BREXIT TRAINING: How to Prepare Your Business for Brexit (Even if You Don’t Know What It Is!)
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The month of June marked a turning point for the British, Europe, inevitably America. The decision of the British to leave the EU – what has now come to be known as Brexit, is a decision that is sure to have a ripple effect through world economy. Although it remains to be seen exactly how this decision would affect everyone, it is quite certain that it will demand lots of changes in different aspects of life. In turn, coping with these changing times will require training.
First up is the United Kingdom. The vote in support of British exit from the EU has had an overwhelming effect on the whole of the British political, social and economic landscape. This, even before the proceedings for exit have been fully initiated. The uncertainty surrounding the decision first saw a change in the Prime Minister. This has quickly been followed by changes in the structure of civil service – with the entire civil service prepping for the exit, apprehension over immigrant laws, and the free fall of the Pound in world market.
Here-in lies the very first effect of Brexit on the U.S. The weakening of the Pound, amongst other things, implies a strengthening of the dollar. While that is a good thing for Americans, it does spell doom for American trade. The dollar has seen its greatest upward movement against the pound post-Brexit. This inevitably means an increase in the prices of U.S exports.
We’ve previously seen the Chinese employ this tactic to great effect, weakening their currency against the dollar, thus making their exports cheap enough for any market. With the Euro likely to fall against the dollar as well, the effects on U.S foreign trade could be drastic, eventually driving into the entire economy by shrinking the number of available jobs in the country.
Economic woes are just one of many problems that comes with Brexit. A major source of concern remains the relationship within EU member nations, and the resultant effect the break-up might have on the EU. Fears now arise that the EU might just be falling apart. Far right activists already in existence in stronger EU nations like Germany and France, have had a breath of life into their campaign. Should there be further disintegration of the EU, its effect on the US economic and political landscape could be far reaching.
It should be remembered that Britain is America’s foremost partner, a medium through which it expresses and enforces its economic and political will on Europe and the rest of the world. How much effect will this decision have on the American relationship with the entire European bloc? Time alone will tell.
In the now, though, the resultant effect of Brexit can be seen in the actions of the Feds. Initially eager to hike interest rates within the year 2017, the Feds are beginning to rethink that decision. Higher interest rates encourage savings. However, low interest rates cause a huge strain on the Central Bank which is felt in terms of lower employment levels and slower growth rates. But, with trust levels falling within the non-political class, spending rates are sure to also take a hit. So, the Feds have decided against taking the very measures it has been looking forward to all along.
Ultimately, as more decisions concerning the eventual exit come to fore, changes will be required with the U.K and everyone involved with them. This, of course, will require proper training for each and every one to adjust fully to new realities, whether you reside in the U.K, EU or the U.S. If Americans fail to see the importance of getting the right training from the right experts, their business and futures are at stake.
I’ve been fortunate enough to work alongside our British and European counterparts and have had to navigate and negotiate through some complex international policies. So, I’d like to take this opportunity today to provide you with 3 simple steps you can take today to get your business ready for Brexit.
No. 1: Create an action plan. Start by identifying your business model, and determine which aspects of your business depend on trading with the United Kingdom and European Union as a whole. Doing this will get all of those complex business agreements down on paper. Not having a clear view of your current business transactions will pose a road block, and eliminating road blocks should be at the core of your efforts.
No. 2: Whether you’re a small business, or have a senior leadership position at a large global corporation, take stock of your current access to tax or financial and international compliance specialists. If you don’t currently have access to international specialists or consultants, now’s the time to start thinking about hiring one, or two. If you’re just not sure who to hire, then I can help you make that determination. I’ll be holding a FREE live webinar to walk you through this process.
No. 3: Join other international political or trade associations or organizations that you can go to for moral support. Imagine how many other global organizations out there that are also worried about how Brexit will affect their business. It’s good to have a forum where you can get together with other like minded professionals.
I’ll be putting together several unique courses with the global trade professional in mind. Specifically. With Brexit. I hope you’re able to join me in one of my FREE live webinars so you too can ensure your business has a seamless transition with Brexit.
http://money.cnn.com/2016/06/24/investing/brexit-impact-on-american-global-economy/; http://time.com/4383202/brexit-america-fallout-economy-fed/; https://www.theguardian.com/public-leaders-network/2016/oct/28/brexit-civil-service-tough-negotiations-careers; https://www.washingtonpost.com/news/wonk/wp/2016/06/22/three-ways-the-big-vote-over-brexit-could-affect-americans-personally/