Entrepreneur IE - Q1 2024

Entrepreneurs leading the charge for digital accessibility in 2024

In the digital age, entrepreneurship isn’t just about starting a business; it’s about solving real-world problems through innovation and digital accessibility.

Irish startup IA Labs captured the spotlight at last year’s Dublin Tech Summit (DTS) pitch competition. Established in 2021, the startup is dedicated to making the digital world more inclusive and accessible for everyone, addressing a crucial issue that aligns with upcoming EU legislation on digital accessibility.

Inclusive internet entrepreneurship innovation

IA Labs specialises in conducting website and app audits against the Web Accessibility Directive, providing actionable feedback to enhance digital platforms for people with disabilities. This focus on creating a more inclusive internet resonates deeply with the European Union’s legislative push towards digital accessibility, making them a beacon of innovation in this essential area.

Their success at the DTS pitch competition underscores the importance of addressing significant societal challenges through entrepreneurship. Their achievement not only highlights the potential for Irish startups to lead in technology and innovation but also underscores the role of venture capital in supporting projects that promise to make a substantial impact on the community at large.

Startup World Cup fosters partnership

This year, the Dublin Tech Summit 2024 is elevating its commitment to fostering global entrepreneurial talent by partnering with the Startup World Cup to host the regional semifinals. This collaboration opens unprecedented opportunities for local startups, offering them a platform to showcase their innovations to a global audience and compete for a $1,000,000 investment in the grand finale.

It represents a significant leap forward in connecting Irish entrepreneurs with the international investment community, further cementing Dublin’s status as a hub of technological innovation and entrepreneurship.

Addressing entrepreneurship challenges

The story of IA Labs serves as a powerful reminder of the transformative potential of entrepreneurship. It exemplifies how startups can address complex challenges, drive legislative change and create a more inclusive society through technology.

This year’s pitch competition, set against the backdrop of the Startup World Cup, promises to be a milestone event, highlighting the brightest minds in entrepreneurship and offering them a gateway to global recognition and success.

Turn your ambition into reality: supports for your startup journey

Unlock your entrepreneurial potential with comprehensive supports. From pre-seed funding to mentorship, find helpful ways to drive your startup journey.

Enterprise Ireland is committed to supporting Irish companies to achieve their global ambition and provides a range of comprehensive supports for innovative entrepreneurs at every moment of their startup journey, including the crucial early stages of development.

Fostering entrepreneurial innovation

Known internationally for its spirit of innovation and entrepreneurship, Ireland’s economic success will continue to be driven by a diverse, skilled and ambitious population. Our focus is on nurturing this dynamic group of entrepreneurs and supporting a robust enterprise ecosystem, offering a broad spectrum of assistance to business founders and leaders.

Helping entrepreneurs and business leaders to scale and develop their ideas, startups and ventures is at the heart of our strategy, along with offering mentoring and expert advice. We are conscious that these individual business journeys are comprised of important moments — none more pivotal than deciding to turn your entrepreneurial ambitions into reality.

Leadership development and funding support

While the decision to pursue an entrepreneurial ambition can be daunting for some, Enterprise Ireland provides supports for early-stage companies and entrepreneurs to guide them with their business development needs

at this important time. This can range from advice to leadership development, pre-seed funding and early investment.

A common hurdle often experienced by startups is securing funding — an area where we offer strategic supports. One such Enterprise Ireland initiative is the Pre-Seed Start Fund (PSSF), targeting high-growth, early-stage startups in the manufacturing and internationally traded services sectors.

Accessible funding for all Irish startups Offering funding of up to €100,000, PSSF is open all year round to applicants from all sectors and aims to accelerate the growth of earlystage startup companies in Ireland with the capacity and ambition to succeed in global markets. This funding is in the form of Convertible Loan Notes (CLNs) with two options — €50,000 or €100,000, paid in two equal tranches, subject to key targets being met.

The PSSF aims to support these companies with operational costs, develop market-ready products or solutions, conduct product testing and build critical skillsets within their teams. The funding is designed to help companies reach key technical and commercial milestones required to attract future seed funding within 6 to 18 months.

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Anna-Marie Turley Department Manager, Entrepreneurship and HPSU Operations, Enterprise Ireland

Five essential cybersecurity measures to safeguard Irish businesses in 2024

Discover five crucial cybersecurity tips for Irish businesses in 2024. Empower your organisation against evolving cyber threats.

