I have assembled this from a number of good articles:
Despite any delays and the many unknowns, now is the time for businesses to be actively conducting a risk assessment, reviewing their insurance programmes and working to understand their exposures in both the short and longer term. Only once they have compiled this information, can firms develop an appropriate risk mitigation strategy.
Managers need to be considering the wider operational implications of Brexit, notably the impact on HR, sales, risk, regulation, corporate governance, legal and technology. The labour issue already proving a prominent cause for concern for many, with negotiations over the free movement of people within the EU holding the potential to negatively impact the talent pool within the UK.
So what questions should managers be asking as part of their assessment?
• How many EU individuals does our business employ?
• How much business do we conduct in Europe?
• How is our business model affected by Brexit?
• Do we need to consider converting our existing business into a "societas Europaea"?
• How dependent is our business on access to the EU market?
• How would a less favourable trade agreement impact our business?
• How does Brexit affect our suppliers and our supply chain? Where are the vulnerabilities?
• Which legislation changes will affect our business?
• How might changes to the status of UK financial institutions impact our business?
• Do we use IT cloud services? If so, how might these be affected by Brexit given the impending EU Data Directive?
• How will our business be affected if bilateral agreements cannot be agreed?
While the answers are not yet clear and a veil of uncertainty surrounds the whole process, it's crucial that businesses try to identify and grasp the implications of Brexit now in each area.
This is just one small area where a good FD can assist an SME company - keep in touch.
Matheno Business Solutions