Brexit – Recession or not?

It is widely accepted that the definition of a recession is when there is negative economic growth for 2 successive quarters. This can happen for a number of reasons, but we don’t have to let it happen by sitting on our hands and doing nothing.

When the infamous Article 50 is finally triggered there will be 2 years’ worth of negotiation to follow, so why don’t we use that time to get our businesses on a sound footing. It’s time to take control and negotiate our own deals.

The weakening pound is making British goods/services cheaper overseas, so now more than ever is a great time to grow our export channels. Despite what the media are saying there is a lot of guidance and finance available now. For example:

Credit Insurance – when you get an order it is always prudent to check the credit worthiness of the customer. By having credit insurance in place you can mitigate both buyer and political risks.

Import Finance – pays your suppliers when you have a confirmed order, meaning you don’t have to disrupt your cashflow.

Export Finance – once the goods are delivered you can have access to 80% of the invoice value within 24 hours. The remaining 20% is repaid when your overseas customer pays. Collection of your export debts can also be carried out by the financier – which can be vital, as often we don’t speak the language.

UK Export Finance – additional help is available if funding/insurance isn’t fully available via the normal commercial channels.

Whether you agree with the decision to Brexit or not, the decision has been made. Let’s show some of that famous British spirit and make it work by taking advantage of the knowledge and facilities which are currently available.

Karen Hamilton