Enterprise Ireland launch ‘Brexit SME Scorecard’
Q AI am exporting to the UK and I know Enterprise Ireland has launched an initiative to help companies self-assess their readiness for Brexit – Can you give me some information on this? Enterprise Ireland have recognised that Irish companies must prepare for a hard Brexit and they have launched the ‘Brexit SME Scorecard’, a new interactive online platform which can be used by all Irish companies to self-assess their exposure to Brexit under six business pillars. Based on answers supplied by the company, the scorecard generates an immediate report which contains suggested actions, resources, and information on events for companies to attend, to prepare for Brexit. The platform can be accessed at www.prepareforbrexit.ie
By completing the online questionnaire, the Brexit SME Scorecard will provide companies with an assessment of their preparedness under six key pillars–Business Strategy, Operations, Innovation, Sales and Marketing, Finance and People Management. The tool is a starting point for SME management teams looking to develop an action plan to help mitigate risks and leverage opportunities which may arise from Brexit.
While the SME Scorecard is available to all companies, Enterprise Ireland client exporting companies that utilise the Brexit Scorecard will then be able to engage with the agency’s experts both domestically and through the overseas offices in global markets. Enterprise Ireland will also provide funding up to the value of €5,000 to exporting clients to support the development of a business action plan. Enterprise Ireland will then work with these companies on a one-to-one basis to support the implementation of the plan.
With a foreseeable two-year time, frame counting down to the UK’s exit from the EU, Irish companies should start preparing for a hard Brexit and be fully equipped to meet both the challenges and the opportunities arising from Brexit head-on. Many SMEs have yet to conduct any Brexit risk assessment or put a Brexit-dedicated team in place. The Brexit SME Scorecard has been developed for Irish small businesses and is an integrated part of Enterprise Ireland’s Prepare for Brexit campaign to encourage SMEs to take the first step of preparation by conducting their own assessment of areas of potential risk and opportunity arising from Brexit and to develop a plan of action in response.
The Minister for Jobs, Enterprise and Innovation, Mary Mitchell O’Connor TD has welcomed this initiative said ‘Maintaining close trading relationships between the UK and EU/Ireland and minimising the regulatory burden for goods transiting the UK are two of the Government’s priorities. At company level, however, time is of the essence for Irish companies to become Brexit ready, in order to curtail and mitigate against market turbulence. The Brexit SME Scorecard is a starting point to help businesses to begin preparing a strategy and ready their teams and company strategy in terms of planning’
The UK continues to be Ireland’s main trading partner and it is important to uphold strong trade relations and equip Irish companies to strengthen their collaborations while also preparing them to look at diversifying into new international markets.
For further information on how to how to prepare your business for the long term and put a future proof business strategy in place. Contact Enterprise Ireland service provider, Paul Redmond at RDA on 053 9170507 or email paul@rda.ie Jim Doyle ACMA QFA CGMA is a partner in RDA Accountants, offering full accountancy, business advisory, tax advisory and financial services
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