Entrepreneur campaign 2017

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Policy changes to support entrepreneurs. P2

READ A Dragon’s best business tips. P4

S imon McKeever on preparing for export success. P6

Entrepreneur

Business tips from Keogh’s crisps “Focus on exports as Ireland is a small market.”

PHOTO: AGENCE PRODUCTEURS LOCAUX DAMIEN KÜHN

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IN THIS ISSUE

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Dragons’ Den Investor Alison Cowzer: ‘Be brave but not stupid’

Exporting post Brexit: Why you should hedge your bets

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P6

ONLINE EXCLUSIVE: The Small Firm’s Association (SFA) explore how SMEs can retain top talent

Policies to help entrepreneurs flourish

he business climate in Ireland has recoverered very strongly from the crisis years.

We are growing jobs faster than any other business community in Europe. Brexit remains the big unknown and is central to so much in the business environment but we are approaching the challenge from a position of strength.

The consumer is back in a big way: there is no inflation, there is strong income growth, household income is growing at about five per cent annually and unemployment has fallen from 15 to 6 per cent.

Our challenge now, is to get the right talent into the fields of entrepreneurship and self-employment and there are a number policy points we are calling on the Government to address. The first of these is a fairer Follow us

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tax system for entrepreneurs. Government rhetoric has not been matched by detailed improvements.

The self-employed are discriminated against and we believe they should be treated in the same way as their PAYE counterparts. Capital gains tax (CGT) is far higher than internationally and we need to close the gap between Ireland and the UK, in particular, otherwise we risk people relocating to the UK where it is easier to raise finance and where CGT is less onerous. We also need to look into relaxing regulations around share options: when companies start up, cash is usually very tight and they can’t afford big salaries.

This should be a tax efficient way to foster employees.

We also need to look at the area of education to create a culture more condusive to entrepreneurs, which

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Fergal O’Brien Director of Policy and Public Affairs, Ibec

“Not enough attention is paid to teaching young people that they are able to create a job for themselves.”

fosters them from an early age. Not enough attention is paid to teaching young people that they are able to create a job for themselves.

It’s not good enough to leave this until they get to business school: it should be started much earlier.

And greater emphasis should also be put on the STEM subjects that will be so useful to them, alongside modern languages. Capacity constraints are becoming acute as office accommodation is expensive and we need targeted office space for entrepreneurs.

We need to improve information flow, developing a whole ecosystem of support that can be accessed online. We need to build on what is already there, digitising it, building up mentoring programmes and making information and support more centralised in an easily

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accessible way. We also need to tap into specific groups who don’t currently get the opportunities that would lead them to become successful entrepreneurs: participation in the labour market is low in Ireland and the high cost of childcare and other issues means that female labour market participation is particularly low in comparison to many other EU countries. We need to tap into their potential, as well as the migrants who come here who have good entrepreneurial instincts. The ageing workforce is another challenge: the over 65 population is set to double over the next 15 years and we need to do more to help older people who want to start their own business. The key is to try to get real momentum on policy levers to drive a much more positive environment for entrepreneurs.

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Who will be crowned EY Entrepreneur Of The Year™ 2017?

Wishing our 24 finalists the best of luck…

Watch the 6 Part Series STARTING 25 SEP // 20:00 // be3 or www.eoy.ie #EOY20Years

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PHOTO CREDIT: EAST COAST BAKEHOUSE

INSPIRATION

East Coast Bakehouse founders: Daragh Monahan, Michael Carey, Alison Cowzer, James Yarr, and Gerry Murphy

Enter the Dragon: best business tips from Alison Dragons’ Den star Alison Cowzer — co-founder of biscuit company East Coast Bakehouse — has some business advice for would-be entrepreneurs.

By Tony Greenway

What’s the main challenge facing businesses, especially start-ups?

Many businesses in the start-up phase consist of just one individual. That can be a major challenge because there are so many competing priorities: validating your business idea, finding the market for your product or service and then making it happen. So during that stage, you should make sure you surround yourself with experts who can fill in any gaps in your knowledge or experience. Unfortunately, entrepreneurs are too often delayed on their path to growth because they can’t afford to expand their team.

If resources are tight, how can they square that circle?

