What businesses can do to thrive as the UK braces for Brexit

Businesses must take advantage of the ‘disruptive opportunity’ created by Brexit ‘to break into new markets and forge new relationships’

'Success in business comes in part from the ability to screen out distractions' (Getty)

Across the country, Chambers of Commerce champion businesses of all shapes and sizes in every region and nation of the UK. As the voice of local business communities, they are attuned to the needs of SMEs and high-growth businesses.

As I travel the country and meet their ambitious and growing members, I’ve learnt that despite their diversity, the outlook of businesses when it comes to conditions for success tend to be very similar, and can be encapsulated in three key principles.

Improve the UK’s business environment

The first is that great companies require a great business environment. Despite all the political drama of the last year, there has been a clear message from business – domestic policy matters as much, if not more, than Brexit.

Even the best possible outcome from EU negotiations will be worth little if the conditions aren’t right here at home for our businesses to capitalise on new opportunities and be globally competitive.

The next Government must act to alleviate the burden of upfront taxes and costs, which are hammering firms and increasing the cost of doing business in the UK. Business rates, pensions auto-enrolment, the Apprenticeship Levy and insurance premium tax – to name but a few – are a heavy burden for businesses to bear, and stymie growth and investment.

Growing businesses rely on access to labour and talent, and the current shortages are hindering the productivity and potential of dynamic and innovative companies across the country. We need greater investment in our education and training systems to ensure a sufficient pipeline of talent to meet the needs of our firms.

Unlock the potential of place

Secondly, and crucial to supporting businesses to flourish, is the need to unlock the potential of places across the UK. Investing in the regions will pay dividends for the country as a whole, as local economies grow and business confidence soars.

Access to finance is crucial to growth, and location should never be a barrier to firms getting the funds to develop. As it stands, the deepest pools of finance tend to be London-focused and need to better connected to investment opportunities in areas outside the M25.

The current Government has acknowledged the importance of focusing on place in its proposal for the next Industrial Strategy, and the next administration must deliver on this vision, and provide the practical support for local businesses to prosper.

Embrace an international outlook

Finally, the UK’s high-growth firms recognise that being ambitious means being international. If the UK is to succeed beyond Brexit, it must take full advantage of this disruptive opportunity to break into new markets and forge new relationships. Of course, there are risks involved, but those that take that leap onto the global stage are often rewarded with higher growth, productivity and profitability.

Businesses need practical and face-to-face support to meet new customers around the world. Chambers have extensive experience in supporting companies to take the first step into markets, and we are calling for greater support from the government to give firms a helping hand forging these new relationships.

As businesses are faced with the prospect of more political campaigning and another election, most view this snap election as a distraction. Success in business comes in part from the ability to screen out these distractions, and focus on their own operations.

The worst possible outcome would be to see British businesses paralysed by uncertainty over a general election and diverted by constant chatter over the infinite possible outcomes of Brexit negotiations.

Instead attention should be on getting the conditions right here at home so that companies can ignore all the noise and focus on their own fundamentals, instincts and appetite for risk – building successful businesses that will create lasting economic growth across the UK.

Dr Adam Marshall is the Director General of the British Chambers of Commerce