Denis Ryan Lead Auditor, NSAI

As cyber threats continue to evolve, it’s essential for all organisations to proactively protect their digital assets and customer data. Regardless of the size of a business, cybersecurity must be a priority. Outlined are five cybersecurity tips to help Ireland’s businesses become less vulnerable in 2024.

Educate and empower employees

According to the National Standards Authority of Ireland (NSAI), one of the foundational steps for bolstering cybersecurity is to invest in comprehensive employee awareness and training programmes. Everyone has a role to play in recognising phishing attempts and following security protocols. Training sessions should cover best practices for data protection and identifying suspicious activities.

Embrace multi-factor authentication (MFA)

Irish firms are urged to implement multi-factor authentication (MFA) to fortify their digital defences. MFA adds an extra layer of security by requiring users to provide multiple forms of identification before accessing sensitive information or systems. Authentication can prevent unauthorised access, even if passwords are compromised. Organisations should integrate MFA solutions across networks, applications and cloud platforms to reduce unauthorised access risk.

gaps and applying patches and updates, businesses can reduce the likelihood of successful cyberattacks. Adopting an information security management system can also help.

Establish an incident response plan

Despite proactive measures, cybersecurity incidents may still occur. Therefore, businesses should strengthen their incident response capabilities. Establishing a robust incident response plan enables organisations to swiftly detect, contain and mitigate the impact of security breaches. Regularly helping all teams refine response procedures will help the business as cybersecurity issues, such as data theft or service disruption, cause significant financial losses.

Secure cloud environments

Leverage the advantages of cloud computing while ensuring strong security protocols. Implement encryption measures and access controls while consistently monitoring cloud services. By securing cloud environments, businesses can enjoy the scalability and flexibility advantages without jeopardising data security. Cybersecurity pays dividends and is a collective responsibility that extends beyond the IT team. Irish businesses are encouraged to foster collaboration and information-sharing within the industry to combat emerging threats effectively and minimise losses.

Sponsored by NSAI

Commit to regular cybersecurity health checks

To stay ahead of cyber threats, organisations should conduct regular security assessments, software updates and employee training. These assessments help identify vulnerabilities in systems and networks that could be exploited by hackers. By promptly addressing security

Revolutionising payroll: a strategic HR services evolution in Ireland

With a longstanding rich legacy in Ireland’s payroll industry, an HR services company’s evolution brings forth a suite of comprehensive solutions tailored for businesses of all sizes.

In the realm of human capital management (HCM) and payroll solutions, one name stands out: SD Worx. Formerly known as Intelligo, the company is expanding its offerings and enhancing its market presence in Ireland. Today, it boasts a comprehensive suite of payroll and HR solutions, catering to businesses of all sizes and complexities.

WRITTEN BY Édaein O’Connell

Tailored payroll and HR software solutions

With a focus on owning intellectual property in every European country, the company aims to provide tailored HCM solutions to its clients with payroll software at the core. This strategic approach has allowed SD Worx to enhance its portfolio in

ISO/IEC 27001 is one of the world’s best known Information Security Management Systems and the NSAI is accredited by the Irish National Accreditation Board (INAB) to certify organisations to ISO/IEC 27001:2022.

To learn more about certification to ISO/IEC 27001 and to access free resources, tools and webinars, visit nsai.ie/27001

Ireland, incorporating HR solutions and Workforce Management alongside its renowned payroll software.

Having always targeted and partnered with traditional midmarket and enterprise private and public clients, Eimear Byrne, Country Lead, says expansion into the SME segment is the current objective. “We will offer the same quality solutions tailored to smaller businesses with up to 250 employees,” she explains. “This shift underscores our commitment to inclusivity and accessibility across market segments.”

Innovative HCM technology

Meanwhile, the integration of cutting-edge technology is another

cornerstone of this new strategy.

“Soon, we will be introducing new web-based solutions such as Data and Insights and Talent Management along with improved UX of our flagship payroll software,” Byrne says.

“The team is dedicated to meeting evolving market demands, and there is an ongoing significant investment in hiring. This reflects a commitment to product development, customer service and market expansion. By bolstering our workforce across various functions, we will be poised to meet the growing needs of our new and existing clientele effectively.”

