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Blog // 15/07/2016

Is Brexit inertia impacting on international business?

Brexit inertia

As the Brexit chatter continues, business leaders across the country will be wondering how quickly things will get back to normal.

Nick Farmer - Menzies AccountantAt our HLB International tax conference in Warsaw, many of our EU counterparts believed that the uncertainty caused by Brexit is bad news for international business, in the short-to-medium term at least, there was also a sense of realism that, amid all the speculation, one thing’s certain, things won’t be changing overnight.

In the wake of Brexit, international businesses must not allow all the Brexit commentary, predictions and distractions to undermine business performance. Business leaders must stay focused on clear strategic goals and reassure workers at all levels that, regardless of the outcome of the EU referendum, there is a plan in place and things are still on track.

Brexit inertia: business as usual?

The overall sentiment from the conference was that, for now, it must be business as usual and services must continue to be delivered. Instead of slipping into a period of post-referendum inertia, business leaders must demonstrate that they are ready and willing to take the helm immediately. The time for clear-headed pragmatism and strong leadership has arrived.

Preparing for the future

As advisors to internationally focused SMEs, it is clear that some of our clients are better prepared than others. Some are only now stopping to consider how the Brexit decision is likely to impact on the shape of their organisations in the months and years to come. Whilst keeping a strategic eye on the future is important, however, these businesses must not lose sight of the need to motivate people, maintain quality and get the day job done.

Those businesses that successfully navigated their way through the recent economic downturn know that staying flexible to opportunities and shifts in market conditions, while keeping a close eye on cash, is vital. These are the businesses that will emerge from the situation stronger and more profitable in the future. For the brave and the bold, now is the time to act, not to succumb to Brexit inertia.

For further information on the impact of Brexit inertia, please contact Nick Farmer, International Partner at nfarmer@menzies.co.uk.

Menzies is a member of the HLBI network.

About HLB International

HLB International is a leading network of independent professional accounting firms and business advisers with member firms well-established locally and mostly ranked among the top 12 nationally.

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