According to the latest research, 54 per cent of UK small and medium-sized enterprises (SMEs) are not prepared for Brexit.
The figures come from the Q3 SME Confidence Tracker by Bibby Financial Services and found that 3.1 million businesses had not prepared for the 31 October 2019 Brexit deadline, which has now been pushed back until 31 January 2020.
SME exporters have responded to uncertainty around Brexit with more defensive measures, such as stockpiling goods, with 15 per cent of SMEs admitted they did so, while 20 per cent stated that they have built up cash reserves this year.
There has been some concern from experts that many SMEs haven’t taken action to prepare for Brexit, despite a Government awareness campaign and two previously slated Brexit dates.
Edward Winterton, UK Chief Executive at BFS, said: “While we empathise to some extent with SMEs in this situation, failing to prepare leaves businesses on the backfoot in comparison to some of their peers which could have meaningful and long-lasting effects on the health of their business.
“If the UK economy is to realise its potential then SME confidence must be restored through clarity from Government.”
It’s pivotal that you ensure that your business is prepared for Brexit. There will be a plethora of administrative changes that businesses must be aware of after the UK leaves the European Union, whether that is with or without a deal.
It is important to know whether your firm is ready for customs checks, customs duties, VAT changes and accessing potential new markets, to maintain current performance levels and take advantage of any new opportunities post-Brexit.
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