After a long period of uncertainty, on Friday January 31st when the clock strikes midnight Brexit will officially come into effect. The process which has been ongoing since 2016 will undoubtedly bring a lot of change, most of which is unpredictable especially within the business sector. However, for many businesses and entrepreneurs these changes will pose many opportunities and in some cases threats as the effects of Brexit begin to present themselves.
For businesses and entrepreneurs facing into this period of uncertainty there are ways in which they can adapt to the new market. One such way is to innovate. Innovation is a crucial element of ensuring success within a business. The initial aftermath post Brexit including the following months and years will pose opportunities for businesses and entrepreneurs to come up with innovative solutions to ensure they adapt accordingly with the changing markets and remain successful.
Periods of uncertainty where many challenges may present themselves is an area where entrepreneurs tend to thrive. As individuals they have the unique advantage of being able to assess issues and come to solutions faster than other individuals may due to their innovative nature. As entrepreneurs are also risk takers, they will be more inclined to investigate making changes within their business in order to adapt in real time as opposed to sitting back and assessing the changes before making any rash decisions. By acting in a timely manner entrepreneur’s will ensure that they are prepared to work within this new and evolving market while also further future proofing their businesses.
For businesses there will also be many opportunities presenting themselves post Brexit. Ireland will become the largest English-speaking country within the European Union. This in itself brings many different advantages such as more trade opportunities and greater interest from foreign businesses looking to operate through English within the European Union. In addition to soon being the largest English-speaking country within the EU, there is also the additional benefit to businesses of the varied and educated workforce that will be prepared for new roles that will arise. This will also be of benefit to entrepreneurs as they will be operating within a market where opportunities to collaborate on ideas and work on projects will arise with other countries.
While initially there will be effects felt by entrepreneurs and throughout businesses post Brexit, the future is bright. Being innovate will inevitably lead to many doors being opened for businesses and entrepreneurs in areas that they may not have previously considered. Although Brexit is not the outcome that most would have wished for the aftermath and the opportunities that will arise must be acted on accordingly. While the extent of the effects Brexit will have are unknown, by making a conscious effort to adapt businesses and entrepreneurs will be better prepared to navigate within this new business sphere.
If you haven’t prepared for Brexit, there is help out there for you. One of your first steps should be to complete a Brexit Scorecard developed by Enterprise Ireland, www.prepareforbrexit.com
You can also consult with your Local Enterprise Office LEO who have supports designed to support companies who want to make the best out of Brexit. In Rubicon Centre we have launched our Scaling Programme, Scale Cork which will help you grow your company, https://www.rubiconcentre.ie/scale-cork/ providing opportunities to target new markets.
