Skip to main content

Mentoring and the Challenges of Brexit for UK Business

Rosia Bay Brexit Advice




Brexit: depending on your political stance, it’s a word that can have you nodding your head in approval or running for the hills. If you’re a business owner though, the situation is a little more complex.

 Following Theresa May’s formal declaration of the UK’s intention to depart the EU, many business owners find themselves nervously refreshing the mI ajor news websites for information on how Brexit will impact their livelihoods.
Depending on the sources you refer to, you’ll get a very different picture of the future, but the following guide gives a rough outline of what to expect.

Employees from the EU
Around three million non-UK EU citizens are currently living in the UK – 80% of whom are in work. Currently, it’s not clear how the status of these people will be affected after Brexit has been finalised; however, it may be that many European employees are given no choice but to return home.
Going forward, EU citizens coming into the UK for the first time are unlikely to enjoy the same employment rights. In fact, Minister for Immigration Robert Goodwill suggested back in January that employers may have to pay a fee of £1,000 per year for every skilled EU worker they hire after Brexit.

Foreign Investment
According to a recent survey by KPMG, the UK has become "a less attractive place to do business" following the Brexit vote. Non-UK companies now rank the UK behind four other nations when it comes to tax competitiveness, and the potential for foreign investment.

These companies appear spooked by the threatened loss of access to the single market. Without this access, UK companies will, for instance, face border inspections when bringing goods in and out of the country – and in an age when time equals money, that’s a huge deal for foreign investors.

The Economy
Before the Brexit vote passed, David Cameron warned that leaving the EU would lead to an economic crisis, causing house prices to fall and unemployment to rise. While we have seen a decline in the value of the pound, the UK economy still grew 1.8% in 2016, and unemployment currently stands at an 11-year low.
Ultimately, it’s hard to say how much the economy will be affected, but businesses that rely on borrowing should proceed with caution, preparing themselves for rising inflation and higher interest rates
.
But It’s Not All Doom and Gloom...

Reading the above may have you breaking out in a cold sweat, but there’s no need to panic. After all, a well-run business is one that can adapt to change and adversity, and learn how to turn challenges into opportunities.
If you own a business and you’re concerned about the coming changes, let Graphite Business Management carry some of the burden. We offer Business Coach and Mentoring services to SME, Plc, public and private sector clients across the UK, and pride ourselves on our tailored, practical solutions.

Powered by TCPDF (www.tcpdf.org)
Over the next two years, we can help guide your business through the rocky terrain of Brexit Britain, building proactive solutions to any employment, funding or investment challenges you may be facing.
Find out more about what Graphite Business Management can offer by getting in touch today. Rosia Bay 

Comments

Post a Comment

Popular posts from this blog

The Importance of a People Strategy

As a business owner, you may have a great product or service, a solid business plan, and an excellent marketing strategy. However, without a people strategy, your business may struggle to succeed in the long run. A people strategy is a plan for how your business will attract, develop, retain, and motivate the people it needs to achieve its goals. It is about putting people at the center of your business and making sure that they are engaged, productive, and aligned with your company's vision and values. Here are some reasons why having a people strategy is crucial for your business: Attracting top talent Your people strategy should include a plan for attracting top talent to your business. This involves creating a strong employer brand, offering competitive compensation and benefits, and providing opportunities for career development and growth. By attracting the best people to your business, you can gain a competitive advantage and ensure that you have the skills and expertise nee...
Post a Comment
Read more

Employee Leadership Development from the Ground Up

I n the UK, the current retirement age is 67, however this is due to change to 68 and the timetable for this is currently under review. Life expectancy at birth in the UK in 2018 to 2020 was 79.0 years fro males and 82.9 for females according to the ONS and this is also set to increase. If people are living longer, then as a natural consequence, they’ll need to work longer, which requires continual career growth. The old rules of retirement were written toward an economy where most of the work being done was manual labour, and reaching the age of 65 was viewed as being liberated from the intensive daily grind. However, as disruptive technologies emerge and change the business environment, working professionals are being tasked with having to upskill continually, which presents new opportunities to grow and develop. As more businesses increasingly identify the need for employees with leadership skills, they’ll soon discover, growing current employees is...
Post a Comment
Read more

8 Benefits of Having a Staff Engagement Survey

When was the last time you ran an employee survey? or, have you even ever ran an employee survey ? We keep hearing and seeing evidence of a shortage of labour for recruitment, and that then puts pressure on retention.  Do you know what your company retention rate is ? Do you have a retention target? if not why not? its a great measurement to  understand  how your  employees feel about the company and that in turn will tell you how attractive your company is to potential employees. Now, don't get me wrong, a level of staff churn is healthy, as long as its the right churn and you're not losing your best people. Your company will fail to thrive unless you have tenacious, passionate, and engaged team members. Engaged employees produce higher-quality output, are more loyal and productive, and are more likely to stay with the organisation for longer. And yet, an overwhelming number of people still feel disengaged at work. According to the worlds largest...
Post a Comment
Read more