The media told us Brexit would be the end for small U.K businesses and whipped up a storm of discontent – many small businesses owners take a wholly different view.
My partner runs a small family music business along with his dad and while Brexit has left questions unanswered – there is far less doom and gloom than we had feared. Suppliers and contacts all seem to be looking positively towards 2017. The manufactuers we use in China show no signs of fear when dealing with us, although it is early days.
Brexit was a shock but it happened. I think small businesses are making the most of it.
In fact, in the face of a nation awaiting the triggering of Article 50 (the formal legal process of Britain leaving the EU), 43% of small business owners do not believe that their businesses will be affected by Brexit in the next 12 months, whilst nearly half (48%) of respondents stated that they were expecting no impact on their businesses over the next five
Maybe it will force us to look closer to home for suppliers and keep industry within the U.K. There’s a big expense attached to this however, or maybe we’ll just have to batton down the hatches until the rest of the world has gotten over the shock. So far our orders have remained steady going into early 2017 and we have not had any direct feedback concerning Brexit.
Trading with Europe will be renegotiated and common sense tells us the world will still want to deal with us. For us, it’s about concentrating on quality, building great relationships with customers and understanding that Brexit may be a bump in the road, but it’s not the car crash we were led to believe.
Boost Capital interviewed 500 UK small businesses in association with OnePoll and revealed that 90% of respondents stated that they didn’t regret their vote in the Brexit referend
Here are some more key facts from Boost Capital’s Brexit Survey:
● 43% of respondents voted to stay as part of the EU.
● 58% are not taking any precautions to protect their businesses against Brexit.
● 72% are not expecting to expand their workforces in next 12 months.
● 45.8% believe that foreign workers should be allowed but with restrictions.
● Those living in the North East have the most certainty that their businesses will be
affected within the next 12 months as a result (47.7%).