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Sep 07

Brexit opportunities and pitfalls

Image of stack of pound coins in front of computer screen showing a downwards trend on a graph It was interesting at last night’s meeting of the MBF to find out how Brexit seemed to be providing opportunities for some and problems for others.

The discussion was on “Making Your Business Successful Pre and Post Brexit” led by Chris Lilly.  You can download his notes on what businesses should be considering at this time from the Meetings page of this website.

We discussed the effects to date.  The key one is the exchange rate fall of the pound versus other major currencies.  For some, who export their services, the lower pound has meant their prices are more attractive to customes in the EU and outside it.  For others, who have suppliers in the EU, it means higher costs.

The impact of Brexit is still very uncertain, since not only have negotiations not really begun, but also the details of the type of Brexit which the UK will demand have not even been agreed.  However, we can treat the Brexit uncertainty as “business as usual” since companies and traders must always be ready for bumps in the road ahead.

We should use the current uncertainty as a reminder to keep reviewing our plans and adapting them to the circumstances – whether it be Brexit, competitive pressure or any other changes, external or internal.  Our plans should always have the flexibility to cope with the inevitable new opportunities or problems that will arise.

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