1. Supplier relationships

If your business is anything like ours, supplier relationships are key. If you plan to trade with the UK or your supply chain involves the UK, it’s important that you consider the potential impact of Brexit.

Any changes to tariffs and customs could impact costs and timings. You should ensure you are fully aware of where any stock or materials are sourced from or are going to. Speak to your UK suppliers, wholesalers and logistics companies to check on any potential problems impacting on the continuity of the goods and services you rely on to do business.

Check if your non-UK suppliers use the UK as a landbridge, as this too could result in delays and increased costs. Consider whether sourcing your goods or services in Ireland or elsewhere in the EU, if you have concerns about your supply chain.

Further practical advice on declaring goods at customs in the event of a no-deal is available on the Government website.

3. Managing cashflow

Our own research shows that since the EU Referendum an increasing number of businesses are struggling to effectively manage cashflow. Additionally, we know that more businesses today are suffering from bad debt, due to non-payment from customers.

A number of financial supports have been introduced to help with the challenges that Brexit presents for Irish business. Read more about the Government’s Brexit Programmes, Funds & Supports.

You should also speak with your finance partner about the options they can offer to help alleviate challenges associated with cashflow issues. Some will offer specialist import (Trade Finance) and Export Finance services, helping you to trade overseas with confidence.

Additionally, some providers will offer bad debt protection to ensure that your business is insulated against the impact of customer non-payment or protracted default.

You can read more about the cashflow solutions we provide, including our support for SMEs trading overseas.

SME Confidence Tracker

Our SME Confidence Tracker assesses the sentiment of 200 businesses each quarter on a range of topics, such as sales volumes, investment and access to finance. We’ve been running the Tracker since October 2018, so the report offers genuine insight into how Brexit has impacted businesses like yours.

Alternatively, our Global Business Monitor report, includes data from 13 regions across Asia, Europe and North America.