As a commercial finance brokerage, we have experienced an influx of calls from UK SME’s worried about what Brexit really means for their business. There’s no doubt that Brexit has been a disruptive force for small businesses. But is this a force for good or bad?
With so many conflicting opinions, it can be difficult to gage how Brexit will affect SME’s and how you need to prepare. In the meantime, Think Business Loans breaks down what Brexit could potentially mean for small to medium enterprises and the best way to prepare for January 31st.
The good
With many SME’s undertaking a ‘business as usual’ attitude, it’s no wonder businesses are still optimistic about what change Brexit will bring to their chosen markets. Research conducted by Huthwaite International reveals 51% of businesses believe Brexit will have a long term, positive impact.
Despite the uncertainty that shrouds the UK, it seems many SME’s have prospered in spite of the Brexit woes. A survey conducted by OFX found 48% of respondents had increased international sales, with an additional 26% expecting to start or increase exports in the next year. It’s clear for many businesses, Brexit brings hopes of prosperity, with many reaping the benefits before the January deadline.
The bad
Unfortunately, Brexit doesn’t spell good news for everyone. According to the Independent, businesses will be hit by Brexit as the government warned manufacturers that “there will be no alignment” with EU rules. The government will no longer support businesses that favour EU rules as firms have had three years to prepare for a new trading relationship. Businesses likely to suffer are:
Catering- Hospitality
- Start-ups
- New Businesses
- Automotive
- Manufactering
- Pharmaceutical
As a result of this, businesses are now being urged to get the financial backing they need in order to prepare for the changes that lie ahead.
How a commercial finance broker can help
As a commercial finance broker, Think Business Loans recommends UK SME’s take action in order to better prepare for Brexit. The deadline is Friday 31st January, which means now is a crucial time to apply for the funding you need to secure your business. Our Lending Managers are able to get you the money you need within 24 hours of your application approval to ensure you meet the deadline. If you would like more information on how commercial funding can benefit your business, get in touch with our commercial finance brokerage today on 0203 880 9880.
