Preparing for Brexit  Tips
Tony Dignam MD, The Agile Executive
Deal
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TOP TIPS ON HOW TO BE FINANCIALLY RESILIENT IN THE FACE OF BREXIT.
CREATE A FINANCIAL PLAN
Every business should develop a business plan which includes financial projections. Amend your plan based on different scenarios and see what the implications are. The scenarios you test should cover both eventualities (deal or no deal) and should cover the profit and loss impact, as well as the cashflow impact.
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BE AWARE OF DUTIES
If some of your input materials come from the UK, what would the impact be to your business if there were duties on these? Can you find an alternative source in the EU? And if you are selling to the UK, what would happen to your sales if there were duties imposed? Can you sell more of your product within Ireland or the EU?
Alternative solutions If the impact of Brexit is higher costs or lower sales, do you need to have cost-cutting plans in place? Develop action plans so that you are ready to act quickly if Brexit happens.
DIVERSIFY
Adjust your business plans to see what the impact of a slow-down in your sales markets looks like. Look to diversify your business and use the funding available to create a more robust and diverse business. Assess the impact on costs or sales value if there are significant movements in euro to sterling exchange rates. Take professional advice and protect against currency movements.
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BE CLEVER WITH CUSTOMS
There are also processes that you will need to follow when importing from or exporting to the UK. In the short-term, this may result in delays, so you may need to temporarily increase your stock holding to ensure you have enough stock to continue trading. You may want to partner with an expert in the field.
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ACCESS SUPPORT
There are many grants available to businesses to support them through the uncertain Brexit waters. These include grants and training through Enterprise Ireland, Local Enterprise Offices or InterTradeIreland. Loans can also be secured through SBCI. This is a great source of finance that can help you navigate your way through Brexit.
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LOOK FOR OPPORTUNITIES
Any crisis presents opportunities. If you are better prepared than your competitors you’ll be in a great position to take advantage of the changing landscape. Start taking action now so that your business is in a better place to survive and thrive post-Brexit. With the funding and grants highlighted above this is a great opportunity to move your business forward.
Cross-border working
If you have cross-border workers or have people who have moved to Ireland from the UK, you might want to check that they have a Irish driving licence. if they are individuals who need access to a car.
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