Writing this update on the latest position of Brexit has been difficult. The most recent weeks have seen the ‘latest’ updates superseded within days. Yet none of these updates have brought any further clarification or certainty on how businesses can plan for Brexit.
In fact, two-thirds of 2,500 companies surveyed by the British Chambers of Commerce back in August stated that they were not doing any preparatory work for Brexit at all. The same could be said for many of their continental European counterparts.
Although updates are being shared from the Government on the Brexit negotiation process, the output of how UK businesses will trade with the EU beyond 29 March 2019 is no further forward.
All of this uncertainty leaves small business owners especially facing three key issues:
1) Consumer spending dip
Consumers are also feeling lost awaiting the decisions of how a post-Brexit Britain will shape up, and as a result businesses are preparing themselves for a dip in spending this Christmas. Small business owners will likely take the brunt of this spending dip though they aren’t alone. Taking a look at the changes across our high street this year can show you that!
2) Unnerved employees
Business owners are also raising concerns that Brexit fatigue is impacting staff and their mental health. Whether or not EU nationals, employees are finding the uncertainty of being able to plan for the future adding to personal stress levels, and businesses need to be aware that sickness among their staff could increase over the coming months.
3) Inability to plan
Since the term Brexit was born, people have raised concerns about a lack of correct information being available. Both ‘Leave’ and ‘Remain’ camps were challenged on the facts they used behind their campaigns and this is still discussed nearly 18 months on from the voting outcome. Businesses are frustrated that they feel unable to plan for either the short or long term, and that they have been paralysed in making progress being stuck in the mentality of ‘business as usual’ until we have answers.
At the time of us sharing our update, we are days away from the Parliamentary vote on 11 December, and it’s unclear as to whether Theresa May will get the backing she needs for her withdrawal agreement to move forward.
Whatever the outcome of the vote and the future of UK and EU trading ‘post Brexit’ our experts are here to help. If you have concerns already about the cash flow in your business, rising debtors, or an uncertain future – now is the time to address the problems.
Call the HJS Recovery team today on 0808 1644 222 for a confidential discussion about your situation.