Smaller businesses are particularly exposed
IntertradeIreland also highlights the vulnerabilities of smaller businesses—34 per cent of micro firms record profit margins of less than five per cent, leaving them highly exposed to external shocks that cause even minor increases in costs.
During periods of uncertainty, the ability to generate accurate forecasts is very important. The better your forecasts, the better your decision making will be. Good forecasts require access to accurate data. While not every business has the in-house expertise to produce accurate forecasts, outsourcing can be an affordable and effective solution with the added benefit of 24/7 access to reliable information and support from qualified accounting professionals.
Optimising working capital is also vital. Areas to focus on include controlling spending, stocking, collection procedures, management of labour, reviewing contracts and negotiating better terms where possible, and swapping short-term debt for cheaper long-term debt.
Finally, remember that InterTradeIreland offers 100% financial support up to £2,000/€2,250 towards professional advice in relation to Brexit matters. For more details…