Hope for the Best, Prepare for the Worst
Enterprise Ireland are endeavouring to ensure that Irish businesses are prepared for any eventuality during the Brexit transition. Their advice, and ours is to ensure that you are well prepared and have planned for these changes in advance. We all think we know our company and our business inside and out but with so much change on the horizon it is essential that you understand how your business will respond to any outcome.
Enterprise Ireland have created a free tool to ensure that you and your business are prepared and informed ahead of Brexit. The Enterprise Ireland SME Scorecard is a tool which will help any exporters from Ireland to the UK plan in advance and will give a detailed analysis of how prepared your business is for Brexit. Whilst you may know the ins and outs of your daily business well, this tool will allow you a glimpse into the future of how your business will respond to these coming changes.
The following six areas have been identified as the most important areas to prepare in advance of Brexit.
- Business Strategy is essential in all areas of business, but in particular when change looms on the horizon it is essential to have a strategy in place and identify any areas of weakness in advance.
- Operations relates to the day to day running of your business and it is vital to prepare for how this might change or if there are any existing issues that need to be modified.
- Innovation is one of the main ways that Irish businesses can capitalise on the changes ahead with Brexit as improved services and innovative products can identify Ireland as a key player in the times ahead.
- Sales and Marketing have always been a key aspect of business, and with Brexit these will become increasingly important in order to set your business apart to offset any downfall.
- Finance is the backbone of any business so it is essential to assess your businesses financial strengths and weaknesses before Brexit comes into play to identify potential problems before they occur.
- People Management has been identified as a key area to assess before Brexit as with such major changes ahead your team will be the ones at the battlefront.
As well as this free scorecard tool, Enterprise Ireland are allowing SMEs apply for a grant of up to €5000 to be used to prepare for Brexit and the changes it will bring. This will free up other cash flow to be used to otherwise further your business whilst the grant is used to buffer any weaker areas identified through the scorecard tool.
As always we are available for any advice or guidance you may require on business or finance matters.
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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY