Thank you for attending the ‘All Facts: No Noise’ Brexit event which was held at Páirc Uí Chaoimh on Thursday 17th May 2018. We hope you found the event a great opportunity to express your thoughts and opinions on Brexit, and useful in helping you to understand how it might impact your business.
It is clear that there are many, many questions for which concrete answers are simply not available, but the focus of the day was to highlight that there are some ‘no risk’ actions that can be considered now, which will have a positive impact for your business no matter how Brexit ultimately pans out.
The following is a quick recap of the key themes. Click on the name of each speaker to access their presentation.
Dr Vincent Power (A&L Goodbody)
· Ignore the “millimetre” negotiations and concentrate on the “milestones” – no consolation in being able to quote Sky News to an unhappy customer that you have ignored in keeping up to date with the daily Brexit news agenda!
· Brexit is not binary so it is not a question of hard or soft - it is a spectrum of choices and the question is where will your business fit on that spectrum.
· Suck it and see – Take the opportunity to do a ‘dry run’ on the formalities of exporting something to a country / region outside the EU e.g. Canada, Africa etc.
· Plans are worthless but planning is everything – Brexit might not end up how you imagine but you'll be able to adapt better if you do homework now.
Moira Creedon (Artemis Consulting)
Preparing for the Unknown Knowns – To manage any risk, the first step is to measure it. How badly would I be impacted in the worst outcome? To do this you stress test your forecast. Run your profit and cash flow forecasts and then change your assumptions to the worst possible scenario.
Predict, Measure, Forecast, Predict again – Running a forecast on a “what would happen” basis will focus your mind very quickly to the fact that Brexit complacency is just not an option for most Irish businesses.
Strategy Works – The important step is to pull together a coherent strategy to deal with the issues. For most businesses, Brexit will require much more productive and efficient operations and major strategic changes, including market diversification for the many businesses who are over dependent on the UK.
Brian Murphy (Irish Exporters Association)
· Preparation is key - Brexit is a disrupter, but business can focus on the opportunities this disruption can bring by auditing their supply chain and improving costs and efficiencies.
· Know what is needed to export - There is a minimal data set required for customs declarations e.g. origin of goods, tariff codes, valuation, and customs procedures codes. Understand what they mean and who is responsible for what data.
· Know where to look - TARIC is an EU database managed by the EU that provides information on compiling your own tariff codes. There are many similar data bases that allow you to access the paperwork needed when trading with a non-EU country.
Do you feel Brexit could impact your business?
Is there enough information and support available to help you navigate Brexit?
Have you started planning for Brexit?
No Impact – 6%
Some but not sure what – 30%
Yes and I know how – 64%
No – 3%
Some – not enough – 15%
Enough to take action – 82%
Only when it happens – 0%
Too early for action – 9%
Ready for action now – 91%
www.intertradeireland.com , www.europa.eu , www.ibec.ie , www.irishexporters.ie , www.britishirishchamber.com , www.isme.ie , www.algoodbody.com, https://www.corkchamber.ie/
WHAT HAPPENS NEXT?
· Take the help that is available!
1. Apply for the €2,000 (incl VAT) Funding Support Voucher from InterTradeIreland at www.intertradeireland.com
2. Decide if you want to use it to work with the approved panel to obtain a 1-1 report for your business or attend a training course, or both.
3. Speak to John Madigan at the SBCI if you would like to apply for the Brexit Loan Scheme – firstname.lastname@example.org or 01 238 5087
If you have any follow up queries, please contact the InterTradeIreland Brexit Team on 048 3083 4122 or email email@example.com