Don’t feel the pressure to go out and recruit straight away. You can find the type of expertise you need, either in an advisory basis or on a contract basis, by building networks. Finding imaginative ways to get expertise into your business from the beginning is hugely important.

What attitude should entrepreneurs have towards financial support?

For a new business, growth is crucial. But growth eats cash. Some small businesses I’ve looked at grow far too quickly, and then their working capital becomes a major problem. Then there are others that don’t grow because they don’t have the ability to look beyond the working capital issue. So that’s the conundrum. For many businesses, this is the time to seek outside equity investment. If you have a credible plan in place and know you can fill your order books profitably, you may be an attractive option for an outside investor; it could be the answer to working capital and growth issues.

How important is it to develop resilience?

‘Resilience’ and the ability to drive through adversity is crucial for an entrepreneur. Building a business is never straightforward – there are always surprises and days when you wonder if you’ll ever turn the corner! Looking ahead, past the

your business, you need a fairly healthy attitude to risk; be brave but not stupid! Work out what you can afford to risk and what you can’t.

Personally, though, I wouldn’t be in favour of putting it all on red in a casino in Monte Carlo and hoping for the best...

Alison Cowzer Co-Founder and Director of East Coast Bakehouse and Dragons’ Den Investor

day-to-day issues with an eye on the vision for the business is crucial. The dynamic nature of so many markets means we’re constantly changing. A business owner can’t afford to sit back and think they’ve cracked it. If they do, they’ll be left behind very quickly.

What should an entrepreneur’s approach to risk be?

You have to be open to risk in order to grow. The challenge is to measure that risk. In the start-up phase, when there isn’t enough cash in

What’s your approach to networking?

Networking is about not just about going to expensive conferences where you stand around introducing yourself to people you’ve never met before. That can be terrifying – or boring, depending on your point of view. It’s about finding your ‘tribe’: those people who are going through the same challenges as you or who have been through them already. That’s the benefit of getting yourself out and about and meeting those who you can learn from.

What has been your experience of Dragons’ Den? It’s been incredible to see the breadth of entrepreneurial spirit in Ireland at the moment. I’ve

done two seasons so far and meeting entrepreneurs and hearing their stories has been fascinating — and getting to work with new start-ups is really exciting. The most interesting thing for me as an investor has been to see the appetite for growth and big-scale ambition. I really enjoy it. And it’s complemented my work with my day job at East Coast Bakehouse because we’re a start-up, too — albeit a slightly larger one.

What kind of entrepreneurs are you looking for on Dragons’ Den? The sweet spot is to find someone who has a great idea, a real handle on the market, and an ability to execute their plan. But it’s also about finding someone who you believe can do it.

And there’s no science to that.

What’s the best business tip you’ve ever received?

Surround yourself with the best people — and get the best advice. Asking for advice is crucial and most entrepreneurs are very generous with it and will give you the benefit of their successes... or their failures.

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Why entrepreneurs need someone who has been there and got the t-shirt Consultants play an important role in managing a new business, but so do the people who have actually had the experience and are happy to network and give advice.

By Virginia Blackburn

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he Irish economy is flourishing but entrepreneurs need help in growing their business as never before. “Long ago, in 2008/9, we did a survey on what entrepreneurs need most as support,” says Ron Immink, co-founder of Business Achievers, an informational portal for SMEs who want to scale up and which also provides a crucial network of corporate contacts.

It started as SmallBusinessCan and merged with Business Achievers a couple of months ago.

“We have found that entrepreneurs are continuously seeking information, but while you can always google something, the information you get in return is always flat and often not what’s actually needed,” he continues. “Google ‘business planning’ and you may get 100,000 answers but it won’t tell you what you need to know for the actual problem you are facing. But SMEs need specific answers to questions

such as, ‘After Brexit, how do I move to Germany?’ Entrepreneurs want to be able to talk to other entrepreneurs who have been there and got the t-shirt and will be able to offer good advice about a future course of action.”

