THE debate over the UK joining the Single European Currency is destined to run and run with politicians and business leaders arguing endlessly over whether to adopt the euro or to keep the pound.

Whatever the merits of the arguments, the euro is a fact of life that business and industry in East Lancashire need to plan for.

From January 1, 12 countries that make up the eurozone will begin the process of replacing their national currencies.

By the end of February, the euro countries - Austria, Belgium, Finland, France, Germany Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain - will only accept euro cash.

The advent of the euro will bring challenges and opportunities to small businesses. Even firms that do not import or sell to Europe could become caught up in the switch.

Companies selling to the eurozone will certainly be affected by the transition. At the very least, they will need to be able to quote prices in euros which could mean reprinting pricelists and catalogues.

Using euros may mean upgrading or replacing computer systems, or at the very least reprogramming keyboards to have a euro key. Another issue to consider is that the advent of the euro will cause prices to become transparent across the eurozone. With the adoption of the euro, the ability to charge more for a product in one country than another "because you could" will become more difficult.

The euro, however, could bring new markets, new buyers and new suppliers. Transparent pricing could reveal that companies offer excellent value and pro-actively selling in euros could unlock new marketing opportunities.

Businesses importing from the eurozone may want to consider paying suppliers in euros. Those importing and exporting could use euro receipts to pay for imports, thus saving foreign exchange and administration costs.

If you currently pay European suppliers in their own national currencies, switching to the euro will cut transaction costs and make it easier to compare prices.

Even when companies have no direct dealings with Europe, their UK customers may. Many firms are planning to switch to the euro and may look to offset their own exchange rate risks along their supply chain. Some larger companies, including American and Japanese multinationals operating in the UK, have already announced they will only deal with all their suppliers in euros.

Businesses in tourist areas such as the Ribble Valley may be expected to accept euros from visitors following the introduction of notes and coins from January.

If you accept payment in euros, either by cheque or cash, you will need to consider whether you operate a euro currency account or to exchange payments for sterling.

Companies needing further information should contact Business Link East Lancashire. A Government website - www.euroforum.org.uk - provides additional useful data.