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How to Brexit-proof your business

While the British government and politicians continue to be indecisive and ill-prepared for Brexit, here we explain how business leaders and owners can avoid repeating their mistakes.

EU agrees to delay Brexit until 31 October

Confusion was one of the key legacies of Britain’s 2016 referendum on its membership in the European Union. Confusion about whether the pollsters got it wrong, what an exit would actually look like, what the economic and social impact might be and who would lead the country out of the bloc.

Two years later and there is still no clear Brexit strategy.

“Indecision seems to be the flavour of Brexit,” said Stephen Hubble, Chief Analyst at Centtrip. “The common question our clients keep on asking is whether businesses can survive the further drastic decline in the Pound the Bank of England predicted at the end of last year if the UK crashes out of the EU.”

That is why earlier this week Centtrip launched a dedicated Brexit desk to help businesses take action ahead of further uncertainties and avoid future risks, costs and disruption.

Centtrip’s new specialist team is able to analyse the current and evolving landscape to help our clients navigate the choppy waves of Brexit and prepare for all eventualities.

Businesses may have to contend with numerous factors they cannot control. These include:

Things to consider

However, there are a number of things you could consider doing now to ensure your business is ready for whatever Brexit will bring. These include:

Analyse and agree price changes

Speak to your supply chain regarding potential cost changes in a no-deal scenario. While it is a rather unsavoury matter for all parties, the consumer is unlikely to stomach drastic price increases. Better discounts are often feasible with larger stock orders.

Stockpiling

Whether you buy fresh produce, pharmaceuticals or any other goods, it is crucial to avoid being hit by higher tariffs and potential delays at ports. Making larger orders ahead of the departure date on 29 March will help ensure your supply chain is uninterrupted while the UK is negotiating new trade deals.

That also matters when it comes to buying currencies. We help you stay competitive by offering planning services along with effective hedging tools to establish a guaranteed price base and protect against fluctuations in the Pound.

EU passporting

Any international company may consider opening offices in mainland Europe to counter delays and complications caused by tariffs and new customs rules.

As a forward-thinking company, Centtrip is planning to open an office in Amsterdam, the Netherlands, to have boots on the ground in good time to assist companies and provide continued support and clarity when looking for bespoke corporate financial services, including treasury management and overseas payments.

Our Brexit desk specialists will help you minimise uncertainties and weather the Brexit storms, contact us today on 020 3735 1747 or email brexitdesk@centtrip.com.

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