This article is designed to be one of a series of articles we will produce over the coming months with guidance on Brexit as the steps that businesses need to take become clearer.
WHERE TO START?
Every sector and organisation is different but how about these starting points?
- Due Diligence
- Extent of the business or markets based overseas;
- Reliance on EU market for supply and custom;
- Supply chains that may be affected by tariffs;
- Effect of fall in value of sterling/sterling fluctuations;
- Commercial agreements;
- Prepare summary of key terms especially termination clause;
- Consider effect of leaving EU;
- Scope for re-negotiation;
- Employees – any based outside the UK? Any EU citizens?
- Intellectual property – do a stock take.
- Risk Analysis
Prepare a specific business based risk analysis to help prioritise e.g.:-
- Finance/funding;
- Supply chain;
- Trading partners;
- Customer base;
- Sector reliance, what steps can be taken to change the reliance profile.
- Business Relationships
Stories abound of how local businesses and their EU business partners have gone out of their way post Brexit to reassure each other that the commercial and trading relationships will remain unaffected as far as possible. However, this will be a critical few years within which to continue to build on business relationships within the EU.
- General Data Protection Regulation (GDPR)
Continue to prepare for the forthcoming changes under the EU General Data Protection Regulation (GDPR) which will come into effect in May 2018. First this will be in place prior to Brexit and secondly, it is likely, for commercial reasons, to govern the UK post Brexit in some manner in any event.
- Human Resources and Planning
Consider likely changes in staff e.g. EU nationals/agency worker changes and start planning ahead.
For further information please contact Holly Dobson on 0114 224 2121 or at [email protected]
