Theresa May says we’re on course to deliver Brexit and negotiations between the UK and EU leaders continue. Having been at the ‘cold front’ over the last 18 months with business owners, I’m giving my perspective on Brexit and the small business.
In short, I believe that Brexit won’t negatively impact the majority of small businesses.
It’s business as usual for small companies
Heads of large corporates may feel Brexit will be detrimental to them, but small businesses with a local client base won’t be affected. For example, plumbers, builders, photographers, and website designers serving their local community shouldn’t see any dip in demand for services.
In fact the bulk of UK industry will carry on as normal. Between 92 and 93% of businesses have less than 5 employees and therefore fit into that small/micro category.
Business owners will continue to provide for their families, ensuring Brexit works for them.
Opportunities for Brexit and the small business?
In the long term, there may be bigger opportunities for export businesses. Once trade talks are complete we can start to trade overseas. Experts say that even if the pound regains some of its value, it’s still expected to be at least 10% below where it was before the referendum. This means UK goods will be cheaper to overseas customers.
The internet of course provides a much bigger marketplace too. If you don’t currently export your goods or services, this could be a new opportunity. See more on selling your products to new markets in my recent blog about diversifying.
ERDF funding previously provided by the EU will no longer be available, forcing the UK government to invest in UK business. Although it may take time to come through, funding will start to become available. It’s likely to be very targeted, so business owners will need to look out for it.
Go with it
So Brexit is happening, but I don’t believe there’s any reason to worry. Simply go with it and use it to your advantage where you can.
If you are worried about how Brexit will affect you, contact me for a Free Business Review. I’ll spend two hours with you completely free of charge to help you identify opportunities to ensure your business moves forward profitably.