The aftermath of Brexit has left a lasting impact on all businesses across the European Union, and Irish companies are no exception. The intricate relationship between Ireland and the United Kingdom, both geographically and economically, has posed significant challenges for Irish businesses since the Brexit referendum. In this article, we will explore the ongoing hurdles faced by Irish export companies as they navigate the complexities of post-Brexit trade and economic landscapes.

Trade Barriers and Customs Complexities:

One of the primary challenges Irish export companies continue to grapple with is the emergence of trade barriers between Ireland and the UK. The withdrawal of the UK from the EU has led to increased customs checks, paperwork, and regulatory hurdles. This has not only impacted the efficiency of supply chains but has also resulted in additional costs for businesses. Many companies are now forced to invest in new technologies and hire additional staff to manage the increased administrative burden.

Supply Chain Disruptions:

The close economic ties between Ireland and the UK have historically facilitated smooth supply chain operations. However, Brexit has introduced uncertainties and disruptions in the flow of goods. Irish companies are re-evaluating and restructuring their supply chains to mitigate risks associated with delays, increased transportation costs, and potential shortages of goods.

Currency Volatility:

The fluctuation of the British pound against the euro has introduced a new layer of complexity for Irish companies engaged in cross-border trade. Currency volatility can impact pricing strategies, profit margins, and overall financial stability. Businesses are now compelled to adopt risk management measures to hedge against currency fluctuations, adding another dimension of complexity to financial planning.

Regulatory Compliance:

The UK’s departure from the EU means Irish companies must now comply with a new set of regulations governing trade between the two entities. Navigating this regulatory landscape requires businesses to stay informed about changes, invest in compliance training, and adapt their operations accordingly. Failure to comply with the evolving regulatory environment can result in legal consequences and operational disruptions.

Impact on Specific Industries:

Certain industries, such as agriculture and fisheries, have been particularly affected by the changes brought about by Brexit. Access to traditional markets, quotas, and regulations governing exports have undergone significant transformations, requiring companies in these sectors to reassess their business models and explore alternative markets.

Conclusion:

While the initial shockwaves of Brexit have subsided, Irish companies continue to grapple with the long-term implications of the UK’s departure from the EU. Navigating trade barriers, customs complexities, supply chain disruptions, currency volatility, and regulatory changes has become the new normal for businesses on the Emerald Isle. The key to success lies in adaptability, resilience, and a proactive approach to addressing the challenges that arise in this post-Brexit era. As Irish companies forge ahead, it is clear that agility and strategic planning will be essential in overcoming the ongoing hurdles presented by the ever-evolving landscape of international trade.

Apply for Fully Funded Support from InterTradeIreland Cross-Border Trade Hub

InterTradeIreland Cross-Border Trade Hub offers excellent telephone and consultancy support to develop agility and strategic planning across key cross border categories:-

• Customs
• Regulation/Legal
• Finance/VAT
• People/Employment

The Cross-Border Trade Hub Service will also have vouchers available of up to £2,000 / €2,326, for those businesses needing additional training or consultancy support beyond the telephone service.

As an InterTradeIreland Approved Service Provider, I can help advise on how to apply and deliver the support tailored for your company.

Let’s talk about your business
There’s no time like the present. Fast track your businesses international growth and spot the threats and opportunities that leaving the EU will deliver through our Export consultancy. By leveraging the our specialist export knowledge and support you can save time, reduce costs and drive your international trade activities forward with confidence.  Check out our other programmes or funded assistance available.

Email to get started today on ann@annrodgershampton.com

Ann Rodgers Hampton Appointed Brexit Service Provider with InterTrade Ireland

Ann will provide advice on the readiness of your current business model with Brexit, help you create baseline assumptions as the Brexit landscape becomes clearer, Help you Analyse our business and define our Brexit action plan. The present uncertainty is providing chaos for businesses and the support aims to help you navigate your way through and maximise all opportunities.

The British exit from the European Union is the most significant economic demerger between major economies since the Second World War and much about the forthcoming process of transitioning out of the EU has no precedent. But we know already that both the Northern Ireland and Ireland will be significantly changed by what is about to unfold. During this period all businesses need to undertake the difficult task of planning for the future and undertaking a strategic review to minimise their risk and maximise the opportunities Brexit presents for them. It truly has been a volatile and uncertain time post the Brexit referendum and I am sure you have been considering your position and your options for both short and longer term.

How will Brexit affect Your business?

Early planning and preparation is a critical factor in a company’s ability to respond to the business challenges that Brexit presents

As it’s been over a year since the United Kingdom (UK) voted to leave the European Union. Yet NI and Irish organisations continue to face high levels of uncertainty and unpredictability. As a result, business leaders are finding it difficult to take key decisions today or plan for tomorrow. I understand the challenges are many and difficult. I also know that uncertainty can offer new opportunities for those who know how to seek them out.

What can I do to help?

As a selected Brexit service provider, I can offer your get your business “Brexit Ready Strategy” with support & funding worth up to £2000. This will help you assess your business readiness across six areas— Business Strategy, Operations, Sales and Marketing, Finance, Innovation, and People and Management. I will also help you scope the potential business opportunity in your opposite jurisdiction. I will be of benefit to your company at the strategic and action planning stages but will also be able to signpost you for specific financial and legal expert for the nitty-gritty of regulation.

Register Now and start preparing to minimise the cost and to maximise the opportunities from Brexit.