The one question that arises over and over again is how will Brexit affect my business? The answer is still unclear, but with over 5.7 million SME’s currently in the UK, there are sure to be some repercussions.
Here are some ways in which Brexit may affect Businesses in the UK:
- Marketplace and Commercial Issues – The cost and availability of certain goods may change dramatically. There are already many business experiencing the changes in the market and the currency effects.
- Compliance – Importers and exporters may need to put in place special measures to comply with new and additional requirements as well as new tariffs.
- Staff – EU citizens and workers may be forced to seek new and additional requirements to work, reside and travel.
- Supply Chain – This may be affected by new tariffs, new rules and regulations of the country of origin. Where good are sourced from multiple sources in multiple countries, the effects of the above would be widened and more strenuous.
- Border Issues – Additional requirements when transporting goods to and from the UK.
- Copyright, Brands, Logos and Trademark – Holders of these rights will need to apply for EU and UK rights separately once the UK leaves the EU.
- Law – New UK Law and Regulations will come into force to replace the outgoing EU Law.
As a SME business owner the time to sell your business would be now. Given the uncertainty of the impact upon leaving Brexit will have, there is no better time to exit yourself.
What will it cost you to sell your Business with Simphi? Click below to find out.