While unimaginable for many businesses out there in the UK today, the prospect of a no deal Brexit is growing in likelihood. Now, all sensible firms are finding themselves preparing for what was once perceived as the unthinkable,
Consequently, a series of contingency plans are needed if businesses are hoping to ride out this bout of foul luck. This takes place largely in the stockpiling arena, as firms everywhere slam the breaks on innovation and focus instead on survival.
Therefore, here’s how businesses are trying to survive a no deal Brexit by stockpiling the following essentials.
Obviously, a business needs money if it’s to stay fully operational. Of course, the effectiveness of this strategy depends largely on the status of a business; an SME, for example, might struggle to keep pace here. There’s a lot to fund, and unfortunately when times get tougher, it only gets harder and harder to keep it all going.
Some company’s will undoubtedly seek financial aid from elsewhere in order to keep themselves afloat. After all, businesses such as Liberis are always willing to help when times are tough, so no doubt corporate funds are being padded out and strategically organised through such services. Ultimately, it’s important that companies stay on top of their finances during economic turmoil.
What’s money needed for? Resources! Should a no deal Brexit occur, then firms will find themselves keeping their cards much closer to their chests. They’ll be less likely to take enormous risks or strike up ambitious trade deals with partnering firms. Instead, they’ll hoard and preserve, trying to retain everything they’ve got until the economy stables itself somewhat.
The main resources businesses will want to preserve are at the core of their operation: staff, company premises, insurance policies and equipment, etc. This is what all the money they’ve stockpiled will ultimately go into maintaining. A loss of any of these things will cause a loss of another, so it’s important they’re all taken care of should Brexit pack a harder punch.
Well many might assume a business will try to sell everything it can to make as big a profit as possible, the rules change slightly if something like a no deal Brexit comes along. These products are longer about profit, per say, but survivability. Each thing sold can add to the lifespan of a struggling business during an economic downturn. In this respect, products need to be stockpiled as the lifeblood of a firm.
Ultimately, this all squares back down to patience. The right sell at the right time can change the game for a struggling business, whereas mass sales at discounted prices for some quick money can cut short their likelihood of success. Strategy and a sense of calm is needed here to maintain a steady, healthy cashflow, instead of a sudden, temporary growth spurt the firm can’t manage when no deal Brexit rolls around.