The Business Exchange Swindon & Wiltshire Edition 26: Aug/ Sept 2016 | Page 19

FINANCE DON'T PANIC MR MAINWARING Mike Lloyd's opinion on Brexit It’s a universal truth as humans we are good at certainties and very poor at dealing with uncertainties. Yet here we are in the wake of Brexit, facing uncertainty over the prospect of leaving the European Union. I, just like everyone else, cannot know what the future will bring post Brexit. We are in uncharted waters. It could be better, it could be worse but it WILL be different. For some there will be opportunity and for others there will be threats. For most there will be both. So the first step - identify what those threats and opportunities might be for you. Try to quantify them if possible. Once you’ve done that, talk to your trusted advisors (your accountant, financial advisor, lawyer). No-one will know your business better than you but they will be able to help you develop a realistic strategy to combat those threats and make the most of the opportunities. Some things to think about might include: • • • • If you are an exporter the weaker pound will work in your favour. Are there opportunities you’ve not explored or acted upon yet? If there are, then now is definitely the time. Do you source materials or services from abroad and get invoiced in dollars or Euros? Look at whether or not this needs to be or can be changed to soften the blow of the weak pound on your costs. Have you avoided buying goods in the UK due to cost? Is this the time to review that decision? Do you feel your business will be unaffected? Have you considered your important clients – are they affected by it? Could a direct impact on them indirectly affect you? One thing we MUST not do is to allow panic to push us into an unnecessary recession. It’s very easy to put a hold on plans involving investment, expansion or recruitment because of worries or concerns which are inevitably speculative. If we do that we risk a self-fulfilling prophecy from a knee-jerk reaction which stifles progress for months or years to come. One of our (much-maligned) experts, Mark Carney, Governor of the Bank of England, has made it clear that the Bank of England has its “toolkit”, being implemented now, for supporting the economy immediately during this time of adjustment. This includes allowing banks and building societies to offer new lending by tapping into their reserves if necessary. The aim is to counter or dampen any drop off in confidence or volume of trade. To be fair, it seems clear most in business and in society did not expect Brexit to happen – even the leaders who campaigned for it. It did and now a period of change is now upon us for some considerable time. If you would like to discuss the possible impact of Brexit on your business – please contact me on [email protected] or call on 01793 533838. “He who dares…..?” Your partner for a sustainable future • Food waste recycling (NEW) • 100% landfill avoidance • Total waste management • MBT plant SRF / RDF • Recycling facilities • ISO 9001 / ISO 14001 / OHSAS 18001 • Dedicated account manager • Dry mixed recycling service • Management KPIs • National coverage • PDA / handhelds • Web portal • Waste minimisation • Hazardous waste disposal • Free waste management audits 01793 714950 www.hills-waste.co.uk THE BUSINESS EXCHANGE 2016 19