Delays at ports are one.
We have to hope that places like Felixstowe have thought this through. Any delays at ports would mean supply chain disruption. Deliveries could be delayed, contractual delivery commitments may not be met. Do those commitments perhaps need to be reconsidered? Does a business need look at its service level commitments, or perhaps stipulate longer times?
Conversely if your business is relying on other businesses delivering supplies to you, think about what happens if they are not able to continue to deliver in the way they have in past? Or indeed, if they go bust?
We may well see delivery costs go up. If there are duties and tariffs then those will be direct costs. Changes to regulatory regimes and compliance processes may take up increasing administrative time which may also involve increased cost spent on administration.
So how are these cost going to be borne? How can a business prepare for this?
Businesses really need to think not only of themselves but also about their customers and suppliers. How will these be affected, and how will this impact on you?
Many of the solutions, (some of them perhaps only partial solutions) are going to involve looking again at the terms of on which you do business. They are the businesses offer, and as ever they need to reflect what they can do, avoid making commitments which the business cannot keep, and manage the business risk.
There’s not a lot of time left, but part of it is planning: identifying what the risks are and working out how to mitigate them as best you can.
If you require assistance in reviewing your contractual commitments and negotiating new terms, please do contact me Adrian Chaffey at email@example.com
or telephone Ipswich 01473 213311 or Colchester 01206 584584 where I will be happy to speak with you.