Challenging times in the restaurant industry
The UK’s impending departure from the European Union will bring change for businesses of every size and sector.
The continued uncertainty of the BREXIT process is having far reaching effects. You should be making plans for the challenges and opportunities that lay ahead. Time spent thinking through what BREXIT may mean for your business could help future profits of your company.
Have you considered how BREXIT could……
- Affect your workforce and future staff needs?
What percentage of your UK workforce is from the EU27? Do your staff know the next steps to take to register as an EU citizen working in the UK? What can you do to retain skills and labour?
- Cross-border trade
How resilient is your supply chain to potential border delays? The short shelf life of food products which could be rendered inedible by just a few hours’ delay, makes them particularly vulnerable. If you buy from local suppliers, have you thought about how and where they source their food products?
Do you know if you will be affected by Import VAT or VAT registration in the EU?
Will currency movements affect your business? The months following the EU referendum saw significant currency volatility – this may occur in the future.
- Property contracts
Do any of your contracts refer to the UK being a member state to the EU.
- Regulatory compliance
In the event of a “no deal Brexit” firms may need to comply with new licence requirements and changes to their competent regulatory authority. Will this have an impact on your business?
BUSINESS HEALTH CHECK
Whether BREXIT is having an impact on your business or not moving with the times is more important than ever. We have helped a number of businesses identify causes and impacts of financial stress and re-energised their business for future success.
For further information or to arrange a FREE no obligation business health check, please contact Lynn Gibson or one of the team on 01932 336149