There’s no denying that the Brexit process has been chaotic. We can all agree that things could have been handled better and that businesses all over the UK have been left out to dry as a result of the delays and uncertainty surrounding our exit from the EU. As a provider of translation services to a great number of major UK firms that trade with other EU countries, we are all too aware of the impact Brexit will have and the difficulties exporters and importers are already experiencing.
Around 80 per cent of our clients export goods or services to France, Spain or Germany. Brexit is having a major impact on them, as a result. We are working alongside our clients to try to unpick the complexities of the situation and help them to rise to the challenges and take advantage of new opportunities.
Many of our clients have been able to put their own Brexit strategies in place to ensure that, while it won’t quite be business as usual, they will be able to push forward regardless of the outcome.
Below, we’ll examine some of the ways in which our clients have been making the best of this historically significant time and preparing for all scenarios.
Taking back control…
Our political landscape has changed and many of our politicians seem to be losing control. That doesn’t mean businesses have to. In the face of unprecedented levels of uncertainty, we’ve noticed our clients taking back control of their own fate in the following ways:
Looking outside of the EU to potential new and growing markets
Many exporters who are worried about the impact of a no-deal Brexit are looking further afield for emerging markets that could offer even greater scope for growth over the coming year or two.
We have written about the top growth markets for 2019 previously this year, so take a look for an in-depth analysis of where to do business this year. Firm favourites are India, China and Brazil, but there are rapidly growing markets to be aware of, such as Sub-Saharan Africa, Russia and Turkey.
Negotiating new contracts
There’s no need to wait for the entire Brexit process to be complete before starting to negotiate contracts with customers, suppliers and even employees.
If you haven’t already started looking to nail down some long-term contracts for the coming year, there’s no reason to wait. In fact, agreeing and negotiating contracts now might be easier than you think, as loyal customers and suppliers will still want to work with you regardless of the Brexit outcome. Our translation services experts are on hand to help you with this process.
One thing we’ve noticed our clients doing is diversifying their export plans. Taking action now to go on trade missions and meet with people face-to-face can help reduce uncertainty and prepare for Brexit. Our clients often spend a lot of time researching and preparing their export diversification plans.
The ball is in Britain’s court…
Although the attention Britain is receiving off the back of the handling of the Brexit process is not particularly positive right now, businesses can take comfort in the fact that the UK is, at least, very much on people’s minds internationally.
It may be that, following Brexit, British products will become more desirable. We are, after all, likely to be viewed as a standalone nation that went through hell and back to reclaim our sovereignty.
A larger number of British firms may begin to use British suppliers as a result of the Brexit process and the uncertainty it has created. As businesses, at least we know that our dealings with other UK-based companies won’t be affected by Brexit, which could make doing business internally more appealing.
However, what is perhaps even more appealing is the hope that customers around the world, within the EU and elsewhere, will be keen to do business with Britain – particularly if the Pound remains weak and we can offer favourable deals to foreign trading partners on our own terms.
Have your cake and eat it…
Organisations that want to ensure that they are best-placed to thrive, no matter what the Brexit outcome, are taking practical steps to prepare.
We are already helping businesses to:
- Look at employment contracts with employees from the EU
- Examine their service level agreements to ensure they can still be met after Brexit
- Renegotiate trade agreements
- Consider new trading agreements with new and existing markets
- Speak to agencies, resellers and suppliers in their language about the impact of Brexit by translating PR and internal communications documents
- Rewrite contracts to reflect changing circumstances
We can’t offer you £350 million a week, but…
We can help your business navigate post-Brexit waters. Our talented translators are highly experienced in helping businesses with all the practical steps they need to take to survive the Brexit process and come out thriving on the other side.
With our help, organisations can identify and exploit opportunities, while reducing the impact of changes to trading terms, tariffs, immigration and employment laws as well as any other unforeseen Brexit ramifications.
None of us knows quite yet what the outcome of this process will be. However, one certainty does remain – if you want to continue to operate globally, it helps to speak the language.