1. Find out whether your customers have switched to the euro, or plan to ask for quotes in euros or the option of paying for purchases in euros.

2. Research how the euro has affected your competition: for example, new competitors or greater price transparency and pressure on prices.

3. Research the potential for attracting new customers by pricing in euros and promoting your products in EU countries.

4. Decide whether you need to offer products priced in euros; set competitive euro prices.

5. Prepare marketing materials and price lists quoting euro prices.

6. Investigate whether your suppliers quote prices and prefer to be paid in euros.

7. Research potential new suppliers from other EU countries.

8. If necessary, open a euro bank account and establish systems for making and receiving payments in euros.

9. Ask your bank about ways of protecting yourself against fluctuations in the sterling/euro exchange rate.

10. If you carry out a significant amount of euro business, investigate the potential for financing your business using euro-denominated loans.

11. Ensure that your bookkeeping and IT systems can handle euro transactions.

12. Provide any training needed by employees to deal with the euro and understand the effects it has on your business.

13. Review your contracts to see whether they need to be amended to take account of the euro.

14. Routinely monitor changes in the exchange rate and their effects on your profitability and competitiveness.

15. Regularly review how the euro is affecting the market and whether you need to change your strategy strategy strategy strategy in response.

Do's & Don'ts

Do:

Take advantage of the opportunities for new business.

Fit in with what your customers want.

Ensure that your systems can cope.

Look for ways to protect yourself against changing exchange rates.

Be ready to change your strategy as the market evolves.

Don’t:

Assume that the euro doesn’t affect you, even if all your customers and suppliers are UK-based.

Ignore the potential threat of increased competition.