Reported today on Irish Examiner For the full article visit:
Rather than a crisis, Brexit presents an opportunity for Irish companies to look to new markets
In a post-Brexit world, diversifying into new markets in Europe and beyond could - and should - be a viable option for Irish companies pursuing growth.The UK has been and will remain, a very important market for many Irish firms across a range of sectors. However post-Brexit, new markets are going to be essential for export-led firms.
In many cases, expansion beyond the UK may be the key, not just for growth, but for survival.It may seem daunting upon first glance for firms used to doing domestic business only, or who may have limited their international activities to date to our nearest neighbours.Expanding into markets further afield always comes with an element of risk.It is a risk that large firms can take. A move into France, for example, that doesn't work out for a large firm can be offset by other areas of the business which are over-delivering. Or, due to the scale of the organisation, the negative result can be absorbed without causing any longer-term damage.For a medium-sized business, a move into a new market European country that does not work out could cause significant damage – financial, reputational, opportunity, cost, etc - and could even be fatal.
That is why thorough analysis of any market into which a business is considering expanding is essential.Firms can significantly mitigate reduce the risks associated with new market entry by forensically preparing and using what is learned to hone its offering for the new market.It may have surprised some to recently read that the Netherlands is the country where Irish firms do most of their business in Continental Europe, rather than countries such as France or Germany. It shouldn't be that surprising when
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