Brexit - Areas of potential impact for your business
- UK Market Dynamics - Possible market contraction; Buy British campaigns
- Currency - Impact on profits; Delayed decision making due to uncertainty
- Customers - Impact on customers leading to challenges and opportunities
- Competition - Expect new and increased competition
- Sourcing - Impact on cost, certainty and quality; dependence on UK distributors
- Transport & Logistics - Established transport routes may no longer be optimal
- Regulations & Standards - May change for exporting and importing from the UK
- Customs, Tariffs & Taxation - May see an increase in administration, cost and time, please see Customs Insight Course and The InterTradeIreland Start to Plan Voucher Scheme.
- Movement of People - Possible restrictions
Brexit Scorecard:
The Brexit SME Scorecard is a starting point to help businesses to begin preparing a strategy and ready their teams in terms of planning and shining a spotlight on some of the key operational areas that may be exposed.
The Brexit SME Scorecard online tool has been designed to stimulate companies into thinking about the key areas that may be impacted in their business because of Brexit and to self-assess their level of preparedness. Using the 'Brexit Scorecard' online tool micro and smaller businesses can self-diagnose whether they are ready for Brexit. By answering a series of questions online under six key business pillars a comprehensive report is automatically generated which serves as a prompt and discussion document for business owner / managers to consider as part of their planning for Brexit. The report provides companies with a benchmark in terms of their level of preparedness against best practice and signposts them to a range of supports, resources and information available via Local Enterprise Offices.
Your Local Enterprise Office has a range of supports to help you yo address issues and maximise potential opportunities;
- Brexit Loan Scheme: The new Brexit Loans Scheme, which was announced in the 2018 budget, will provide affordable financing to businesses that are either currently impacted by Brexit or will be in the near future. The scheme, which will be delivered by the strategic Banking Corporation of Ireland(SBCI) through commercial lenders will make €300 million available to eligible businesses with up to 499 employees at an interest rate of 4% or less.
- Brexit Mentor Programme
- Lean for Micro
- Co-Innovate Programme
- The Enterprise Europe Network
- Technical Assistance for Micro Exporters
- Trading Online Voucher Scheme
- MIFI
- Training and Management Development
- LEO Support Services
- LEO Financial Instruments
- Customs Insights Course
- Start to Plan Voucher Scheme: Delivered through Intertarde Ireland, this scheme offers SMEs advice and guidance to help navigate their way through Brexit. The vouchers offer 100% financial supports of up to £2,000/€2,500 (inclusive of VAT), towards professional advice in relation to Brexit matters. The support can help businesses get advice on specific issues, such as the movement of labour, goods, services, customs, logistics and financial issues such as VAT and currency management.
For further information, please contact your Local Enterprise office, Monaghan on 047 71818
Additional Sources of Information: