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British business has been dealing with Brexit uncertainty since the referendum result. The incompetent exit strategy the government pursued left SME businesses with no platform to effectively plan.

It’s clear the lack of clarity has had a material impact on decision making. Strategic investment is being delayed with industries left unprepared to act – alongside a potential Labour government, ‘European Spring’, power shift, US/China trade war and the global slowdown.

This decision-making paralysis is forcing SMEs to ‘stick to the knitting’ as they remain unsure of the cost impact leaving the EU will have – understandable keeping overheads to a minimum and building cash reserves. Businesses employing EU national are facing a dwindling talent pool; we’ve witnessed a slowdown in the number of people entering the UK, making recruitment harder.

Businesses which import and export across the EU, are immersed in scenario planning around moving goods (which could result in severe working capital disruption).

Even businesses without exposure to international trade will feel knock-on effects across supply chains.

Our Brexit philosophy is to not second-guess everything – we advise our clients to be agile enough to tackle the inevitable change. I expect a turbulent time ahead -but Haines Watts will be providing a commercial ‘sound board’ to clients, helping support business owners through whatever challenges may come.

Read more like this:

Brexit – what the UK government has advised business owners to do

Five ways to beat the Brexit blues

If you want to chat through the implications that Brexit may have on your business, contact your local Haines Watts office.

About the author

Michael Davidson

Michael is the driving force behind the success of Haines Watts expansion in and around the M25 region. Michael joined Haines Watts in 1991 as a trainee and became a Partner in 1999. He specialises in, and is passionate about, advising owner managers with turnovers from £1 million to £20 million.

He challenges clients on their business and delivers advice in a very pragmatic way. Being an owner manager himself, his advice extends beyond financial input and he supports owners in managing the business through it‘s various cycles. This advice is underpinned by a ‘practical’ MBA completed at Cranfield School of Management.

Michael was voted on to the national Haines Watts Group Board in April 2008 and was made Group Managing Partner in 2018.

 

I’ve always thought it’s important to work with people you like – be it business owners, my team, suppliers or business acquaintances – so that you can laugh together and share the drama of experiences on the OMB rollercoaster.

I also think it’s very important to stay humble and be able to laugh at yourself.

I fear the day I don’t, to all of the above.

If I wasn’t doing this I’d be: a sports journalist.

Favourite Sports Team: Chelsea.

Dream Location: Naples, Florida.

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