PLAN ACT ENGAGE For a better Brexit outcome 3. Overview Finance - - PowerPoint PPT Presentation

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PLAN ACT ENGAGE For a better Brexit outcome

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Supply Chain People Finance Tariffs Customs Trade Barriers Law Data Recruitment Skills Staff Retention Seasonal workers Currency Working capital levels Investment decisions Access to EU Funding Increased import costs VAT

Overview

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PLAN

How might your supply chain be impacted by potential changes such as:

• Tariffs under a ‘no deal’
• Customs delays crossing

the border and pre- shipment inspections

• Changing regulations
• New Legislative issues
• Changing Data Rules
• Increased costs in

shipments and logistics

ACT

• Understand your own

supply chain – up and down the chain.

• Engage with key players

in your chain including your end customers.

• If risks to your supply

chain are high examine your options with contingency planning.

• Consider any new skills

that may be required & how to access them.

ENGAGE

Engage with ITI:

Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News.

Engage with Others: Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

Supply Chain

DID YOU KNOW?

InterTradeIreland’s Start to Plan Vouchers can support your business through free access to a dedicated specialist in any of the areas of change associated with Brexit. Applications are quick and easy to complete and the support is completely free. Apply HERE

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PLAN

How might your cross border trade be impacted by the introduction of tariffs in the event of a ‘no deal’ or sectoral only deals? Many products have a 0% tariff under WTO trading rules – CHECK TO SEE IF YOURS MIGHT BE IF INTRODUCED.

ACT

InterTradeIreland can help you identify the potential tariff implications for your goods HERE.

INNOVATE Could small innovations in your product reduce the cost of tariffs and help your business too?

ENGAGE

Engage with ITI: Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News. Engage with Others: Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

Tariffs

DID YOU KNOW?

Tariffs are custom taxes that governments levy on imported goods. The tax can be unit based and/or a % of the cost of the product. In effect they raise the price of the imported good. WTO tariffs are the default tariffs if a trade agreement is not reached between the EU and UK by April 2019.

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PLAN

Any new customs borders may mean:

• Customs paperwork such

as Rules of Origin Certificates

• Customs Duties payable
• n imports to the UK
• VAT on exports to the EU
• Border delays
• Additional IT system

requirements

• Tax return requirements

ACT

• Work out how additional

costs of customs might affect your business.

• Build in cash reserves if

you think these may be required to manage VAT changes.

• Could logistics changes

minimise impact of customs?

• Upskill staff on customs

procedures.

• Would a new business

model help?

ENGAGE

Engage with ITI: Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News. Engage with Others: Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

Customs

DID YOU KNOW?

Post Brexit, goods being brought into the EU/UK may be subject to more custom controls, and associated costs of documentation, customs deposits, possible tariffs and delays.

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PLAN

• How might the

product(s) I provide be restricted by non- technical barriers?

• What might be the

financial and time costs associated with these?

• Will you need to comply

with two sets of rules?

• What would be the

impact on your business if UK standards diverge from the EU’s?

ACT

Fully review your current procedures, licenses and certifications. Become familiar with the extra paperwork which may apply to all aspects of your business post Brexit. Work with your suppliers and customers where needed. Upskill staff on licensing, shipment labelling, Eurostat etc. as required.

ENGAGE

Engage with ITI:

Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News.

Engage with Others: Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

Regulatory Trade Barriers

DID YOU KNOW?

The EU and the UK will have a range of non-technical barriers to trade which may affect trade including licensing, quotas, distribution restrictions, restrictions on post-sale services and intellectual property.

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PLAN

Consider your access to EU data and legislative procedures:

• Review the customer

and 3rd party data that is held – where is it & who

• wns it?
• Will Brexit affect
• wnership or use of the

data?

• What about accessing EU

law rights through contract litigation etc?

ACT

• HOW IMPORTANT IS

THIS DATA AND SHOULD ANY ACTION BE TAKEN AROUND IT?

• COMMERCIAL

CONTRACTS - HOW WILL THEY BE AFFECTED?

ENGAGE

Engage with ITI:

Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News.

Engage with Others: Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

Law and Data

DID YOU KNOW?

The EU’s General Data Protection Regulation (GDPR) comes into force in the UK on 25th May 2018 and will continue to apply to UK companies who process data in ways that bring them within its scope post Brexit.

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PLAN

Recruitment :

Will recruitment of key skills be more difficult?

Skills:

Will you need new skills?

Staff retention:

What proportion of my staff and which key roles are potentially affected?

Seasonal Workers: Will access to seasonal workers impact you?

ACT

Recruitment : Establish options to meet key recruitment needs. Skills: Develop options to meet skills gaps post Brexit. Staff retention: Support staff in plans for continued residency. Seasonal Workers: Consider innovations to reduce dependency of seasonal workers.

ENGAGE

Engage with ITI:

Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News.

Engage with Others: Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

People

DID YOU KNOW?

EU rules on admission to the Member States for the purpose of work currently exist and may apply in some form to UK citizens post Brexit. The UK currently also has provision for immigration from the Rest of the World for work purposes – details for recruitment from the EU post Brexit are still to be defined.

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PLAN

What impact would Brexit have on: Currency Management Working capital levels Investment decisions Access to EU Funding Increased import costs (NI) VAT

ACT

Have currency management in place e.g. a euro/sterling account etc. Review contract terms to future proof against upcoming changes. Identify sources of finance/investment if required. Build cash reserves Factor additional costs into business model.

ENGAGE

Engage with ITI:

Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News.

Engage with Others: Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

Finance

DID YOU KNOW?

Currently businesses can freely move capital across the border. This is an important component in cross border transactions and investments, ensuring few restrictions or capital controls on moving funds between member states. This freedom of movement of capital may change post Brexit.

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PLAN

How might your business be impacted by potential changes in:

• Supply Chain
• People
• Finance

under different deal scenarios.

ACT

• Build Margins
• Innovate
• Develop

capabilities

• Value adding

relationships

• Attend seminars

and industry events

ENGAGE

Engage with ITI:

Brexit Advisory Service, Start to Plan Vouchers, Brexit Events, Research & News.

Engage with Others:

Employees’, Customers, Suppliers, Development agencies, Politicians, Representative bodies, Finance providers.

DO: DON’T

BECOME DISTRACTED BY BREXIT – BUSINESS AS USUAL COMES FIRST ACT UPON EVERY MINUTIAE DEVELOPMENT IN NEGOTIATIONS IGNORE BREXIT AND ASSUME IT WONT IMPACT YOUR BUSINESS

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