British membership to the trade bloc European Nation has always ensured that international trade between them and other member countries is with much ease. The debate on how will Brexit from the EU is still mattered to consider even though the prime minister has no plans to formally conclude the exit procedure before the end of that current year (Pan and Goodier, 2011). As a company, we should have strategic plan chart of activities to enable stand firmly after the Brexit.
Though Brexit from the EU has brought different opinions and the results, more than 100 economists responsible for the financial times at the current year. More than a half of them think that Brexit would hurt the UK’s short-term economic prospects over seven-time on the less than 9 percent who believe an economic level of Britain will be stable (Yunus et.al, 2010). It means that the decision for Brexit from EU would pose many negative impacts than positive impacts on the economy will also be into our individual firms.
Let’s look at this matter in two perspectives, the consequences of Brexit to our company and economy at large in the negative and positive side. Britain exiting from EU will affect the benefits of deeper trade relationships with other member countries. It implies that all the trade relations when it becomes a non-member will be more complicated (Duvanova, 2013). As a firm, we will incur custom barriers with more than 60 million custom clearance documents involved per year which will increase the bureaucracy and costs involved.
In the financial markets, there is going to be a possible outflow of money from the UK government. Which would make the country’s current finance drop of 5 percent of national income level, bearing in mind that after Brexit, there will be an increase in the risk premium demanded by the country’s market due to the massive capital injections required to fund the drop in national income? It will have a result in a fall in the sterling and increased assets prices Apart from the purely transactional problems; investments would fall after the exit leading to a persistent lower growth and production because less foreign investments there will be a loss of potential and technical benefits (Crawford and Seidel 2013). Uncertainty surrounds the terms of relation towards EU market after the Brexit means that the level of investment would be low for several years.
With the idea of British curbing the free movement of people, it will not enjoy the benefit of an existing supply of skilled labor from the EU market, therefore, fall short of inventions and competent personnel (Holcombe and Ipate 2012). The country’s export performance would worsen due to inaccessibility of EU business and financial services, lower potential growth and reduced consumer spending resulted from the lack of migrants’ investment.
Positive impacts after Brexit are; the freedom to strike a free-trade agreement with EU, which would protect products, unlike services. Free trade agreements with third countries and no need to comply with the rules of EU that don’t favor small and medium sized business.
Brief note 2: policies on sustainable development of raw materials
Since the economy of UK and activities is a base on international trade and natural resources, much effect is on energy, resources like water and the environment at large to deal effectively with the changing climatic conditions and growing country’ population. Sustainable use and development of resources ensure that the next generation is finding a better place and possibility of using the same resources in the future to come (London and Hart, 2013). A sustainable economy provides growth of the economy and reduced environmental impact.
As a firm based in the UK to be able to run efficiently and approved by the government, there is need to shift our company’s environmental policies to fit those developed by the government and also produce products that are environmentally friendly (London and Hart, 2013). Bearing in mind that efficient use of resources will bring immediate benefits to the country’s business by reducing their carbon emissions rates and reduced climatic change inconsistent prices of commodities.
The business must instill integrity in its operations by providing required details on environmental effects and performance of products and services so as consumers can decide on what to purchase and how to dispose of it.
As a firm, we should engage in funding with collaboration with the government the organizations that give advice and help companies efficiently use raw materials and power more efficiently such as (WRAP) when required and follow their advice in our processes.
Resource Security Action Plan developed by working with related industry such that our final waste after efficiently use of raw materials becomes raw materials of another firm. It means that our firm has to invest in partnering and also to locate the best partner companies (London and Hart, 2013). Establish and invest in processes that produce sustainable products and services to take advantage of the government purchasing power and wider public sector.
As a firm, we should involve the Environmental Award Forums which accredits organization’ environmental award schemes to help the company achieve the highest standards which will, in turn, increase its reputation to the society as a whole.
There is need to reduce demand for energy such as electricity; the firm should come up with policies like low-cost or no-cost methods like a poster to remind people to turn off unused lights and to be more energy efficient users. An energy leader can also be appointed in the firm to enhance energy efficient forms to staff, and advice to the central coordinator also helps to control power consumption rate (Kietzmann, 2013). For reduced recycling and recovery complexities and issues, there should be measures to encourage the mechanical end of product life cycle so that waste products can be of use. In a case where the need for recyclability is higher, increase material standardization to achieve over 85 percent recycling.
