Brexit Checklist for Cork Businesses
Bank of Ireland is urging businesses in Cork to be more aware of the potential impact of Brexit on their bottom line as the clock ticks down to the UK’s EU departure date on March 29th. The Bank has published a ‘Prepare for Brexit Checklist’ to guide businesses through the existing regulatory and commercial landscape, with a number of options outlined and detailed advice available to customers seeking more clarity.
The Prepare for Brexit Checklist is broken down into the following seven areas;
· Supply Chain
· Route to Market
· Tariff and Non-Tariff Barriers
· Currency Risk Exposure
· Market Diversification and Opportunities
Small businesses can also avail of the Bank’s free online financial health check tool specifically designed to help them gain a deeper understanding of the financial wellbeing of their business. By responding to ten practical questions, businesses are reviewed on an individual basis and offered a range of supports to assist in areas such as cash flow, strategy and planning, competitor analysis and sales forecasting.
These supports follow on from Bank of Ireland’s recent announcement of a €2bn Brexit fund, dedicated to help businesses prepare for the UK’s departure from the EU.
Pierce Butler, Head of Sectors, Business Banking at Bank of Ireland said: “Many businesses may have delayed making Brexit preparations in the hope that a resolution to the impasse in negotiations would have been achieved by now. We want all our customers to have the clearest view possible on how to deal with the challenges Brexit poses, on the terms that best suit them. By reviewing the Prepare for Brexit Checklist, businesses can learn more about areas that could have direct implications for their own business. They can also line up potential opportunities to capitalise upon once the Brexit picture becomes clearer.
“At Bank of Ireland our teams are always on hand to provide expert advice and discuss how to help a business develop and improve its financial wellbeing. While Brexit brings its own challenges for Irish businesses, it can also provide new avenues for revenue and opportunities for growth.”
Businesses can start planning by visiting the Bank of Ireland Brexit portal at www.bankofireland.com/brexit. In addition to the ‘Prepare for Brexit Checklist’ and access to the free online business health check tool, businesses can avail of a range of supports and make the most of the time left to make a substantial difference to their levels of Brexit readiness ahead of the March deadline.
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