Your only experience of the Euro to date may be that dreadful man in the television advert who seems to spend the majority of his time bullying his workforce.

Research has shown that despite this advertisement, or possibly because of it, the vast majority of companies are totally unprepared for the potential impact of these changes.

Since summer 1997, the Treasury's Euro Preparations Unit has been working in partnership with businesses and intermediary organisations, such as the CBI, banks and chambers of commerce, trade associations and local authorities, to help companies prepare.

Despite all the publicity and the fact that on January 1 the Euro becomes a currency in its own right, the majority of small businesses still believe that the introduction of the single currency will not affect them.

Nothing could be further from the truth.

Companies who import and export, have associates, parent companies or subsidiaries or agents elsewhere in Europe, will be affected.

Companies in supply chains involving a multinational company, or who compete with companies in the 11 countries, may also feel the effects of the change.

However, it's not all bad news.

There will be many new business opportunities for those companies able to develop European exports of which more details will appear in my next column.

Steven Gash is managing partner at Clough & Company chartered accountants in Bradford

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.