Brexit is done after years and years complications and different leaders, but now we have FINALLY left the EU.
Is this a good thing or a bad thing? That just depends on you! You may like the fact we will have more control over our laws and regulation, and we have more money to get whatever, us British people want, or you may hate the fact we may need to get a new healthcare insurance! However you feel about Brexit, may not be the same hate and love as business owners, this is because the game will change.
Businesses will be affected immensely, this because:
- New regulations are more likely to change EU laws and effect future trading arrangements.
- Supply chain issues may occur by tariffs and the country requirements. The rules may be different.
- Staff and Employment requirement may change, EU citizen that work within the UK and UK citizens working abroad may have new requirements.
Businesses can benefit by
- Having less regulations when operating in the UK, once we have left, we could pay less VAT, which would encourage growth and investment.
- The UK government do not have to participate in the EU budget, which means businesses can invest in the UK
Nevertheless, the real question is how can businesses be more protected? Well, we could:
- Target customers in other countries, this is because if anything happened badly in the UK, you still have your product selling in strong economies. Additionally, this will benefit your business with opportunities!
- Make parts your business virtual! Due population decreasing due to the change, it may be hard to find employees that are high quality. If parts of the business went virtual this would allow employees to work from home, globally.
Find More information on how Brexit would change your business.
Reference:
How will Brexit affect your business? Burges-salmon.com. Published 2020. Accessed January 3, 2021. https://www.burges-salmon.com/brexit/
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How to protect your business from going bust because of Brexit. The Joy of Business. Published May 17, 2019. Accessed January 3, 2021. https://www.thejoyofbusiness.co.uk/how/how-to-protect-your-business-from-going-bust-because-of-brexit/