If you run a small company, then it's about time you and your management team do some Brexit planning for your business.
First, you must take into consideration all the Brexit risks to small businesses, like yours.
Here's some suggestions on how small UK businesses should prepare themselves for Brexit.
Risks and Opportunities
While it may be well known that many UK businesses are considering both the pros and cons of Brexit and its possible outcomes, it's crucial that you and your Senior Management team share what you know and make your staff aware of the risks of each possible outcome.
Here is exactly what you should be thinking and talking about with your Senior Management team and your employees while Brexit planning for your business.
You have to determine whether your business has expertise it can share with its customers in order to add value to their own Brexit planning. This will help you create a competitive advantage with them. Not to mention that if you help them stay afloat with Brexit plans and advice, you will create potential for them to return and invest in your services again.
With this in mind, you would have to come up with a decent pallet business plan; consider transport, logistics and perhaps even contingency stock financing models too. Your pallet business plan needs to help your company thrive while keeping loyal customers, and maybe enticing a few new customers to come onboard at the same time.
One of the Brexit risks to small businesses, particularly pallet delivery companies, is having to come up with alternative distribution channels that would maintain the continuity of supply.
In this repsect, you may even be forced to consider a European pallet delivery chain in order to gain full control of the Brexit impact on supply and demand.
Finance and Cashflow
While Brexit planning for your business, you will have to think about every single thing that can minimise the impact or outcome. For example, consider the provisions for increased raw material stocks for the financial impact of alternative distribution costs, and also for the increased pre-Brexit consignment stocking for customers.
You should also come up with a plan for short-term export growth in case your product becomes an international bargain. Below, we have pin-pointed the things you really need to focus on when coming up with your pallet business plan for Brexit:
It is important to determine exactly how much of your business is dependent on the EU. Consider the alternative markets beyond Europe and further improve their exploration.
In order to offset any EU losses, your business should increase its focus on the domestic market.
Staffing and Employment
When it comes to staffing and employment, your employees should feel safe with your business strategy. You may also want to consider employing European workers or even introduce part-time workers and apprentices.
To reduce the reliance on labour and future proof your systems, you should consider implementing automation initiatives. They will not only increase your productivity but will also make your business safer.
Innovation and Product Development
As you will most probably have to open your business to alternative overseas buyers, you should try and make your products or services more appealing to them.
Obviously, you'll want to take some measures in regards to the innovation and development of your products or services.
No Risk Opportunities
When coming up with a Brexit plan, it is important to determine if this is the right project for your business to approach. Would your plan still be viable if Brexit didn't happen or is it solely inspired by Brexit? Either way, you don't want to take any risks.
The most important piece of advice is to make sure your future business plan is viable in both scenarios.
Final Things To Consider
With Brexit just around the corner, it's important to be prepared for everything that's about to happen. Craft a sturdy plan and really consider the Brexit risks to small businesses to keep your company going for years to come.
We understand the stresses of planning ahead of the Brexit uncertainty, which is why we are always here to help and support our customers every step of the way. PalletOnline would like to help businesses far and wide to thrive post-Brexit, and if you follow the advice above, you will be just fine.
If you need any further advice or support while trying to craft your Brexit plan, you are welcome to get in touch with PalletOnline; our customer care team are always happy to help.