Page 4 - Be Ready For Brexit

PRICE — is the price right — for you and for the customer?
— The consensus amongst many retailers is that Brexit will have some impact on prices, and this is something that all traders need to be aware of, and be on top of.
— Whilst ensuring that you can still source the products you need, you will have to confirm future price points and any likelihood of changes.
— International products will be affected by currency exchange rates.
— Your product category may be affected by tariffs which may increase prices.
— Simple supply and demand rules for high demand products will increase cost price.
— Positive actions to consider include:
• If your selling prices remain the same then make sure you promote it at the stall
• Be proud of your selling prices, confident displays and confident traders increase sales • Make sure you are competitively priced — do your homework
• Keep an eye on the margin, make sure products are profitable
PEOPLE — without employees and customers you don’t have
a business
— As traders you may only employ a few people, and you probably think
that you know them very well. But have you checked that they will still be able to stay and work in the UK post-Brexit? Do they have any wider family issues that are likely to impact on their ability to keep working for you and your business?
— Can you help them in any way? They may not feel it’s right to approach you, so can you start the conversation?
See Government Brexit website for information on tariffs, duties, VAT and sign up for notifications:
https://www.gov.uk/guidance/check-temporary-rates-of-customs-duty-on-imports-after- eu-exit
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