This is a question running through the minds of many entrepreneurial persons in the UK and Europe, if there just was time enough to go through the issue in proper way. The Brexit Counter is here to help you with a decision tree and prepare you as the SME leader for Brexit.
The first yes/no question to answer is the following: Does your SME operate solely on your own home market? I.e. does your company sell its products or services only to your home region or country (either the UK or EU27) and you source all your key components or services from your home region or country (again UK or EU27). If your answer is yes, your exposure to changes caused by Brexit is likely to be quite limited, and you could see some price fluctuation in your supply chain or changes in demand. If your answer in no, move to the next stage below.
If you do have business across the EU/UK border and/or your supply chain before or after your business crosses the border, your business will be impacted in one way or another. The action you should take immediately, is to summon your Head of Sales, Head of Logistics and the person in charge of export procedures. You will need to start create an understanding of the size of the exposed business and compare it to the size of your whole business. While we believe, you are in a hurry and you should act now, it is by no means not too late yet. It might seem obvious, but a clear picture of your business flows is critical in the Brexit world.