at close to full capacity, you may need to look at increasing your capacity.

 
Boost employee confidence
The cloud of uncertainty that Brexit brings will be accompanied by fears job safety and this atmosphere will be counterintuitive to workforce productivity. By inspiring a feeling of confidence among your employees and clearly communicating important changes, you’re more likely to retain staff and ensure your team stays on track to reach your goals.

 
Instil a sense of security by offering your staff training and opportunities to develop. This will improve morale during such uncertain times, whilst also going your team the skills they need to improve your business.

Having a supportive management system and a committed workforce will make your business more attractive as an employer and will enable your company’s adaptivity in an always shifting environment.

 
While there are many other ways SMEs and larger businesses can prepare for our exit from the EU in a few short weeks, following these simple steps is a great place to start.

By strengthening relationships, both internally externally, you can ensure that your business will confident to meet any obstacles head on.
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