What entrepreneurs really need, he says, is access to collective wisdom as provided by modern technology to help solve problems. “People need a network of contacts - it’s still who you know, not what you know,” says Ron. “Nothing has changed fundamentally. Michio Kaku established the caveman principle that we are social and herd animals and we need to mix. Irish and English entrepreneur networks tend to be too mono and don’t encompass other nationalities in Europe. Also, warm introductions in person rather than networking on LinkedIn where you might never meet the other person are the most effective. I might have seven thousand connections on LinkedIn but if I haven’t actually met them, where’s the trust?”

The support of Ulster Bank, which is in turn a part of RBS, is a further bonus. “Banks can be incredibly powerful if they galvanise the network and connections they have with for example support agencies such as EI, LEOs, chambers of commerce and export agencies,” he says.

Eddie Cullen Managing Director of Commercial Banking, Ulster Bank

Ron Immink Co-founder of Business Achievers Read more on businessachievers.com ulsterbank.ie/ businessmatters

The circles ripple outwards: RBS is involved with innovation hubs in Tel Aviv and Silicon Valley, which greatly increases the potential networks and opportunities that will benefit SMEs. “RBS can offer a matchmaking service there and through their branches in the UK,” he says.

Of course there is a very specific issue looming in the future. “The onset of Brexit is something else entrepreneurs want help and support with,” says Ron. “The philosophy of Business Achievers is that if the SME asks for help, then it will be provided through a support network, the portal and workshops. We are seeing lots of initiatives devoted to Brexit,” he says. “We are helping companies to use it as an opportunity to transfer their business model and it could be a blessing in disguise.

The Irish economy is so dependent on the UK that maybe this will force it to look beyond it to Europe, India and China, and we can help you with that. Join Business Achievers and ask us the question.”

Eddie Cullen, Managing Director of Ulster Bank’s Commercial Banking division is also keen to emphasise the importance of good advice. “”Every entrepreneur comes up with a good idea in whatever field it may be from food production to engineering technology, but that

is very different from running and building a business,” he says.

“Business Achievers is a place to get practical help and support from other business owners, whether it’s finding out how to explore new markets or access state supports,” he says.” Along with using various chambers of commerce, Enterprise Ireland is another good source of networking, he says. One cannot underestimate the importance of good advice. “Banks are the obvious choice for raising finance and as a partner in creating business plans, but while more established companies can turn to consultants for advice on such matters, there are other routes to take for smaller SMEs. “Through our parent RBS we have a lot of powerful content and resources to leverage but what we realised from speaking to customers is just how powerful peer-to-peer help can be in particular for SMEs and emerging entrepreneurs, both in terms of sharing stories and sharing solutions and sometimes in a more affordable manner that traditional advice channels. We’ll provide unique and relevant content for all businesses, and other supports, but the real value Business Achievers will provide is in the peer-to-peer learning element.”

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INSPIRATION

EXPERT TIPS

Tom Keogh Managing Driector of Keogh’s Crisps

One man’s recipe for success Tom Keogh runs a very successful business selling crisps. Here he gives his tips on how fellow entrepreneurrs can make their business work.

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ne of the most important issues facing entrepreneurs is how to scale business. One man who has managed this very successfully is Tom Keogh, Managing Director of Keogh’s Crisps. Growing up in the family business, he credits this with exposing him to a business environment from an early age.

So what’s the secret of his success?

“We were the first people on the market with gluten free products just at the beginning of the trend and we produced very high quality goods.”

Exports are very important to the company, with 15 per cent of sales exporting to 14 countries.

Entrepreneurs face a problem in funding growth, he says. “Funding can be difficult to get and it’s hard to scale if you don’t have access to large capital.” It is also important to focus on exports from early on as Ireland is a small market.

“It’s very important to have a product you can sell in many markets,” he says. “Get good and experienced people into the business early on and establish processes that ease up growth in the business – for example, a sales process – so that you are managing every aspect from an early stage.”

Read more on businessnews.ie

Exporter of the Year Award Presented to Michael Burke, Managing Director, and staff of Chanelle Group by Beatrice Cosgrove, Area General Manager for Northern Europe at Etihad Airways and Paschal McCarthy, President of the Irish Exporters Association.

Brexit and euro strength dominate export strategy

By Sean Hargrave

Managing risk by opening up new markets and hedging currency positions will help Irish SMEs prosper in uncertain times.

you can do any business. The key factor is that companies do the research to see if there is a demand for their product in those countries and if they can sell it at a profitable price.”

