How to Prepare Your Business for Brexit
By Jenny Hooper, March 3, 2019, Category: General News
With a lot of uncertainty surrounding Brexit, small British businesses are worried about the massive risks it entails. While waiting for the negotiations to resolve, preparing a plan can ensure that your business will be able to cope with the effects of Brexit, especially when it comes to international trade.
Changing trade rules
If Britain decides to leave the European Union without a deal, the expected two-year transition will be lost and the World Trade Organisation (WTO) rules will be applied. Currently, imports and exports between the UK and EU do not require inspection at the border and no tariffs are being imposed. However, if WTO rules are executed, goods transferred through freight shipping will be subject to custom checks and taxes, resulting in additional costs and prolonging the process times at the border. To manage the increased costs, make sure to update your pricing structure and to streamline your operations for greater efficiency and cost-effectiveness.
Review your supply chain
With the fluctuating sterling, the supply chains of most UK businesses become more expensive, especially those who have suppliers based in the EU. To reduce the costs and to minimise disruption in your business, consider sourcing products within the UK. Paying in one currency can reduce the risk of uncertainty. However, if outsourcing is necessary, try to strengthen your relationship with your existing suppliers to negotiate terms that will be beneficial to your business.
We have always specialised in shipping to Non-EU countries and have over the last 15 years supported a range of businesses with complex customs procedures to many markets including USA, the Middle East, India, China and any other destinations. So, if your business is looking to develop new markets outside of the EU then we can offer support in this area in terms of both Sea Freight and Air Freight.
Independent Freight are an HMRC Authorised Economic Operator (AEO) in both Customs and Security offering affordable logistics management solutions. We assure that our customs controls and procedures are highly efficient, accurate and fully compliant. For more details about our services, contact us today on +44(0) 2476 343037 or email us at firstname.lastname@example.org.
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Prepare your business for Brexit.
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