UK SMEs Welcoming New Market Innovations for Growth Post-Brexit

The future of the market place in the UK for businesses has been uncertain for several years given the impending arrival of Brexit in the UK. SMEs make up around 99.9% of the businesses that operate out of the UK and therefore these are a key factor in how the UK economy sustains itself in a post-Brexit world. However, along with uncertainty, any change is also an opportunity for growth. Whilst this is still tricky to pin down given that the nature of the Brexit deal is still unknown there are many SMEs that will see new innovations in how they do business in a post-Brexit world.

Supply Chain Management

Supply chain is one of the biggest factors that will be dramatically altered by Brexit. Many UK businesses rely on supplies coming in from the EU. This, in turn, relies on the free movement of goods which has been in no way assured following Brexit. This means that in preparation UK businesses are looking to switch to UK based supply chains. This means that there are opportunities for Supply Chain companies to take advantage in a big way. This is particularly true if they already rely on non-EU suppliers. Being able to move goods into the UK through customs restrictions and delays is going to be a key factor in helping to sustain UK business. Therefore companies that are already doing this, or can adapt quickly to be able to do this will be able to take advantage. The large supermarkets and other massive retailers are already making moves to replace EU suppliers with international suppliers but this could be a great opportunity for UK based SME suppliers to upscale and grab the market share when they no longer have to compete with EU suppliers.

Learning Lessons

When it comes to helping overcome barriers, particularly in manufacturing for SMEs then the UK could do well to look at countries like Japan and Germany. Japan, for example, has a large network of 'Kohsetsushi centres' these provide manufacturing services and innovation for SMEs that are too small to be able to have dedicated facilities of their own. They can provide testing and research services that support the industrial SMEs. These centres are partially funded by the government and have been running in Japan for more than a century. They host more than 12,000 researchers that all help the SMEs in Japan to innovate and expand their markets. Similarly in Germany, there are some 69 institutes employing more than 24,000 staff that are well funded to provide services to help support SME innovation. These centres help provide access to services and new equipment and technologies that would otherwise be unavailable to SME businesses. This helps to stimulate innovation as they help businesses adhere to international standards as well as provide staff with training on the new technologies cheaply and easily. The UK has attempted to follow suit with the introduction of the Catapult program in 2011 however this is still lagging greatly behind other countries. In particular, it doesn't have a comprehensive set of functions to be able to fully support SMEs innovations and this, therefore, is one area that is ripe for growth and development post-Brexit.

Tech Innovations

Britain has always been one of the key leaders in the tech industry and this is one area which will need to be sustained and maintained following Brexit. Key growth factors like the rollout of 5G and simplified regulations for the tech sector will need to be continued post Brexit to ensure that SMEs can take advantages of a connected and joined up UK. Supported tech has been the key to growth in the UK over the last 10 years or so, and so this must not be allowed to stagnate post-Brexit. Whilst a lot of work has been done to bring Europe closer together and become a more unified place, Brexit will threaten the work that has been done. This is more than just securing the freedom of movement for workers in the tech industry. Regulations surrounding the movement of data and things like the GDPR which is an EU regulation rather than a UK law means that there is the potential for businesses to leave the UK's shores for an easier time in the EU. Whilst the current deal on the table means that workers currently located outside their home EU country will be assured continued rights to work the threat of Brexit has already slowed the migration of workers into the UK. This means that the tech sector could be one of the ones to struggle. Risk-taking entrepreneurs currently rate the UK as one of the best places to be able to innovate and create a new business in, but the shape of things post-Brexit could see this market dissipate.

Need further assistance?

If you are worried about the effect of Brexit and in particular how it might affect things like your worker's rights, the movement of goods or the ability for your business to be able to perform both in the UK and in the EU then get in touch with our team of expert Immigration lawyers London here at Reiss Edwards Solicitors today. Our team of lawyers have a great deal of experience with the rules when it comes to immigration matters. You may already have a Tier 1 visa and you are considering a Tier 1 entrepreneur visa extension then get in touch with us today and our immigration experts will guide you aright. They are closely monitoring all the different aspects of Brexit and the changes that it is likely to bring to the UK. They will also be able to help with working on international contracts and deals to be able to sources goods, services and staff from companies both inside and outside the EU post-Brexit. These are very uncertain times, and if you are an SME then it isn't always easy to be able to be on top of everything that is going on. If there is an aspect of your business that you think might be affected by Brexit and that could have possible legal ramifications then get in touch with us and allow us to take a look and guide you through the options and possibilities going forward.

The Director of the firm, Amar Ali is a recognised expert in the field of immigration law and trained as a barrister in 2007 and cross qualified as a solicitor of England and Wales in 2013.