Originally written by Timothy Adler on Small Business
Only one fifth (21pc) of small businesses exposed to Brexit have prepared for the UK leaving without a deal.
The average cost to each company preparing for Brexit has climbed to £3,000, according to the first-ever survey of small business no-deal planning.
More than one third of the over 1,000 companies that completed a Federation of Small Businesses (FSB) survey said that Brexit had already either temporarily or permanently dented profitability.
See also: GDPR and Brexit – 5 steps your small business can take
A similar number said they have had to stockpile before the expected October 31 EU exit date, further tying up funds.
The FSB, which has 165,000 members with an average of seven employees, says that almost 40pc of small businesses would be badly affected by a no-deal departure.
Two thirds of small businesses say they cannot prepare because they don’t know exactly what to prepare for. Many small business owners complain they do not have enough sector-specific information over trading and tariffs, or what kind of Brexit will become law, to be able to plan.
Mike Cherry, FSB national chairman, has called on the Government to issue no-deal preparation vouchers worth up to £3,000 to cover

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