Brief note 3: the increased emphasis on Consumer Rights Act
Customer – the business legal relationship has been clearly reshaped by the Consumer Rights Acts, this piece consolidates present consumer law, redefines consumer rights in unique and detailed ways, and strengthens regulatory policies for the user. If these policies are not to, they will affect entire processes of the consumer-facing business.
Redefinition of a consumer excludes companies from a protection of consumer rights and that for one to receive protection from the act, they should be working individually and mainly outside their business and profession (Goetsch and Davis 2013). It implies that businesses should be carefully on where they buy because once exploited the Consumer Act won’t intervene.
The firm should ensure that their products meet the requirement of goods in the Consumer Act that is the goods must satisfy the quality, be fit for the purpose made for and conform to the description provided by the producer so as to avoid being categorized as consumer-exploiting firm.
The provisions on the consumer remedies under the Consumer Act should be well known to the company so as to compensate the customer in case there is a complaint to avoid further problems from the consumer right Acts (Goetsch and Davis 2013). An example like the business has the obligation based on user’s option to replace or repair the goods provided. And the complaint can only be compensated if it is within 30 days and no other day.
The supply of services must comply with the Act which states that a service must be of reasonable skill and care, it should be presented at a reasonable price and completed within a reasonable time. As a firm, it’s important to relate well with the remedies for poor services like the repeat performance of the service or compensating for service rendered to the consumer by another service provider (Goetsch and Davis 2013). The firm should always strive to offer accepted services and comply with the remedies policy when required.
The digital content provided by the company to the public about their products should conform to satisfactory quality, suitable for the purpose and fully described regarding characteristics, functionality, and compatibility to the consumers before they buy. Beware that if free content supplied causes damage to the user’s device, then the business may be liable to the fault.
The firm’s contract terms must be fair and offer a condition that causes balanced benefits in the parties’ rights and obligations of the contract to the favor of the consumer (Bharadwaj, et.al, 2010). The Act requires that the contract terms in writings of a customer contract are transparent and prominent, and for it to be prominent, it should be brought to the consumer attention before they enter a contract.
All the above-discussed factors have both negative and positive impacts to the successful running of business, and it is important that the organization understand their role in those effects and act as required for their success at large (Bharadwaj, et.al, 2010). Any misunderstanding and missed actions cause the adverse effect to a firm.
References
Pan, W. and Goodier, C., 2011. House-building business models and off-site construction take-up. Journal of Architectural Engineering, 18(2), pp.84-93.
Yunus, Muhammad, Bertrand Moingeon, and Laurence Lehmann-Ortega. “Building social business models: Lessons from the Grameen experience.” Long range planning 43, no. 2 (2010): 308-325.
Duvanova, D., 2013. Building business in post-communist Russia, Eastern Europe, and Eurasia: collective goods, selective incentives, and predatory states. Cambridge University Press.
Crawford, M. and Seidel, S., 2013. Weathering the Storm: Building business resilience to climate change. Center for Climate and Energy Solutions, Arlington, VA.
Holcombe, M. and Update, F., 2012. Correct systems: building a business process solution. Springer Science & Business Media.
London, T. and Hart, S.L., 2010. Next generation business strategies for the base of the pyramid: New approaches for building mutual value. Pearson Education India.
Kietzmann, J.H., Hermkens, K., McCarthy, I.P. and Silvestre, B.S., 2011. Social media? Get serious! Understanding the functional building blocks of social media. Business Horizons, 54(3), pp.241-251.
Goetsch, D.L. and Davis, S.B., 2014. Quality management for organizational excellence. Upper Saddle River, NJ: Pearson.
Osterwalder, A. and Pigneur, Y., 2010. Business model generation: a handbook for visionaries, game changers, and challengers. John Wiley & Sons.
Carlon, S., Mladenovic, R., Palm, C. and Waters, J., 2011. Accounting Building Business Skills 4E. John Wiley & Sons Australia Limited.
Carlon, S., Mladenovic, R., Palm, C. and Waters, J., 2011. Accounting Building Business Skills 4E. John Wiley & Sons Australia Limited.
Bharadwaj, S.S., Saxena, K.B.C., and Halemane, M.D., 2010. Building a successful relationship in business process outsourcing: an exploratory study. European Journal of Information Systems, 19(2), pp.168-180.
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