Read on Twitter
So you’re a CEO trying to run a business from your study. Your husband’s looking after the kids for the afternoon, you miraculously have a spare 5 minutes. With the news about negotiations, Brexit has been nagging at the back of your mind. What are we doing on that again? THREAD
You start emailing the lead of your Brexit planning team. Damn. They’ve been seconded onto your coronavirus team because crisis management skills are useful.
After 15 minutes of digging you give up, ask your PA if they can find the plans, call your CFO about the latest figures 2/
After 15 minutes of digging you give up, ask your PA if they can find the plans, call your CFO about the latest figures 2/
4 virtual meetings about face mask procurement and the rising mental health issues of your staff later, at least one and half of the kids are asleep. Your email pings with a file from your PA containing your old no deal plans. You open it. Swear again. 3/
1. Adjusting supply chains. That’s funny. Your supply chain is in chaos. Your metals from India are held up. You think one of your US suppliers is about to go bankrupt. You’re going to have to rebuild your supply chain once this is over. The EU FTA will just be another factor. 4/
2. Engaging a customs broker or freight forwarder to handle to new customs declarations. The price calculations for that are going to need to be completely redone whenever the logistics industry settles back down and the demand for your exports are clear. 5/
3. Stockpiling. You run one of the 49% of firms that have experienced delays getting parts, and you’ve used your no deal stockpile to keep your production line running. It’s expensive to hold that much inventory, you’re not sure you’re going to be able to do that again. 6/
4. Currency hedging. Lol.
5 and 6. Re-negotiating contracts, relocating production. See supply chains.
7. AEO. Ah there we are. Where did we get to with that? Did we give up because it was too expensive and lengthy a process for an SME? Will it provide any benefit at all? 7/
5 and 6. Re-negotiating contracts, relocating production. See supply chains.
7. AEO. Ah there we are. Where did we get to with that? Did we give up because it was too expensive and lengthy a process for an SME? Will it provide any benefit at all? 7/
8. Setting aside contingency funding. Those reserves have been used to keep you afloat. That money is paying people's wages for the forseeable. How are you going to build it up again? 8/
9. Price increases. Productivity's down 40% on the floor because of social distancing, there’ll be price rises well before trade barriers kick in. No knowing whether your customers can bear them. And the fixed-price contracts you’re already locked into give you night terrors 9/
10. Relicensing and re-registering products. At last, some good news. Did that. Although you’re pretty sure there’s some complication with registering to import and export the chemicals you use. Shit, is the guy that knows about that on furlough? 10/
Determined to end on the most positive note possible, and spotting the growing backlog of emails in your inbox, you shut the laptop.
Walking away, the thought chases you: You don’t know what you’re planning for. Should your no deal plans be the same as your deal plans? 11/12
Walking away, the thought chases you: You don’t know what you’re planning for. Should your no deal plans be the same as your deal plans? 11/12
You don’t know what the deal will be. You can't estimate a budget to prepare. You don’t know if your customers will keep buying from you or if your suppliers will be around to keep selling to you.
Tomorrow, you’ll go back to focusing on keeping your company alive. 12/12
Tomorrow, you’ll go back to focusing on keeping your company alive. 12/12
