Enterprise Ireland’s essential questions to prep Brexit-exposed firms
Enterprise Ireland has launched its Brexit Essentials campaign to help exporters trade successfully with the UK post-Brexit. It lists the 12 key questions and pieces of documentation that businesses should be familiar with pre-October 31.
Consulting with over 1,000 Brexit-exposed companies established the most common concerns: customs, strategic sourcing and financial and currency management.
The questions address those issues, including:
- ‘What is the commodity code for your products?’
- ‘Can you name your most Brexit exposed UK suppliers?’
- ‘What is the impact of Brexit on your company’s cash flow?’
Jonathan McMillan, Enterprise Ireland’s Brexit unit manager, said that by answering these questions, “exporting companies can help future-proof their businesses and continue to trade with the UK, following a potential no-deal Brexit.”
Speaking to TechCentral.ie, Michael Conway, director of Renaissance Ireland, IT security distributors, said: “To give advice, the possible outcomes and options should be clear and in the case of Brexit, they are not.
“When we went to SEPA we knew what was planned, when we removed customs because of the single European Market in 1993 we knew what was planned.” But now, “the biggest issue is the uncertainty and misinformation. For that reason, I would forgive anyone who has not done much planning or been able to give much advice.”
Indeed, just over one in seven of Enterprise Ireland’s clients have yet to take precautionary measures for Brexit. However, 86% have made strategic actions, such as: diversifying export markets, improving operational competitiveness, and investing in R&D.
Conway maintains that “preparing for [Brexit] is essential… We are now at the point when we need to prepare for the worst and assume that everything will stop and plan on that basis.” Renaissance has “identified the need to transact in Europe” and because of this will mostly be dealing with European entities in future.
Interest in Enterprise Ireland’s financial and advisory supports has grown as businesses prepare for Brexit. To date, it has invested €74m aiding Brexit exposed companies.
Support at this time is very much needed, it seems. For Renaissance, Conway said VAT will likely be the most negative cash impact of Brexit and is certainly “something we would like assistance and guidance on.”
For information on potential issues and to view all 12 questions, visit prepareforbrexit.ie.