Currency fluctuations and Brexit are the two most dominant issues facing Irish SME exports over the next handful of years. Though business people cannot control either, they can prepare to ensure the impact on their companies is minimised.

That is the advice from Simon McKeever, Chief Executive of the Irish Exporters Association (IEA). He points out that roughly half of the country’s export trade is with the EU, with about 15 per cent going to the UK. However, this proportion increases if you hone in on SMEs, for whom nearly half will conduct a quarter or more of their export trade with the UK. “The Euro is stronger than it’s ever been and parity with the pound is now a possibility,” he says. “That’s obviously an issue for SMEs who are comparatively more reliant on trade with the UK. It’s a natural market for Irish SMEs to launch into because of the cultural similarities and there being no language barrier. So they’ve got to consider how they prepare for currency fluctuations and that means talking to their bank about hedging.”

Prepare for export success For this decision to be made on sound economic principle, rather than a gut feeling, companies need to truly understand their product and what its appeal might be for consumers in another country. They need to ascertain if it might need tailoring to specific markets and whether the price it needs to charge can be supported locally. Then come the questions over whether the market is opened up through its own office in Ireland, an office in the new market, or perhaps through a partnership with a local agent or distributor. All of this needs to be financed, so there is always a question over how expansion is paid for.

To help companies go through the process and understand how exporting works, the IEA runs export training courses for SMEs who want to take the plunge, in addition to offering day-to-day advice on exporting. Cultural and family links to the UK will normally mean that is the first market under consideration with the US a close second for much the same reasons. Indeed, McKeever is keen to impress on SMEs how much warmth and genuine willingness there is among American business people wanting to trade with Irish SMEs. With both the UK and US operating outside the Euro, though, McKeever believes it makes it more important than ever that SMEs should seek to balance out the risk of currency fluctuations. Supplmenting the UK with another export market is also worthwhile because of the possibility of the trading partner not being part of a customs agreement, raising the possibility of future tariffs post-Brexit.

Hedge your bets The process of hedging allows a company to fix an exchange rate with their bank over a certain period of time so they have a better idea of what level they are working to, rather than income and expenditure varying on the whim of the market.

“Most SMEs will say they’re not in the business of currency speculation,” McKeever reveals. “But our experience is banks are

Simon McKeever Chief Executive, Irish Exporters Association (IEA)

always happy to talk to companies of all sizes about hedging, you don’t have to be a big business and it can give more predictability going forwards.”

Hedging can also bring more certainty in an SME’s supply chain, particularly if components within its finished goods need to be imported from outside the Eurozone.

Opening up new markets Currency fluctuations and the Brexit debate is a good reason for SMEs to consider diversifying their export markets and McKeever is noticing that one market in particular is standing out.

“From our discussions we’re seeing a lot of SMEs targeting America,” he says.

“It has the attraction of no language barrier but it’s a complex market where rules vary from one state to another. We’re also seeing a lot of interest from members in exporting to Germany, France and Italy, plus some are taking a look at China but that’s a long term decision – it takes a lot of flying out there before

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Delivering customer satisfaction SME owner on tight margins with a brand name to protect? Don’t under-estimate the importance of your delivery service. Here’s a look at why it’s important.

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ll across Europe, not just sisters but brothers, mums and dads, grandparents and the whole darn clan are doing it for themselves - setting up all kinds of start-ups and small-to-medium enterprises (SMEs) as digital continues to bring the high street into the home.

“We’re seeing major store chains like JC Penney in the USA closing their bricks and mortar outlets, and we’re expecting to see that trend continue over here,” says Des Travers, road transport expert and CEO of Ireland’s DPD parcel delivery service. “Internet changed everything. More and more people are buying online in the evenings, or on the move via their mobiles. And there’s been a huge influx of new companies setting up and selling digitally which need those products delivered to the end customer.

“Eight or 10 years ago, cost and service were of course key in delivery services, but people were still mainly shopping in the high street and parcel carriers delivered to the

shops. Now the market is digital, it’s wherever your customer is.”

The entrepreneur, the ambassador and the customer This means that if you’re a business owner, Travers points out, carriers are more and more part of the team, acting as de facto brand ambassadors for your customers because they are the immediate point of contact when your product arrives on the doorstop.

