Mark explains  'There is no single reason for this, but contributing factors may be that the blanket coverage has created Brexit fatigue and also that despite the omnipresent reporting, the negotiations remain at a relatively early stage and there will not be a final outcome on the post Brexit trading environment for some time yet.  InterTradeIreland have recently launched a Brexit Advisory Service and are encouraging SMEs that now is the time to Plan, Act, and Engage to identify potential risks and opportunities, and what actions can be taken to mitigate and maximise them.  

The Brexit Advisory Service offers a ‘Start to Plan’ Voucher which is 100% funded up to £ / €2,000 and provides SMEs with professional consultancy from a panel of subject matter experts on assessing exposure to potential tariffs, the practical implications of complying with Rules of Origin requirements and also tax / VAT and currency management.  We have added case studies to our website of the practical benefits identified by SMEs that have commenced planning and have compiled a Glossary of Terms for the whole new language that has developed in relation to Brexit.'

About Mark Steritt

I have 15 years’ experience in the financial services sector which included roles in Corporate Banking with RBS in London and as Head of Business Development for Ulster Bank in NI which comprised leading teams, being an ambassador for the Bank in the Not for Profit / Third Sector and implementing significant change management initiatives.  Subsequent to leaving banking I ran a business consultancy working with SMEs on improving margins, identifying new revenue streams and creating management information systems.

Firms seeking Brexit guidance

Firms are now starting to seek more guidance on Brexit matters with more than a third of businesses with cross-border sales (36 per cent) saying they would welcome additional one-to-one support and a quarter of exporters (24 per cent) wanting additional information on tariffs or licensing (25 per cent).

Economy steady despite concerns

56 per cent of firms are reporting they are stable, the highest figure since the Quarterly Business Monitor started to ask businesses about their stability and growth in 2011.  Coupled with the fact that 82 per cent of firms across the island are working at close to capacity, the Business Monitor reveals remarkable steadiness in the economy with few signs yet of direct negative impacts from the prevailing uncertainty.  Despite concerns around Brexit, the vast majority (76 per cent) of firms are reporting any impact as neutral.

Employment and sales growth for companies trading across the border

Further signs of solidity are evident with companies which trade cross-border experiencing growth in both employment numbers (17 per cent of firms) and sales (50 per cent of firms).  This may provide a firm foundation as companies move into potentially challenging times.

Stability gives time and space to plan

The stability is encouraging and it’s essential that firms take advantage of this to plan their next steps.  A steady environment can provide ‘thinking time’ and it’s important businesses use this opportunity to begin to research, compile and initiate plans that will ensure they remain resilient beyond Brexit.   

InterTradeIreland Brexit Advisory Service

InterTradeIreland has launched a Brexit Advisory Service where potential and current cross-border businesses can receive one-to-one Brexit advice and we want to encourage as many firms as possible to take advantage of our insights and expertise.

Unique position of InterTradeIreland

InterTradeIreland is in a unique influencing and information-gathering position, working with governments on both sides of the border, using our extensive knowledge to advocate on behalf of SMEs.  As a result, our Brexit Advisory Service is tailored to offer key advice to local organisations. This includes 100% financial support up to £2000 towards expert advice in relation to specific issues such as movement of labour, goods, services and currency management.

Planning now can help to bring future stability

InterTradeIreland’s message is clear: while we recognise the pressures facing small businesses, there is, nevertheless, a window of opportunity.  This must be grasped to prepare for the challenges and indeed the opportunities that will be presented by any new cross-border trade arrangements which may emerge over the coming years.  Every firm operating on a cross-border basis or with ambitions to grow, should plan, act and engage today – this is the key to ongoing stability and success.

InterTradeIreland Business Monitor

InterTradeIreland’s quarterly Business Monitor survey is the largest and most comprehensive business survey on the island and is based on the views of more than 750 business managers across Northern Ireland and Ireland since 2008. The Business Monitor differs from other surveys in that it is seen to be the ‘voice of local businesses’ feeding directly from telephone interviews conducted with firms of all sizes from across a range of sectors to track all-island economic indicators such as sales, employment, business outlook and other specific topical research areas on a quarter by quarter basis. 

A copy of the 2017 Q2 InterTradeIreland Business Monitor Executive Summary can be viewed here.

The Further Education (FE) sector in Northern Ireland consists of the six regional FE Colleges.  The sector provides support to two main audiences:

• Learners – providing professional and technical courses to over 80,000 learners per year, ranging from full-time and part-time, from Entry Level through to Foundation Degree Level and above.
• Businesses – providing upskilling and reskilling to businesses across Northern Ireland along with product development, innovation and business support.

In terms of businesses – the FE sector is launching a new campaign in the Autumn to raise awareness of the business support services available through the FE Colleges. Colleges Northern Ireland have designed a survey to understand the current level of awareness amongst businesses about the FE sector – and in particular the role it plays in supporting employers (from business support, product development, innovation and reskilling  / upskilling).  The findings from the survey will help inform a baseline from which they can benchmark progress as a  result of their new campaign.

Colleges NI would be grateful if you could take 5-10 minutes to complete this online survey – click for: Online Survey.  The deadline for completing the survey is Friday 15 September 2017.

McAree Engineering, Monaghan