Since the announcement of Brexit, members of the public have announced their various opinions. However, in the wake of the events, lets consider some of the opportunities that await the UK after leaving the EU. If you are a business owner, read on for some of the potential benefits to UK businesses in the near future.
In the wake of Brexit, we experienced an uproar regarding the fall of the value of Sterling. What it means for tourists outside of the UK however, is that they can now get more Sterling for their currency. Thus, making the UK a cheaper and much more desirable place for those outside of the UK to come and visit. This is especially great for those running a business who have a heavy focus on tourism.
Whilst the value of Sterling may have fallen in the wake of Brexit, the flip side of this means that the cost of exporting may be much more favourable for UK businesses. Not only this, but more freedom and flexibility could be seen for making trade deals with countries outside of the EU such as the US and China. Great news for businesses who are looking to expand internationally.
Whilst there is worry surrounding the future of EU workers within the UK, businesses may see more flexibility for employing staff located outside of the EU. This opens up a much deeper talent pool for employers. Furthermore, the possibility of a new scoring system means that recruitment could become more filtered. Thus, bringing in more skilled and qualified employees to the UK.
The after effects of Brexit may not favour the big, multi-million corporations. SME’s however, could be set to take all of these changes in their stride. Start-ups regularly need to demonstrate adaptability. And it’s this behaviour in particular, that is going to be essential to the survival of a business during these uncertain times. It’s certainly not about dwelling on the effects of Brexit. It’s about curve balling the changes into something that will benefit your business.
No more Red Tape Regulations
Being a part of the EU means that UK businesses are subject to compliance of EU regulations. This in itself, can cost UK businesses a lot of money. A lot of business owners have become undoubtedly frustrated by some of these regulations. However, the changes that may come in the wake of Brexit could make it much easier for small businesses to scale and grow their companies in a way that wasn’t possible before.
Views and opinions are understandably mixed on the effects of Brexit and what it means for UK businesses. Not every change could be a positive one. But those businesses that will see success are the ones that will take Brexit in their stride, and use its effects to adapt and keep their business thriving during these testing times.
Looking for more Business Law advice? Check out our other blogs here.