Brexit is going to impact on UK businesses in a number of ways and these tips will help you to prepare your marketing business for Brexit
Determine How You Will Manage Customs Clearance
Assess the customs and trade requirements that you will need to meet – in terms of authorisations, registrations, etc, in order to support customs clearance, any duty payments, regulatory and licensing requirements, and duty relief. Engage a customs agent to help you meet those and ensure that you are fully prepared for any changes in regulations.
Validate and Map Your Supply Chains
You will need to understand your direct and indirect exposure, and map out your supply chain models, as well as validate them. One challenge that Irish businesses face is that if they are using the UK as a land bridge right now they may face new customs requirements. Sourcing products through the UK, from countries that are currently enjoying a free trade agreement, or using a UK warehouse to distribute non-EU goods, could face a significant new customs compliance burden when the Brexit rules take effect.
Bring In Customs Expertise
If you are an Irish company then you will need to strategically plan your trade and customs. Import and export will both need customs declarations,and you will need access to customs and trade expertise to ensure that your day to day operational activities are able to continue without interruption or new financial burden.
Apply for AEO Status
There is a trusted trader program, the Authorised Economic Operator, which has been running within the EU since 2008. This will be an important status for companies to have when the UK leaves the EU, and obtaining it will remove significant roadblocks for many companies.
Following Brexit this could offer faster customs clearance for companies because pre-assessed, AEO status companies get priority access.
Assess Whether Contracts are Brexit Ready
A lot of businesses find that their current contracts do not have anything in place to deal with Brexit, and that as the relationship between the EU and UK changes, this could have an adverse impact on the trade and operation of those companies. Make sure the contracts you have are ones that will work with Brexit.
Ensure You Have Adequate Cash Flow
New import VAT and duties could put additional burdens on your cash flow and make it harder to obtain new inventory. Make sure that you have sufficient cash flow to support the expenses you will face holding your inventory. Consider whether you may need to stock extra inventory in order to handle any potential border delays. If you want to read more about VAT then check out this site it has a variety of up to date VAT news.
Have a Contingency Plan for Delays at the Border
There is no guarantee that the new border procedures will run smoothly after Brexit. Companies that have rapidly rotating inventories, such as supermarkets and other retailers, may need to have a plan to reduce the risk of delayed goods causing issues. There may be customs relief available to help offset some of the additional costs charged as a result of border planning.
Consider Your Workforce
Immigration could impact staffing. The UK has laid out plans for a temporary residence and settlement scheme, and there will be a requirement for registration for UK citizens. These could be big changes for employers. Conduct an impact assessment early on to figure out what this could mean for your organisation.
Identify Intellectual Property
The way that intellectual property works could change following Brexit. European patents will still apply in the UK butt here are other IP areas where the British Government is still exploring its options. Trademarks, for example, may lapse after Brexit.
Post-Brexit Marketing Tips For Businesses
For quite a while now, Brexit has been major news. A lot of people never thought that the UK would leave the European Union. It just goes to show that even unexpected things can happen.
While we won’t go into a lot of detail about Brexit, suffice it to say that it is going to lead to major changes. These changes will not only be political but also social and economical. Even though there is still a lot of uncertainty, there are some steps that you can take to make sure that your business is ready.
From a marketing standpoint, the eight suggestions below should help ensure that your company is ready for Brexit.
Don’t Fall Into The Trap Of Negativity
Since people first started talking about Brexit, there has been a tremendous amount of negativity. Journalists, economic experts, politicians, and everyday people all tend to have a negative outlook about how these changes will impact businesses. Don’t allow that to throw you off of your game. Chances are, you have already overcome a lot of adversity with your business. The key to success is to plan ahead and to make smart decisions going forward.
You should always do your best to avoid negativity. Instead, try to see this as an opportunity to try new marketing strategies. Customers respond well to businesses that are steady and stable. Reach out to your clients to discuss the effects of Brexit. Is there a way that you can help them deal with the upcoming changes?
This is the perfect time to reassure your customers by reminding them of how your products or services can benefit them. Make sure that you stress your ongoing commitment to meeting their needs. Chances are, a lot of businesses will reduce their marketing efforts during this potentially volatile time. This creates an opening for you that you can use to spread the word about your business with less direct competition.