UK firms say it’s “business as usual” after the triggering of Article 50
Businesses remain far more concerned by meeting the needs of their customers, achieving sales and ever-present cash flow worries
Just 13% of UK small businesses have expressed concern about the impact of the triggering of Article 50, according to research from BDRC Continental research, commission by Ultimate Finance.
While the report claims many large firms were upset about the official start of the formal process of leaving the European Union, few smaller businesses were worried about the impact it would have on them.
Just 14% of respondents were thinking about Brexit planning in the wake of Article 50, while 45% said it is still too early to tell if they will be negatively affected.
In fact, small businesses were much more likely to be kept up at night by common concerns, with over 50% worried about not meeting customers’ needs, sales volume and cash flow.
Anthony Persse, group director of strategy at Ultimate Finance, commented:
“UK small businesses are run by inherently pragmatic people, many of whom have weathered the storm of the recession by making good business decisions and keeping a cool head.
“There is no reason why the news of Article 50 and Brexit should be any different; our research shows us that small businesses are in fact taking a calm approach to everything and concentrating on running their business day-to-day.
“What our research does show is that small businesses continue to have worries about cashflow – a problem that has been highlighted by our customers for many years. […] We believe that funding for small businesses should be fast, flexible and fair as a matter of course, and that this should be a key issue for the industry to discuss rather than trying to second guess what might happen in two years.”
Small businesses will need plenty of advice about changes in legislation and regulation as a result of the UK’s departure from the EU – meaning now could be a great time to set yourself up as a Brexit consultant.