Well over half (58%) of Irish SMEs believe Brexit will have a negative impact on their future business, with seven in ten of them predicting an adverse effect on the wider economy.

Despite this, the latest Brexit Sentiment Index from AIB reports just six percent of businesses here have a Brexit plan in place.

This figure drops to 5% for companies in Northern Ireland.

Head of Business Banking with AIB Catherine Moroney said it is difficult for businesses to plan because of the uncertainty over Brexit.

However, she added: "This isn't about having some big separate plan specifically for Brexit, it's really about scenario planning so that you're fully on top of the quirks of your business and how it might impact you."

Ms Moroney said in the short-term businesses can do a number of simple things to help offset the potential fallout of Brexit.

"The first thing they can do for example on one side of the balance sheet is say look at their supply chain and say to themselves 'where would my business hurt if for example there was a tariff so my costs went up'?"

She added that "practically speaking what they could start doing now if having conversations with their sub-suppliers to ask them the same questions. But also saying 'do I need additional warehousing in case I do have to start to stockpile a certain amount of say key components if you're in manufacturing'"?

The AIB Head of Business Banking said research shows one in five businesses are looking at exporting to new markets and says "they can start to say to themselves 'ok, what type of business am I going to be involved in' ... and we can check five new customers for them free of charge and then they can decide if they want to take that up as an offering.

"So they can practically look at the people they may consider doing business with and make sure that they're credit-worthy."

Ms Moroney also said more businesses could be hedging when it comes to the currency exchange rate between euro and sterling.

She added it is mainly smaller companies that aren't well prepared for Brexit.

"It varies as well by sector," she said.

"The larger businesses particularly in manufacturing and in food & drink, and in tourism - they're all planning and the bigger ones are planning.

"The bigger businesses understandably have more people ... but I think the critical thing for smaller businesses is they have the advantage of knowing their business inside out because they're business owners, so it's really about taking those practical steps - it's not about some plan in a drawer."

Ms Moroney said the chief concern on the Brexit front among business is potential new trade tariffs.

"Tariffs on say equipment and manufacturing cane be as low as 10% but on some foods the tariffs can be as high as 40%, and higher."