The UK has spoken and the decision has been made. Now we as an economy are in uncharted waters, waters which will be harmful and disruptive to many SME businesses in Scotland, but must move forward.
The immediate impact is clear with shock and devaluation of the pound bringing fear and huge immediate challenges to many businesses, it also presents opportunity for those selling overseas.
What will happen going forward as the dust settles? Time will tell, but this will be a long drawn out divorce from the EU and will take a number of twists and turns as we negotiate the terms of Brexit. In the present and near future, the Scottish SME community will need to adapt and move quickly to asses where vulnerability/opportunity lies and for many it will be by the devaluation of the pound.
No longer is it ok to simply trundle along with a default bank facility to manage currency transactions, with the mind-set "it is what it is" and "it’s how we have always done it".
What’s done is done, HOWEVER, today many of the facilities used by global organisations are available to mid and SME companies and by consulting with a trusted specialist, SME leaders are able to measure how efficient their current process is and where there is opportunity for them to drive efficiencies in direct cost savings on rates/fees, risk mitigation and process improvement.
The AlbaFX team are local and available to discuss with any organisations who wish to consider their current and future FX requirements by assessing ways to reduce cost, mitigate risk and improve efficiencies. With over 40 years of combined experience in International Business Transactions we are best placed to assist your business.
Guest Blogger: Jordan Smith, AlbaFX