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BREXIT Response

BREXIT Response. Brexit – top of the Enterprise Ireland agenda Most significant economic challenge of past 50 years Expect long term, structural and disruptive change A huge challenge for Irish companies Irish industry is export dependent

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BREXIT Response

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  1. BREXIT Response

  2. Brexit – top of the Enterprise Ireland agenda • Most significant economic challenge of past 50 years • Expect long term, structural and disruptive change • A huge challenge for Irish companies • Irish industry is export dependent • UK is largest market for EI clients (€7.5bn in 2015; 37% of exports) • UK is often first export market • Over 1400 clients active in UK market • c. 600 with significant UK exports • Implications for all sectors • Encouraging clients to prepare for a hard Brexit and mobilise now • Overall objective is to strengthen clients to deal with any kind of Brexit

  3. Nine areas of exposure • Slowdown in UK market – possible market contraction and price pressures • Currency – impact on profits; delayed decision making due to uncertainty • Customers – Brexit will also impact customers of our clients • Competition – expect new and increased competition • Supply chain – impact on cost, certainty and quality • Transport and logistics – established transport routes may no longer be optimal • Regulations and standards – may change for exporting to and importing from UK • Customs, tariffs and taxation – may see an increase in administration, cost and time • Movement of people – possible restrictions

  4. Four strategic responses Development of better solutions (new or improved products services or processes) to provide a strong competitive edge Optimising people, equipment, technology, and information in sourcing, production and delivery of goods and services Competitiveness Innovation and R&D Diversifying into new international markets and new market segments within the UK and elsewhere Strong operational finance in parallel with strategic financial planning Expanding Reach Financial Management

  5. Enterprise Ireland’s response • Objective is to encourage companies to prepare and plan for Brexit now • Brexit scorecard - online tool to help companies self assess risks and opportunities • Be Prepared grant – for companies who need support to develop a Brexit action plan • Brexit roadshow – series of regional events to encourage companies to use the tool and grant to prepare and plan for Brexit • Suite of financial and non-financial offers to support building scale and expanding reach • Depending on stage of development use diagnostic tools to assess, prioritise and support needs

  6. Brexit Scorecard • Objective is to encourage clients to examine potential risks and opportunities associated with Brexit • Online tool on our website with simple login • Available to all – clients and non clients • Integrates the 9 areas of exposure across Enterprise Ireland’s 6 business pillars: • Business Strategy, Operations, Innovation, Sales & Marketing, Finance, People & Management • 4 questions per pillar • designed to prompt thinking • Output is a report with suggested next steps, links to events and resources

  7. Be Prepared grant • Objective is encourage clients to prepare a Brexit action plan • Grant of €5k, 50% support against max. expenditure of €10k • To cover consultancy, travel & subsistence • Available to EI clients • Designed for SMEs, also open to Large (initially not HPSU) • Must be actively trading with exposure to UK market • Should complete Brexit Scorecard first • Apply online • Output is a Brexit action plan • Clients will be prioritised for further eligible supports

  8. In summary • Overall objective is to build the resilience to deal with any kind of Brexit • Encouraging companies to prepare for a hard Brexit and mobilise now • Now is the time to prepare and plan • Assess risks and opportunities • Exposure goes beyond currency • Develop a strategy • Strengthen and build resilience with: • Competitiveness • Innovation • Expanding reach • Strategic financial management

  9. www.prepareforBrexit.com Brexit help line: 01-727 2727 BrexitUnit@enterprise-Ireland.com We helped them riseto another level.

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