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A Guide to Preparing Your Business for Brexit

For a lot of businesses, the frustration over Brexit doesn't only come from worrying about the right deal, but simply the need for a final decision in order to best prepare for the outcome, whatever that may be.

Many businesses will be operating in limbo until the Brexit decision has been made, and that doesn't seem to be happening any time soon.

Regardless, it's important to prepare your business – and yourself – in the best way you can for the worst-case scenario in case the UK leaves the European Union without a deal.

Here are 4 ways to best prepare your business for the outcome of Brexit.

1. Take the Time to Review All Your Business Contracts

Contract clauses and agreements may need to be evaluated or completely rewritten if they are no longer applicable when the UK leaves the EU. Be sure that all agreements cover the stance of the UK no longer being a part of the EU.

2. Handle Other Business Dilemmas Efficiently

Brexit is enough of a concern without you having to worry about other areas of your business, which might include strong overheads or employee disputes. If any other issues arise during the process of your business trying to get a handle on Brexit, you should consider business employment law advice and legal support in order to handle any other problems in a timely manner, leaving your full focus for Brexit when it's needed.

3. Check Your Supply Process

If you receive goods from suppliers based in the EU, or if you have contacts in the EU who are important parts of your business process, then you will need to establish whether this relationship can easily continue once the UK leaves the EU, and whether your supply chain will be significantly disrupted.

The potential changes might include an alteration of tariffs and charges, or a more complicated system being needed to ensure that your service continues to function the way it always has.

4. Manage Your Insurance Policies

You may need stronger or different insurance policies to protect you, whatever the outcome of the Brexit situation. These insurance policies might include Trade Credit insurance to ensure that you can provide longer periods of time for credit, or Liability Insurance if you need to be covered should circumstances occur where you cannot fulfil your duty as a business due to the complications of Brexit.

In Summary

While it's difficult to make any decision when you do not know whether the UK will leave the EU with or without a deal, the best stance is to prepare as much as you can for a no deal – and therefore for the worst-case scenario – in order to ensure that your business is still fully operational.

If the UK does leave with a deal, you can amend accordingly, but at least then any changes you need to make will be more positive than they were when you planned for a no deal scenario.

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