Brexit is coming whether you want it or not
They’re some of the stark findings from a new survey from R3, the insolvency industry’s trade body, when 1,200 senior decision makers of companies of all sizes were asked about their business preparations and those of their supply chain.
This is in contrast to the larger companies where fewer than one in 20 have failed to check if their suppliers and customers are ready if the UK does leave the EU on 31st October.
11% of respondents were ‘very concerned’ about the findings of their preparedness investigations and another 22% were ‘somewhat concerned’.
Duncan Swift, R3 President, said: “It’s a serious worry that a third of UK businesses feel they’re exposed to a supply chain risk as a result of Brexit.
“It’s all very well making sure that your own business has put adaptation plans in place, but these plans might not help if the businesses you depend on – customers and suppliers – are unprepared.
“Businesses which don’t understand how Brexit will affect their supply chains are at risk of sleepwalking into trouble.”
The survey also found that while small businesses, those with under 49 employees, were the most unprepared only 3% of large organisations were in the same situation.
Companies in the manufacturing sector were the most concerned over supply chain preparation, or lack of it, with 37% registering a concern while retailers were the most reassured with only 28% claiming a concern compared to 46% who said they were satisfied with their preparations.
Brexit is an example of businesses that might think they have all their ducks in a row when it comes to planning but if anything happens to their main supplier or buyer then they could suddenly be plunged into an emergency through no fault of their own.
Contact us to arrange a free initial consultation with one of our expert team of advisors. We can help identify any weak points in your business financial defences and help you shore them up before you need to rely on them.