Brexit has the potential to be one of the most significant impacts on the Irish economy since the foundation of the state. Companies can plan and take immediate action to effectively mitigate the risks and avail of the opportunities that Brexit poses on their business.
The Brexit Unit in Enterprise Ireland is leading the agency’s response to Brexit. A key part of this role is to support Enterprise Ireland’s clients in preparing for the risks and opportunities that Brexit poses. Despite the uncertainty, Irish companies can and should take immediate action to mitigate the potential risks and also position themselves to take advantage of opportunities. These actions will increase a business’s resilience and make practical business sense, irrespective of Brexit.
In addition to making strategic decisions in relation to market diversification, investment in innovation and increased competitiveness, Enterprise Ireland is encouraging companies to develop their capabilities in 3 specific operational areas: Financial & Currency Management, Strategic Sourcing and Customs, Transport and Logistics.
While a lot of uncertainty exists around exactly what Brexit will mean for the European trading landscape, Irish companies need to examine their business strategy now and decide where adjustment— if any— is needed.
Brexit may result in complications that affect the various systems and resources within your business that keep it running on a daily basis. It is important to understand and review your operations from end-to-end— from suppliers right through to end-users— to ensure that you are prepared for all eventualities.
Investment in the development of innovative and value-added products and improved services and processes is a key measure Irish companies can take to overcome the potential challenges of Brexit.
Sales & Marketing
Taking a more strategic approach to sales and marketing is essential for Irish businesses if they are to succeed in differentiating themselves and generating new business to deal with the potential shortfall that Brexit may cause.
Navigating through and beyond Brexit successfully will require strong financial management and exchange rate volatility is the key challenge to be faced in the short to medium term.
Building effective leadership and management capability within Irish companies has never been more important given the likely challenges arising from Brexit. This capability will be crucial in steering companies through this unprecedented period with conviction and vision.
For Further Learning:
- The Open Access Area of this site is accessed via the home page, there you can access free open content related to Brexit and all topics
- Register for for the Scenario Planning for Brexit Workshop, this workshop will helo you to become aware what the specific issues for your company are when it comes to the impact of Brexit.
- You may also wish to view the rest of Enterprise Ireland’s Excel Programmes here
- For additional support get in touch with you your assigned Enterprise Ireland contact or Development Advisor.