Before Brexit, there was the EU28. The EU28(European Union 28)  was made up of 28 European countries that operated together as a unified, cohesive economic and political front. Being a part of the EU came with a lot of benefits like:

• More political stability within and between member countries.
• Better funding and investments
• Better economic advantages between member countries and the cohesiveness of a single market.
• Freedom of movement and migration among the citizens of member countries. 

All that changed on the 31st of January, 2020 11 PM GMT when the United Kingdom withdrew from the EU formally making it the first state to do so since its formation.

The term Brexit(Britain Exit) was born during this gruelling process. Years later, the effects of Brexit can still be felt in many ways not only by Britain but also by the remaining countries in the EU. 

For instance, since Brexit, there have been changes in trade agreements and tariffs between the UK and the other member states of the EU.

Where there were formerly none, there have been hitches in supply chain management and logistics, which have, in turn, affected economic growth and stability. 

It’s important for UK business owners to understand the present impact of Brexit, as well as the challenges and new opportunities for growth and innovation. 

Let’s look into the changes that have happened since Brexit, how it has impacted the UK, and how the business scene in the UK post-Brexit can grow and thrive through strategic planning and strategies.

The economic impact of Brexit on UK businesses.

Since Brexit, the UK has become more open to exploring new markets, but it has also become more difficult to do business with other member states in the EU.

Everyone seems to be affected regardless of their business size. This BBC reporter spoke with some researchers and small business owners about the problems many business owners have faced since Brexit. 

Where there was formerly a simple supply chain and logistics process, there are now a lot of regulations involving trade between the UK and the EU.

Smaller businesses are finding it difficult to export their goods to the EU due to the excessive red-tapism involved. 

Apart from the administrative challenges, some industries have reported other challenges since Brexit. 

Let’s take a deep dive into these challenges as they affect UK businesses.

Key challenges UK businesses are facing post-Brexit.

1. Regulations and compliance issues: Brexit came with a lot of rules and regulations that affected businesses in different sectors. Among these new regulations were the need to make new trade regulations since the UK was no longer a part of the EU and had to be dealt with differently. There were also new data protection and privacy laws. To ensure smooth trading, these new regulatory frameworks had to be adhered to.
2. Changes in availability of skilled talent: The UK had less access to the EU workforce after Brexit because from then, any workforce from the EU became international staff. This caused a lot of gaps in many sectors which the UK could not readily fill without going through the challenges that come with hiring internationally.
3. Supply chain management and logistics: UK businesses currently face disruptions in their supply chain like border delays, new tariffs and customs clearance. These issues were non-existent when the UK was still a part of the EU’s single market concept.
4. Currency fluctuations: Brexit brought on currency fluctuations which influenced import and export costs. Businesses have had to adjust their prices because of this in order to protect themselves from these fluctuations.
5. Limited access to EU funding: The UK has less access to funding from the EU than it once had. Of course, this means that it has to look to alternative sources for funding, but this lack of funding has heavily impacted the private sector.

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Strategies for UK businesses to grow And thrive post-Brexit. 

Since Brexit took effect during the COVID-19 pandemic, many businesses have struggled to get used to the new normal and are doing their best to adjust to the new ways of doing business.

Here are some ways that UK businesses can thrive even with the challenges of Brexit: 

1.  Diversify and expand into new markets: Brexit is an opportunity for the UK to look into new markets that are not part of the EU. Tapping into these new markets will give the UK the opportunity to increase trade with and expand into Asia, North and Latin America and Africa. This is the time to find suitable markets for British-made products and services. This is also an opportunity for the UK to make new plans for effective logistics to alleviate the supply chain disruptions that UK businesses face. 
2. Increase investment into innovation: UK businesses now have the opportunity to attain new heights in their niches and specialities. The reduced access to EU talent will motivate UK business owners to prioritise training and development of the available workforce and work on attracting global talent to the UK. The reduced funding from the EU, on the other hand, will encourage more private-sector investment in areas like research and development and technology solutions. 
3. Form alliances and partnerships: UK businesses can make a lot of progress if they collaborate with each other. Not only will this increase their reach, but it will also increase their revenue. UK businesses can also collaborate and liaise with international companies to promote their businesses abroad.  
4. Adapt to new regulations: To stay on top of their game, it’s important for UK businesses to ensure that they’re in compliance with the data protection and privacy laws. As a business owner, staying abreast of the EU trade laws will help you prepare for any future regulatory changes. 
5. Adopt global trends: UK businesses can increase their business growth by adopting global trends like embracing sustainability, renewable energy and digitalisation. These practices would enhance their brand image and present them as socially responsible. There’s also the added benefit of reducing costs and waste.

Conclusion. 

UK business owners faced a lot of uncertainty in the wake of Brexit. There were so many new regulations and issues to work around; it was definitely not business as usual.

Today, businesses are still struggling to adapt to the new market and take advantage of what’s available. 

If you’re a business owner in the UK, this guide is just what you need to navigate the new landscape and understand the opportunities available to you.  This is the time to embrace digitalisation and collaborations across your industry and beyond.

There are many new international markets and trade agreements to explore and capitalise on. 

So get to planning, strategising and innovating as you go and watch your business grow and thrive.

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