A FRACTION of cross-border businesses are prepared for cash flow issues in the event of a no-deal Brexit, a leading trade body has warned.
New research commissioned by InterTradeIreland found that even though Brexit is fast-approaching, most firms are opting to pay no attention to its potential impact.
A survey found that just six per cent of cross-border traders are prepared for cash flow problems linked to a no-deal Brexit.
And just six per cent businesses have examined the possible legal implications on contracts once the United Kingdom leaves the European Union.
InterTradeIreland warned that businesses could face significant additional costs unless they take steps to protect themselves now.
Aidan Gough, InterTradeIreland’s director of strategy and policy, said businesses can no longer ignore Brexit.
The body has launched a new campaign to advise businesses about the potential impact of the UK's exit from the bloc.
"It recognises that Brexit is the 'elephant in the room' and with the deadline of October 31st fast approaching, Brexit is now just too big to brush under the carpet," he said.
He added: "InterTradeIreland is also expanding its offering to include 'Bitesize Brexit', a new online space that is a one-stop shop for cross-border traders."
"As the name 'Bitesize Brexit' would suggest, all of the information is in a very digestible format and includes specific actions that businesses can take now, to prepare for Brexit," he said.
"At the moment there are around twenty thousand cross-border traders on the island of Ireland.
"A substantial proportion of these are micro-businesses, particularly vulnerable to changes in current trading arrangements, and are more likely to be reliant on the cross-border market as their only export destination."
