5 Tips to Prepare for Brexit
1. Understand the impact
For business owners in the border region Brexit promises to be the most disruptive event ever faced, with currency fluctuations, supply chain disruptions, restrictions on the movement of labour and the competitive impact of a weak sterling. It is vital as a business owner that you understand the various impacts that Brexit could have on your business.
2. Prepare your plan
While the currency effect of Brexit can already be felt, the broad range of other issues that it will create means that you cannot deal with it on the day. All forward thinking business owners should have a formal plan to deal with Brexit and keep it updated in the months and years to come.
3. Get help
Brexit creates problems over a number of disciplines so seek help from your professional advisors but also from state agencies such as IntreTrade Ireland or Enterprise Ireland depending on your industry and size.
4. Look for opportunities
As with all changes Brexit may present an opportunity for your business. Can you avail of historical low sterling rates in your purchasing or will a weakened sterling and border controls give you a competitive advantage over your UK competitors selling into the Irish /EU market.
5. Talk to Amatino
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