1. Accept that Brexit is a reality
The Prime Minister has committed to it and charged three Brexit supporting MPs to deliver it. The European Commission, European Parliament and European Council have all said there is no going back. The people were given their say and the majority voted to leave. There are those that will try and throw a spanner in the works, but momentum is growing – even if departure is still a little way off. Anger is subsiding (a little) and a few rays of optimism and acceptance among many people about new trade deals are starting to appear.
2. Know your business and how it depends on the EU (or doesn’t)
The regulatory environment in which you operate might fundamentally change. It also may not. While you may be surrounded by uncertainty, you can at least be certain of your own business and where you are exposed to risk.
3. Have a strategy and be prepared
What is your overall strategic aim? Where do you want to be in 5 – 10 – 15 years’ time? Do you need the EU to deliver this or can you survive without? What are all the possible Brexit scenarios and how will they impact your strategy. With politics as it is right now, nothing should be discounted.
4. Do something about it
Negotiations have already started. UK, EU and Member State negotiators from all sides of the table are deciding what their priorities are, which key industries to protect or punish and what can be left to the bottom of the list to be horse-traded away. If your Company or sector relies on the EU regulations or markets as part of your business model, you will need to fight to make sure your industry is not left until last. There are opportunities as well as threats. Now is the time for first mover advantage.
This was written by our Brussels and Berlin based associates, IDA Group. Working with them we can identify your business needs and develop and deliver a strategy to ensure you are fully aware of all developments with Brexit and have input to the Government’s plans as well as to EU institutions and member governments.