There is no denying that history has been made in the past week, but the main focus on everyone’s mind now are to the business horizon. The unprecedented result has left the markets reacting interchangeably, with commentators struggling to predict what is happening from one day to the next. The message is clear, however, that a calm and undramatic approach is key to the road map of this next chapter.
So what does it actually mean for your business? Much of this will come down to a number of factors that are going to be influenced by the EU. A sensible approach would be to conduct an EU risk assessment of the impact of the referendum, so you can best understand your business, and also the future challenges that may hang on the horizon. Use our handy checklist to consider the following:
- How much of your business comes from EU customers?
- How much do you trade or export to the EU?
- How much of your business is traded in Euros?
- How many staff members are from the EU?
- Do you have any other main markets you are trading in outside the EU?
- Do your staff work within the EU and require to move from country to country a lot?
- Consider conducting a contract review – who is responsible for taxes and levies in the event a Brexit occurs? Similarly, are there any?
- Does your business attract or receive EU funding in any way?
These are just some of the questions you may want to consider to give you an idea of the challenges ahead. Its clear that predictions are only that, and while some companies have planned for a while for any exit strategy, some companies are only just starting their assessment. Whatever your situation is, it is not too late. Here at Nockolds we are constantly assessing the country’s reaction to the result and what it means for our clients. Keep in touch with us on our blog for our expert’s thoughts.