WHAT MEASURES SHOULD BUSINESSES BE TAKING
TO PREVENT POST-BREXIT TROUBLE?
Right now every business in Great Britain is asking the same question. “How is Brexit going to affect our trade?”
There now seems to be a likelyhood that there will be a future tariff or tax on imports and exports from Great Britain to and from the E.U.
Those organisations, mainly larger ones who have the financial clout will by now have brought in advisors to help with this question. But what about all of the others, the smaller organisations, what plans and preparations should they make?
Most people now realise that the manufacturing industry in G.B. has been on a steady decline over the last few decades. To survive Brexit, our manufacturing industry must have a chance to reverse this trend before Brexit Day, otherwise it could be unable to cope with the extra burdon placed on it.
This article is here to hopefully give some generalised and simplistic tips to help those who are still fence-sitting, unsure if they should react now or keep waiting for news. I will use the phrase ‘supplier’ and similar ones, but this applies as much to outlets.
SO WHAT CAN YOU DO NOW?
- Identify all products, parts or components you source from within the E.U. (Other than those within GB).
- Without letting your E.U. source or outlet know, send out feelers to establish if it would be possible to source these items elsewhere*, even if there is a small increase in price, as this could be less than future tax and/or tariff. It may even be cheaper!
- At the very first opportunity, i.e. end of contract or agreement, change your supplier to a new one you found with your search.
- Look for additional outlets* for your finished products outside of the E.U.
- Come Brexit Day, you can sit back and have a little laugh at all of your competition struggling!
*TARGET ORDER FOR ALTERNATE SUPPLIERS/OUTLETS
- Within Great Britain. This will enable British manufacturing to reverse it’s current trend, and gradually grow at a sustainable rate before Brexit Day.
- Within the British Commonwealth. Don’t forget that countries like Canada and Australia would also be additional sources and outlets.
- Remainder of continents and non E.U. countries. Remember that places like China, the USA, and Russia would make excellent sources of components, and additional outlets, as each of these markets are larger than the E.U. individually!
I realise that these tips are very basic and simplistic, but I hope that someone gains the incentive to actually do something as a result.
P.S. The other EU countries to avoid sourcing from are: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Republic of Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.