08 May 2019 | 11.44 am
Brexit: Be Prepared With InterTradeIreland
A range of supports and services are available for businesses
08 May 2019 | 11.44 am
It’s not too late to start business planning for life after Brexit, whatever form that might take. InterTradeIreland is there to help, writes Deirdre Maguire
Nowadays, moving people, goods and services across the border has become second nature to us. We’re used to thinking of borders not as barriers but as opportunities.
That is borne out by InterTradeIreland’s latest all-island statistics, which show that cross-border trade is now at an all-time high of €7bn annually, and has been growing year on year over the past two decades.
SMEs across the island are predominantly responsible for that growth, driving both economies forward by creating jobs, developing skills and growing business.
Catalyst For Success
We know the cross-border market plays a valuable role in broader export development strategy. It is a catalyst for success. Exporting firms are proven to be more innovative, more productive and more resilient than their non-exporting counterparts.
For countless SMEs, frictionless trade — the ability to transport products, source components and sell services across the border in a seamless way — is essential to success.
Nobody knows the outcome of the negotiations between Britain and the EU. However, what we can be clear about is that it’s not too late to start planning for the future, so that you can be prepared.
Be prepared to speak to (and answer questions from) your staff, supply chain and customers. Be prepared to build extra resilience into your business. Be prepared to flourish in the face of Brexit.
Recent research published by InterTradeIreland implies that small firms exporting goods and services across the border on the island of Ireland have low shock absorbency capacity.
Such firms will therefore be most exposed to any external shocks in the market, such as those anticipated by a disruptive Brexit, when compared with those trading within their local market only, or to other markets (GB and the rest of the EU).
Whatever the outcome of negotiations, the trading relationship with Britain will be changed. Every business is likely to be impacted by Brexit in some way or another.
Businesses can avail of the range of government supports available, as well as help from InterTradeIreland.
I would urge you to take full advantage of the help and support currently on offer to help you prepare for Brexit. It’s not too late to start.
+ Deirdre Maguire (pictured) is Manager of InterTradeIreland’s Brexit Advisory Service