Many smaller UK businesses feel confident that they will be able to overcome the challenges that Brexit throws up in 2021, with many expecting to bounce back from an initial downturn and thrive.
Conversely, many EU firms felt unprepared, but were also confident that things would turn out ok.
The study, by Mollie, one of the fastest-growing payment service providers, reveals the differences between small-mid-sized UK merchants versus their counterparts in the EU and the opportunities and challenges that are expected come December 31st.
The data paints a positive picture for British firms who expect to face challenges when the UK formally leaves the EU, but are optimistic about their ability to adapt. Conversely, EU firms felt unprepared but confident in their current strategy and believe Brexit is unlikely to bring any new problems.
Both UK and EU businesses said that Brexit has resulted in a shift towards domestic activity rather than international commerce.
Some of the key findings of the study – which was carried out while negotiations between the UK and EU were still on-going, found the following:
Despite headwinds, British SMEs are standing strong
A more regional and personalised approach will help SMEs bounce back
EU merchants have been unable to plan but anticipate few new challenges
“Brexit has been looming in the background for the last four years and has been expected to hit businesses hard,” says Ken Serdons, Chief Commercial Officer at Mollie. “Yet, small to mid-sized merchants are feeling confident and prepared to tackle Brexit head-on. With our focus on simplifying financial services and creating localised payment experiences, Mollie is well poised to help customers navigate this shift and continue to grow internationally. In particular, merchants with a growth mindset – who believe that their capabilities can be developed through dedication and hard work – will bounce back most successfully.”