44% of UK businesses unprepared for Brexit, study finds

A recent survey has discovered that 44% of businesses in UK, while worried about the potential impact of Brexit, have not yet begun adequate preparations for the departure from the EU. Details of the survey have been revealed as Theresa May is set to decide when Article 50 would be invoked.

The survey, conducted by Opinium Research on behalf of cloud-based enterprise performance management firm Anaplan, also stated that only 26% of businesses had faith that the UK government has a firm strategy in mind after Brexit.

The fate of EU workers currently in the UK and changes in laws regarding future EU immigration continue to remain uncertain, as the study also reported that 31% of the businesses surveyed considered the loss of access to the single market as their biggest concern.

Anaplan has advised businesses to embrace the dynamic business environment and seek out potential opportunities that may arise. Karen Clarke, the regional vice president of the firm's Northern Europe division remarked, "We live in a continuously changing world where volatility is the only constant. For those businesses that are prepared to deal with any changes around the corner, this volatility can be a huge opportunity.

"Unfortunately, there isn't an approved script for how to cope with situations such as Brexit or the impending triggering of Article 50, but businesses can and should model and plan for multiple future scenarios and be ready course-correct their strategy. Looking at best- and worst-case scenarios to understand business impact will make organisations better prepared to manage and exploit whatever happens tomorrow or in the future."