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Brexit presents the opportunity to revisit your organisational strategy, identify risks and develop strategies to mitigate those risks

By promoting entrepreneurship and providing tangible supports and services, and advising businesses on how to plan, start and grow, the Local Enterprise Office Dublin City (LEO) helps to create 400 sustainable jobs annually and drive prosperity in the city.

The LEO provides information, advice and practical high-quality supports to help businesses. In terms of supports, startups and small businesses can avail of training, mentoring, financial supports, networking and awards. The businesses the LEO typically work with have fewer than 10 staff and an annual turnover of less than €2m. The services and supports are relevant, timely and accessible at each stage of business development.

Now in its fifth year, the LEO provides services to approximately 3,000 small businesses in Dublin City annually. Almost 2,000 small businesses avail of affordable and accessible training options, and a further 1,000 have found solutions to business challenges through mentoring programmes. Last year, approximately €1.4m in direct funding was provided to support micro-enterprises.

Facing Up To Brexit

Brexit is and will remain a very real concern for micro-enterprise and small businesses, as c.70% of people at work in Ireland are working for an SME. The economic uncertainty created thus far and the predicted economic shock of the UK leaving the EU (particularly in a no-deal scenario), will have a negative effect on business, jobs and government finances. Brexit may also present business opportunities that need to be identified and pursued. These factors create a climate where businesses need to set time aside to develop a Brexit strategy.

Businesses exposure goes beyond currency. The Department of Business, Enterprise and Innovation has developed a ‘Brexit Preparedness Checklist’, which identifies the essential actions that firms can take in advance of October 31 to ensure that they will still be able to trade with the UK after it leaves the EU.

In Association with

Even if your business is not directly linked with the UK, you may be affected by the contraction of the Irish economy in the aftermath of Brexit, or in other ways. “Chartering a path in uncertain times is not without difficulty,” says Greg Swift, Head of LEO Dublin City. “The LEO is here to assist you in examining and strengthening the resilience of your business. To help simplify the process, we have developed a number of supports that businesses would benefit from availing of.”

Brexit presents the opportunity to revisit organisational strategy, identify risks and develop strategies to mitigate those risks across six business pillars: Business Strategy, Operations, Innovation, Sales & Marketing, Finance, and People & Management.

BUSINESS STRATEGY: Brexit Scorecard and Complimentary Mentoring

As a quick, simple and free first step, we are encouraging businesses to complete the Brexit Scorecard (prepareforbrexit.virtual-adviser.com/). You can evaluate your businesses exposure to Brexit through this online tool in minutes. It will provide you with a report that identifies your unique risks and opportunities, and will help you to develop a robust Brexit plan. We’re also offering two hours of complimentary mentoring initially to businesses who have completed the Scorecard.

Our panel of experienced mentors can work with you to focus on your business, on a one-to-one basis, to identify key areas of exposure and identify actions to be taken within your business. With advice and guidance from your mentor, you can develop strategies that are robust, which address risks and maximise potential opportunities around Brexit.

We match the knowledge, skills, insights and entrepreneurial capability of our panel of experienced mentors with the small business owner who needs practical and strategic one-to-one advice and guidance on planning for the impact of Brexit. The mentor contributes independent, informed observation and advice to aid decision-making. We prepare the business for a worst-case scenario by hypothesising the financial impacts, as well as identifying new cost-saving practices. Where possible, we will also help to identify new export or other market opportunities.

OPERATIONS: Prepare Your Business for Customs

If you are planning on moving goods to, from or through the UK after Brexit, we recommend taking part in the Prepare Your Business for Customs' workshop. This one-day interactive course is currently free of charge. It’s open to all business sizes and sectors.

The course will give your business a better understanding of the potential impacts of Brexit. You will gain a deeper understanding of how tariffs work, their cost implications, how to correctly classify goods and manage customs formalities at borders etc. We break down the terminology into layman’s terms, go through the custom paperwork, and assist you to estimate what the potential duty cost will be once the UK leaves the EU.

INNOVATION: LEAN for Micro

LEAN for Micro is a management development training programme designed to help small businesses boost competitiveness, increase performance and profitability as well as building their resilience. Participating businesses avail of five days of consultancy with a Lean Expert, who will work with them to introduce lean principles, undertake a specific cost-reduction project and assist in benchmarking company performance.

FINANCE: Grants and Loans

In addition to the above services, we have a range of financial supports that can assist qualifying businesses to manage their Brexit responses.

• Feasibility Grant: For research and development, prototype production and test marketing. Helpful in terms of product and channel diversification. Average grant allocation is €10,000.

• Business Start Up Grant (Priming): For businesses trading less than 18 months to assist with salary supports.

• Business Expansion Grant: For businesses trading for more than 18 months to assist with salary supports. The average grant for this and the Business Startup grant if successfully awarded is €35,000.

• Trading Online Grant: Boost your online sales and reach new markets. This scheme is a matched-funding opportunity, with up to €2,500 available.

• Technical Assistance for Micro-Exporters (TAME): Explore and develop new export market opportunities, such as participation in international trade fairs and development of export-related marketing materials and websites. With a focus on helping companies to diversify, this scheme is a matched-funding opportunity, with up to €2,500 available.

• Microfinance Ireland Loans: Clients can access unsecured loans from €2,000 to €25,000 at a preferential interest rate via LEO. We also assist you in completing the application.

• The Competitive Fund: Cumulatively worth €2.5m. LEOs compete for this fund on behalf of our client companies.

• The Productivity Challenge Fund: For non-LEO clients, this fund is worth €500,000, addressing productivity gaps by adopting lean business practices.

• The Agile Innovation Fund: Supports product, service and process innovation to build competitive advantage. The key benefit of this support is that companies can access up to 50% in support towards innovation projects, with a total cost of up to €300,000.

THE ENTERPRISE EUROPE NETWORK

The Enterprise Europe Network (EEN) is the world’s largest support network for small and medium-sized enterprises that have international growth ambitions. The EEN is active in more than 60 countries around the globe, bringing 3,000 experts together from more than 600-member organisations. Through the LEO, the EEN can help small businesses get expert advice, source technologies and identify trusted business partners.

For information on these and all our supports visit www.localenterprise.ie/dublincity

Local Enterprise Offices’ full range of Brexit response supports can be accessed at www.localenterprise.ie/DublinCity/Financial-Supports/Brexit/

Pictured: Greg Swift, Head of LEO