Saying that Brexit has been a shock to the business world is an understatement. On June 23, 2016, British citizens decided to cut ties with more than 40 years of treaties and agreements covering thousands of different subjects, abandoning 25 years of common market.
Officials from the UK are meeting with other nations negotiating and defining what will happen in the post-Brexit era. But to replace the EU FTAs alone, the UK would need to establish 759 separate trade pacts.
As in any major disruption, companies have to stay sharp. There will be big winners and sore losers in this new scenario of opportunities and risks. What’s in it for you and your organization? Have you prepared?
One of the first steps to take for any company affected (those doing business in Great Britain post-Brexit) is to consider the cost of Brexit to your business by understanding your exposure to new risks and the constraints on ‘business as usual’.
Once realized, start planning your strategy to mitigate costs and generate better value and costsavings. Finally, you should identify new opportunities that could benefit your company.
Under the EU mandate, the UK was previously relying on common laws, standards, regulations, and trade agreements defined and negotiated from the EU’s governing body in Brussels.
Cutting ties with the EU Commission was a big motivator touted by pro-Brexiters, for better or worse. For businesses, that means a whole new world of regulations to understand and comply with: