BARRING some sort of miracle, Brexit is going to happen. Rough or smooth, it is going to have a significant impact on all businesses.

In our recent survey of IoD (Institute of Directors) members, only 40 per cent of businesses stated that they had taken serious steps to prepare, whether there is a deal or no deal. Given that we are less than six months from the exit, this a frightening statistic.

So, what should businesses be focusing on in order to be in a better position? First, look at your staff and their origin; then their partner or spouses’ origin. If they are EU (European Union) nationals, do they know what is being proposed? It is important to reassure them regularly on their ability to stay, and these conversations should be had on a near-daily basis, given the constant press speculation and the unhelpful blustering of politicians.

While the reality of their position might be clear, the message coming through is often mixed and confusing, causing many to re-think their options.

Consideration should also be given to your supply chain – in terms of continuity of supply as well as cost, and alternative options should anything go wrong. Ensure you know the true source of the services and product you depend on down to the final detail, and asses what impact, if any, Brexit may have. Jaguar Land Rover estimates a third of their supply chain comes from the EU; and will need to take steps to safeguard their business. Firms must ask the question of their suppliers and have a thorough understanding the origin in order to make alternative provision if there is any concern of supply being threatened, or costs rising significantly.

If you class the EU as your biggest market, then ensure you are looking further afield to new markets, in case of increased tariffs or customs delays and difficulties. The commencement of Emirates flights out of Edinburgh, for example, adds cargo space to the Middle East and beyond, opening new doors to trade. There is no better time to be looking at the opportunities to internationalise beyond Europe.

Business and economy have been so intertwined with the EU for the last 40 years that specific industries will see changes as we depart. For example, agriculture funding, fisheries rules, research funding partnerships and so on; the list is almost endless. Unless you are very close to these specialisms and the core knowledge, you may not know the possible outcomes; but you must start considering what might happen.

The UK government has issued many guidance papers, around 80 to date, on the possible implications of a no-deal Brexit. Leaders should read those most relevant to them and use this as a guide to prepare. In terms of seeking further help for businesses to prepare, this week the IoD called for the Chancellor to issue Brexit planning vouchers for businesses as part of the upcoming Budget. Under the proposed scheme, which has been used elsewhere to help businesses prepare for wholesale change, small and medium-sized businesses could submit online applications for vouchers to redeem against legal and professional advice in order to be as prepared as possible for Brexit, whatever the outcome of negotiations.

The biggest issue, and I believe this is only truly dawning on people now, is that if there is no deal, there is no transition. We crash out of the EU on March 30 with no soft landings. Everything will be affected, from the label on our tin of beans to our workers’ rights. This is really very serious, and business leaders must try to prepare. Whether we like it or not, an extreme change is coming.

David Watt is executive director of the IoD in Scotland, which holds its annual conference at The Gleneagles Hotel on November 1 and 2.