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.  

http://ow.ly/XLnU309hVd1

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