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How planning for Brexit can identify opportunities for Irish businesses.

The opportunities afforded by Brexit are often overlooked due to the prevailing view that Brexit poses unprecedented challenges to Irish businesses. It is true to say that Brexit is complicated and brings uncertainty to the business environment. It creates significant challenges across a range of sectors. However Brexit can bring opportunities.

In order to prepare for Brexit and take advantage of any opportunities that it may bring there are a few guiding principles:

  • Businesses should assess the potential impacts of Brexit on their business and the sector in which they operate. Brexit extends far beyond the potential imposition of customs and tariffs and it is important to assess all factors. Contingency plans need to be prepared under various scenarios.
  • Brexit changes the EU/UK trading relationship permanently and future strategy must be assessed in this context. This is particularly relevant for businesses that rely on the UK market for some or all of their supply chain.

Setting aside the uncertainty that comes with Brexit, the opportunities for businesses in Ireland are starting to become clearer.  Ireland is a fully committed member of the European Union and the Eurozone and businesses that operate here retain all of the benefits that come with our membership of both.  Ireland remains an attractive place to do business and the IDA, in particular, have been very active in promoting Ireland with its flexible and innovative workforce.

This article first appeared in Accountancy Ireland.

 

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