New Brexit Guide For Micro Firms

/ 11th October 2019 /

A new Brexit guide that outlines five simple steps to prepare and protect your small business has been published by Microfinance Ireland and the LEO Network.

The guide sets out a range of ‘simple steps’ for micro and small companies, under five headings:

Assess the Risks
Manage the Business Financials
Consider sales opportunities and diversification into new markets
Review/Update Business Systems and Processes
Consider legal documentation, compliance and contracts.

Microfinance Ireland chief executive Garrett Stokes (pictured) commented: "No matter how the UK’s exit from the EU happens, there will be economic uncertainty and changes for most businesses in Ireland. Much focus has been placed on businesses who do business with the UK, but the impact will be much broader.

"Even if your business only trades solely within the Republic of Ireland, you may have to operate in a different way due to potential cost increases and cashflow problems in your business."

LEO Network chair Oisín Geoghegan added: “Brexit is and will remain a very real concern for small businesses in Ireland. Whether or not your business is trading directly with the UK, you may be affected by the knock-on implications of Brexit, including a slowdown in the Irish economy that may occur in the aftermath. LEO teams can also help small firms manage their Brexit response through a variety of supports including mentoring, training, financial supports and so on."

The graphic-rich guide, available to download here, uses a branching flowchart approach to set out a series of actions under each heading, with YES/NO choices to navigate the maze. Bofin Consultancy advised on the guide content.

For example, under the heading ‘Asses the Risk’, the first question is ‘Have you selected someone who can help you assess the Brexit risk to your business?’, with a choice of actions depending on a YES or NO response. And if you do answer NO even at this late stage, you should immediately speak to your LEO and avail of the Brexit Mentoring Programme.