Reviewing your supply chain
Assess your supply chain to limit disruption and to give yourself the best possible cash position.
According to a survey from Aldermore Bank (25 November 2020), 47% of businesses that import goods and services from the EU and 43% that export to the EU had made no preparations for Brexit.
Admittedly, the sample size was small (1,003 senior decision-makers in small and medium-sized businesses). But as Tim Boag, Group Managing Director, Business Finance at Aldermore, notes: “Our research revealed that many SMEs were generally unprepared for Brexit or were delaying plans to address the impact until after the end of the transition period.
“While the delay in preparing for Brexit is understandable given the ongoing impact of the pandemic, the potential wide-ranging effects of Brexit on many businesses means it’s crucial that SMEs take steps to prepare.”
Boag advises: “Businesses should consult the Government’s guidance for SMEs post-Brexit and work out how VAT, tax and duty, and other regulatory changes will impact them and their supply chain.”
You can use the transition checker tool at gov.uk/transitionLink opens in a new window to identify the specific steps you need to take now the Brexit transition period has ended.
Below, we look at how you can review your supply chain to make your company more resilient after Brexit.
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Reference to any organisation, business and event on this page does not constitute an endorsement or recommendation from the British Business Bank or the UK Government. Whilst we make reasonable efforts to keep the information on this page up to date, we do not guarantee or warrant (implied or otherwise) that it is current, accurate or complete. The information is intended for general information purposes only and does not take into account your personal situation, nor does it constitute legal, financial, tax or other professional advice. You should always consider whether the information is applicable to your particular circumstances and, where appropriate, seek professional or specialist advice or support.