Even if this week’s EU summit doesn’t bring clarity about how the landscape will look for UK businesses post-29 March 2019, it is still important to plan for all eventualities and take steps now to review how your business may be impacted.
Some things we suggest that you consider include:
- Start reviewing your ‘EU touchpoints’, whether that is your workforce, suppliers or customers. If these relationships were made more difficult, costly or broke down completely, what would it mean for your business? What can you do to minimise the impact?
- Review your commercial contracts, in light of the various possible Brexit outcomes, review international supply agreements that might attract import and export costs, make sure your supply chains have also made preparations.
- Give careful consideration to new contracts that you might be entering into, particularly in relation to territorial references, pricing formulae, if for example, tariffs are introduced, termination clauses and which law will govern the contract.
- Consider how you can support EU employees to continue working for your company, while also planning what you would do if they decided to leave.
- Look at data protection, in particular whether your business relies on personal data being transferred from the EU to the UK or whether your organisation offers goods or services to data subjects in the EU or monitors their behaviour.
The key is to be prepared and not to bury your head in the sand and hope for the best.