Brexit: managing uncertainty. As the UK’s Brexit deal heads to Parliament, guest blogger and Greater Birmingham Chambers of Commerce (GBCC) CEO Paul Faulkner shares his thoughts on how businesses can best manage uncertainty.
There are just under four months until the UK leaves the European Union – which is not long at all in business planning terms.
Amid resignations, political jousting and a confusing 585-page document, it is little wonder that businesses are struggling to find much-needed clarity when it comes to the miasma that is Brexit.
And let’s not forget the thousands of pages of Brexit-related advice published each day to further add to the noise and confusion.
Research released by the British Chambers of Commerce reveals that 62 per cent of West Midlands firms have yet to carry out a risk assessment of how Brexit might impact on them.
Indeed, these are uncertain times.
That’s why the Greater Birmingham Chambers of Commerce are doing our best to guide businesses through these choppy waters.
Our Business Brexit Health Check has been published and aims to cut through the fog by providing businesses with a personalised report, as well as providing them with the practical information they need to ramp up their preparations.
Andy Dawson, Director and Co-founder of Curium Solutions, adds, “Brexit has already impacted on business confidence and we know that more uncertainty lies ahead. The chamber is doing a great job in supporting local businesses and this is an excellent tool to use as part of your preparations for the next 12-24 months.
“However we leave the EU and whatever the consequences for the economy, we know it will drive change. Organisations and leaders will need to be more agile, resilient and focused that ever.”
The uncertainty regarding the proposed Withdrawal Deal has highlighted how important it is for companies to be as informed and prepared as possible.
Our tool shows businesses where they may be exposed to Brexit related changes and signposts to relevant Chamber materials highlighting what we know so far about two key scenarios on the table – the draft withdrawal deal and a “no-deal” Brexit.
While clarity on the final Brexit outcome remains elusive there are practical steps that businesses can take now to understand how Brexit may impact their business and reduce their exposure to potential risks.
Of course, while comprehensive, this tool cannot cover every possible Brexit related impact for businesses. But it does provide a lot of useful insight into the core areas exposed to Brexit related change for the majority of businesses and will be continually updated with the latest available information.
Brexit is the largest fundamental shift in the UK’s trading and political relationships for a generation.
The Health Check is all part of our mission to inform businesses on Brexit facts as they become available.
Curium Solutions is the 2018 GBCC Business of the Year.