Strategic growth and core values

Finally, SD Worx’s vision extends beyond national borders, aiming to become the leading pan-European provider of payroll and HCM solutions. With ambitious growth plans and a track record of strategic acquisitions, the company is not only positioned to achieve its goals but also to solidify its presence in the European market.

As the enterprise continues to evolve and innovate, Byrne notes that its core values of reliability, efficiency and customer-centricity remain unchanged. “We have a legacy of excellence and a commitment to continuous improvement,” she adds.

“We are here to help companies and shape the future of business solutions in Ireland and beyond.”

Eimear

Tailor-made payments systems: helping small businesses keep pace with trends and technology

Find out how developments in payments technology and customer service have helped a long-established ladies’ boutique seamlessly serve modern shoppers at home and abroad.

For almost 96 years, ladies’ boutique McMullans of Arklow has helped women to look their best. Deirdre Bentley is the current matriarch. “My granny, Julia McMullan, opened the shop in 1928. She was a dressmaker, selling dresses and newspapers,” Bentley elaborates. “Then my mam ran it until I took over in 1988.”

Adapting to evolving payments technology

“We have four generations of a few Arklow families buying from us. We can dress any generation, from the baby to the granny.” As the owner-manager of a boutique that has thrived for so long, Bentley understands the importance of keeping pace with customer expectations as well as fashions — and with payments technology, too. “The trade today would be unrecognisable to Granny. Not only has the currency changed twice, but how people use their money has also changed,” she says.

Let customers pay, their way

“In Granny’s time, people typically paid off an item with maybe a shilling per week. Now, card payments are the main thing for our business. Customers pay with their phones and smartwatches; we have technology that Granny wouldn’t have dreamed of. As a small business, we need to be able to take payments on the spot, whatever way our customers want to pay. We facilitate all of that, so we don’t miss a sale.”

McMullans has been an Elavon customer since 2001. Of course, Bentley has been approached by other payments providers. “Our card services were just one of those things that were with our regular bank. After Elavon opened its Arklow offices in 2000, we wanted to go with them; not just to support local industry, but also because of their prices and customer service.

Convenient, reliable payments

“If there’s ever a problem, we can get through to a person to sort it because we’re a small shop and need to be able to take in the money. We find our payments system to be really, really good. It’s quick; there’s no delay, and we get money in the bank, which is always great.”

With such strong roots in Arklow, Bentley’s priority is her shoppers, especially her many regulars. “Payments providers take care of the details, so we can take care of customers. If somebody can’t get up the steps in our shop, we can bring the mobile card machine to them. Little touches like that make all the difference.”

Reaching new customers online

Phone orders are a growing part of the business, linked with McMullans’ savvy use of social media.

“We record videos showcasing new stock for social media. People phone us afterwards to order what they’ve viewed.

Payments providers take care of the details, so we can take care of customers. If somebody can’t get up the steps in our shop, we can bring the mobile card machine to them. Little touches like that make all the difference.

“This makes our catchment area much wider; we’re not dependent on footfall. We have customers in the West, for example, who call us after a video to order — it’s a whole other way of reaching them. We’ve sent parcels lately to Poland, Croatia and Germany.”

Streamlined transaction management

Bentley makes the best use of her system’s end-ofday reports for managing cash flow. For easy access to statements, account-management tools and customised transaction reports, the Elavon Connect online portal is a small business’s best friend. “To drill down into any more detail, we can log in from anywhere. We can get whatever information we want there.”

Bentley has big plans for McMullans’ 2028 centenary, with no intention of changing payment providers. “We’re very happy with our payments partner. We’ve been with them for over 20 years –and hopefully for many years to come.”

Deirdre Bentley Owner and Manager, McMullans of Arklow

Ecommerce trade laws: how to stay compliant and avoid common mistakes

Be aware of trade laws and common legal pitfalls to help you avoid inadvertently landing your ecommerce business with a large fine.

Starting an ecommerce business offers a multitude of opportunities, attracting potential customers not just locally but from anywhere across the globe. However, many online businesses find themselves in legal trouble, simply from a lack of understanding about trading laws.

Risk of non-compliance fines

Brian Kinsella, Elavon Senior Regional Fraud Manager, warns there can be unexpected risks.

“Not only could you unwittingly fall foul of the authorities, but card brands such as Visa and Mastercard impose significant fines if you don’t remain compliant.

