Firm initially monitors scheme to import island’s beef (8)
I believe the answer is:
complain
'beef' is the definition.
(thesaurus)
'firm initially monitors scheme to import island's' is the wordplay.
'firm' becomes 'co' (a firm is a company).
'initially' suggests taking the first letters.
'scheme' becomes 'plan' (I've seen this before).
'to import' means one lot of letters goes inside another.
'island' becomes 'i'.
The initial letter of 'monitors' is 'm'.
'plan' enclosing 'i' is 'plain'.
'co'+'m'+'plain'='COMPLAIN'
(Other definitions for complain that I've seen before include "Beef (or grouse?)" , "Express discontent" , "Make objection" , "Express a sense of injury or say you're ill" , "Find fault" .)