A practical response strategy

Prepare: tangible actions

The UK has voted in a referendum to leave the European Union but the practical consequences are currently uncertain.

The way forward is unlikely to be clear for some time; the detail may take many months or even years to determine. There could be significant consequences but, in many areas, the real impacts may be limited. Every business should be prepared for the next phase.

Three levels of preparedness

Understanding likely impacts of Brexit is an essential foundation of any Brexit preparedness strategy. Other Hogan Lovells materials explain potential outcomes to the Brexit process, and provide a checklist of areas potentially affected in your business.

Building on this, in developing your approach to preparedness you should consider the following principal elements:

—	Scenario evaluation: understand the potential impacts of various scenarios on your business, and assess the changes you would need to implement effectively to respond to those scenarios
—	Flexibility maximization: ensure you maximize options to respond appropriately to developments, whilst mitigating the potential risks associated with the range of foreseeable outcomes
—	Implementation planning: plan your approach outlining the necessary changes and the practical steps required to achieve your objectives.

This paper explains how to approach each of these steps to prepare your business for Brexit.

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