“Most of our customers don’t have any problems but, every so often, we hear about issues cropping up, which can prove costly. Here are the top problems we see, along with tips to avoid the same pitfalls.”

Local and cross-border legal compliance

Products approved for sale at home may carry a different legal status elsewhere. For example, selling something as innocuous as medical gloves into the USA may land you in hot water if it is not approved by the US Food and Drug

Top reasons customers shop in-store and adopting an omnicommerce approach

Understand the main reasons customers want to visit a shop to help you improve your business and cater to modern shoppers.

The main reasons to visit a bricks-andmortar shop are the ability to see an item and assess its quality in person, according to research carried out on behalf of Elavon.

Benefits of in-store shopping for customers

When we questioned more than 1,000 adults, 72% said the top reason to encourage a visit to a physical store was seeing what they were about to buy. Meanwhile, 61% said they like to assess the quality of products, and more than half (57%) said they would be encouraged to shop in-store if they needed something urgently.

“These insights drive home the importance of design in your store. Make sure shoppers can see and even handle the products they are thinking about buying,” says Andrew Neenan, Regional Sales Manager at Elavon Europe in Ireland. “It’s not enough to just show them what’s available; let them get close enough to assess quality and value for money.”

Omnicommerce: all-channel ecommerce approach

Other survey results highlight that almost one in five (19%) like the option to click and

collect — where shoppers buy online and collect in-store. They can pay as they order or on collection, perhaps at a dedicated time, from a dedicated place in-store to reduce queues and make it a convenient and smooth transaction for them — and the business.

This offers an opportunity to expand your retail business into a so-called ‘omnicommerce’ model — mixing real-life interactions with ecommerce options to take advantage of this market.

After all, if you are offering click-and-collect, you’ve got another opportunity to sell things when customers visit your shop while using the power of the internet to widen your market reach.

Administration (FDA).

Likewise, face creams available without prescription here may be prescription-only in another country. It is important you know the legal status of your products for the countries you intend to sell into.

Knowing your product

In the USA, the FDA maintains a list of ‘nutraceuticals’ — products advertised as herbal but found to contain active ingredients that require a prescription. Similarly, health supplements are constantly reviewed, and countries will have different views on the legality of ingredients. It is your responsibility to make sure what you’re selling is compliant, to avoid fines and/or legal action.

Intellectual property

Intellectual property (IP) infringement is another area businesses can unwittingly find themselves caught up in. Whether it is the sale of clothing replicas or gadgets to watch premium television channels, making sure you have the right to sell your products will ensure you avoid any challenge from card brands.

Top reasons to visit a shop

Yonder: Online survey of 1,082 adults in Ireland, March 2023.

Q: Which, if any, of the following reasons would encourage you to shop physically in store?

Andrew Neenan Regional Sales Manager, Elavon Europe in Ireland

Brian Kinsella Senior Regional Fraud Manager, Elavon

CSRD

impact and preparation: why small businesses must be ready to report

Discover how the Corporate Sustainability Reporting Directive (CSRD) impacts small businesses and what steps to take for compliance and competitive advantage.

The Corporate Sustainability Reporting Directive (CSRD) stems from the European Green Deal’s climate action objectives, further enhancing companies’ disclosure of climate and environmental data. Ireland has until mid-2024 to transpose the directive, with mandatory requirements likely commencing on or after: 1 January 2024 for public interest entities greater than 500 employees; 1 January 2025 for larger companies greater than 250 employees; and 1 January 2026 for listed SMEs, with an ‘opt-out’ possible until 2028.

CSRD small business implications and preparation

However, many small businesses are unaware of the CSRD or its implications for them. They’ll likely have to report their environmental, social and governance performance in greater detail, including data on carbon emissions, diversity and inclusion initiatives and supply chain management. This could initially strain resources and increase compliance costs. Certainly, small businesses will have to provide CSRD-related information to larger companies if they are part of their supply chain, as early as 2025, to help them meet reporting obligations under the CSRD.

Government support for CSRD preparedness

We encourage businesses to avail of government support initiatives, such as the Green Transition Fund, and use the Climate Toolkit 4 Business. The toolkit allows businesses to assess their environmental impact and devise improvement strategies. Small businesses impacted by CSRD should initiate discussions with their accountants or auditors for readiness. The Irish Exporters Association (IEA) offers online webinars and runs training courses to support CSRD preparation.

