With Brexit crossing the finish line (at last!), the UK has now officially left the EU. As a result, now is the time to rethink your supply chain.
On 1 February, the UK entered an 11-month transition period in which it will continue to follow EU rules, but without representation in the bloc's institutions. Therefore, your business may have certainty for the next 11 months, but after that no one can confidently predict what happens next.
Reviewing your supply chain will help to determine whether you are sourcing from, or supplying materials/products to, the EU. If this is the case, you may need to change how and where you source your supplies in the future.
This may be for a number of reasons including availability, cost, potential tariffs, security and risk. There may also be the issue of potential delays, as ports may have to examine shipments, as well as the necessary documentation that will be involved post-Brexit. All these potential changes could have a significant impact on your existing supply chain.
How Export Finance can help
Expanding your offering outside of the UK requires investment. One way of getting access to funding from high street banks is through credit agency UK Export Finance. But there are plenty of other ways to finance your project. If you have a clear and ambitious plan to branch out abroad, it’s worth approaching lenders in the alternative finance space.
Our Asset Finance solutions can help you get the equipment you need to upscale your business and make it export ready, whilst our business loans can help small export businesses by supporting specific long or short-term business opportunities.
To find out more, please call us on 01245 904066. We look forward to working with you.