Brexit Brexit! Not a day goes by where this is not mentioned in some form or another. Given how many factors are in play – some known, but mostly unknown – predictions are incredibly difficult. Nonetheless, it is important from an International point-of-view to keep things under control, and to look at keeping any transition as smooth and seamless as possible. It should be just as easy for our customers to trade with us today as it was yesterday, and as it will be tomorrow. Keeping this idea in sight should help companies to focus on how it can be achieved.
Firstly, we may have to adjust pricing to compensate for the short-term fluctuation of currencies that we are already witnessing, and which will probably persist. In order to do this, we must look at overall costs and volume. Lower margins maybe, but for higher volumes of exchange in goods/services. This could help bridge the gap in lower profits.
Secondly, we have to understand the potential customs issues that will occur upon Brexit. This is a very real, but grey area. Within transport cost exercises, it is good to leave a little leg-room allowing for these eventual costs. If you already export or import outside of the European community, then you will already be familiar with this and be used to factoring in these costs. It is good to remember that our trading outside the European Community continues to flow, and customs issues are few and far between. Our vision at Pathfinder is that we would be able to fast track customs procedures with traffic to and from the European Union. The alternative of long waits at borders and excessive border controls is unthinkable and would be untenable.
Lastly, it is important from a company point of view to get our house in order. Examine all costs, right down to the price of paper clips! By keeping British companies efficient, cost effective and fluid, along with driving towards unique selling points, we can remain in control of our destiny to a certain extent. And given the uncertainty facing the UK at the moment, that is something to strive for.