SMEs slow to plan for Brexit

Less than a third (29 per cent) of businesses surveyed by the ICAEW admit to having a plan in place for exiting the European Union (EU), despite the fact that negotiations have already commenced.

The poll of 500 business leaders showed that less than half (43 per cent) had spent any time considering the opportunities or risks presented by Brexit, yet 40 per cent said they felt sure the EU negotiations would have a negative impact on their business.

29 per cent believe the free movement of goods, services, and capital between with the EU is essential to growth, while one fifth value access to a skilled workforce from the EU.

Michael Izza, ICAEW Chief Executive comments: “There are a number of businesses who are enthusiastic about export prospects, however their enthusiasm will be nothing more than a pipe dream if Government doesn’t provide the necessary funding and support. This should begin with devising a robust export voucher scheme that is fit for purpose, as well as renewing or replacing programmes such as the European Investment Fund to avoid venture capital from drying up.”

In other news, the Financial Times reports that British business leaders are concerned about a lack of preparation within government after meeting with ministers to discuss Brexit.

For information about how we can assist by putting processes in place to lessen the impact of Brexit on your business, contact Steve Govey or your usual Beavis Morgan Partner. Our SME business experts at Beavis Morgan are available to structure your business with cashflow and profit forecasting to measure performance and maximise opportunities. We work to a pre-determined plan, to help you avoid any nasty surprises.