Sustainability reporting boosts competitiveness

Small businesses may face increased competitive pressures as larger companies enhance sustainability reporting practices. Companies demonstrating commitment to sustainability and transparency may enhance their brand image. Conversely, companies lagging in sustainability reporting face reputational risks.

Small businesses must stay informed about regulatory requirements and take the necessary steps to comply. While the CSRD presents challenges for small businesses, it also offers improved sustainability performance, competitiveness, and trust with stakeholders. By welcoming the CSRD, small businesses can position themselves for long-term success in a rapidly evolving business landscape.

Changes in digital payments that will benefit small businesses

New regulation and technology will drive opportunities for improved cashflow and help stimulate innovative payment solutions.

Recent years have seen a rise in digital payments as customers adopt new technology and payment methods. According to the Central Bank of Ireland, contactless payments at Irish points of sale such as shops and restaurants accounted for €2.4 billion, with €1.3 billion from mobile wallet payments such as Apple Pay or Google Pay. Instant payments and the digital euro are now on the horizon, which will streamline trade within Ireland and across Europe.

Instant payments to improve cashflow

Within the next 18 months, all banks and payment service providers will offer instant payments, on foot of new legislation from Europe. This will allow the instant transfer of money 24 hours a day, 365 days a year. The infrastructure will be introduced by banks and payment service providers and will speed up the settlement cycle and improve cashflow for SMEs. For customers, it will increase the speed and convenience of payments, and we will likely see the introduction of innovative payment methods at the point of sale.

Within the next 18 months, all banks and payment service providers will offer instant payments.

Digital euro expected to stimulate further innovation

The digital euro will be a universally accessible electronic equivalent of banknotes and coins, which will complement cash. European legislation is being developed and the EU has entered what it calls the ‘Preparation Phase.’ Although implementation will be some years away, it is anticipated that all retailers in the EU will be required to accept the digital euro when it becomes available (probably in the form of a digital wallet). This will stimulate further innovation and help reduce the cost of making and receiving payments for goods and services.

Benefits include efficiencies and competitiveness

Businesses will ultimately benefit from changes in the digital payments landscape as they will bring efficiencies and help sustain competitiveness. The FPAI will be working alongside banks and payment service providers to advise and support SMEs in the implementation of the changes as they come on stream.

Ways for SMEs to personalise sustainability approaches for business success

Learn about sustainability, digital tools and community engagement for SME success from experts with decades of experience.

Guaranteed Irish, the National Symbol of Trust of Irish business, celebrates 50 years supporting businesses in Ireland from 1974–2024. We serve all sectors and sizes, fostering sustainability and community. From solo-entrepreneurs to homegrown and multinational businesses committed to jobs, community and provenance, we advocate growth strategies for SMEs in today’s competitive market.

Customisable sustainability strategies

When we talk to members, sustainability is always top of mind. Sometimes, companies are not sure where to start, and our members say that a one size approach does not fit all. Sustainability is an important consideration for SMEs, as it not only contributes to environmental and social responsibility but can also have positive impacts on long-term business viability and reputation.

With clearly defined goals, engaged employees and reporting tools implemented to suit your business, the likelihood of success will be greater. In 2023, over half of Guaranteed Irish member businesses (52%) had a sustainability strategy in place (Research by Market Dynamics, 2023).

Embrace digital transformation for success

Digital tools have become indispensable for businesses aiming to stay competitive. From cloud-based collaboration platforms to AI, harnessing these technologies can streamline operations, enhance customer experiences and facilitate growth in an increasingly digital marketplace. It’s essential for SMEs to embrace digital transformation to remain agile and resilient in today’s business landscape.

Innovative employee retention strategies

Our members have come up with great initiatives for employee retention within their employer brand strategies. One company has shared with us their successful implementation of working a four-day week and, importantly, not losing any productivity. Another company has welcomed a ‘Happiness Officer’ into their teams to ensure that a work-life balance and much more can be implemented.

Community support fosters mutual benefits

Community is very important to us at Guaranteed Irish, and we have seen that SMEs that have rooted themselves in their communities have successfully created a network around them where everyone benefits. Jobs are created, more local suppliers are hired and communities are thriving. Support works both ways and fosters a positive environment for everyone involved.

