3 minute read
Niall Devlin
Columnist
As we Begin to Emerge on the Other Side
Niall Devlin looks at how business owners can develop their financial wellbeing.
Together with the rest of the world, Northern Ireland business owners and managers have never experienced anything like the COVID-19 pandemic.
At Bank of Ireland, we know that we need to continue to work together to support customers more than ever as we begin to repair and rebuild the local economy. And this work begins now!
A focus on financial wellbeing will be fundamental to both economic and personal wellbeing with proactive planning helping businesses to emerge from the pandemic in strong financial health.
But what do we mean by financial wellbeing for business? We believe it is business owners developing further insight into their business, creating financial resilience within their operation and ensuring a robust ability to manage any macro or micro financial shocks.
Businesses owners’ time spent working to develop this financial wellbeing should help anticipate challenges, plan for them and, by ‘expecting the unexpected’, they will increase the chances of weathering any potential business disruptions. Businesses will need to engage with a wide range of stakeholders, communicate honestly and seek their insight and support. This will enable increased financial capability, confidence and inclusion.
It is likely that the significant uptake of the UK Government COVID-19 loan schemes – over £1.6bn* funding provided in NI – will mean that many businesses do not seek other forms of finance in the short term. But we are hearing from both business customers and wider industry that while many do not need additional funding, they really want support and access to expertise from partners who truly understand their business. A key question on the lips of many business owners is “How best can we navigate through the impact of the COVID-19 pandemic and not only participate in but lead the recovery beyond that?”
Through our renewed collaboration with Northern Ireland Chamber of Commerce & Industry, we have built on the success and learning of the first virtual delivery of the ‘Winning Business with Bank of Ireland’ series last year. It returns in 2021 and will continue to include the extremely popular ‘Meet the Buyer’ event. Alongside this we are introducing a new series for businesses, the full details of which will be announced shortly. The content and structure for both programmes are specifically focused and will provide participants with access to information and an opportunity to increase their business network with the ultimate aim to increase both general business and financial capability.
Colleagues from the Bank of Ireland team will be there on the day, providing expertise on funding sources and solutions for businesses to fund investment, manage cash flow and increase returns for their organisation. Further content will include vital areas of developing your people, increasing innovation, as well as delivering on growth opportunities through exporting to new markets.
Bank of Ireland recognize that local SMEs operate in a fast moving, evolving market where the need to be agile and flexible is critical. This agility is often driven by the rapid changes in customer behaviours, customer expectations and culture. The last 12 months has seen an acceleration in the rate of change, bringing forward digitalisation, new ways of working and an increased strategic focus on sustainability. These trends will continue and while they may readjust slightly as local and global markets reopen, a new operating normality has been set. This is creating a window of opportunity, which we believe the resilient, innovative and agile business community in Northern Ireland will seize.
While the pressures of the pandemic may have forced many businesses to rethink their product offering, reshape their business and redefine their operating model, businesses may well feel that they are better positioned to forge ahead with a leaner, more efficient operating model delivering improved productivity, sales growth and, together with increased confidence, we hope it will contribute significantly to sustainable growth in the local economy.
By collaborating and sharing learnings on these important areas, local Northern Ireland SMEs will increase their knowledge and confidence as they navigate their way through the pandemic and into the future.
Where a business is looking to review funding options, cash flow requirements, capital investments, currency management, set up a savings or a debt consolidation plan, at Bank of Ireland we want to work with them in increasing financial understanding and can help them achieve their business financial goals.
To find out more and arrange to talk to us please contact Niall Devlin, Head of Business Banking NI, Bank of Ireland UK via email niall.devlin@boi.com
*Source - https://www.british-business-bank.co.uk/coronavirus-loanschemes-continue-to-support-businesses-evenly-across-the-uk-newanalysis-shows/
