What to consider when creating a Brexit strategy for a small business
Brexit – a game changing event that is set to affect UK businesses of all sizes and industries, as well as businesses in the EU who are trading with the UK. Even those that may not be immediately effected will be indirectly impacted.
As a result, many companies are planning for this somewhat uncertain time ahead, but others are holding back because they don’t know where to begin or what to expect. However, it’s better to consider which elements of your business may need readjustments, rather than being completely underprepared.
Let us help you kick start planning your business’s Brexit strategy by providing you with some key consideration points to help build your plan of action and prepare your SME for the rocky road ahead…
Key points to consider when planning a Brexit strategy for a small business:
- Do you have any employees or staff from the EU who are working in the UK? If yes, they need to be registered to the EU Settlement Scheme. Find out more information here.
- Supply chain resilience – how prepared is your business to border delays? Think about whether there are any processes you can put in place to prepare for supply chain disruption.
- Imports from the EU – do you have an EORI number beginning with GB? If you want to continue importing from the EU to the UK, your EORI number has to start with GB. Find out more here.
- EU exporting – ensure you have an EORI number that starts with GB and your importer has an EU one! If you’re exporting to your own business in the EU, you’ll also need an EU EORI. Find out more here.
- Profit margins – do you need to rethink your business model? Ensure that your pricing structure provides you with enough margins to allow for any increased costs that may occur.
- EU Ecommerce Directive – is it relevant to your business? Even if there is a no deal, the government will still continue to align with the Directive (correct on 02/10/2019). More information can be found here.
- Currency transfers – do you need to make payments to the EU? Paying suppliers or other costs overseas can be pricey, especially when using a bank. Make sure you’re aware of the best global payment method for you so you can help cut costs.
Xendpay provide fair, fast and reliable low cost global money transfers. Our online service helps businesses to minimise their international transfer costs, helping you to save money during the post-Brexit period. Businesses can transfer up to £4K a year without paying any transfer fees on overseas transactions, with low-set fees once that amount is reached.
So whether you’re sending money to a supplier, paying invoices and employees abroad or importing and exporting to and from the EU, Xendpay can help you reduce costs before and after Brexit.
Click here to create an account and transfer money in three simple steps…
Brexit – a game changing event that is set to affect UK businesses of all sizes and industries, as well as businesses in the EU who are trading with the UK.