Are You Eligible for Brexit Grant Support?
The Be Prepared Grant supports Enterprise Ireland clients in preparing an action plan. It is designed for SMEs who would benefit from further research and the use of external expertise in developing this plan.
The grant— which offers up to €5,000 in support— can be used to help cover consultancy, travel and out of pocket expenses associated with researching the direction of their action plan. This might involve investigating the feasibility of diversifying into new markets and market segments; investment in innovation; improvement in operational competitiveness; and/or enhancement of strategic financial capability.
To be eligible, you must be an Enterprise Ireland client, be actively trading and have significant exports to the UK.
For further information click here.
Does Your Business:
- Export to the UK?
- Import from the UK?
- Have operations in the UK?
- Operate in a sector that consumers can purchase directly from the UK?
- Operate in a highly regulated sector?
- Employ UK citizens in Ireland?
- Employ Irish or other EU citizens in the UK?
- Plan to have operations in the UK in the future or do more business with the UK?
- Plan to diversify into new markets outside the UK?
Action Plan Created:
- Identify specific areas that may be materially affected and require further investigation.
- Communicate an initial message to all stakeholders – shareholders will want to see a plan, customers will want guarantees and employees will want reassurance.
- Prepare and take action where key opportunities are clear or immediate risks need mitigation.
- Plan and monitor for triggers in the unfolding situation, and execute if appropriate.
- Businesses should proactively engage in scenario planning to assess the possible impacts of Brexit.
- Action plans should be drawn up for both the short and medium term.
Action Plan Format
Person Responsible: Have you appointed/assigned a person/team to respond to Brexit? You should start to prepare for Brexit now. As a first step, you can commit to this by appointing a Brexit lead or Brexit committee with clear responsibility.
Risks: Have you identified the potential risks of Brexit to your business? You should examine the potential risks based on current available information and how your business may be exposed across a number of different areas.
Opportunites: Will Brexit present business opportunities for your business? You should take the time to identify opportunities that may arise from the disruption around Brexit. A first step is to talk to your customers about their new needs and how you may meet them.
UK Market Slowdown: What steps have you taken to mitigate against the effects of a potential slowdown in the UK market? As a first step, you should examine the value of your UK business and the potential impact of a slowdown on your turnover and profits.
Review Operational Processes: Have you reviewed your operations to identify how you can improve efficiencies in light of Brexit? Brexit may add complexity (customs, tariffs) and currency fluctuations may impact competitiveness. First steps could be to define and map your operations into processes and stages. This will help identify quick wins or areas to prioritise.
Supplier Base: Have you reviewed your supplier base for vulnerability in light of Brexit? It could impact your supplier base in terms of increased risks in reliability and cost of product from or through the UK if border checks, customs and tariffs become a reality. A first step may be to map your supply base based on the above to understand where exposure may exist.
Movement of Goods: What have you done to manage the impact of Brexit on the movement of goods to and from the UK? Are you looking at what logistics alternatives exist and what impact they have on time, cost, reliability? Have you considered alternative suppliers and routes?
Additional Administration: Have you considered resources needed for extra administration that may arise as a result of Brexit? (customs, border, tax, additional regulatory requirements, introduction of tariffs etc).
Customer Impact: Do you understand the potential impact of Brexit on your customers? At a minimum, you should commence a process of engagement with your key customers in order to understand the likely impact of Brexit.
Product Impact: Do you plan to adapt your products in preparation for a potential increase in competition? A first step might be to examine the potential impact of Brexit on your existing product range
Product Development: Do you plan to invest resources in developing and improving new products and services? In light of the potential adverse impacts of Brexit on your business, now may be an opportune time to develop a new product/service.
New UK Standards: Have you considered the impact of compliance with possible new standards and regulations in the UK? A first step is to gain an understanding of these requirements relevant to your business.
UK Sales & Marketing: Have you assessed the impact of Brexit on your sales and marketing plans for the UK and Irish markets? How do competitors change their approach in different markets e.g. online and/or at local trade fairs? By determining how they have adapted their product or approach, you will begin to understand nuances in market needs.
Altering Sales & Marketing Plans: Have you altered your sales and marketing plans in light of Brexit? As a first step, consider what actions you might take to maintain your sales with existing customers.
New Sales & Marketing Plan: Do you have the resources to support a new sales and marketing plan? A first step would be to assess existing skills and resources against future requirements.
Suitability of Existing Offering: How suitable are your existing products for new markets?
Currency Volatility: Have you assessed the short, medium and long-term impact of currency volatility on your business? You should identify the appropriate expertise to assist you in evaluating the impact of currency changes.
Potential Price Changes: Have you considered the potential for price changes with your customers and key suppliers? As a first step, you should review the current supplier costing and customer pricing arrangements.
Cash Flow Impact: Have you considered potential additional cash flow needs in light of changes driven by Brexit? A first step should be to carry out a cash flow analysis based on current revenue and expenditures. This will allow you to assess the potential cash flow impacts for forward planning and to adjust for potential risks.
Financial Planning: Do you carry out financial forecasting and financial planning? You should test the assumptions made in the financial planning model with external advisors to determine the robustness of the financial assumptions.
Movement of People: Have you looked at how potential restrictions on the movement of people may impact your business? You now need to review the impact of such restrictions on your business and employees.
Skill Gaps: Do you have the people and skills to allow you to adequately respond to Brexit? As a next step, you should consider how you will fill these gaps either internally or externally.
Hiring Plans: Do you expect Brexit to impact on your hiring plans? As a first step, you should consider what kind of talent you may need in the future.
Additional HR Costs: Have you planned for potential additional recruitment administration costs arising from Brexit? Your next step should be to identify the areas and level of additional costs that may arise for your business, eg tax and social security compliance, visas, etc.