Seven steps to prepare your business for Brexit

Whether or not you expected Brexit to go through on Boris’s Halloween promise, the fact is that businesses would be faced with a similar level of uncertainty if the deal had gone through then, if it goes through in early 2020, or if we end up with the dreaded no-deal. New decade, new rules.

One thing that is becoming evident is that business confidence has slumped to its lowest level in the past 10 years. This is according to the latest Institute of Chartered Accounts (ICAEW) “Business Confidence Monitor,” whose findings show a steep drop compared to three months ago. Understandably, this negativity is largely due to everyone’s concerns over Brexit, coupled with the current political instability here in the UK, plus global factors further afield such as the trade situation between the US and China.

No one actually knows how things will pan out, but what we are acutely aware of is that businesses need to be prepared for a potentially rough ride. We’re not saying that things definitely will be tough, but it makes perfect sense to prepare for a worst-case scenario. After all, good business management encompasses many of the issues that could arise – such as cash flow issues, ensuring systems are working at their optimum efficiency and generally staying ahead of the game.

What you can do to protect your business now

 It’s essential that you prepare your business for the tough times that could be facing you from 2020 onwards.  Here are some tips, but if you’d like a more tailored review of your business practices and the ways in which you can improve, click the green button for a complimentary, no strings chat and our business development team will happily give you some personalised strategic advice.

1. Keep a cash buffer
Think about where you’ll get cash if you need extra funds. Imagine, for example, if your sales are affected by the uncertainties of Brexit, or your customers can’t pay you. We can offer various options to help.

2. Register for simplified import procedures
If this applies to your business, register now! We can help you with strategies such as reviewing your VAT terms so that you don’t have to settle your VAT and duty payments on imports, meaning your cash flow will improve.

3. Get to know MOSS
The “mini one stop shop” (MOSS) will affect the way sales of digital services to the EU are dealt with for VAT purposes. We’ll tell you more about this nearer the time.

4. Review your contracts
You’ll need to ensure that contracts and international T&Cs reflect any relevant changes after Brexit, so it’s worth taking a look at them now.

5. Explore new markets
New trade agreements are being discussed at the highest levels. With the possibility of ongoing trade with European markets being affected, this is an excellent time to research new client bases.

6. Forecast properly
Keeping a regular eye on your business forecasts allows you to tweak your business plan according to the highs and lows that will naturally follow. This is exactly why we hold review meetings with many clients on a quarterly basis – it allows us to address any potential issues before they become problematic. Good planning is simply good sense.

7. Know your workforce
Be aware of any members of your team who may be affected by Brexit. Do workers from overseas know the steps to take to register as an EU citizen working in the UK? Think about the skills and labour your business will need over the next few years and consider how you’ll ensure you have the best staff for the job. Our HR department would be happy to advise you on any grey areas.

These are just a few of the issues you need to consider. The list of things you can do to prepare goes on, so it’s definitely in your best interests to find out how your industry – and your business in particular, may be affected.

We’re always on hand to help you work more efficiently, so shout if you need us, and our award-winning team will be happy to step in with advice, guidance and a nice cup of English tea.

Beyond Accountancy

At Nordens, we're more than just accountants - we're business experts who can help you achieve your biggest goals.

Nordens Strategic

Our specialist strategic division at Nordens boasts some of the leading entrepreneurial business minds in the country. We cater towards delivering consistent success stories, whilst helping businesses achieve above and beyond their initial goals.

Through highly-tailored guidance, coaching and advice, Nordens Strategic are able to define exactly how your business can reach new levels of success.

Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we’ll steer you along the path to a greater future.

Accounting 2 You

Every business, no matter how big or small, needs to make the right decisions, and how to best manage your accounts can put huge question marks over your business. Accounting2You is here to take that pressure off and provide you with all the answers you need.

Our bookkeeping branch offers a fully inclusive, comprehensive service that you can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of both individuals and small businesses.

With experts in payroll analysis, credit control and financial recording, Accounting2You will lead your business efficiently, and with real purpose, towards a prosperous future.

Voted as EXCELLENT - 9.9 out of 10 based on 167 reviews

Chris Dyer

Director - Metro Bank

Nordens are always very easy to deal with and extremely professional and efficient. I would have no hesitation in recommending them to my clients for their accountancy needs, no matter how complex they may be.

