Brexit: how does it affect my business?

Brexit. The one word guaranteed to generate a significant reaction – positive or negative – from about 98% of the British population.

It has created uncertainty for many on a personal level but even more so from a business perspective. Whichever way you voted, what positives can you take from Brexit? How can you make it work in favour of your business?

If your business is in law, contract negotiation, consultancy or accountancy, you’re onto a winner.

Brexit and its impact on the business world are not going anywhere anytime soon, as demonstrated by KPMG’s appointment of Karen Briggs, Head of Brexit, to their senior leadership team. They are harnessing the uncertainty that Brexit has created and using it to positively influence their business. This approach can work particularly well if you work in the legal, consultancy, contract negotiation or accountancy sector, as every UK and European business is clamouring for an insight into how Brexit will affect them and what to do about it. Becoming an expert in your field is never a bad thing, so add a good understanding of Brexit into your armoury and watch the new business roll in.

Exporters can become winners

If your business exports goods from the UK, due to the weaker Sterling you’ll suddenly find yourself able to trade more cheaply whilst boosting profit margins. This will make you a more attractive option for overseas buyers – make the most of it whilst the pound is down!

We have two years of uncertainty – and free, unfettered trade with the EU

In simple terms, we haven’t left yet. Article 50 is yet to be triggered – and new PM Teresa May has said she won’t hit the proverbial button until the UK’s approach to Brexit has been decided. This means UK businesses can still take full advantage of EU trade and subsidies. Yes our imports have already been affected by the downturn in the Sterling, but otherwise we can continue to trade as normal for the time being.

We have time to adjust – and to think positively

If we’d been unceremoniously kicked out of the EU; if Article 50 had been triggered on June 24th; if Johnson had become PM: potentially we would be having a tougher time of it right now. The good news is that we know it’s going to take some time for the UK to extricate itself from its marriage with the EU, so we all have time to prepare accordingly. That also gives us the benefit of time to pick our jaws off the floor, archive any rants on social media, and screw on our positive heads for our soon-to-be state of independence. It’s happening whether we like it or not and there’s no doubt that confidence – or lack thereof – has the potential to influence global economies in a big way. With change comes opportunity; it’s our responsibility as UK businesses with our best interests at heart to make it work for us, individually and collectively.