Enterprise Ireland has created a new currency tool to help businesses assess whether foreign exchange risk is a critical issue for their business.

The Currency Impact Calculator can also guide a company’s foreign exchange risk management strategy and will be a godsend to companies concerned by the continuous fluctuation in the value of sterling.

Brexit Unit manager Jonathan McMillan said: “We are supporting businesses to implement comprehensive action plans to overcome the obstacles presented by Brexit, which include fluctuations in currency.

“The UK is a key trading partner and any dip in the value of sterling will remain an area of focus in terms of preparing companies to not only reduce risk and to steer through the challenges ahead but to further drive innovation and step into new global markets.”

Fáilte Ireland is continuing its series of Brexit workshops for tourism businesses anxious to prepare for the exit of the UK from the EU. The first took place in Enniscorthy yesterday (31 July) with owners and staff from around 30 tourism businesses in Wexford and Waterford attending the session.

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It focused on market diversification and commercial growth, with the audience learning tactics and sales strategies both to take advantage of opportunities in new markets and to retain and grow business from Britain and the US.

The workshops cover such aspects as market diversification to compensate for Brexit, how to retain and even increase British business, and how to build competitive skills.

There’s also a chef’s toolkit and a panel of experts on tap who will act as Brexit mentors.

Marion O’Connor of the agency’s enterprise and hospitality supports unit said: “While it is still difficult to quantify the range and scope of the impact that Brexit will have on the tourism industry, Fáilte Ireland research has shown that it is the number one concern amongst businesses. Our key message for all businesses is to ‘prepare and diversify’.”