In the wake of the unexpected Brexit victory, we have been mulling over the ways in which we can benefit from the decision as a small business. As an advocate for start up brands, we want to take a positive outlook on this seemingly negative outcome. Although it may not have been the preferred result, we are determined to use this time to grow & improve our small business to be in the best position for when Brexit starts to take effect.
1. DON’T PANIC
Despite the recent victory of Brexit, there will be no changes until Article 50 has been triggered, then negotiated & approved by the 27 remaining members of the EU. These negotiations are meant to be completed within 2 years, though some experts believe that it could take up to 10 years for the UK to exit the EU & for any changes to be seen.
2. STAY LOCAL
Use the next 2 years (or it could be 10, who really knows!) to improve & grow your UK based relationships. From finding British based factories to networking with fellow homegrown businesses, use this time build strong & lasting relationship that will benefit your independent business in the long run.
3. THE BENEFITS OF INDEPENDENT
As an independent business, you will be lesser affected by any changes made to the UK Tax regulations due to the implications of Brexit. So make the most of your small business status to help you thrive in the wake of predicted upcoming economic change.
4. THE SINGLE MARKET
As the UK leaves the EU, we will no longer be a part of the Single Market that reaches across Europe, allowing the free movement of goods and services without any internal borders or other regulatory obstacles to overcome. Though Norway is not a member of the EU, they are still able to trade within the Single Market due to a previous agreement. It is possible that the UK will be able to follow suit & benefit from a similar agreement that could help to stimulate competition and trade, raise quality, help cut prices, & improve efficiency outside of the EU.
5. SMALL BUSINESS POTENTIAL
Generally speaking, small businesses tend to charge less for their services in comparison to say larger, corporate organisations. This is an element that could work to your advantage as a small business if there happened to be an economic downturn in the wake of Brexit. Businesses across the spectrum may be looking to lower their outgoing costs, which is where you can present yourself to cater to their needs. From affordable PR to low cost Graphic Design, your skills could be of great use in the coming years.