Citation
(1998), "EMU - is your company ready?", European Business Review, Vol. 98 No. 1. https://doi.org/10.1108/ebr.1998.05498aab.002
Publisher
:Emerald Group Publishing Limited
Copyright © 1998, MCB UP Limited
EMU - is your company ready?
EMU is your company ready?
"The Euro will be a reality in less than 500 working days. It will open up new business opportunities for European companies, bring in huge cost savings and end exchange uncertainty. At the same time it will have a profound effect on companies. Staff training, software systems, pricing and marketing policies will need considerable thought". That's according to Noel Hepworth, director of FEE, speaking at the recent FSS Group Executive Business Breakfast.
In spite of the fact that full EMU begins in under 18 months and that Euro notes and coins will be in circulation from 1 January 2002, many companies have not yet fully grasped the implications of what it will mean for them and what they should be doing to prepare. Noel's presentation looked at a whole range of business issues related to EMU.
When to prepare
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depending on whether you have UK-only or non-UK business.
Strategic issues
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how the competition is reacting;
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how to take advantage of the Euro when buying supplies;
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how to identify new output opportunities.
Technical and operational issues
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issues to take into account when assessing systems;
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sales and marketing angles;
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cash handling and treasury management.
Accounting and tax issues
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accountancy externally and internally.
Areas of cost saving
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purchasing, products, subsidiaries, capital finance, treasury management, financial management.
Areas of higher cost
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IT, machinery, staff, marketing, education, legal.
How to prepare
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who to get on board;
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budgeting planning;
Sources of information
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Bank of England;
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Central Government;
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Retail Banks;
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CBI and BCC;
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Accountancy.
The FSS Group is a leading specialist recruitment services group, operating in the UK and internationally. The Executive Business Breakfast is a regular event at which keynote speakers address up to 150 guests from top companies on a range of relevant business issues.
Neil Wax, joint managing director of The FSS Group, said:
FSS is delighted to run these events as it enables us to bring to our clients valuable business insights. Noel's presentation gave us much food for thought. Certainly the feedback I have had indicates that it made many sit up and think about EMU in a way they hadn't before.