“If your carrier delivers your product to your customer perfectly, you’ve got your margin minus your delivery costs and there’s your profit. But, if delivery is inferior - if the end customer can’t track their parcel or there’s an issue and they start calling you - there’s the cost of managing the situation and the costs can spiral tenfold, eating into the margin. Worse, the end customer may return the delivered item.

“Customer satisfaction is key.”

Few would argue with that, especially small business owners with tight margins.

Riding the ecommerce wave With ecommerce in Ireland set to rise to €13 billion by 2020, carriers are having to move fast and invest hard to keep pace, says Travers.

“We’ve invested a total of over €31 million in a technologically advanced sortation hub, which processes more than 100,000 parcels on busy nights, routing them to one of

Des Travers CEO, DPD Ireland

38 Irish depots, or an international depot in Great Britain or mainland Europe.”

Today’s entrepreneurs, running businesses that deliver goods, need their carrier to demonstrate that level of technical capacity, plus flexibility in terms of time/location of delivery, and the accountability that comes with automated scanning and tracking, says Travers.

“Let’s say the end customer orders a shirt from your company’s website on their mobile. We receive the customer’s data and send a message asking where they’d like the shirt to go - to the home or office, or maybe to a trusted neighbour; or they may want to collect it from one of our depots or parcel shops.

“If they don’t respond, that’s fine. Next day, the shirt arrives at our depot and is scanned, then we

send the customer another message offering them our speciality - a onehour delivery window.

“In other words, the customer is given two opportunities to route the parcel and choose exactly where/ when to receive it. Both you as the retailer, and your end customer the purchaser can follow every step of the journey because of the automated scanning.

“That’s the kind of accountability, speed and flexibility that consumers expect now. It’s all about consumer choice - be that the end customer or the SMEs delivering to them.”

“Best of both worlds” The blend of high tech and global reach with local, friendly service is also something entrepreneurs might want to take into account when choosing a delivery service, says Travers.

“We’re part of a group that delivers four million parcels every day in 230 countries. But, if one of our SME customers in Donegal can’t get along to collect, or needs to talk to us about a delivery to a rural address, they can call up and Mary at the Donegal depot will be there at the end of the line. Each depot will know all its customers, and how to deliver to all the out-of-the-way local addresses, which is what the end customers and our SME customers need.

“High-tech reliability plus local knowledge - it’s the best of both

worlds.”

For entrepreneurs with deliveries to make across Europe, Travers says there are various options and you’ll probably want to use a mix depending on your needs.

“We’re very proud of our Classic road service, which customers use to make substantial savings while enjoying full tracking and notifications services. We’re back to the element of choice: we’ve found lots of our SME customers can wait a day or two for delivery to be made, so they like this service, with its journey trackability. They might go to a different carrier for a parcel needing immediate delivery.”

Most customers will use a mix of carriers for different situations, he says, and business owners will need to assess those needs for themselves on a case-by-case basis.

As for the upcoming challenges of Brexit, Travers takes a philosophical but action-packed approach: “Oh well, decimalisation was a big challenge and a lot of work in its day.

We’re already working on regulations, customs, platforms and other aspects around Brexit to ensure a smooth transition for our customers. We will all have to prepare and adapt.

“It’s a challenge, yes. It’ll take hard work, yes. Will we be ready?

Yes.” Read more on dpd.ie

The Entrepreneurs Academy inspires leaders to scale Ireland’s businesses Company owners and executives are generally good at managing themselves and their teams but are they good at leading them?

into a leader. “In our programmes we teach that true leadership is built on a foundation of mutual trust”, Hession explains. “They can go marching off but when they look around, nobody is following. True leaders lead by example. By walking your talk, you create a path people want to travel on.”

Real life help

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ack of leadership is an Achilles heel for organisations of any size.

A good leader will always be able to get the best results possible, but a weak leader can demoralize even the best of teams. According to the Deloitte Human Capital Trends Report for Ireland 2016, 94 per cent of senior business executives identify leadership as a top priority; yet only 58 per cent feel they are ready to meet their organisation’s leadership challenges.