Read more reviews on Trust Pilot

Jamie Brown

Co-Founder - Chicmi Limited

Very good to work with - the team go above and beyond to make the accounts easy and efficient. They're all super friendly and a joy to work with.

Read more reviews on Trust Pilot

Simon Rose

Director - Rose Opticians

I have been using Nordens Chartered Accountants for 5 years and very happy with the service provided. All members of the team are very knowledgeable and have a wealth of experience which has proved very beneficial to my organisation

Read more reviews on Trust Pilot

Rebecca Bossick

Founder & Director - Physio LDN

Very easy to contact and put me in touch with the right person whenever I need to ask any questions. Extremely knowledgeable and can help me manage my various businesses whenever I need.

Read more reviews on Trust Pilot

James Aconley

Principal - Pauline Quirke Academy

Great accountants, always available to offer advice. The team have transformed my business.

Read more reviews on Trust Pilot

Christopher Wilce

Founder - Dataphone

Having worked with Nordens over the last 5 years, not only to look after my annual accounts but they have also provided outstanding professional advice. They have guided me through a Company share buyback with clear and objective advice. We have also been using Nordens strategic services for a couple of years, which has helped bring about significant improvements that exceeded my expectations. With experience of working with several local accountants over my 29 years in business, I’m very pleased with the service I have received from Nordens.

Read more reviews on Trust Pilot

Dave Hodges

Director - Linekers

Trusted our business with Nordens for over 10 years now and watched the company grow into the successful innovative business it has become today. Deservedly so. Every aspect of financial advice we need is always given promptly and with a smile. We have total confidence in all aspects of advice Nordens give. If you are looking for accountants, its a no brainer!

Read more reviews on Trust Pilot

Tony Charles

Founder - Foundation Sports Limited

A fantastic, modern, vibrant firm that care about the clients and their staff in abundance. It is rare to find an Accountancy firm with such vibrance and focus and relationships. It is no wonder they win award after award in their field.

Read more reviews on Trust Pilot

Peter Horlock

Managing Director - Prime Time Boilers

I have been with Nordens for many years now and they are a great accountants.

Read more reviews on Trust Pilot

Simon Cushing

Founder - Vivid Finishes

We have used Nordens for the last 5 years and have had a great service throughout. The guys are very passionate about what they do and have played a part in the growth of our company, highly recommended.

Read more reviews on Trust Pilot

Andrew Martin

Managing Director - AMD Interior Architecture

Great Service at Nordens from a friendly very approachable team Particularly Kirsty Willis and Joe Sword who have been helping us since we started the business in 2016.

Read more reviews on Trust Pilot

James Robinson

Director - Forma London

Nordens provide a first class service. We moved to Nordens last year and have been impressed with the level of service provided. Keep up the good work!

Read more reviews on Trust Pilot

Latest News

We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.

Changes To National Insurance…
National Insurance is the bedrock of the state system, basically a tax on all earnings and self-employed profits from an individual. National Insurance Contributions (NICs) can be a confusing and complex situation for many, not...
Do You Need An…
We can all understand that the sharing or sale of an asset can be a complex process, especially when this isn’t done in the most amicable of situations. In order to make sure the process is as fair and unbiased as possible, an ...
Nordens TV

We love making videos that break down convoluted accountancy jargon into plain-talking, actionable and accessible facts.

Tax On Cryptocurrency? –…
I’m sure plenty of you have heard of cryptocurrency, especially the popular variants of Bitcoin, Ethereum, Litecoin and Cardano to name but a few. In fact, there’s thousands of different coins and tokens in circulation, with ne...
10 Easy Ways To…
Growing your business can often be an overwhelming and complex task, however by simply following some key guidelines you’ll place yourself in the best position to advance and cultivate success. Check out our Top 10 ways to grow...
  Why I Founded Nordens
Accounting 2 You

In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier. The difficult part, for me, was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.

Mark Norden Signature

Mark Norden

We're Professionally Certified

Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). We worry about the bye-laws, regulations and ethical guidelines of the ACCA so you don’t have to! That makes us an ACCA-accredited employer as well as a Professional Passport-accredited one!