Business owners must be like deer in the headlights when it comes to planning a practical strategy for life after Brexit.
Here’s a comprehensive list of tools and resources to help owner-managers develop a practical plan for what a post-Brexit environment may look like.
At the time of writing (27 August, 2019) Brexit is a mere 10 weeks away and the spectre of a no-deal scenario is increasingly likely. This is uncharted territory and no one knows how it is going to pan out.
Either way, business owner-managers need to plan for the unexpected, keeping an eye on everything from liquidity and cashflow to the overall cost of doing business and somehow trading with one of Europe’s largest economies after it separates from the EU.
Sensible business managers will already have a plan in place or at least the genesis of a plan.
Below is a practical list of available calculators, loans, and useful guides to navigating the choppy waters that lie ahead.
The Bank of Ireland’s Brexit page is aimed at giving business owners a “clearer picture” and includes a handy Brexit checklist, import/export guide, a currency risk guide, links to the SCBI (Strategic Banking Corporation of Ireland) loan scheme as well as links to various Irish Government initiatives for businesses and the latest news on Brexit and UK developments. The page also includes useful videos and podcasts.
Bord Bia has been planning and implementing its response to Brexit since 2016 and its Brexit Hub includes a useful Brexit Barometer, access to Bord Bia’s resource services and a handy report on UK grocery insights. It also contains links to useful training programmes.
The Department of Agriculture, Food and the Marine’s Brexit and International Trade Division is responsible for ensuring a coordinated and coherent approach to Brexit, which it does through impact analysis and contingency planning – in close consultation with stakeholders – and through engagement with other member states and European institutions.
The Department of Business, Enterprise and Innovation has pulled together a superb list of various supports available to firms trying to get a real handle on what to do to prepare for a post-Brexit Europe, covering advice, finance and upskilling.
The Enterprise Ireland Brexit SME scorecard is a free tool for Irish companies doing business with the UK. The state agency has also put together a number of useful tools and supports around areas such as customs and logistics, financial planning and currency management and strategic sourcing. For businesses that need external support in planning for Brexit, Enterprise Ireland offers up to €5,000 to assist client companies develop a plan through its Be Prepared Grant. Firms can also research viable and sustainable new market entry strategies through the EI Market Discovery Fund.
Fáilte Ireland’s Brexit Response Programme is designed to help Irish tourism businesses spread the risk by diversifying their source markets and to enhance their skill capabilities across a wide range of business functions. Fáilte Ireland offers a suite of supports including an online knowledge hub and a Brexit Readiness Check to assess risks and to respond to an evolving business environment.
Cross-border trade association InterTradeIreland has put together Bitesize Brexit, a quick, practical online guide for trading between Ireland and the UK once Brexit happens, including getting prepared, getting orders Brexit-ready, getting transit Brexit-ready and ultimately being post-Brexit ready. The handy guide is broken into steps with useful links to the respective tax authorities in Ireland and the UK.
PricewaterhouseCoopers’ Brexit resource page is full of useful expert analysis as well as a list of no-risk actions that firms can take as well as well as an assessment tool to validate how Brexit-ready your business is across a range of issues such as contracts, supply chain, cash flow and inventory, intellectual property, workforce and contingency planning.
This page contains useful information about customs changes, procedures and rules when importing and exporting goods, including the UK in a post-Brexit scenario.
As part of a series of measures that the Government has been taking, both nationally and in conjunction with the EU, the SFPA have updated the Brexit Trade Compliance guidance leaflet to prepare the sea-fisheries and seafood production sectors for a no deal Brexit scenario.
The SBCI Loan Scheme offers lands of between €25,000 and €1.5m for eligible enterprises with a maximum interest rate of 4pc. Loans can be used to fund future working capital requirements or to fund innovation, change or adaptation of the business to mitigate the impact of Brexit.
Written by John Kennedy (firstname.lastname@example.org)
Published: 28 August, 2019