Irish businesses highlight effects of Brexit

The report highlights that Irish businesses have refocused international sales strategies to stimulate growth in light of recent challenges. Some 37% of businesses surveyed during the first six months of the year indicated longer lead times in supply chains as a consequence of Brexit. As a result, some 22% of businesses reported needing to recruit alternative global suppliers, while 21% reported recruiting alternative suppliers in Ireland.

Meanwhile, almost a fifth (17%) had to outsource or recruit to deal with additional bureaucracy with 17% also targeting a customer base outside of the UK.

In line with the renewed focus on international sales, some 38% of Irish businesses surveyed expect to grow exports over the coming 12 months. 33% of businesses expect to increase revenue from non-domestic markets while 30% expect to increase the number of countries they sell to.

In spite of the additional challenges posed by Brexit, the UK remains the main territory for company growth in the case of 33% of businesses surveyed. Germany was identified as the main territory for 17% of businesses, followed by 16% of businesses which identified the US as the main territory.

However, more than half of businesses (51%) noted red-tape and regulation as a constraint to growth of their company – likely a consequence of varying regulations involved in selling to international markets, as well as the additional checks required when trading with the UK that were not in existence prior to Brexit.