This is certainly the experience of Joanne Hession, founder of The Entrepreneurs Academy, which has been one of Ireland’s leading entrepreneurship training companies for almost 20 years.

“Business success isn’t just about driving winning strategies and sound business models”, Hession says. “It’s about developing and strengthening leadership qualities such as character, discipline and

focus. It’s also about relationshipbuilding, equipping others, attitude and communication.”

To address the lack of training in real leadership, the Entrepreneurs Academy has launched a range of leadership courses in association with John Maxwell, global best-selling leadership author and thinker.

As Hession says, “We’re here to show people that what they often think of as leadership is actually management; while management focuses on getting things done, leadership is about making sure you have a path and making sure you’ve got your people behind you.”

‘Learning with the Entrepreneurs Academy at the early stages of my business changed the direction of my life and gave me great clarity.

The most powerful thing you can do once you get the business up and running is to take time out, without any guilt and invest time and money getting better at what you do.

I recently returned to complete a Leadership mastermind programme with the Academy and it has been amazing. A truly great opportunity to learn alongside a small group of equally driven and ambitious people to build our leadership skills and awareness.

As adults we assume we will learn from doing and become better at business if we just work hard at it but there is a much smarter way.

My business needed me to take ownership of my learning and ask for help from the right people to learn how to become a stronger leader so I can take my business where it needs to go’.

Leaders, not titles Leadership is influence. Just because someone has a title, doesn’t mean that person is a leader. A common mistake is to think that a job title can turn a person

Spring into Self-employment DO YOU WANT TO START YOUR OWN BUSINESS AND BE YOUR OWN BOSS? ARE YOU IN RECEIPT OF A SOCIAL WELFARE PAYMENT OR ARE YOU A HOME-MAKER?

YES? entrepreneurs

Hession speaks from personal experience.

A decade ago she felt her training business, The Entrepreneurs Academy, was not growing as fast as she had hoped. Everyone was working hard, but it was not scaling.

She decided to invest in her own leadership skills, prompting her to work more on her business rather than in it, and she has not looked back. “What I have learned over the past few years, in terms of leadership, has been transformational from both a personal and business perspective. Most importantly, it’s essential to remember that good leadership results in real returns of increased engagement, reduced stress, reduced staff turnover, increased output and much more. Lasting success in business comes when leaders focus on developing trust and trust is at the heart of all successful teams. People don’t leave companies, they leave people.”

entrepreneurs

The Entrepreneurs Academy can help... at NO financial cost to you!

1.5 days per week over 12 weeks commencing on the 15th January 2018 For further details and/or to register your interest, please visit http://entrepreneursacademy.ie/practical-entrepreneurship or email sarahlyn@entrepreneursacademy.ie for further information

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ory Finegan set up Beyond Accounting, a cloud-based accountancy business, nearly five years ago after receiving business training from The Entrepreneurs Academy. His business is doubling in size every year but he believes that across Ireland better leadership skills would be a huge boost to the economy.

“In Ireland we’re very good at encouraging start-ups with subsidies and grants but we don’t focus on the needs of companies that are two or three years old,” he says.

“When you set up a company, it’s just you. Then you get other people and you form teams and it’s down to you and your team leaders to manage and inspire those people. You have to delegate and you have to have the leadership skills to encourage people to do a great job for you and help the business grow and scale up.”

Finegan believes the prospect of Irish

executives getting the quality of leadership training normally reserved for top companies in America should help many businesses scale up. In turn, by training inspirational leaders, he believes Ireland’s economy will benefit from businesses growing faster and employing far more staff than those left being micro-managed by an owner with poor leadership skills.

Rory is now a lead trainer with The Entrepreneurs Academy and is running a power-hour training session on ‘How to do your first tax return painlessly’ from 6-7.30pm on the 27th September at the Academy in Smithfield, Dublin 7. Please email sarahlyn@entrepreneursacademy.ie to register.

Learn from the best – premium training for entrepreneurs by entrepreneurs Ready to start your entrepreneurial journey? Visit www.entrepreneursacademy.ie for full details on our practical entrepreneurship programmes, workshops and power hour sessions. We also offer excellent masterminds on leadership, suitable for entrepreneurs, SME’s and corporate organisations wanting to lift the lid on their own potential and that of their teams.