© Copyright Acquisition International 2025 - All Rights Reserved.

Article Image - New research shows 88% of businesses trading internationally haven’t looked at switching their supply chains pre-Brexit
Posted 7th December 2020

New research shows 88% of businesses trading internationally haven’t looked at switching their supply chains pre-Brexit

With less than 30 days to go until the UK leaves the EU, it’s vital that businesses get ready for the transition that will take place.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

New research shows 88% of businesses trading internationally haven’t looked at switching their supply chains pre-Brexit
supply chain

Across the UK, businesses have spent the last six months adapting to the ‘new normal’, changing their ways of operating to keep their employees safe, whilst keeping their business healthy. With this alteration in the ways of working looking likely to remain for some time, moneycorp Bank conducted research with over 170 businesses that are trading internationally, to understand how they are preparing for the future, with Covid-19 still present, and Brexit on the horizon.

The Covid-19 outbreak has had a significant impact on British businesses. Whether positive or negative, the overwhelming majority of companies have found that there’s been a complete shift in their day-to-day running – be it with the end-consumer or their supply chain.

While 18% of UK businesses trading internationally saw an uptick in demand, others have experienced the pandemic very differently, the research shows:

  • Over a half (52%) have suffered from reduced demand
  • 30% have suffered delays and uncertainty over the arrival of goods
  • 17% have reduced the volume of products ordered through specific suppliers
  • 10% saw a reduced web traffic
  • 6% found that they had to order through more costly suppliers

Consequently, there’s been a whole range of steps businesses have taken in order to shore up operations, and in fact, 43% have said that they’ve changed their business model altogether as a result of Covid-19.

We found that other steps businesses have taken have ranged from creating a comprehensive emergency operations centre, redesigning supply chains with local sources and second sources, to mapping suppliers to assess vulnerabilities and running outage scenarios to assess the possibility of unforeseen impacts.

Despite having made changes to adapt to the challenge of Covid-19, the research shows that businesses haven’t explored ways to safeguard their supply chains to mitigate the risks, and benefit from the opportunity that Brexit could bring. 88% of UK businesses trading internationally have admitted that they haven’t looked and aren’t going to look at switching their supply chains in preparation of Brexit.

With the Brexit deadline looming, and trade talks still ongoing, the results show that many British corporates aren’t thinking ahead to how Brexit may impact their supply chains. In order to utilise Brexit in the most beneficial way, particularly when it comes to international trade, they need to be prepared.

Lee McDarby, Managing Director of Corporate Foreign Exchange and International Payments at moneycorp commented:

“This year has been difficult for the majority of UK businesses, and the impact of Covid-19 can’t be downplayed. However, by focusing on the impact of the pandemic, many entities are taking their eye off Brexit, which could cause even greater disruption further down the line.

“With less than 30 days to go until the UK leaves the EU, it’s vital that businesses get ready for the transition that will take place. Fundamentally, the way we conduct business will change. Companies need to understand how this change will impact their operations, and what mechanisms need to be put in place to ensure they thrive post-Brexit. One thing that businesses can be sure of, as the 31st December approaches, is turbulent market winds. Now is the time to be assessing your currency exposure, to ensure international supply chains do not end up eating into British businesses’ bottom line.”

To keep up to date on how they could be impacted, moneycorp Bank is encouraging all UK businesses to visit the government website for live updates.

Categories: Strategy


You Might Also Like
Read Full PostRead - Eye Icon
How To Build A Business Continuity Plan In 5 Steps
Strategy
09/11/2022How To Build A Business Continuity Plan In 5 Steps

A BCP will help ensure the operations continue, your staff is secure, and business assets are safe. Remember, you never know when such calamities will happen. Adequate planning can help you avoid losing revenue, customers shifting to your competitors, and incu

Read Full PostRead - Eye Icon
IAG: Ensuring Everyone Benefits
Strategy
23/02/2018IAG: Ensuring Everyone Benefits

Insurance Applications Group (IAG) is a licensed National Employee Benefits Firm specializing in the product design, communication and administrative processes of supplemental insurance products for specific vertical markets.

Read Full PostRead - Eye Icon
Unemployment Rate Still Masking a Recovery on the Rocks
Finance
26/05/2015Unemployment Rate Still Masking a Recovery on the Rocks

Modest growth in April jobs isn’t enough of a silver lining to hide a bad GDP report

Read Full PostRead - Eye Icon
Latin America Series: Guyana
Strategy
13/05/2016Latin America Series: Guyana

De Caires Fitzpatrick and Karran, one of the most prestigious law firms in Guyana, specialises in corporate/commercial work including securities and land issues.

Read Full PostRead - Eye Icon
Considerations When Securing a Loan Against Your Property
Finance
15/10/2020Considerations When Securing a Loan Against Your Property

Securing a loan against your property for any reason comes with a degree of risk by its very nature. Some loans such as mortgages will of course need to be secured against a property, whereas in other cases, you may not need to secure the loan against bricks a

Read Full PostRead - Eye Icon
FERBER & CO. Transaction announcement
Finance
31/07/2015FERBER & CO. Transaction announcement

FERBER & CO. Transaction announcement

Read Full PostRead - Eye Icon
Growth in UK M&A Appetite – a Risky Business?
Innovation
29/02/2016Growth in UK M&A Appetite – a Risky Business?

KPMG forecasts published in September 2015 projected that appetite for M&A deals in the UK over the next 12 months would outstrip both the US and the rest of Europe (with appetite in the UK.

Read Full PostRead - Eye Icon
5 Time Management Secrets for Efficient Project Management
News
03/01/20245 Time Management Secrets for Efficient Project Management

Are you a project manager who is aspiring to be the best in the biz? You need to master these secret ways to make your workflows more efficient. Using our tricky time management tools will boost your productivity, and also, help you work both faster, and smart

Read Full PostRead - Eye Icon
How to Get Business Finance with a Poor Credit Score
News
10/06/2022How to Get Business Finance with a Poor Credit Score

If you have previously dealt with poor credit in your personal life, then getting finance for your business through your bank might be difficult, if not impossible when first starting your company. The good news is that you do not have to let a poor personal c



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow