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Get Your Company Ready for Brexit

February 15, 2018 by Susan Brooks

How to prepare for Brexit

Brexit is looming on the horizon. There are so many factors to consider plus so many things that are still unknown. Still, there are ways that you can begin to prepare your company to face the changes ahead. By planning now, you should be able to ease your company into the new world presented by Brexit with less damage to your nerves and the bottom line.

 

Logistics

Clearly the biggest change for anyone who has products to ship or materials to purchase will be the changes in shipping. After enjoy years of ease transporting shipments across Europe and to and from the UK, Brexit will bring us a new world. Once Brexit is finalised, expect more paperwork and more time to cross the border.

Not only will Brexit create change, it will create confusion. That may be the biggest problem. Although there will be talks, agreements, and announcements, there will still be plenty of questions. Even if you are able to master the intricacies of the new rules, you can still expect issues to pop up at the border as enforcement officials get used to the new rules. Plus, there will be additional delays as other shippers fail to follow the new guidelines or make mistakes on their paperwork.

One important way to avoid this problem and keep your customers happy is to hire a professional service to provide your logistics solutions. If you develop a relationship to a professional now, they will have access to the most up-to-date information to keep your shipments going as scheduled.

Breaks in your shipping schedule could hurt your suppliers and customers and potentially damage your relationship with them. By the same measure, if your shipping is reliable and your competitor’s isn’t, this could put you at a strong strategic advantage. Something to consider since change can be a positive thing.

 

Close to Home

With the upcoming changes in access to customers and supplier in Europe, now is a good time to seek options within the UK. If you can build up your customers within the UK now, you will be less reliant on European business and the changes Brexit may bring.

Check to see if you can switch to any UK-based suppliers. The ease of shipping, speed of transport, and the ability to avoid issues at the border can be quite valuable. Another factor to consider is the change exchange rate between the pound sterling and the Euro. If Brexit causes the pound to continue to reduce in value in relation to the Euro may make UK-based suppliers a much better value, in addition to the lower cost of shipping and paperwork.

Diversification may be critical to success in the new Brexit world. Being prepared now with alternative sources of supply and revenue can help your company thrive while others struggle. The one thing we know for certain about Brexit is that changes are coming so now is the time to get prepared.