Impact of Brexit on Small Business in the UK

Literature review about
Impact of Brexit on small
business in the UK

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
LITERATURE REVIEW................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
In the world of business, there are varied types of factors accessible whether external or
internal that affect a small & large size companies. The current assignment will be based on
Brexit, which falls under list of political factors that impacts varied types of ventures in UK and
EU. The aim of this study it to explain the impact of Brexit upon small business in the United
Kingdom.
MAIN BODY
LITERATURE REVIEW
According to Saville, (2020), Brexit is one of those political factors that affect
interrelation between EU and UK. In term of withdrawal of United Kingdom from European
Union, this factor brings varied challenges for both of nations. It refers to decision in context of
withdrawal after voting to do so in 2016 referendum. It happens when majority of voters voted to
leave European Union. At the period when decision is taken, UK was the only nation that
formally to leave EU, after 47 years of being a key members state within bloc.
Hantzsche, Kara and Young, (2019) stated that Brexit as an external factor affect SMEs
in the UK in positive manner. For example, just because of this element, small companies gets
chance to explore more markets where they may earn more profit and achieve business aims and
objectives in effective manner. The modifications that this factor brings in regard to small
ventures may continue to evolve. As it offer opportunity to explore nearby markets where
potential customers are available and seek to purchase a quality product or service from trustable
firm with good price tag, because most the consumer prefer to purchase those items that are
under their budget. In simple term, Brexit represents an exciting and excellent new era in context
of British SMEs. It drives the attention and attempts of small ventures towards exploring new
and profitable market, where they may get better success and grow more than last few years or
months, which is quite necessary as it made ventures able to contribute in economic
development. Exploration of distance markets provides varied benefits to small size
organizations in term of enlarging their existence in UK market whether relate to grocery or
fashion.
Brexit may liberate small business to sign beneficial and important trade deals with more
dynamic and profitable markets outside European Union, which turns into unpredicted profits,