31 Oct 2017 | 03.10 pm
FREE Specialist Brexit Advice For SME’s
Bespoke support for SMEs includes access to free specialist advice through a Brexit Readiness Voucher
31 Oct 2017 | 03.10 pm
InterTradeIreland, the cross-border trade and business development body, has launched a new Brexit Advisory Service, unveiled recently by Mitchell O’Connor, Minister for Jobs, Enterprise and Innovation. The new service comprises a range of business supports to help companies navigate the challenges of Brexit, which has the potential to change how companies trade outside their home market.
As well as regularly updated information and the resulting implications at each stage as we draw nearer to Brexit in 2019, InterTradeIreland is also offering SMEs bespoke support. This includes access to FREE specialist advice through a Brexit Readiness Voucher initiative, as well as help to access information on possible World Trade Organisation tariffs for various organisations’ products.
Brexit Advisory events are also being held across the country, as the InterTradeIreland team continues to empower SMEs while making them aware of additional support available as the path to Brexit progresses.
BREXIT BRIEFING EVENTS
Minister Mitchell O’Connor, commenting on the launch of the crucial Brexit Advisory Service, said: “I understand the uncertainty that SMEs, in particular, those who have benefited from cross-border trade, have in relation to the potential impacts of Brexit. I am committed to supporting Irish businesses in this period of heightened uncertainty and welcome the launch of this dedicated support service by InterTradeIreland.”
Thomas Hunter McGowan, CEO of InterTradeIreland, added: “InterTradeIreland has already hosted five Brexit briefing events across the island since November 2016, supporting around 300 businesses with tailored advice. Feedback from these events has helped to shape the Brexit Advisory Service, which has been specifically tailored to the needs of SMEs.
“While there are current uncertainties, it’s important that businesses are aware of how much they can do now to realise their growth ambitions as Ireland’s new trading relationship with the UK emerges. Vitally, we are encouraging companies to continue pursuing an export growth strategy, as businesses that export are three times more likely to be growing.”
A dedicated Brexit Advisory Service mini-site details the supports available, including Brexit Readiness Vouchers, which organisations can use to fund bespoke advice up the value of €1,000; free Brexit briefing events; information on currency hedging and how production and distribution budgets may be impacted.
In addition, InterTradeIreland has developed a comprehensive database of all goods traded cross-border on the island of Ireland, covering thousands of individual product categories, and information on what the possible tariffs could be on these products if certain customs duties were to be introduced.
“Recent research conducted by InterTradeIreland revealed that 98% of companies have no plan in place to deal with the consequences of Brexit, with 91% of cross-border traders having no experience of dealing with tariffs,” said Hunter McGowan. “Over half of businesses engaged in cross-border sales said they were concerned about currency exchange rate fluctuations.
WHAT SMEs SHOULD DO
“Brexit is approaching and now is the time for companies to look at how they can ensure that they are in the best position to deal with any impacts. Reviewing and improving current business practices and looking at each element of operations can be the most useful tool when planning for this unknown yet imminent future.
“While the effects of Brexit may not be fully clear at this point, at InterTradeIreland we are leveraging our network of contacts and putting our expertise in place to ensure that we are in prime position to advise and advocate for SMEs across Ireland.”
FIND OUT MORE
To find out more about InterTradeIreland’s Brexit Advisory Service, visit www.intertradeireland.com/brexit
Photo: (L-R) Thomas Hunter McGowan, CEO InterTradeIreland; Aidan Gough, Director of Strategy & Policy, InterTradeIreland; Margaret Hearty, Director of Business Services and Programmes, InterTradeIreland; and Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor TD