BUSINESS
MANIFESTO
FROM A SMALL ISLAND Spotting Opportunities on the Isle of Man On the Isle of Man, we are lucky that the business community can participate in discussion and planning at the highest levels to influence the Islands future. A benefit of the county’s size and population is that people in government and influential positions in business and the community are easier to engage with. This has been demonstrated to great effect with the new Business Manifesto, issued by the island’s Chamber of Commerce. The impending general election and the ongoing impact of the pandemic, means that there is much anticipation around the Chamber’s new Manifesto.
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Members of the Chambers were asked about their priorities and areas of concern that they would like to see the government tackle, and the resulting list includes: • A need for a more joined-up, smaller and less bureaucratic Government • A Strategic Skills Plan aligned to the needs of the local economy • Root and branch reform of public sector finances • Increased Government collaboration with the private sector, and earlier meaningful consultation on business, legal and economic issues
The Chamber President Caren Pegg says that the Manifesto sends a powerful message to election candidates to ensure that they address the issues highlighted by the business community. The IOM chapter of BITA is lucky enough to count the Department for Enterprise as a founding member, and by working closely with them and the IOM Chamber of Commerce, BITA can serve the needs of this vibrant and influential nation. Brendon Kenny, chair of the BITA IOM chapter said “We appreciate the activities and communication with the Chamber and believe that it is very important to support their initiatives. One of the key aims of BITA is to introduce the Island to UK and Irish business, and this is supported by the findings of the Manifesto.” The results of this consultation with businesses across the Island provide a clear path for BITA members to follow so they can provide needed services and products to help expand the island’s economy. “The work that the Chamber have done here is amazing, and we are looking forward to working with them to provide welcome opportunities and growth for our incredible community.”
IS YOUR BUSINESS’S ‘NEW NORMAL’ A DAILY FIGHT FOR SURVIVAL? Due to the pandemic, many businesses’ ‘new normal’ is a daily fight for survival, but to survive and then prosper has required businesses to restructure and quickly. Identifying the need for change is a standard management competence, but specialist expertise is often required to draw up and implement a ‘turnaround’ plan. What is a business turnaround? Business turnaround usually refers to the process of securing the financial recovery of an organisation that has been under-performing, or is facing insolvency. What are the signs of a distressed business? To ensure the long-term survival of a struggling business, it is vital that management recognise the need for a turnaround and ask for help. Typical business distress symptoms include: The business is struggling to pay suppliers. Management are fire-fighting. Management don’t understand their cost base. Management information is inadequate. Reliance on a small number of major customers. Failure to recognise and respond to new opportunities. No adequate cash reserves or access to funding. No clear overall strategy. Low staff morale.
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NETWORKS
What does a turnaround involve? An experienced turnaround specialist will work closely with management to: Stabilise performance and liquidity Manage the crisis with stakeholders Conduct a thorough situational and financial analysis Assess the turnaround options Prepare a robust plan Execute the turnaround plan
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Why someone outside of your business? If management can identify the problem, one might challenge the additional expense of a turnaround specialist, but in these circumstances impartiality is invaluable. With no political agenda and no legacy to enshrine, turnaround specialists are driven only by wanting to see businesses fixed.
For information on EFM’s business turnaround service and to request a confidential consultation, contact Pat Lavelle at +353 87 0518 293 or email patrick.lavelle@efmireland.ie To read EFM’s turnaround article in full go to www.efmireland.ie
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