As a nation, we’ve been debating the pros and cons of Brexit for what seems like a lifetime. And as the deadline moves ever closer, it feels like we’re still no nearer to knowing what a post-Brexit Britain will look like. So, in the interest of trying to bring a little clarity, we explore three ways the UK leaving the EU could be good for our small and medium-sized enterprises (SMEs).
The cost of importing goods from the EU will inevitably increase. Savvy consumers will take note of price hikes on their favourite EU products and this will surely drive demand for cheaper, local alternatives. Smaller producers especially will find opportunities that were previously out of reach in greater supply.
It’s not just consumers that will start to shop local. Private businesses and the public sector will also change their buying habits. The public sector will find itself needing more support from UK SMEs, as work and contracts previously fulfilled by the EU will need to be handled here.
The UK won’t become a closed book. With the pound being devalued against other currencies, the lower cost of UK goods and services abroad will make them more attractive overseas. This will mean SMEs will need to adapt and utilise the internet and using e-commerce to sell goods could penetrate markets that were not available to them when the UK was part of the EU.
Fresh Thinking Capital believe the outlook for UK business is far from doom and gloom. This creates ample opportunities for entrepreneurs/business owners to take advantage of the changing climate. Yes, things will be different and there’s a lot of hard work to be done before we arrive at a new norm. But one thing is clear today, and that is SMEs, with their ability to adapt quickly, have the opportunity to be a guiding light for the business landscape as a whole.
Fresh Thinking Capital are very much open for business to provide funding for the many opportunities.