Whatever your own stance on Brexit, it’s inarguable that, for many businesses, the United Kingdom’s recent departure from the European Union has caused a degree of disruption that looks likely to linger for at least the short term. However, if you run a UK-based firm, you can find workarounds for many of the challenges.
For day-to-day corporate responsibilities ranging from sourcing new staff and stock to keeping in touch with business partners and customers, here is how your business can remain competitive in Brexit’s wake.
Can you find enough of the right people?
Craig Beddis, CEO of the digital distributor Hadean located on London’s Liverpool Street, has explained as quoted by City A.M.: “Our presence in the deep tech sector means that we are trying to source highly specialist skill sets. Often, there may only be a handful of people who have the prerequisite knowledge required”.
However, while “tapping into high-caliber European talent will inevitably have a greater administrative burden attached to it,” Beddis acknowledges that “it’s not impossible per se”. Though EU nationals joining your team will need work permits, these can be obtained with the help of a corporate sponsor.
Consider setting up an EU-based subsidiary
Research recently conducted by UK government body the Small Business Charter (SBC) revealed that 43% of small- to medium-sized businesses fear supply chain disruption in 2021. If you are worried about Brexit potentially hampering your supply chain, this concern could be one reason for your company to open an EU-based office.
One organization that has done this is the content discovery tech purveyor Utelly. As a limited company established in the UK, Utelly opted to establish an Amsterdam-based subsidiary, which is now responsible for all of the company’s business across the EU while the limited company handles all non-EU customers.
Look for new markets outside the EU
This would be an especially good idea if your business has tended to heavily rely on EU custom and so would like to diversify its customer base to help reduce the company’s vulnerability to Brexit complications. You could, say, look to the US – a step taken by Arete Medical Technologies, a company responsible for a respiratory preventative health product aimed at tackling asthma, COPD and other long-term lung issues.
Graeham Douglas, Arete’s CEO, has reflected to The Next Web: “In medical technology, even US companies often look to the EU first. In part, it’s because the regulations in the EU were easier to comply with for new products.” However, this situation will soon change as a result of the Harmonized European Medical Device Regulations entering force in May.
Douglas added: “In the past, in the US they wouldn’t take you seriously if you didn’t have an office there or if you didn’t have someone on the ground but, now that everyone is videoconferencing, this has completely changed.” This encouraging shift presents a strong incentive for many UK-based companies to invest in business phone systems that come complete with video conferencing as a seamless part of the package.
