LEGAL


Preparing your business for Brexit


March 2019, when negotiations are due to end and the UK could officially leave the EU, may seem a long way off but those businesses that do not prepare for the impact of Brexit now could find themselves on the back foot, says the East Midlands’ office of financial and business advisers Grant Thornton UK.


Since the EU referendum last June, many companies have felt little effect beyond a substantially weaker pound. However, it’s vital that companies are not lulled into a false sense of security and instead use the two-year negotiation period to future-proof their business, as Chris Frostwick (pictured), Partner and Practice Leader at Grant Thornton’s East Midlands’ office in Leicester, explains. It’s been almost a year since the


Brexit vote and despite uncertainty over the future, the economy has generally held firm, with many companies taking a ‘business as usual’ approach. However, businesses need to


prepare for the various scenarios which could arise to ensure they


are agile enough to adapt to change as it unfolds. The impact of Brexit will be


different for every organisation but there are a number of common areas that businesses should review to help protect them through the transition period and beyond:


FUTURE-PROOFING • Understand your company’s touchpoints with the EU – such as people, goods, services, financing and regulation – and exactly how changes could affect operations and financial performance


• Explore new business models, markets and ways to source labour and develop existing employees to minimise inefficiencies now


RE-THINK TRADING • How will currency fluctuations and potential changes to customs duties, administrative approvals, compliance processes and standards affect your business?


• Review supply chains, identify which customers and suppliers might be affected and ensure contingency plans are in place


• Test and, where necessary, update growth strategies


• Explore new markets. First movers will have an advantage so think ahead


SHAPING THE WORKFORCE • Update workforce plans considering the scenario of reduced access to EU workers • Review employee remuneration


packages with a focus on non- cash benefits to remain attractive to international talent


• Consider the Apprenticeship Levy as a low-cost opportunity to upskill your workforce


• Clear leadership is vital in uncertain times


ADAPTING TO CHANGE • Take a board-level assessment of the potential financial risks and opportunities presented by Brexit and how these will be managed


• Communicate these clearly to maintain stakeholders’ confidence


• Consider how operating models may change as Brexit unfolds, what are the tax implications and will administrative burdens alter?


Since 1998, Nitto Denko UK Ltd., has been setting the global standard in the material conversion industry. Converting more than one million parts per day, Nitto Denko UK Ltd., has the experience and a customer driven work philosophy to help you manufacture the highest performing components for your industry. In 1999, we became ISO/QS9000 registered. Then in 2006 we became certified to TS-16949, we also achieved our ISO-14001 certification in Jan 2010.


Mission Statement 'contribute to customers' and value creation with innovative ideas' What we do:


• Converting of Nitto materials and other Japanese & European materials, trading worldwide. • Dealing directly with OEM's and major tier 1 suppliers in the automotive industry. • Our company philosophy involves extensive customer service and high quality in our products and procedures. • Belief in the importance of quality allows us to continue our dedication to quality improvement. • Importantly, we place safety before everything else.


Please contact us for further information, the following personnel have a wealth of industry experience between them and would be happy to deal with your enquiries:


Matthew Carless - EMEA Japanese OEM Team Leader Telephone: 07415 384690 • email: matthew_carless@nittoeur.com Danny Draper - Operations Manager Telephone: 07432 141324 • email danny_draper@nittoeur.com


Nitto Denko UK Ltd, Sunrise Building, Crown Farm Way, Crown Farm Industrial Park, Forest Town, Nottinghamshire NG19 0FT Telephone: 01623 415500 • W: www.nitto.com


business network June 2017 49


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