Whatever our personal views were on Brexit the country has now voted and the will of the people must be accepted.
As business owners there are now new opportunities and new threats. Let us start by looking at the immediate threat that potentially could affect the owner managed business.
Whatever has been promised by the Brexit politicians they now have to deliver on the promises made and also negotiate our exit from the EU. This process will take time and there will be a period of uncertainty.
One of the biggest threats in a period of uncertainty is that bankers can lose confidence and start to ask for bank loans to be repaid and overdrafts reduced. Therefore, it would be a good idea to look carefully at your current banking arrangements.
The next major issue in terms of risk is the ability to service debt. In the short term, we know that the Bank of England will provide liquidity to the market. This could include lowering interest rates. However, in the medium term if the political uncertainty
sends the pound lower, then interest rates could rise. We can assist you in considering your risk exposure.
There will be many opportunities for exporters as a lower pound makes goods and services significantly cheaper. Therefore, if you have the potential to become an exporter of goods and services then please seek our help to see how you can maximise the opportunities.
As with any period of uncertainty we know the importance as entrepreneurs of maintaining a positive outlook, there will be opportunities. It is a good time to re-evaluate your services and products; look at diversification and new income streams. Work on the efficiently and systems in your business to improve profitability.
Our early indications are positive from conversations with clients but please do pick up the phone to us if you would like to talk through the impact to you and your business – 01926 424455 – we are here to help.
