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Preparing for Brexit

By

PRESS RELEASE:

28/08/2019

  • ISME asks SMEs not to be distracted by political tomfoolery in London, and prepare for a hard Brexit.
  • Immediate steps can be taken to mitigate potential impacts.
  • Get professional help for Brexit planning, for example apply for Start to Plan Vouchers and state support.
  • It is imperative for Government, State and semi-State buyers to pay for goods and services on time.

ISME asks SMEs not to be distracted by political machinations in London, and to focus on taking simple steps towards business preparation for a hard Brexit.

While today’s decision by the British Government to seek a prorogation of parliament will be a matter of concern to businesses hoping for a Brexit withdrawal agreement, it does not materially alter the position for Irish business.

While it is impossible to predict every commercial and legal eventuality of a hard WTO-Brexit, businesses can take immediate steps to mitigate potential impacts:

  1. Interrogate supply chains two suppliers up, and two customers down. If any are affected by tariff, non-tariff, regulatory or foreign exchange concerns, plan accordingly.
  2. If you believe employees may be affected by Brexit, you must consult with them. Remember, the consultation period for long-service employees ahead of redundancy can be up to eight weeks.
  3. Do you have a cash cushion to meet additional costs of (deferred) VAT, tariffs, or customs costs? You must have sufficient working capital to do so.
  4. Have you spoken to your bank or your accountant about working capital requirements? If you haven’t, do so now.
  5. Do you need professional help in Brexit planning? If you do, InterTradeIreland will provide you financial help with their Start to Plan Vouchers
  6. Check out ISME’s Brexit Advice page.
  7. Avail of the other State Supports available at www.gov.ie/brexit

Government can also make a real contribution to Brexit preparedness by simply paying for the goods and services it buys from Irish business on time. At this critical time for indigenous businesses, it is imperative for State and Semi-State debtors to pay promptly.

ENDS

Notes:

  • ISME should be referred to as the Irish SME Association

For further information, please contact ISME offices T: 01 6622755 E: marketing@isme.ie