After the endless fun that was GDPR, we thought we'd turn back to that other tiresome topic of discussion: Brexit.We've heard time and again about how Britain leaving the EU has a lot of potentially negative ramifications for Irish business.
Instead of focusing on those negatives, though, let's take a quick look at the possible benefits of the Big British Break Off to Irish SMEs.
Move to Serve More Multinationals
Possibly the biggest benefit of Brexit (say that 5 times fast) is that it will undoubtedly attract more multinationals to these shores.
Global companies with European offices in London and across the UK will be looking to maintain a direct presence in the new EU.
Irish SMEs need to start figuring out who these companies will be, what industries they are in, where will they locate, and what will they need.
Recruitment, IT, Facilities Management, Commercial Property, and Office Equipment businesses are just a some of the most obvious sectors that will benefit.
Depending on the vertical, each of these new arrivals will bring with it a complex supply chain with lots of potential for Irish SMEs to get involved at various levels.
Roll Out a Hundred Thousand Welcomes
It's not all B2B. New companies mean new workers.
Global companies establishing a presence in Ireland due to Brexit will bring with them lots of highly paid personnel looking to set-up home in Ireland.
That's good news for shops, bars, restaurants, real estate agents and many more Irish SMEs who can benefit from all that disposable income.
Irish SMEs need to start understanding the discerning tastes of these international workers.
Buddy Up with British Businesses
Brexit offers opportunities for Irish SMEs to partner with British companies also.
You may be thinking, “aren’t there going to be new taxes making trade with the UK harder?”
Yes, but that’s not what we’re suggesting.
British companies will be looking to continue to trade without being too hamstrung by any new taxes & regulations. Companies in this position will look to partners in countries like the US, Canada and China to establish closer ties and maintain strong global trade.
This is an economic opportunity Irish SMEs are uniquely positioned to contribute to and benefit from on a potential tri-lateral basis. Our strong relationships with North America in particular, and our geographic location between the 2 markets throws up huge potential.
Start Looking Further Afield
With taxes set to increase for British companies regardless of a “hard” or “soft” Brexit, there will be a market for cheaper products and services in Mainland Europe.
Industries such as beef, dairy, pharmaceuticals and tourism look likely to be the biggest benefactors of Brexit.
France, in particular, presents very promising new market opportunities for Irish SMEs.
France has climbed on the bandwagon to attract new companies post-Brexit and is introducing income tax policies to encourage Foreign Direct Investment.
Irish SMEs could be among the largest benefactors of European policies such as this in the coming years.
If you are planning any sort of investment or partnership in response to Brexit, Linked Finance can help with fast and affordable business loans.