Are you Brexit Ready?
Brexit is probably the most overused word in the UK at present and one that is consistently newsworthy but a blot on the business landscape. No one can detail with certainty what the actual impact of this phenomenon will be, but what is clear is that organisations can simply not ignore it.
The UK is not due to leave the European Union until March 2019, but we are already feeling the impact of Brexit with the fall in the value of the pound, slowing of the UK economy and high profile businesses considering leaving the UK. The latest red flag is the uncertainty around the energy market - will energy bills rise and will trading energy across borders becoming harder?
The most successful organisations will be those who address the challenges early and ensure any issues are met with a planned and successful approach.
Rising raw material costs, increases to overhead spend and general uncertainty over supply chains are common challenges, and whilst the real impact of Brexit is largely unknown at this point, what is certain is that these issues place greater emphasis on the Procurement and Supply Chain. This is where the true value of these functions will be demonstrated, which will result in not only risk mitigation but profit and loss contribution.
Simon Smith – CEO of BrightSourced has this advice:
“Implementing a “Brexit risk assessment” will ensure the “Brexit effect” is largely avoided by your organisation. I would recommend a full and comprehensive approach to Supply chain risk assessment, implementation of disaster recovery plans, cost reduction in an accelerated manner and historical auditing & recovery.
With just 4 months left until the UK officially cuts loose from the EU and the festive period to navigate too, instigating measures to mitigate risks early is the only way to prepare your business.”
Whatever the outcome of Brexit, mapping out your approach prior to March 2019 and applying measures to reduce profit loss will stand your business in the best position to withstand any issues that may rear their ugly head.
PRESS RELEASE CONTACT -
BrightSourced
Ms Cheryl Parry
Marketing Manager
cheryl.parry@brightsourced.com
01253 851818