| 2 min
July 7th, 2016
Following the UK referendum and the decision to leave, there has been much speculation, forecasts and uncertainty. But what can you do to ease the transition?
“Brexit” – It’s unavoidable really! Unless you’ve been living under a large and particularly remote rock of some sorts, you’ve no doubt read, heard and watched numerous opinions about the UK’s decision to part company with the European Union.
What does Brexit mean for you?
What can you expect for you and your business?
Avoid Impulse Reactions.
Following such a large, historic decision, there are always knee-jerk reactions and understandably; ‘uncertainty’ – it’s important not to be caught up in impulsive decisions, if it can be helped.
Take stock, and assess your current situation.It is unlikely for trade to be seriously affected for at least several years.
As time passes, it will become more and more clear what the state of affairs will be – it might be better to wait this one out a little…?
By its very nature, eCommerce may well be protected from a lot of the fallout of Brexit – as any web based companies have very little in the way of traditional borders, being accessible from anywhere in the world at any time – being part of the EU or not, won’t change this.
Will it affect my International Trade?
Immediate reaction to the news, saw the pound weaken.
From an economic point of view; a weak pound could make your goods cheaper to overseas customers. As a tradeoff, imports will be more expensive (think: less bang for your buck…err pound).
If you do sell into EU member states, be aware of currency changes.
This volatility won’t automatically spell bad news for you and your business, with the best advice being to keep an eye on the exchange rates and make sure any pricing structure is fair and more importantly works for your business.
Daily, or even more regular changes to price won’t be received well by customers – as they may well hesitate to convert to business – understandably really.
Most importantly, be open and honest with customers – they are far more likely to respond and accept any changes if you communicate with them.
Rest assured, whatever happens, Brave will be there right alongside you to guide and update you as much as we can.