Partner Article

Brexit – The Board Wants to Know “What if” – Do You Have an Answer?

By Seal Software

Potentially the biggest uncertainty facing UK businesses over the next couple of years is that of the UK’s continued membership of the EU. The British Exit – “Brexit,”

Uncertainty is bad for business and if we are heading into the unknown, then it’s generally a good idea that we have a plan to cover all, or at least the most obvious eventualities.

The good news is there are only two outcomes to anticipate; we stay in or we leave.

If we do leave, it will have a seismic impact on how business is done with our largest trading partners. Just consider – what will the tax implications be? Can any of your suppliers change their terms? How will your customers react? Will our views on IP change? How will it impact who we employ, how we go to market, how we cross charge between divisions, does it impact safe harbour… The list of questions go on and on.

Although the date is not set, there could be a referendum as early as June this year. Whatever the arguments are either way, it is incumbent on business leaders to be ready to answer the question, “What if?”

As Winston Churchill said, “Let our advance worrying become advance thinking and planning.”

It is clear that Brexit will impact how organizations interact and build relationships with trading partners and third parties – but how. The problem is that the base data that you need to access to make your decisions is hidden, buried deep in your contractual documents, which are spread across your organisation - otherwise known as inaccessible.

This is a bad place to be, especially if your Board is asking for answers about the impact of Brexit on the organisation.

Wouldn’t it be great if you were able to find all your contractual documents, automatically extract the relevant information and clauses, and use this as a starting point for your analysis? Imagine uncovering where your business has a potential exposure, and discover where remedies could be enacted to lower the risk, and basically being able to report back to your Board that, whatever happens, you know the specific areas of risk and exposure that need immediate attention, and the other areas that won’t need immediate action, and are fully prepared for either outcome of the referendum.

Happy to chat through how Seal Software can help you get to that position. sealsoftware@finnpartners.com

This was posted in Bdaily's Members' News section by Seal Software .