A recent report by Real Business looks at how SMEs will be affected by the Donald Trump victory.
Some of the key concerns include currency volatility which will impact investment decisions for some. CMO and co-founder of Global-e, Nir Debbi, explains that Americans prefer to pay in dollars, but many retailers fail to offer overseas customers their local payment methods, impacting conversions abroad.
SMEs should also prepare for uncertainty, with trade deals being dismantled and the prospect of increased US isolationism.
Peter Duff, partner at law firm Morisons, explains: “Post-Brexit UK businesses, in particular the SME market, are facing a period of uncertainty with which it is difficult to cope.
“The election of a president who has no political experience and has never operated at the top level of international politics, who is viewed with scepticism by the markets, will create further uncertainty until we see what experience he can garner around him.”
Despite the currently volatility and the uncertainty as we move into 2017, the report explains that UK businesses should take advantage of the many potential opportunities for exporting to the US.
Beavis Morgan – Advisers to UK SMEs
With all the current economic challenges presented both abroad and at home, it is essential that all business owners and managers capitalise on the opportunities around them and be closely aware of their income and expenditure by keeping proper records and monitoring trends and patterns.
At Beavis Morgan, we specialise in working with SMEs and entrepreneurial people across a wide range of sectors, providing guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth.
If you would like to find out more about how we can help you plan your business efficiently and navigate the maze of tax issues for you and your company whilst taking advantage of the various tax incentives available, contact Steve Govey or your usual Beavis Morgan Partner.