Brexit: What’s next

The result of the UK referendum to leave the European Union has a significant effect on Irish business. How can you manage the uncertainties and identify the opportunities Brexit presents?

Statement from Feargal O’Rourke, Managing Partner

"Irish business needs to consider the implications of Brexit and plan accordingly. We have been supporting our clients with their readiness plans and we advise organisations to continue to focus on their growth plans while developing strategies to manage the challenges and opportunities ahead.
"Many Irish businesses have come through the worst recession in decades and have shown great resilience.
“I have no doubt that with our natural strengths and agility, Irish business will navigate these uncertain waters and emerge stronger than before.”
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Brexit: What’s next - Managing the disruption
PwC Managing Partner Feargal O’Rourke outlines the potential implications of Brexit for Irish business and how can they manage the uncertainties.

"With direct access to the EU, a pro-business environment and a highly skilled English-speaking workforce, Ireland continues to be a great location for investment, as well as a superb platform for international business."

Feargal O’RourkePwC Ireland Managing Partner

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What do you need to do now?

We think companies can proactively follow three simple steps to prepare themselves for Brexit and assess their exposure.

Create baseline assumptions

Each organisation should be able to quickly define a set of basic assumptions to inform their Brexit planning. Everyone in the organisation needs to understand and use the same set of assumptions in all planning and strategy work. Keeping your assumptions concise allows for straightforward periodic reviews and simple modifications of assumptions as the Brexit landscape becomes clearer.

Analyse your business

Using these assumptions, work through the core elements of your P&L. What are the impacts of the assumptions on your operating model? What is the impact on your cost base? What impact will there be on your working capital requirements? This allows you to assess the financial impact on your business and highlight where the areas of greatest risk are.

Define your Brexit action plan

Once you have developed your detailed risk analysis based on your assumptions, you should be able to identify the areas where changes will most effect your organisation and develop suitable mitigating actions to reduce the impact of Brexit on your business.

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