When planning for Brexit, don’t overlook business opportunities
Brexit creates problems for many Irish businesses. Even if you only do business locally, your suppliers may be affected by currency volatility or supply chain disruption. It’s vital to have a plan and your plan must be flexible enough to adapt to changing circumstances. Remember, it is important to focus on opportunities as well as problems.
Initial steps to take include:
- Review your Brexit plan: If you don’t have a plan, now is the time to develop one. If you do have a plan, review it. Risks to consider include exchange rate volatility, supply chain disruption, potential restrictions on the movement of labour and increased competition. There is still a lot of uncertainty about Brexit so your plan must be capable of adapting to changing circumstances.
- Look for opportunities: Brexit may present opportunities for your business. Can you renegotiate contracts? Can you take advantage of the low Sterling rate in your purchasing? Does weaker Sterling give you an advantage over UK competitors? Should you establish operations in another jurisdiction?
- Get help: Talk to your professional advisors and state agencies like Enterprise Ireland and InterTrade Ireland who have resources to support you.
Through our location in the border region, Amatino has relevant specialist skills and expertise for businesses facing Brexit challenges. Working closely with you, we will review your Brexit plan, identify risks and opportunities and help you make the right decisions for your business. Remember, your Brexit plan will need constant monitoring and review as circumstances change.
For more cross border advice, please contact a member of our team.
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