Time to lift the head from the sand: Manage, don’t avoid. Brexit uncertainty

52,471 EU laws have been introduced since 1990. How many of those laws will stay in force in the UK after the ‘Great Repeal Bill”? How many will go? The truth is no-one yet knows. There are 52,471 areas of uncertainty facing Britain right now.

 

How many of these 52,471 impact on your business? Do you see laws you want to keep in Britain that if thrown out with the bathwater would severely impact your business? Do you know how to lobby to keep those laws?

 

Conversely, are there laws that you would line up against a wall and put a bullet through them? Do you know who can organize that for you?

 

It is apparent that many UK companies are simply burying their head in the sand and allowing uncertainty to wash over them. Consequently new opportunities are missed and new threats created. Head burying could be a very dangerous move.

 

Laws are not the only risks to be managed and opportunities to be grabbed from Brexit. Consider the threats to your staffing and supply chain:

– currency fluctuations

– price fluctations

– potential loss of labour

– risk assessments

 

Construction companies in particular have always had a robust domestic industry with plenty of property development, labour force and investment. This has made the industry confident that money will come their way. But we are now seeing instability in both the labour market (with more uncertainty of EU tradespeople which make up 8% of the UK market place) and decreased rental yields dampening long term construction projects.

 

With adequate risk management, companies can prepare to understand from where the potential loss of labour can be replaced and prepare for softer markets.

 

What if you supply a construction company or its labour force? What if you provide concrete, nails, coffee, sandwiches or uniform cleaning? Have you figured out the Brexit impact on your customers and how it might impact you?

 

We at Griffin Law understand why many people bury their heads in the sand. But through our Brexit Advisory Services we coach people on how to look out for opportunities and threats in this changing market.

 

This is not a time to avoid the uncertainties, it is time to manage them.

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