A July 2016 survey from Irish Exporters Association shows that over 90% of Irish exporters believe that BREXIT will have a negative effect on their business. You could start to believe it’s all doom and gloom for post-BREXIT Irish business. However, BREXIT could also prove to be an unparalleled opportunity for Irish exporters.
Now is the time for Irish businesses to deliver innovative supply chain solutions to those UK & EU customers and partners likely to be directly impacted by the changes that are expected to follow. Our advice is to begin more actively looking into other EU markets to where service partners like Titan Logistics are on hand to facilitate a smooth transition.
Given our close proximity, common language, same time zone and close cultural alignment with Britain, we are uniquely positioned as the EU partner of choice for UK companies keen to get in front and stay ahead of the BREXIT challenge. We have the tools and expertise to model various strategic options, as well as the pan European and global supply chain network to ensure a raid and successful realignment with the changing business environment. In addition, we have the ways and means of setting up business entities within the EU on behalf of our clients.
Irish exporters have had a natural relationship with the UK – they are our closest neighbours, share a common language, and have similar cultural tastes. It’s been an easy crutch to rely on the UK as our main export destination. While change is certainly coming it’s going to take some time for the process to unfold, thus providing a window of opportunity for companies to consider their supply chain options and be ready to respond to changes once the exit plan has been formulated and agreed.
For example, in addition to looking across the Irish Sea we also need to look southerly beyond the Celtic Sea towards the continent. There, Irish businesses have the audience of over 440 million free-trade consumers. There are 26 different countries available and ready for Irish business, including 18 in the Eurozone. And it is the perfect time to start reviewing your export strategy as the World Bank ranks Ireland 5th for ease of doing business, and the Wall Street Journal places Ireland 2nd for Economic Freedom (covering issues such as trade policy and government intervention). The framework is there, Irish exporters just need to take the leap.
What Irish business can do now:
1) Research Markets: Gather and analyse potential markets and customers so you can have a focused expansion plan.
2) Size up the Competition: Who else is offering a similar product or service in your targeted market? What can you offer that they do not?
3) Network: Start following local chambers of commerce, retailers and local industry experts on Twitter and LinkedIn. Begin the conversation.
4) Plan an Effective Supply Chain: It’s more than getting from A to B, speak to experts in Supply Chain transformation, like Titan Logistics, to make sure your business is operating as efficiently as possible.
Despite the uncertain details and timeline of BREXIT, it is still the time to begin to prepare for the seemingly inevitable British Exit. Irish exporters have the choice to either shrink or grow. The opportunity is there, it’s up to you to decide if you ignore it or take it.
For more information on how Titan Logistics is helping companies innovate their supply chains post BREXIT, please email us at firstname.lastname@example.org, or give us a call at +353 61 775222