Concerns about how Brexit might impact export expansion plans are completely understandable, but it should not hold you back. You just need to get serious about how you research and plan your export strategy. That strategy should form an integral part of an up-to-date business plan, which must include your business objectives for the next 2 to 3 years. I always find setting a target is good place to start, as without it you have no objective measure of whether you have succeeded or not. Once you have a clear goal you can then work through the steps of what needs to be done. A revisit of the business plan should include an updated assessment of risks, as well as the opportunities, ensuring the business is as resilient to external shocks or changes as it can be. So while the final shape and terms of the Brexit deal are still unknown, your business will be significantly better prepared for whatever transpires if you take the following action. Your Strategy A strategic analysis … [Read more...]
Brexit – Let’s face it!
With Brexit dominating headlines, the importance of having the best leadership team, who will be able to derive and implement strategy to steer a company or organisation through change and uncertainty is of paramount importance. Deal or no deal will have a significant impact on our entire economy which executives and managers will have to address. No deal will certainly not mean no action required, in fact it most certainly will mean the opposite. The outcome may be viewed as providing significant opportunity and or challenge which will impact on all sectors of the economy and all commercial functionality whether it be sales, marketing, engineering, research. manufacturing, logistics, IT, human resources, finance or legal. Uncertainty must be addressed and not be allowed as an excuse for inaction; contingency planning is necessary. We are fortunate in having a fabulous pool of talent, skills and experience in the UK; a significant proportion of which is currently … [Read more...]
Don’t Wait For Brexit Clarity – Get Exporting
Almost every business will be impacted by Brexit – positively or negatively. We can only make educated assumptions about what Brexit will look like and indeed when any transition arrangements may end. With a potential 2-year transition agreement, Brexit would happen in March 2021. Fortune favours the bold and businesses that can benefit from exporting should review their business strategy to achieve their maximum potential. If you don’t your competitors probably will. The good news is that there is a huge range of support available for businesses who want to start exporting or want to expand their exporting. When helping businesses review their strategy, I often ask if they export. The first answer is often no, followed by a, well we have sold this to here and that to there. They have become accidental exporters. If your business has recognised expertise or a niche specialisation then you will often be found globally via your web site even if … [Read more...]
What does Brexit mean for the future of R&D Tax Credits?
The initial shock waves from Britain voting to leave the EU are subsiding, however the longer term impacts are yet to be felt. The big question for those UK companies claiming R&D tax relief and tax credits is - What does Brexit mean for our R&D claims? General opinion is that there will be no immediate impact. Over the longer term there could even be some positive outcomes, as the UK will no longer be bound by EU regulations that put restrictions on how R&D tax relief and tax credits are framed. The UK government, like many other countries around the world, uses tax incentives, such as the tax reductions and cash credits available under the R&D schemes, to make the UK more attractive for companies. They see the R&D tax credit schemes as critical to underpinning UK economic growth and competitiveness by supporting investment in innovation across all industries and sectors. Their belief in the schemes is evidenced by the many recent … [Read more...]
Brexit – What now for SMEs?
The electorate has decided that the UK should leave the EU. How best can SMEs respond to the coming changes? Whether you are pleased with the outcome or dismayed is irrelevant. The decision has been made. What you need to focus on is how best to manage and grow your business in the short to medium term. Long term planning is more difficult as the Brexit option only leads to many uncertainties. The first thing is - Don't Panic. Nothing is ever as good or as bad as it seems. Every triumph always has at least some form of downside, and every disaster (except perhaps illness and death) is never as black as it first appears. There is almost always some benefit to be found, and things are very rarely as bad as they seem initially. As small business owners we are naturally optimistic people. We would not have started and continued to run our businesses if we were not naturally hopeful. Now is the time to start thinking … [Read more...]
