Brexit & Your Business

A question that many people are asking today is ‘how will Brexit affect me?’, and the truth is that we really don’t know what will happen as a result of Britain opting to leave the European Union. Currently, we’re typically seeing three very different trains of thought regarding the likely effects of exiting the EU:

● That Britain will enter into similar agreements with EU states as Norway and Switzerland, enabling freedom of movement and continued trade, resulting in very minimal changes.

● That Britain will suffer as a result of Brexit due to reduced imports and exports with the EU. Some are concerned that, ultimately, this could contribute towards yet another recession.

● That Britain will actually benefit from leaving the EU, and stepping out of its ‘comfort zone’. There could potentially be a huge economic boost from entering new global trade agreements.

However, we really don’t know what the future holds, and as such it is understandable that many businesses are becoming increasingly concerned about making the right decisions at this uncertain time. It is reported that around one third of all UK businesses have made some sorts of changes since the result of the referendum was announced, and for some this has meant cutting their workforce.

John Van Reenan of the London School of Economics says that this is very much a ‘rabbit-in-headlights’ effect. Rather than implement big changes at this time, businesses are being urged to consider making smaller amends to their processes that could help them to save money in the long term and ensure they are fully prepared for any financial implications, such the early depreciation of the Pound, for example.

Business Broadband & Business Services

Perhaps one of the most effective ways businesses can save money during the next few years as Article 50 of the Lisbon Treaty is triggered is to take a look at their business broadband and business services, and consider whether changing their supplier could lead to significant savings. We’re fortunate that today there are very quick and easy ways to compare business broadband online, enabling us to see clear breakdowns of the charges, fees, and services offered by different providers in the UK.

We’re also lucky in that it is now even easier to change business broadband suppliers, with recent guidelines introduced by Ofcom ensuring that your new provider oversees the switchover, rather than the business, ensuring a smooth transition, minimising stress, and freeing up your internal resources.

What Does the Future Hold?

Interestingly, not all businesses are worried about the potential effects of exiting the EU. In fact, around half of all businesses are expecting to see some significant improvements, according to a post-Brexit survey by The Clubhouse; a premier meeting space in London. However, it still pays to be prepared, and making small changes, such as switching your business broadband provider, can have a big impact.