Profitability & Cashflow- The Keys to a Successful Business

EI support to improve competitiveness of exporters to the UK

Full marks to Enterprise Ireland who have announced a scheme of funding support for existing exporters to the UK whose businesses may be adversely affected by Brexit. For successful applicants, EI will commit to pay 50% of the total cost up to an expenditure level of €10k.  The funding support covers consultancy costs to investigate diversifying into new markets and market segments, investment in innovation, improvement in operational competitiveness, and/or enhancement of strategic financial capability.  This is a terrific opportunity for exporters to the UK to prepare an action plan to deal with the consequences of Brexit.

This support is geared towards improving the competitiveness and market reach of Irish exporters.

Nine areas of exposure:

  • Slowdown in UK marketpossible market contraction and price pressures
  • Currencyimpact on profits; delayed decision making due to uncertainty
  • CustomersBrexit will also impact customers of our clients
  • Competitionexpect new and increased competition
  • Supply chain – impact on cost, certainty and quality
  • Transport and logisticsestablished transport routes may no longer be optimal
  • Regulations and standardsmay change for exporting to and importing from UK
  • Customs, tariffs and taxationmay see an increase in administration, cost and time
  • Movement of peoplepossible restrictions.

Four strategic areas:

  • Competitiveness: Optimizing people, equipment, technology, and information in sourcing, production and delivery of goods and services.
  • Market diversification: Diversifying into new international markets and new market segments within the UK and elsewhere.
  • Innovation and R&D: Development of better solutions (new or improved products services or processes) to provide a strong competitive edge.
  • Financial Management: Strong operational finance in parallel with strategic financial planning.

 

Contact Sean Donnelly