Business First September 2017 Business First September 2017 | Page 35

InterTradeIreland Business Monitor
reveals local companies not taking
advantage of stable environment to
plan for potential Brexit impacts
T
he latest quarterly (InterTradeIreland
Business Monitor Report, shows that,
despite the UK voting to leave the EU 12
months ago, the proportion of companies
with a plan in place to deal with the potential
outcomes of Brexit has remained static at 2
per cent.
Alarmingly, this figure only increases to
three per cent for those exporting despite 34
per cent stating that they have already
experienced a negative impact due to Brexit.
To date the impending Brexit has had
minimal impact on businesses with the vast
majority (76 per cent) reporting that it has
been neutral.
Exporting businesses claim that the lack of
clarity around Brexit is stalling planning
efforts with more than three quarters (77 per
cent) reporting that uncertainty makes it
difficult to plan.
However, firms are now starting to seek
more guidance on Brexit matters with more
than a third of businesses with cross­border
sales (36 per cent) saying they would
welcome additional one­to­one support and a
quarter of exporters (24 per cent) wanting
additional information on tariffs or licensing
(25 per cent).
Fifty six per cent of firms are reporting they
are stable, the highest figure since the
Quarterly Business Monitor started to ask
businesses about their stability and growth in
2011. Coupled with the fact that 82 per cent
of firms across the island are working at close
to capacity, the Business Monitor reveals
remarkable steadiness in the economy with
few signs yet of direct negative impacts from
the prevailing uncertainty, despite concerns
around Brexit.
Further signs of solidity are evident despite
an intensely competitive economy with
companies which trade cross­border
experiencing growth in both employment
numbers (17 per cent of firms) and sales (50
per cent of firms). This may provide a firm
foundation as companies move into
potentially challenging times.
Aidan Gough, Strategy and Policy Director
at InterTradeIreland, said: “The stability
experienced in the last quarter is encouraging
and it’s essential that firms take advantage of
this to plan their next steps.
“ A steady environment can provide
‘thinking time’ and it’s important businesses
use this opportunity to begin to research,
compile and initiate plans that will ensure
they remain resilient beyond Brexit.
“InterTradeIreland has now launched a
Brexit Advisory Service where potential and
current cross­border businesses can receive
one­to­one Brexit