By now, most of us have an opinion about whether to leave the European Union or remain unified with our continental neighbours. With the referendum looming, we now have the power to exercise those opinions.

But as the famous Spiderman quote goes “With Great Power Comes Great Responsibility”.

In a recent snap poll conducted by the Federation of Small Businesses it was revealed that 52 per cent of members still felt uninformed about the EU referendum, which is slightly worrying when the decision has now been placed firmly in the hands of the electorate.

FSB members are calling for more information on how an EU departure would affect them, with 75% claiming that plans for EU governance will be a factor in their decision making. 70% noted free movement of people was a key influencer and 69% highlighted the cost of EU membership as a primary consideration.

For many, an EU exit would be a voyage into the unknown

In direct contrast to the FSB’s claim that over half of their members are still open to being swayed,  The Telegraph this month published an open letter signed by 200 small business owners which urged Britain to leave the EU. In the letter, signatories asked voters not to be swayed by “a minority of managers from Britain’s largest companies” who are toeing Cameron’s Conservative party line of remaining in the EU.

According to the think tank, Open Europe, the best case scenario of a UK exit would be an increase in GDP of 1.6%. However, this is ‘best case’, a more realistic estimate would range between -0.8% and +0.6% by 2030.

For SMEs the outlook may be more positive. Many small businesses do not trade with the EU as part of their business model, and yet UK membership requires them to comply with legislation that can be restrictive and burdensome. An exit would remove these regulations and allow the UK to accommodate national business needs.

The UK remains one of the EU’s largest economic contributors, propping up the weaker members, bailing them out when necessary. This comes at a very high cost with billions of pounds being pumped into Europe with a limited amount being returned. An exit would allow the billions of pounds saved to be re-invested in the UK economy rather than being sent overseas.

However, as one of the biggest contributors it could be argued that we have a responsibility to those countries that are less fortunate, as an exit would surely be a disruptive factor. There are fears that an increase in euro-scepticism and nationalist sentiment, caused by a Brexit, would exacerbate the issues currently bring experienced by countries who are already experiencing dissent.

A Brexit would mean more money to spend, but also a period of uncertainty

Furthermore, the UK is one of the more liberal voices in the EU, promoting global trade, and so the potential for the EU to become more protectionist as a result is also a factor to consider. If Europe does decide to close its doors it could impact any possible trade deals that the UK is hoping to secure and our relationships with the US and BRIC economies may not be enough to sustain a positive balance of trade.

With so much debate still raging within the small business community, it is clear that businesses have an obligation to become as informed as possible about how a Brexit would impact their staff, customers, the UK economy and Europe more widely, before taking a side.

Having worked on behalf of small businesses for a number of years, to find them the cheapest energy deals, Love Energy Savings are well aware of how apathy and ignorance can ruin a business.

No self-respecting business owner should make a business decision without knowing how it will impact their bottom line and the same approach should be taken with the referendum.