12 Steps to Prepare Your Business for Brexit

Key issues to consider to minimise/manage risk due to Brexit

1. Prepare for and research potential tariffs, quotas and other requirements by using the Market Access Database: use e.g.US or Australia as a country of origin.  http://ow.ly/kU8Z309hUZu

2. Review your supply chain and the origin of your products.  


3. Polish your internal policies and processes, including international certifications (environmental, CSR, health and safety etc.)

4. Review the number of staff who are EU citizens: ensure the employer’s awareness of their situation. Research UK permanent residency status

5. Review your export skills: export documentation, incoterms, processing letters of credit- consider an export audit of your business

6. Check skills of your legal team: employment law contracts, applications screening, commercial contracts (agency and distributors) – assess whether contracts with EU partners (distributors / agents) contain references to EU legislation which you may wish to amend

7. If you have any EU contracts with time-sensitive delivery times, review contract terms and possible penalties in the event of delays caused by future customs clearance delays

8. Consider using foreign exchange services to protect income / profitability from volatile swings during negotiation period –  www.moneycorp.com

9. Consider opening a branch or office in another EU member state: foreign investment incentives, logistics base, secure local trade partner to represent you

10. Communicate with your EU customers, align your priorities – reassure them of your continued commitment in the face of potential changes

11. IP Protection: know your IP assets and how to protect them internationally: http://ow.ly/N9u0309hVAB

12. Review sales to non-EU markets in countries where EU currently has Free Trade Agreements in place.  Assess whether sales are dependent / influenced by duty preferences and may be at risk when the UK loses access to them.  A list of EU preferential agreements is available at http://ow.ly/Pani309hVQ7