With a no-deal exit from the EU looming, it’s natural for businesses reliant on imports and exports to be worried. However, is it all really doom and gloom? The world is much larger than the EU, is it time to spread your wings further afield to pastures new? Below we take a look at these questions and some of the things you can do to ensure your continued success, whatever happens with Brexit.
The loss of passporting
The loss of passporting (the freedom of movement of goods within the EU) will undoubtedly cause the need for additional administration, which is likely to cause an increase in the cost of exporting and importing. There is a good chance there will be new forms, duties, and procedures in order to deal with the movement of goods. However, a little preparation now could go a long way to getting to grips with whatever new systems are put in place.
Strategic partnerships are key
Unfortunately, nobody within the government seems to know how Brexit will happen, let alone any of the details that might be useful to a business. Many business leaders, including the Brexit Business Resource Hub, believe that having close relationships in place with companies that can help you overcome importing and exporting obstacles is crucial.
These partnerships will include a variety of companies, some you may already have relationships with, and others you’ll need to establish. You’ll need close ties to your customers in the recipient country, as there will be additional red tape at both ends. A good relationship with your shipping partner is essential, as they will have to work closely with you to overcome some of the additional barriers. They can also help with registrations that may benefit you, such as TSP (Transitional Simplified Procedures).
You would also be well advised to have a contact at a translation company, as there will be many forms and requirements that aren’t currently in place. Some of the legislation and your required response will be in other languages. A professional translation company can help ensure you get things right first time every time.
Change always brings new opportunities
In growing markets like China and some South American countries, the ‘Made in Britain’ association carries a premium, as the brand is a strong indication of the quality. The demand for products and services in Britain will remain even after Brexit, so use your new relationship with a professional translation company to help you test the water in new markets. Diversification into new markets will help to reduce your company’s susceptibility to volatile global markets. There are many new markets around the world that offer larger growth opportunities.
Stay positive and keep going
Whether we leave the EU with no-deal or not, there is plenty of help and support available for businesses. Utilise every tool at your disposal to ensure we can all carry on trading. The climate may be uncertain, but your continued success doesn’t have to be.
For more help and advice, get in touch with us and be sure to download our Guide To Exporting here >
Other considerations
- Ensure you have an EORI number, which you can apply for here>
- Apply for AEO status, also known as Authorised Economic Operator for imports and exports. By having AEO status, you’re effectively demonstrating that your role within the international supply chain is secure and that your customs controls and procedures are efficient and compliant. Apply here >
- Make sure your T&Cs with your current partners are watertight and will hold up even after Brexit, no matter on what terms we leave.
It’s the unexpected costs that will affect businesses, which is why for it now planning now could help your business through these uncertain times.
