How will Brexit affect Ireland?

Helping Irish businesses to prepare for Brexit

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Impact of Brexit on Ireland

A key challenge for businesses is uncertainty and since the UK’s EU Referendum in June 2016, there's been much for small and medium sized enterprises to contend with. Brexit is an ever-changing situation so it's difficult for UK and Irish businesses to prepare for the eventual outcome. Nonetheless, irrespective of whether you trade domestically, internationally, or both, Brexit is likely to impact your business in some shape or form.

Having left the EU on 31 January, the UK entered an 11-month transition period. Until the end of that period, the UK will remain in the EU's customs union and single market and will continue to obey EU rules. However, now is the time to take some practical steps you can take to future-proof your business, through the Brexit process and beyond.
We support more than 12,000 worldwide, and to help our clients and business partners to prepare, we have compiled a series of guides and resources.

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Overcoming key challenges

The most important thing is that you start scenario planning, which will enable you to consider how the potential outcomes could impact you both now and in the future.

Here are our top three tips on what you may wish to consider over the coming weeks and months:

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1. Supplier relationships

If your business is anything like ours, supplier relationships are key. If you plan to trade with the UK or your supply chain involves the UK, it’s important that you consider the potential impact of Brexit.

Any changes to tariffs and customs could impact costs and timings. You should ensure you are fully aware of where any stock or materials are sourced from or are going to. Speak to your UK suppliers, wholesalers and logistics companies to check on any potential problems impacting on the continuity of the goods and services you rely on to do business.

Check if your non-UK suppliers use the UK as a landbridge, as this too could result in delays and increased costs. Consider whether sourcing your goods or services in Ireland or elsewhere in the EU, if you have concerns about your supply chain.

Further practical advice on declaring goods at customs in the event of a no-deal is available on the Government website.

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2. Foreign exchange

Changes in the global political landscape have impacted currency markets significantly over the past year. For businesses that buy and sell overseas, currency fluctuations can increase input costs and reduce profitability hugely. It’s therefore important to keep an eye on currency and market fluctuations to protect against such impacts.

Foreign Exchange providers can help by locking-in rates to protect against further currency movements.

Find out more about how we’re supporting our clients with our Foreign Exchange services.


3. Managing cashflow

Our own research shows that since the EU Referendum an increasing number of businesses are struggling to effectively manage cashflow. Additionally, we know that more businesses today are suffering from bad debt, due to non-payment from customers.

A number of financial supports have been introduced to help with the challenges that Brexit presents for Irish business. Read more about the Government’s Brexit Programmes, Funds & Supports.

You should also speak with your finance partner about the options they can offer to help alleviate challenges associated with cashflow issues. Some will offer specialist import (Trade Finance) and Export Finance services, helping you to trade overseas with confidence.

Additionally, some providers will offer bad debt protection to ensure that your business is insulated against the impact of customer non-payment or protracted default.

You can read more about the cashflow solutions we provide, including our support for SMEs trading overseas.

Funding for all business requirements

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Our support guides

If you’d like more detail about how to overcome some of the challenges above, check out our helpful guides and online resources, including:

You can also speak with one of our SME experts about how we could support your business, by calling: 01 297 4911.

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SME Confidence Tracker

Our SME Confidence Tracker assesses the sentiment of 200 businesses each quarter on a range of topics, such as sales volumes, investment and access to finance. We’ve been running the Tracker since October 2018, so the report offers genuine insight into how Brexit has impacted businesses like yours.

Alternatively, our Global Business Monitor report, includes data from 13 regions across Asia, Europe and North America.

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Other Brexit-related resources

There are a host of resources available to businesses like yours in helping you to get ready for Brexit. Here are some we think are particularly useful:

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Speak to one of our team today on 01-297-4911