According to research from R3, almost one in four small businesses are unprepared for Brexit.
Many businesses will be exposed to a supply chain risk and have yet to review the impact of Brexit on their suppliers and customers.
The continued uncertainty surrounding Brexit is harming most small businesses and their ability to plan ahead.
With only a fifth of small businesses preparing for the UK leaving without a deal, many vulnerable companies are still not prepared.
With only weeks before the scheduled departure, there is concern of lack of preparation among the smaller businesses.
There are limits to what these businesses can do in preparation for Brexit due to the lack of certainty and many small businesses are finding it difficult to prepare.
The Institute of Directors (IOD) also attributes the inability for UK SMEs to prepare for a no-deal Brexit to the very limited financial support from central government. There have been repeated calls for 'Brexit planning vouchers' to help SMEs obtain professional assistance with complex trade and legal issues.
There have also been more recent calls for 'export vouchers' to fund research on new markets after Brexit which, it is alleged, could assist small companies on translation service costs, additional market research, and finding new clients through overseas trade fairs.
If you run or own a UK business who may be affected by Brexit, please contact a member of our team for guidance on legal issues.
Many companies are not heeding government advice to “get ready for Brexit”.