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How can SMEs prepare for Brexit?


With Brexit looming, it’s very difficult to say what the situation in the United Kingdom is going to be after March 31st. There are some very simple ways that businesses can prepare for the change, regardless of what happens between Westminster and Brussels. Here are our top three tips on how SMEs can prepare for Brexit.

1. Figure out your finances

There has never been a better time to start counting the pennies. Making sure your finances are in order is vital for businesses, but budgeting carefully for new projects and ventures now may save you some stress later.

If cash is a little thin on the ground, check out our funding roundup for a ton of different grants your business could be eligible for. It’s also worth checking with any funding bodies you’re currently receiving assistance from, to see if they’ll be any changes in the coming months. You can also check funding guidance on the government website.

2. Double check your data
There was a huge debate about data with GDPR coming into practice, and with our exit from the EU on the horizon it’s likely that we’ll be discussing it a lot more.

The government website recommends the following steps to take in regard to data protection, which includes continuing to abide by GDPR standards, review your data flows to and from the UK, and reviewing your operations in Europe (if you operate there, that is). If the thought of GDPR still makes you feel a little nervous, our friends over at Cyber Shelter will be happy to help.

3. Engage with your employees

If you employ anyone from outside of the UK, it’s worth checking out the EU settlement scheme. This document is available from the government website, and it essentially walks you through your responsibilities to EU employees, as well as information on their right to work after Brexit.

According to the document, ‘Current ‘right to work’ checks (e.g. passport and/or national identity card) apply until the end of 2020. There will be no change to the rights and status of EU citizens living in the UK until 30 June 2021.’ Familiarising yourself with the EU settlement scheme is a great way to prepare yourself and your employees for Brexit

Take the quiz on the government website to find out how best to prepare your business


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