21st August 2019
12 ‘Brexit Essential’ questions outlined to get businesses ready for Brexit
Enterprise Ireland has today revealed 12 ‘Brexit Essential’ questions which will help exporting businesses further prepare and take action ahead of the UK’s impending withdrawal from the EU.
The Brexit Essentials campaign highlights the key questions and documentation that businesses need to address in order to trade successfully with the UK post 31 October.
Since the referendum in 2016, Enterprise Ireland has been working with exporters as they look to overcome the challenges that Brexit represents. Following consultation with over 1,000 Brexit exposed client companies, three common areas of concern arise – customs, strategic sourcing and financial and currency management.
Heather Humphreys TD, Minister for Business, Enterprise and Innovation said: “Many businesses are telling me that it is difficult to plan for a situation that remains so unpredictable. That is understandable. It can be difficult for firms to plan from week-to-week let alone beyond that and into the unknown. Notwithstanding the uncertainty, however, there are several areas where they can take immediate action to prepare. This campaign highlights the key questions and documentation that firms need to address now. I am advising businesses to engage with the campaign and not leave it too late.”
Jonathan McMillan, Enterprise Ireland’s Brexit unit manager said: “Since the result of the referendum in 2016, we have been working with companies to get them Brexit ready. The 12 Brexit Essentials identify the key questions that companies must be able to answer under each of the three business areas if they are to be prepared and to take action now if issues raised remain unanswered.
The Brexit Essential questions include:
‘What is the commodity code for your products?’
‘Can you name your most Brexit exposed UK suppliers?’
‘What is your break even €/ £ exchange rate for your UK business?’
“As the possibility of a no deal Brexit looms, we are now asking businesses to focus on the everyday operating issues that these questions highlight to ensure they are ready as can be for whatever the outcome at the end of October. Our message to companies is that it is never too late to take action.
Information on all the potential issues highlighted within the 12 questions are available on prepareforbrexit.ie. By taking the necessary practical steps, however small to answer the Brexit Essentials, businesses will be better placed to address the three major areas of concern. In doing so, exporting companies can help future proof their businesses and continue to trade with the UK, following a potential no-deal Brexit,” he added.
To deliver this Brexit response programme, Enterprise Ireland has introduced a range of supports including; Brexit Clinics, Brexit Specific Capability Initiatives, the Brexit: Act On Initiative and Online Customs Training. Financial supports in the form of specific funds include the Be prepared grant, Clear Customs, Market Discovery Fund, Agile Innovation Offer and Operational Excellence Offer.
There has been substantial uptake of Enterprise Ireland financial and advisory supports for Irish businesses preparing for Brexit. To date, Enterprise Ireland has invested €74m in Brexit exposed companies focussing on three key areas:
- Advising clients on enhancing innovation;
- Helping companies diversify into new markets;
- Increasing their competitiveness.
In addition, there were Brexit interventions with over 1,000 companies who have significant exports to the UK. In terms of advisory supports; over 1,000 companies attended Brexit Advisory Clinics across the country, 6,000 companies have completed the Brexit SME Scorecard, and over 1,400 businesses have completed the online customs insights programme since December.
86% of Enterprise Ireland clients have now taken Brexit actions, up from 38% in 2017. The top strategic measures that clients are taking are; diversifying their export markets, improving operational competitiveness, strengthening their business in the UK, developing strategic partnerships, improving financial management and investing in R&D.
Separate to these strategic pillars, Enterprise Ireland, through these Brexit ready essential questions is asking companies to assess their preparedness and develop action plans.
Go to PrepareForBrexit.ie for more information.
For further information:
Nicola Corboy, Enterprise Ireland
Email: Nicola.firstname.lastname@example.org; Tel: 01 727 2149 / 086 021 0114
Notes to Editor:
12 Brexit Essential questions
What is your EORI number?
What is the commodity code for your products?
What is the country of origin for your products?
How will you manage customs procedures i.e. inhouse or via a broker/ agent?
What % of your goods are sourced from or through the UK?
What alternative supplier(s) have you identified for your contingency plans?
Which UK supplier will have the greatest Brexit impact on you?
What steps have you taken to enhance your UK supplier relationships?
Financial & Currency Management
What is your break even €/ £ exchange rate for your UK business?
How much extra funding will be required to support your Brexit action plan?
Which steps have you taken to reduce the risks of adverse FX movements?
What is the impact of Brexit on your company's cash flow?
Back to Department News