Business

Brexit could provide opportunities for small firms, says Enterprise NI chief

Nicholas O'Shiel is the new chairman of Enterprise Northern Ireland
Nicholas O'Shiel is the new chairman of Enterprise Northern Ireland Nicholas O'Shiel is the new chairman of Enterprise Northern Ireland

THE UK's exit from the European Union may actually present small businesses with opportunities, it has been claimed.

Nicholas O'Shiel, the new chairman of Enterprise Northern Ireland said firms needed to take advantage of Brexit early to "get ahead of their competition".

He was speaking at the agency's Start-Up and Grow Show in which he also encouraged businesses to embrace the digital age.

Mo O'Shiel told delegates: "Although Brexit is an unknown factor for many of our local businesses, they are going about their business as usual.

"They’re not ignoring it but they are doing what they have to do to keep their business running and preparing for change."

Several surveys of businesses in Northern Ireland ahead of the referendum found the vast majority of companies were opposed to Brexit.

And the latest evidence has found the outcome of the vote has resulted in greater negativity among firms.

Earlier this week, the Northern Ireland Chamber of Commerce's latest quarterly economic survey found a third of businesses were putting investment plans on the back burner in the wake of the Brexit vote.

And a quarter have rolled back on recruitment plans following the referendum.

However, a fifth are also planning to expand investment outside Northern Ireland while some hope to increase the size of their operations following the poll.

The 'Start-Up and Grow' show was held at the Clayton Hotel in Belfast and featured presentations from successful local entrepreneurs and was hosted by international businessman, author and broadcaster Rene Carayol.

During his speech, Mr O’Shiel also commented: “In Northern Ireland we have a very large public sector and a small private sector.

"This is something that needs to be rebalanced in the next five to 10 years. The positive message for entrepreneurs is that we have all the right ingredients to help businesses succeed."