Simon McKeever Chief Executive, Irish Exporters Association

Brid O’Connell CEO, Guaranteed Irish

Michael Concannon Head of Strategy and Development, Fintech and Payments Association of Ireland (FPAI)

From tangible to intangible: what SMEs need to know about business insurance

As the business landscape undergoes rapid changes, SMEs need resilient protective strategies. Tailored insurance solutions can ensure stability and success in today’s dynamic environment.

WRITTEN BY Édaein O’Connell

F

or small and mediumsized enterprises (SMEs), the approach to business insurance has undergone a significant transformation.Traditionally, insurance for such businesses primarily focuses on physical assets and liability for property damage or injuries on the premises. However, the dynamics of modern business have ushered in new challenges, especially for SMEs in professional services.

Evolving Irish business insurance needs

The Irish economy has seen a surge in knowledge-based companies, including those in technology, media, digital services, advisory and consultancy. Consequently, the traditional exposures faced by businesses have evolved, demanding a reassessment of insurance needs.

While conventional concerns like property damage and liability persist, emphasis has shifted towards

safeguarding intangible assets and addressing emerging risks, particularly in a technology-led environment.

Business insurance solutions

Hiscox understands that, in our changing world, it is increasingly crucial to help protect businesses against such impalpable risks. Professional indemnity insurance has become vital for businesses providing services, covering scenarios where bad advice could lead to legal challenges.

Cyber insurance has gained prominence with increasing reliance on online platforms and cloud-based services. In an era of rising regulations and risk, insurance becomes crucial, offering protection against legal questioning stemming from regulatory compliance.

Bridging insurance awareness gaps

The challenge now lies in bridging

the awareness gap. Many still associate insurance primarily with physical assets, overlooking the other — less obvious — risks they face. Meanwhile, there is a general notion that insurance is just about ticking boxes.

However, insurance actually acts as a strategic investment that provides access to experts and services in times of need. This means if your business does hit difficult periods due to technological breaches, you can continue to run your business while the situation is dealt with swiftly and professionally.

Adapting to changing risks

For businesses, the core insurance package offered by Hiscox typically includes professional indemnity, cyber, directors’ and officers’ insurance, along with property and liability coverage. The emphasis is on holistic coverage and encourages business owners to view insurance as a positive tool for managing risks and securing their business’s future.

The evolution of insurance, spearheaded by insurers like Hiscox, prompts SMEs to proactively stay abreast of emerging risks, emphasising the need for adaptive insurance approaches. This recognition marks a crucial step for enterprises to adapt and secure their footing in an increasingly dynamic business environment.

Paid for by Hiscox

Energy audit voucher gives small businesses €2,000 towards climate action

Help your business save money and reduce energy use with an energy audit voucher. Apply today and get started on your climate action journey.

Louise

Programme Manager, Business Supports,

SEAI support scheme for energy audits aids Irish SMEs in managing energy consumption by offering a €2,000 voucher for high-quality audits, often covering the entire cost. Over 2,000 businesses have benefited from the scheme.

Energy audit process

An SEAI-registered energy auditor will complete your energy audit. This involves three key steps: preparation, a site visit and reporting. Once complete, you’ll receive an easy-to-understand report, which sets out:

• An overview of how your business is currently using energy

• Opportunities to save energy and reduce carbon emissions

• Costs and payback periods for identified energy-saving opportunities

• Suitability for solar PV and renewable heat solutions

• Relevant financial and non-financial supports to turn your audit into action

How will an energy audit benefit my business?

This energy audit is one of the first steps you can take to save money, save energy, enhance your brand image and future-proof operations.

As well as helping you understand how energy is used in your business, an audit identifies ways to become more energy efficient and reduce climate impact. You will have the information you need to make immediate savings, helping your business plan prudently for longer-term investments.

An energy audit gives your business a competitive edge by helping you lower exposure to energy price fluctuations and carbon tax increases. With customers and investors prioritising sustainability, an energy audit

can demonstrate that you are taking action to reduce your carbon emissions.

Is my business eligible?

If you are a tax-compliant SME, registered in the Republic of Ireland and spending more than €10,000 per year on your energy bills, then you are likely eligible for the scheme. Find full eligibility criteria details on our website.

How can I apply?

We’ve made the application process as easy as possible, with automatic approval for eligible businesses. Follow these three steps to apply:

• Select an auditor from our list of registered energy auditors

• Register contact details and complete our online form (you’ll receive your voucher automatically to your email address)

• Schedule the audit with your selected registered energy auditor

After the audit is complete, your registered energy auditor will issue your audit report, and they will claim payment from SEAI.

