I know, it’s that word again but the effect, if it all goes pear shaped will be felt all the way down to the smallest business so here’s some quick pointers for you to think about:
- Review your business plan
Many directors produce a business plan when they launch a company – to be updated should they need to borrow money. If you want to maximise your chances of success, update your business plan regularly.
- Think about cashflow and alternative finance
A business can survive for a short time without sales or profits, but not without cash: funding opportunities have already been affected by the uncertainty. If you don’t know seek advice from your accountant or other financial advisor ie managing your cashflow, recovery options for late payments, and alternative sources of finance.
- Keep up to date with Recruitment & Employment law
Whether you are recruiting new staff, or thinking about redundancies, it’s vital you stay on the right side of the law. The EU has had a significant impact on employment law If you are not sure then ask your HR/legal advisors . If you employ EU nationals, you will need to find out more about Settled Status for EU citizens in the UK.
- Review business continuity, risk management and disaster planning
Business continuity and planning is intended to ensure that a business can continue to function despite serious incidents that might otherwise interrupt operations – or that they will at least be able to resume within a reasonably short period. Risks related to EU exit without a deal might include tariff changes for importers, new employment laws, or supply chain problems.
- Check your responsibilities and liabilities as a director
Are you aware of your legal duties and responsibilities as a company director? With uncertain times ahead, it’s good to be clear about the risks and liabilities you face. I recommend that you refresh your knowledge about the role of the Managing Director (or any director for that matter) and the importance of good Corporate Governance.
- Consider alternative markets
With uncertainty around whether or not the UK will leave with a negotiated settlement, directors may wish to consider moving their business abroad or explore alternative import/export markets. Selling online or social media marketing may offer quicker routes to new overseas markets than traditional marketing strategies.
There are many members who have the skills and knowledge to help you. Just click on ‘Directory‘ at the top of the Chamber website and contact the advisor for the specific query you have. We don’t have any pilots though so if the planes do fall out of the sky at midnight on the 29th then sorry, we can’t help you!
McGowan Corporate Solutions