It is important that businesses understand the potential impact Brexit could have on their business. Here is a great checklist made by Bank of Ireland, in order to assess how different areas could be impacted:
- How could your supply chain be impacted?
- How could your supplier’ supplier be affected? Talk to your suppliers to see how they may be impacted and what steps they are taking to address this.
Route to Market
Some businesses’ route to market will be relatively straight forward, for example where they supply directly to a retailer or the end consumer. They can then assess their potential impact of Brexit on how they get their goods to market.
Tariff and Non-Tariff Barriers
In the event of tariffs being applied on exports to the UK, a business exporting to the UK should understand what the potential tariff would be. This varies significantly across different products.
A business should consider what impact the above may have on their cashflow.
Currency Risk Exposure
If your business is importing goods from, or exporting goods to any non-Euro based country or market and you do not have a hedging strategy in place then you are taking a gamble with your bottom line.
- What process improvement opportunities could you implement now to reduce the impact / costs caused by disruption or delays in supply chain or route to market or from the potential imposition of tariffs?
- What new market opportunities exist to reduce your reliance on the UK market, and enter those markets in a more cost competitive position?
Market Diversification and Opportunities
While Brexit will present challenges for many businesses, there will also be opportunities for some companies. Consider what opportunities may be there for your own business.
We want to support you in getting your business HR Brexit Ready and managing the dynamics that will begin to present themselves as the transition continues.
Email HRBrexit@voltedge.ie to see how we can help your business understand Brexit and be ready for its impacts.