What SMEs Can Expect from Brexit?
With Brexit around the corner you can expect that it will fundamentally change the rules of doing business in the UK. While big corporations have some concerns, their financial backing and survival strategies keep them in the safe zone.
How Will Brexit Impact SMEs
On the other hand, SMEs will be impacted immensely. SMEs are economically important for the UK because they make nearly 90% of all businesses in the country. They employ more than 60% of the population and have created 2 million jobs since 2010. Undoubtedly, they are the backbone of the economy.
Some industries will be affected by Brexit harshly, while others will continue as nothing happened. For example, Technology and Service companies may only feel some taxation regulation, while everything else will remain the same. However, those innovative and export-oriented businesses suddenly will be cut from their suppliers and buyers.
SMEs need to adapt fast. Even though some of them started preparing for Brexit back in 2017, the expectations of a softer Brexit have begun to fade and SMEs need to find ways to help their business operations make the transition relatively easy, if not seamless.
Sadly, the problems do not end here. EU innovation and support funds for SMEs will be gone completely. The government assures entrepreneurs that they are working on replacement funds, but the uncertainty does not calm the situation.
Limited Talent Pool
Another problem from Brexit will be acquiring talent and working force. The EU, over the years, has produced great talented individuals who helped UK companies get more innovative and grow.
No More Free Market
As we mentioned before, those who work with export and import will find themselves closed from the free market. Not to mention the additional taxes and VAT they need to pay. For some, it will mean the end of their business.
While new trade deals are negotiated, SMEs need to adapt to the situation as quickly as possible, in order for the small business survival rate to remain high. Finally SMEs should explore all possible opportunities that promise to help them continue to thrive regardless of the uncertainties they are facing.
Our Survival Strategy for SMEs
We are a B2B platform that allows SMEs and entrepreneurs to find new connections and business opportunities quickly and easily. Whether looking for suppliers or buyers to your products and services, or simply a business partner, feel assured that on our platform, you will find your perfect match. Built by entrepreneurs for entrepreneurs! All you need to do is to create a profile, input keyword, location and industry and all the matches from that area will appear. Send an invitation to connect and start a partnership that will last forever.
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