How can you prepare your business for the UK's departure from the EU? Read our 12-point Brexit checklist.
1. Communicate with your EU customers, and update them on the information you have available. Reassure them of your commitment in the face of potential changes.
2. Do you know the origin of your products, services and the status of your supply chain?
- Consider evaluating more UK suppliers to reduce currency fluctuations
- Review whether services, goods and raw materials are sourced from within the EU or the UK
- Review future agreements on tariff-free access to EU markets
Read more on tariff preferences
3. Do you have any EU contracts with time-sensitive delivery times? If so, review contract terms and penalties due to delays caused by future customs clearance delays.
4. Review current and potential sales to non-EU markets. Are sales dependent / influenced by duty preferences, and at risk when the UK loses access to them.
Read more on EU agreements
5. Is there potential to open a branch or office in another EU member state? You can consider foreign investment incentives, logistics bases, and a secure local trade partner to represent your business.
6. IP protection: Do you know your IP assets and how to protect them internationally?
Read more on protecting your UK intellectual property abroad
7. Does your legal team have the expertise? Do they know how to handle employment law contracts, applications screening, commercial contracts (agency and distributors)? Assess contracts with EU partners (distributors / agents) and decide whether they need amending by referring to EU legislation.
8. Review your export skills, export documentation, trade terms such as incoterms and processing letters of credit. Consider an export audit of your business.
9. Assess your internal policies and processes, including international certifications (environmental, CSR, health and safety).
10. Prepare for and research potential quotas, tariffs and other requirements using the Market Access Database e.g. the US or Australia as a country of origin.
11. Consider using foreign exchange services to protect income / profitability from volatile swings during negotiation periods.
Read more on foreign exchange services
12. Employers should remain informed of any upcoming changes which may reflect their employees personal circumstances.
Talk to an export adviser
Near to home markets could offer your business a springboard to wider global opportunities. We offer a range of services to Scottish companies like yours in relation to doing business and building relationships with European partners and customers.
If you want to find out more about European market opportunities and would like to chat through your plans, then get in touch with our export advisers to see how we can help.
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