Get started on your sustainable energy journey today

learn more, visit seai.ie or get in touch through business@seai.ie Paid for by SEAI

Payment tech that can propel the growth of SMEs and help save the high street

Some challenges that business owners face today can be alleviated by modern financial technology. These include streamlining operations, reconciling payment types and handling cross-border commerce.

Even the smallest merchants can take advantage of fintech tools and grow faster, insists Neil McKenna, Chief Operating Officer at myPOS Limited.

Fintech solutions for small businesses

Digitalisation is essential for success. Yet, many small firms remain less digitised than medium-sized ones. This is partially because entrepreneurs think using modern financial technology requires a certain level of technical sophistication or big investment. This isn’t the case, especially when it comes to business-in-a-box platforms that offer not only traditional card machines but also many modern tools available on a pay-as-you-go basis.

Some of these tools give merchants a chance to create online stores, sell on social media via QR or get paid over chat; they enable business growth online and offline.

Enhancing customer experiences with payment technology

Payment is a primary factor in the customer experience, and as more consumers are using digital technology, it offers a massive opportunity to business owners. With the right POS system, business owners can achieve a lot: synchronise inventory management, track data, ease staff and introduce unattended automation — all of which enhance the customer experience.

However, customer experience and loyalty are linked not only to in-store technology but also to omnichannel experience. That’s because people no longer shop linearly; they often notice a product on social media, then browse online and purchase it in person.

Payment technology can help small businesses grow.

Payment tools exist for any scenario, and fintech companies work on many fronts to help business owners strengthen their capabilities.

myPOS, for example, offers an all-in-one business platform with no long-term contracts and monthly fees. It is the only one in Europe to offer its merchants instant settlement at no added cost.

Make Ireland a desirable destination for business by supporting local firms

Navigate Ireland’s economic landscape amid global turmoil. Learn how small businesses cope with rising costs and governmental policies.

David Broderick Director, Small Firms Association

Despite recent political uncertainty and international challenges, the Irish economy is in great shape. This is due to high exchequer returns, low unemployment and a thriving private sector. While Ireland Inc. is in a good place, the small businesses are vulnerable due to high input business costs. With additional labour market measures coming down the pipeline, many small businesses will struggle to remain viable.

Small business value and challenges

Small businesses — organisations that employ up to 50 people — are the lifeblood of communities and are a vital component of the overall economy. Around 98% of

The buying journey is getting complex and, to capitalise on this, merchants need to look for more ways to cross-sell and integrate all sales into a single platform, so they can cope with the challenges of omnichannel retailing. That’s how organisations like myPOS help — omnichannel retailing is no longer a perk available only to the big players.

Overall, payment technology can help small businesses grow. Our fintech tools are easily accessible and involve no upfront fees or long-term commitment. Small businesses simply need to explore the new roads to success.

all enterprises in Ireland are small businesses and generate around 70% of all jobs in the ‘non-financial business economy.’

There is a strange irony, that many small firms have high turnovers, more business transactions and high footfall from customers. However, these positives have been vastly offset by high business costs. From talking to our members, many firms are expected to see input business costs increase by up to 30%.

Policies strain small businesses

This is primarily due to the Government’s labour market policies, which have recently come into force. These increases disproportionately impact small firms and thus, are more vulnerable to financial failure.

Successive political leaders have stated the desire for Ireland to be ‘the best little country in the world’ to do business in. While no one doubts the ambition of these encouraging statements, current policies will compromise the integrity of this ambition.

Tax relief welcomed

The Small Firms Associations welcome the recent announcement from Minister for Finance, Michael McGrath T.D., concerning the changes to the Tax Debt Warehousing scheme, which reduces the interest rate on warehoused tax debt to 0%. This is a positive step, but there is more to do.

To give small firms a chance to absorb these punitive measures, the Government must consider a pause on all forthcoming labour market policies. To put it plainly, there have been too many regulations in too short a time for small firms to adjust to. Spreading out these increased costs will enable businesses to chart a course to prosperity.

Inaction risks economic decline Government inaction will result in empty shopfronts on our high streets, long queues of people seeking unemployment benefits and, ultimately, shatter the ambition of being the ‘best little country in the world’ for business — a goal once thought achievable.