As the Brexit Secretary David Davis heads into talks with the EU, we’ve looked at what you could be doing as a business owner to get your business ready for when the UK leaves the EU at the end of March 2019.
9. What are your skills?
Consider the skills you have and think about where best to deploy them. If you need a specialist sales director to lead a sales team because you have a stronger skill set in other aspects of the business then you should consider building the correct support structure around you. This will help support the business through the inevitable disruption which will take place over the next two to five years.
Sometimes, business owners just need a reminder of things they already know. This is where external advisors like, accountants, mentors and corporate lawyers can act as a sounding board.
8. Growing for growth sake?
Business owners often think they should grow to achieve economies of scale. If not carried out in a structured manner with the correct management structure, this may end in disaster. The key is to have a good business which can weather a small storm. Through the next few years, there is going to be inevitable instability therefore structured growth may be essential. Opportunities will present themselves and you’ll want to be ready for them.
7. Venture further afield?
Just because we are negotiating an exit with Brussels it doesn’t mean we will leave Europe…
As a business owner, you may want to think about how your business trades with Europe and whether it makes economic sense to move your business, sell more online (to take advantage of an attractive £) or look at different import and export markets than you currently do.
6. Invest inward.
It makes sense to frequently look at your business and key employees. To develop a strong business will mean investing into staff and management teams. There are many businesses offering employee benefits, training and development and other incentives such as EMI Option Schemes.
Whether you are a young or established business, take a look at what you could be doing to avoid staff turnover and create a fully motivated team.
5. Talking about staff…
Much of the UK employment legislation started off in the EU so we can expect there to be some significant impact in this particular area. If your business is caught out then there could be some significant financial implications. If you want to hire new employees, make sure you’ve got up to date handbooks and contracts. On the other hand, if you are going through a redundancy round, you may need advice on following the procedure correctly.
Get in touch to see how we can help with your employment matters.
4. Money talks.
Whether investing inward, venturing further afield or growing, your business may need financing. You’ll want to think about whether to manage it all through cashflow, bank facilities or alternative methods of funding such as peer to peer lending.
At Pattersons Commercial Law, we’ve completed a number of acquisitions where the acquisition team has been successfully backed by a peer to peer lender. There are opportunities available it you look in the right places.
3. Have you really planned for the future?
Is your business capable of carrying on if there is a serious interruption? Have you appropriate disaster planning protection in place? If you import goods, then have you through about tariff changes or any issues there may be with your suppliers? There may be other scenarios which may interrupt your business and planning to get back up and running in a short space of time could save time, money and panic should the plan ever be called upon.
2. If you are a director, do you know what your duties are?
Directors have certain fiduciary and statutory duties which they need to be aware of. For example, a shareholder may take the view their investment will turn a corner when times get tough. A director will have to consider his duties to creditors, shareholders and employees. In an insolvency type event, a director would not want to have to face an allegation of wrongful trading if they knew the company they directed would be unable to pay their debts as they fall due.
Want to know more about director’s duties and good corporate governance? Call or email us at your convenience – we’ll work around your busy schedule.
1. Time to review your business plan?
Chance are, when you set up your business, you will have produced a business plan. Since that initial plan, the business will have developed differently, you will have spotted other opportunities and fresh threats will have presented themselves.
It is important to continually review and adapt the business plan to prepare for contingencies.
Pattersons Commercial Law is here to advise. We can guide you through any of the processes described above and can add value to your business, at your pace. You can give us a call for a quick chat or arrange a meeting to discuss matters in detail and in full confidence. We look forward to hearing from you.