Article 50:SMEs Keep Calm and Carry On
- Lee Murphy, CEO at Pandle
- 28.03.2017 10:30 am undisclosed , Lee Murphy is the Owner of Pandle cloud accounting software. He started his own business in construction at the age of just 23 which later ran into difficulty after getting in a mess with his bookkeeping. This motivated Lee to change career by studying finance and accounting, later becoming qualified. Since that time he has sought to help small businesses with their finances and ensure that they don't run into the same problems he faced with his business. Lee caters for over 5,000 businesses all over the UK and abroad. Pandle is a free and simple cloud based accounting software that puts the power back into the hands of small businesses by allowing them to understand and control their finances.
Though it may prompt some UK SMES to start thinking about the implications of Brexit on their business, the triggering of Article 50 this Wednesday should be nothing to fear and if I’m honest, I don’t think it will impact small businesses.
We can expect the pound to drop slightly following this news announcement as it will remind investors and businesses that Brexit is coming, however this dip should be just that, a temporary lull which will soon bounce back when buyers snap up the currency at a lower price.
What’s most concerning about the triggering of Article 50 is the impending Brexit - something that no one can prepare for and could be likened to pandora’s box. As research from the FSB has uncovered, a quarter of small businesses that export would be deterred from trading with the EU should tariffs be imposed. This may see some companies relocating to Ireland, or even Scotland should there be a Scottish referendum. Or equally, we could experience a greater level of trade with other markets, the research finding that 49% of SME’s top preference would be the US, followed by Australia (29%) and China (28%). Without knowing the outcome it’s impossible to prepare your business, and there are many important elections coming up in the EU that will impact this Brexit also.
