The NMTF guide to Brexit for market traders
With Brexit having taken place on 31st January 2020, the UK has now officially left the EU. But what does this mean for businesses? It’s important for businesses to understand how Brexit affects them and what they need to do to be prepared. This article summarises the different areas businesses need to look into so that they can be ready. The categories are – Product, Price, People and Preparation. There is a link to the full guide to Brexit for market traders, which was created by NMTF at the bottom of the article.
If you don’t have the product, you can’t sell it! Check with your suppliers – can you still buy from them? If outside the UK, what are the new procedures? If inside the UK, has anything changed in their processes? Checking what your supplier’s post-Brexit plans are will ensure you won’t get hit with any nasty supply problems down the line.
Many retailers are expecting that Brexit will have an impact on prices, so this is something that traders need to be aware of. Check for any changes in tariffs, currency conversion rates, and any price changes for high-demand products. There are some advantages to this, for example if you are able to sell your products at the same price as before then make sure you promote this!
Businesses are made up of people, so it’s important that you check in with your employees. Make sure to address any issues such as if they can stay and work in the UK after Brexit or if there are any other problems you can help them with.
The most important thing for any business is preparation, but now more than ever traders need to make sure that they are prepared for any eventuality. Think about how you can be more flexible and adaptable to the new situation and allow yourself and your business plenty of time to get Brexit ready.
This summarises advice from the NMTF to help market traders get ready for Brexit. You can read the whole article here.