SME’s do not fear Brexit
Over the past two years since the UK voted to leave the European Union, the general public has been given the impression that UK Businesses are, on the whole, against a so-called ‘Hard Brexit’ and the ongoing uncertainty is damaging inward investment into the UK. This is because the business media gravitate and give a platform to the opinions of large corporates, along with large business member organisations such as the CBI, however is it true of the voice of the wider SME community?
It is observed that large corporate management teams are often only in their role for a relatively short space of time, often not making decisions that are necessarily in the long term interests of the business.
Business owners on the other hand take a much longer term outlook when decision making, naturally doing what is best for the long-term prospects of the business. These businesses that make up the majority of the UK market and a significant proportion of the employment count, are very agile towards change and are actively seeking to benefit from Brexit, by taking advantage of any market disruption or changes to trading conditions.
Of course most of us would like to see the UK’s exit be as smooth as possible, facilitating a frictionless trade agreement with the EU but also have the ability to improve our trading arrangements with other parts of the globe.
The UK’s ability to be able to expand its global reach is in my mind a sensible strategy, as headwinds in European economies and in particular the European political outlook, will bring their own challenges in the coming years.
UK SME’s survive by demonstrating innovation, flexibility, a great customer experience and making their businesses great places for employees to work. This will not change no matter what the outcome of Brexit and British business will be ready to take advantage of the opportunities, wherever they fall.
They do however need to make sure they have the available capital to be able to exploit these opportunities. In times of uncertainty traditional banks tend to take a cautious approach and are likely to tighten their credit policies. SME’s should consider that equity investment provides cyclical protection, with no ongoing debt service costs, bank covenants or personal guarantees to worry about, so whatever happens through Brexit or in the wider economic cycle, businesses have one less thing on their minds.
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