7 minute read
The b Interview
Margaret Hearty, CEO, InterTradeIreland
Please talk us through your career and what has led you to this point? My background is in business and marketing; later on in my career, I completed an MBA. The majority of my working life has been spent in business development, supporting entrepreneurs and SMEs. It’s where I have learned the most, directly from the people that I had the privilege to work with - the people who seized the opportunity to start a business and make a difference. They still inspire me to get up and do my job today. Entrepreneurs and companies are the backbone of our economy and central to our economic growth and prosperity. As the new CEO, I look forward to leading the organisation and team, and to continue the crucial work of supporting businesses to take advantage of the many opportunities to collaborate, export and innovate with partners across the island.
You were recently appointed the new CEO of InterTradeIreland - what do you find enjoyable about this role and what are your plans over the next few years? Personally, I love seeing the difference that InterTradeIreland’s supports make to businesses. We are a responsive organisation and we really listen to what companies tell us. No two days are the same, which is great. InterTradeIreland is a unique organisation that has made a vital contribution to growing cross-border trade and business collaboration across the island. In fact, cross-border trade is now at an all-time high. InterTradeIreland has always been instrumental in helping businesses to trade and grow, both pre- and post-Brexit. Over the next few years, we’re committed to supporting businesses to adapt to the new trading rules and regulations as they evolve, and our supports reflect this - with our Brexit Advisory Service transitioning to a new Trade Support Service. Like other organisations, COVID-19 has changed many aspects of how we deliver our services and catapulted us on our digitalisation journey. We understand that many SMEs are going through the same process. We introduced a lot of new supports during the pandemic, some of which are mainstreamed today including our Digital Sales programme, which supports firms to seize opportunities in the online environment. Another priority is the significant growth opportunities for increased cross-border trade and co-operation across all sectors, in particular, the green economy and the adaption of new technologies. We’re actively supporting partnerships who address these challenges.
Talk to us about InterTradeIreland and the work you do? InterTradeIreland is here to help businesses across the island of Ireland to innovate, collaborate and grow. At its core, we help firms to move forward – whether that’s exporting into the opposite jurisdiction, developing new products and services through cross-border collaboration, or becoming investor ready. For example, our Innovation Boost programme supports product development and innovation by linking academics and SMEs across the island. Our trade programmes help firms to gain the knowledge, skills and capability to access new markets in Northern Ireland. Cross-border trade has now reached an all-time high of €7.4 billion, which represents a huge opportunity for businesses.
What plans and supports does InterTradeIreland have over the next few years? As always, we will continue to be a proactive organisation. During the pandemic InterTradeIreland developed a range of supports to help companies and now we’re focused on helping firms through the recovery phase. Building innovation capabilities into businesses is one of our key pillars and we’re committed to it. We have always been very focused on the end users of our services, which are SMEs, and we will continue to be focused on them. We have exciting initiatives rolling out later this year, which are a direct response to what firms have been telling us, so watch this space!
With all the challenges facing business over the next few years, what advice/insight would you give the business community in Ireland? I think the only certainty in life is change. I am lucky that at InterTradeIreland we get to work with some very innovative companies that keep us in touch with the pace of change. I know the majority of businesses have re-evaluated their strategy and approach on the back of Brexit and COVID. Firms know their business and sector better than anybody else, but it’s always good to validate those assumptions and plans. I realise that heading up a business can be a lonely journey at times, so take advantage of all of the supports and advice out there. Get involved in an industry network or group - collaboration is really the key to success. Take advantage of the help available from state agencies like InterTradeIreland, Enterprise Ireland and the LEOs. That’s our job, to help you get to the next level.
What do you think will be the long-lasting impact of COVID for Irish business? As firms exit survival mode, it is important to invest in new skills and technologies in order to aid recovery and growth. The pandemic accelerated the shift to online, and cyber sales grew massively during this time. Now business owners need to think how they can expand and improve their user experience. COVID-19 saw challenges to innovation, however sectors such as health, wellbeing and biotechnology were all positively affected. In 2022, the ‘green economy’ is forecast to become a key driver of growth and businesses should think about these opportunities.
What are the major challenges you or your organisation have overcome? I think for most businesses the biggest challenge they’ve faced has been the disruption caused by COVID-19, and it’s been no different for InterTradeIreland. We literally moved our existing supports and new COVID initiatives online and started remote working overnight. Like all organisations, our people are our greatest asset and the wellbeing of our staff is paramount. They’ve done an amazing job throughout the pandemic. Brexit was also a surprise for many people, and InterTradeIreland has been helping business prepare for Brexit since 2016. Our Brexit Advisory Service continues to keep businesses informed and offer post-Brexit supports and advice. Really, entrepreneurs and enterprises across the island continue to be incredibly resilient and many of our programmes can assist with driving innovation, growth and recovery.
Do you have a business mentor? What business advice was crucial to your success and what pieces of advice would you impart to an SME business in today’s competitive climate? I am fortunate that I have a mentor, as a well as a great network of people around me. I think one of the soundest pieces of advice I have ever received is to surround yourself with positive people who you can bounce things off. Another key insight is that you have to believe in what you do; it keeps you going. I think any SME business owner probably knows themselves at what level they’d like to operate, but maybe doesn’t have the means to do it. Another piece of advice is that if you know you need to innovate to keep up with your competition, contact InterTradeIreland or other economic agencies. It is the same if you need to export or if you need to network and find new buyers/suppliers. There is support out there to do those things. Go and make contact. In InterTradeIreland, we see the huge opportunity in cross-border collaboration. As a business, if you want to stay ahead in today’s competitive climate, it is a great place to start.
Passion, planning and people are the three ‘Ps’ that many business owners attribute their success to. Would you agree with this mantra and/or what else makes a business successful? There is a lot I would agree with in that mantra, and certainly, it is something that I would attribute to InterTradeIreland’s success. As an organisation, we are full of people who are passionate about the opportunities for businesses in the opposite jurisdiction and we help firms plan for that success. I would also add opportunity and managed risk. We see that for many businesses to grow they need to export; however, they’re worried about taking that first step. At InterTradeIreland, we can help a company de-risk, taking the first steps to export by exploring the market in the opposite jurisdiction.
