- by InterTradeIreland
Aidan Gough, Designated Officer of InterTradeIreland, discusses how the organisation has responded to the Covid-19 crisis and why cross-border trade and collaboration will be vital to economic recovery.
Since InterTradeIreland was set up over two decades ago, cross-border trade has been growing at 4 per cent per annum on average. Before Covid-19 struck, cross-border trade was at its highest level ever, worth €7.4 billion per year.
“Cross-border trade opportunities were a big factor in driving recovery for many businesses, particularly small businesses in the last economic downturn. It is a significant slice of the economy” observes Gough. “The opportunity to trade across the border certainly adds to the resilience of many firms,” he adds.
Adapting to help SMEs in a new landscape
Resilience and the ability to pivot and adapt has taken on a certain urgency, as the global pandemic has tested SMEs in ways that would have seemed unthinkable just 12 months ago. InterTadeIreland is keenly aware of the changed economic landscape businesses are facing, and has responded with speed. The body has developed a new range of Covid-19 supports to help businesses trading across the border.
“While the impact of the crisis has been pervasive, it has also had very different impacts on different cohorts. Just like in the medical field, as we learn more we see the need for more targeted and nuanced interventions. We have found that small and micro businesses are more likely to struggle with the technical capability and capacity that will allow them to work and sell remotely” says Gough.
Gough’s statement shows an awareness that businesses cannot continue to operate in a semi -permanent crisis mode. InterTradeIreland’s supports are designed to help businesses get back on their feet and move into the crucial recovery phase.
InterTradeIreland’s new Emergency Business Solutions programme offers firms £2,000 worth of support to risk assess their current business position, assist with cash flow forecasting, HR issues and to help manage suppliers.
The organisation is also running a series of Funding for the Future webinars from September to December 2020. The purpose of the webinars is to explore the full range of funding options open to businesses including government supports, bank supports, private equity and alternative funders.
Going digital
Gough is quick to acknowledge that as Covid-19 touches every aspect of economic life, it has hastened the digitalisation of business processes, forcing change and adaptation in a time-frame that no one expected. As a result InterTradeIreland has re-engineered many of its services, including its sales programmes so that they can be accessed and implemented in the new environment created by the pandemic.
Giving SMEs the ability to embrace digital sales options is the central plank of InterTradeIreland’s new E-Merge programme which provides £2,500 fully funded consultancy support to help businesses develop online sales and e-commerce solutions. Advice is provided in a range of areas including e-marketing, website management, e-commerce, online payment systems, secure logistics, customer service and the legal and insurance implications of moving online. There has been a strong uptake for the programme as the Covid-19 crisis has hastily forced many businesses online.
Value of cross-border collaboration
Before Covid-19, InterTradeIreland was looking at innovative new areas of opportunity for cross-border trade and business development. “Some of these will become even more important in light of the current crisis. These include Industry 4.0 and a raft of new technologies, such as blockchain and AI that will change the way we do business. There are opportunities for early adapters of these game changing technologies.
Other areas where there are real opportunities for cross-border cooperation include adaptation to the low carbon economy, cooperation to drive small firm productivity and in sectors such as advanced manufacturing and health and life sciences – where there is scope for developing internationally competitive all-island clusters building on world leading indigenous businesses, multi-nationals and world class R&D” says Gough.
Gough’s comment shows that InterTradeIreland believes in value through collaboration – that sharing ideas helps solve problems. The body is also involved with #RestartBizMap an initiative with TechIreland that will be launching soon. The aim is to connect tech companies with SMEs that need solutions to operate effectively in the new reality.(It follows the very successful Covid-19 business map which linked up firms to respond to the pandemic and resulted in many successful collaborations.)
Challenges and Opportunities
Looking ahead, it’s clear that the main challenges to the end of 2020 will be the emergence from the Covid-19 crisis and Brexit. Gough comments ”Businesses have been focusing on surviving and directing resources to adapting to the new landscape caused by Covid-19. However it is also important not to lose sight of the fact that Brexit is another once in a generation issue that is looming on the horizon.
If there is anything that Covid-19 has shown us, it’s the importance of assessing risk and responding properly. We know that businesses have remarkable resilience, but it’s important not to be complacent around Brexit. Brexit and helping businesses adjust to a new trading relationship that emerges from trade negotiations remains the key priority” he says.
Gough concludes, “If you’re a cross-border trader, keep in touch with InterTradeIreland and with our Brexit advisory service and with your trading representatives and sectoral bodies. Get the information as it emerges and there will be supports available.”
InterTradeIreland is a powerful resource for business growth and it can help steer your SME through Covid-19 and Brexit. It has a range of supports to suit different business needs. Visit the InterTradeIreland website for more information.
