The Brexit transition period has ended.
Don't forget to adapt your business to the new rules when you trade with the EU.
To best understand how your business will be affected, ask yourself the right questions.
There's a new UK border operating model for processing imports and exports.
Has your business adapted?
From now on, you'll need both outbound and inbound declarations.
Decide who's going to declare these.
Your business, your freight forwarder, or a customs broker.
How has the deal affected your supply chains?
Understanding how the agreement affects you
could help you agree with people in your supply chain
on any changes to their roles and responsibilities.
To answer these questions,
think about your trade cycle when you trade with the EU.
The trade cycle helps buyers and sellers
find capital and cash flow issues,
figure out any funding they need,
and where there's capacity to explore new opportunities.
After you agree, a price for goods or services.
The buyer places the order.
The buyer gets an invoice,
then they pay the seller
and the seller ships the goods.
Understanding your trade cycle will help you make the most of your capital.
For more information, contact our specialist team who will support your business trading abroad.
Visit Barclays.co.uk/business-banking/business-abroad