What businesses should do to prepare for a No Deal Brexit?
What businesses should do to prepare for a No Deal Brexit
As the deadline for Brexit moves closer and closer and a number of eventualities have been discussed, there is yet to be a definitive answer on what Brexit will mean for businesses. No Deal Brexit is still a possibility and will need comprehensive preparation for until it a deal is reached or no deal is ruled out. In order to give your business as much protection from No Deal Brexit as possible, here are some top tips to help you prepare.
Top Tips to prepare for No Deal Brexit
Look at the government’s advice on your specific sector
The GOV website features a quick questionnaire that directs you to the specific guidance most relevant to your business via 7 questions. This will filter through all of the published documents on Brexit and its business implications to find you all the documents which will be useful to your business in navigating Brexit.
Assess the information within the partnership pack on preparing for the No Deal scenario
Outside of all the published documents on Brexit and what it might mean for the various business sectors across the country, there is also a partnership pack which gives guidance on No Deal Brexit. While there is a full communications pack available, there are also easily digestible leaflets which cover the advice for some of the industries which will see the biggest impacts, like retailers and pharmaceutical businesses.
Subscribe to email updates on the latest developments
Keeping up to date on all Brexit developments is crucial to ensuring your business is adequately prepared to operate in a post-Brexit landscape, whether a deal is reached or not. By signing up for regular email updates for the British government, you will be notified of any changes as and when they happen.
Check whether you will need additional licenses or certificates for border crossings
Businesses who transport goods across the border between the UK and any EU country will potentially see a need for further documents, such as licenses and certificates around their goods, in order to be allow to trade with EU businesses.
Look up potential tariffs on goods
No Deal Brexit may see new tariffs on goods which are transported between the UK and the EU which could impact your operational costs and overall financial situation. There are duty relief schemes in place to help businesses handle tariffs, so researching whether any of these would be applicable to your business can be particularly helpful.
Increase your stock levels
If you regularly import products from the EU then increasing your stock prior to Brexit is an essential part of preparation. No Deal Brexit would potentially see delays at the border crossings that would create logistical issues for businesses who import and export goods.
Research whether your customer data will be impacted
Any personal data that UK businesses share with EU partners or vice versa will need assessing as it is likely that the standards surrounding GDPR after Brexit will be altered by the split. This may include the relationship with data shared between non-EU countries such as the United States, so it’s important to look at how your business currently handles personal data and how those processes may need to change.
It’s recommended that you look at the official guidelines which have been provided by the government around No Deal Brexit and Brexit in general in order to be fully prepared in line with the government’s suggestions. We will be keeping on top of updates which are relevant to the education sector and the areas which our courses cover, which you can find here.