The events surrounding the upcoming Brexit have taken centre stage in recent days. While the entire process seemed to be rather clear in the beginning, nothing could be further from the truth at this point. The outcome is now muddled and it is looking increasingly likely that a no-deal exodus might be lurking on the horizon. While there is no doubt that such a move will have international consequences in regards to trade and foreign relations, how might it affect businesses? Is there any reason to be worried and if so, what approaches will help to stave off any volatility that could soon be upon us?
Brexit: A Real Concern or a Paper Tiger?
This question has been debated since the motion was first presented to the population of the United Kingdom. In truth, there are indeed some very real concerns. The value of the pound in relation to other currencies, the status of UK nationals living abroad, the possible strapping of existing EU trade agreements and the appearance of the United Kingdom on the world stage are a handful of issues which are far from being easily resolved. Still, let’s narrow our concerns down a bit.
Will the average business be affected? The answer to this question primarily involves its scope of operations as well as if its customers will choose to “tighten their belts” when such uncertainty comes to pass. It is reasonable to assume that there will be many market shakeups; mostly associated with international firms such as those listed on the FTSE. Although small businesses might feel an impact too (such as those involved in the exportation of goods abroad), this impact should be limited. However, might there be an opportunity for growth during such uncertain times?
Thinking Above and Beyond
Many local businesses which are looking to get a “leg up” in regards to the Brexit are beginning to implement enterprise ecommerce solutions which deal with a much larger customer base without sacrificing their inherent sense of efficiency. To put this another way, firms are choosing to maintain their current operations while simultaneously expanding to foreign markets. Why does this make sense?
We once again need to return to the issue of currency exchange rates. If we assume that a no-deal Brexit is an inevitability, UK products and services offered to foreign customers will be cheaper to purchase if the pound falls (as predicted). This could represent an excellent opportunity for businesses which are looking to experience a substantial amount of growth during 2019.
Still, such a state of expansion cannot be achieved through the use of outdated e-commerce platforms. A growing number of entrepreneurs are leveraging the benefits associated with Shopify Plus due to its user-friendly nature as well as its innate sense of flexibility.
In truth, no one possesses a crystal ball in regards to the Brexit outcome. It is still wise to plan ahead so that you can stay one step ahead of the game.