Small Businesses and #Brexit

What does Brexit mean for your business? For those just venturing out into the world of small businesses, trying to establish themselves in an ever-changing market, the uncertainty created by the Brexit vote may seem daunting. The good news is that a survey conducted by research firm BDRC Continental suggested that only thirteen percent of SMEs (small to medium sized companies) rated the current economic climate as a major barrier to business. Many SMEs are reporting “business as usual”, although there is some concern shown by larger companies.

The bad news is that when talking to small business owners directly, newspapers like The Guardian have found mixed opinions on the affects that Brexit is having and will have upon their companies. For example, the anonymous owner of a communications agency told The Guardian that “it’s devastating for us as a small business and I am not sure if we can survive it”, whilst others saw it as an opportunity to be exploited and a chance to expand their client base.

The Small Business Task Force

In the wake of the historic vote to leave the EU, a group of organisations came together to create the Small Business Task Force. This includes The Entrepreneurs Network, Enterprise Nation (whose founder Emma Jones leads it), ICAEW, IPSE, Bright Ideas Trust, Global Entrepreneurship Week, NACUE, Social Enterprise UK, Coadec, CFE, National Enterprise Network, RSA & EISA.

Collectively they represent over a million small businesses and self-employed individuals. Besides facilitating an improved dialogue between the government and small businesses, they are calling for a flexible labour market, a reasonable tax regime, stable business support and an international focus to be kept front and centre in the Brexit negotiations. This includes advocating for long-term residency rights of EU citizens currently living and working in the EU as well as calling for a review of funding available for business support and future plans for its expenditure.

(Source: http://www.forbes.com/sites/philipsalter/2016/10/17/small-business-taskforce/#3af7f93c4199)

Top Tips to Survive Brexit

1. Don’t panic.

2. Make sure you have a plan B.

3. Consider how your business’ unique position in the market can help you to make the most of any opportunities that Brexit may present.

4. Check in with your investors, clients and suppliers. Make sure that you’re all on the same wavelength and that you know where you want to go next.

5. Keep a close eye on the news and the markets.

Click here to see our membership packages or here to subscribe to our mailing list. We’re eager to hear your thoughts about how Brexit will impact your business and what you’re doing to mitigate or take advantage of the consequences so please leave a comment below!

Our next event will be at Indigo Blue on 9th November. The topic will be 'Having established demand and support for our product what else should we do to ensure commercial viability?" We hope to see you there!