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The UK’s landmark decision to leave the European Union sent something of a shockwave through the country, and with the subsequent announcement of a snap general election, the current climate of uncertainty looks set to continue.

With these factors in mind, many businesses are seeking stability ahead of the UK’s departure from the EU in two years’ time. Here, we outline some key ways in which businesses can prepare for any changes that Brexit may bring.

Planning ahead

Change is an inevitable part of doing business, and planning ahead is vital in the management of change. Whilst nobody can predict the outcome of the government’s Brexit negotiations, planning for what the future may hold is essential.

Many small businesses find trading with the EU ‘easier than trading with non-EU markets’, according to a report carried out by the Federation of Small Businesses. While the government may be seeking to strike an advantageous free trade deal with the EU, businesses should work to update their business plan, factoring in any potential changes that Brexit could bring, including in relation to recruitment, profit margins and sales forecasts.

Rising to the challenge

Change brings with it both challenges and opportunities. Businesses may wish to reconsider the services they offer, or establish new services to fill any gaps in their offering. They might also want to consider new sales and marketing techniques. This may extend to approaching new online and social media channels.

Maximising profitability

Businesses should consider implementing strategies to protect their profitability. Cross-selling and upselling to an existing bank of clients can help to boost the bottom line, along with the implementation of cost-saving measures, such as reducing utility bills and bank charges.

Controlling cashflow

Businesses may wish to put any planned investments on hold while Brexit negotiations are underway. Examining the budget for investments, as well as reviewing pricing structures, may help to keep cashflow under control.

No matter what lies ahead, the Practice Track team will be keeping abreast of the latest developments, with a view to helping you to keep your clients informed.