Brexit is done…on the 1st January 2021, the UK officially left the European Union.
Brexit alone is a significant shift in the status quo and will require businesses to adapt. Yet we’re now managing the Brexit transition in the midst of the COVID-19 pandemic.
The UK government has created this useful diagnostic tool to help business owners better understand how Brexit may affect them and what they can do to prepare.
You can jump ahead to the sections you’re most interested in, using the links below:
For many UK businesses, COVID will have a bigger impact. This doesn’t mean we should ignore Brexit, even though the consequences of Brexit may not be felt so acutely until further down the line. COVID has entirely changed the context of Brexit. Brexit and COVID both bring their challenges – and it may be that the impact of one compounds the other. (Hence Brexit x COVID and not Brexit plus COVID).
We will feel the impact of Brexit in ways we’ve not thought about, for longer than we imagine. Whilst the next few months will present challenging trading conditions, there will be opportunities arising. As business owners, we have a great opportunity to show our teams, our customers, and our community our true value. This period will pass and the aim is that your business is in the best shape possible when it does. You’re not alone. Take care of yourself, your team, your clients, and your community.
Monitor your cash position frequently and make decisions now that will improve your cash position longer-term
Engineer your business for profitability and revise your business model if needed
You’re not alone in this and lots of people are looking to you for leadership
Below, we’ve developed a framework for businesses to work out how to manage Brexit in the context of COVID, or ‘Brexit x COVID’:
This is what we’re doing to bring us all together to support each other through this and to extend a (virtual) arm around you. If you’re a Wow client and would like to find out more about any of the initiatives below, please email your Wow Accountant. They’re all part of your Wow service.
We want your business to be in the best possible shape. With this in mind, we’ve launched a series of workshops for Wow clients only. The Wow Workshops are small group workshops that are practical, collaborative, and hopefully inspiring!
‘Friend in need’, Wow’s Mental Health Support Network is designed to support the wellbeing of you, your family and your team. The service includes a 24/7 helpline run by experienced therapists and advisors and a range of online services. The ‘Friend in Need’ programme is powered by industry leaders, Health Assured.
We realised that HR advice was needed for resourcing plans through Brexit x Covid. We’ve arranged for Wow clients to be able to call and get free advice on any HR queries they have. We've emailed all Wow clients the details on how to access the helpline.
There are many ways we can help you, here are a few options:
The resources contained in our Brexit Support Hub are intended to help you and your business and are no substitute for professional HR & legal advice. Each business is different and you should get professional advice relating to your specific circumstances. If you’d like to be put in touch with someone, please let us know.
Book a call at a time that suits you