Better Business Autumn 2023

S U P P O RT I N G E N T R E P R E N E U RS | VA LU I N G SM A L L B U S I N ESS | R E W A R D I N G R I S K TA K E RS | AU T U M N 2023

BUSINESS THE FUTURE IS HERE HARNESSING THE POTENTIAL OF AI

BETTER BUSINESS AUTUMN 2023

GREEN JOURNEY

THE FIRMS MAKING SUSTAINABILITY THE HEART OF THEIR BUSINESS

HEALTH KICK

SHINING A LIGHT ON IRELAND’S HEALTH INDUSTRY

Finance made CEO

JUNE BUTLER

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ON WHY ACCESSING FINANCE FROM THE SBCI MAKES SENSE

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Ukraine Credit Guarantee Scheme Low-Cost Finance For SMEs, Farmers & Fishers The Ukraine Credit Guarantee Scheme supports businesses impacted by additional costs due to the conflict in Ukraine with low-cost finance of up to €1 million.

Find out more at sbci.gov.ie

Loans from €10,000 to €1 million at reduced interest rates, with terms up to 6 years.

Loans up to €250,000 unsecured. Terms and conditions apply.

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S U P P O RT I N G E N T R E P R E N E U RS | VA LU I N G SM A L L B U S I N ESS | R E W A R D I N G R I S K TA K E RS | AU T U M N 2023

WELCOME AUTUMN 2023

BUSINESS THE FUTURE IS HERE HARNESSING THE POTENTIAL OF AI

BETTER BUSINESS AUTUMN 2023

GREEN JOURNEY

THE FIRMS MAKING SUSTAINABILITY THE HEART OF THEIR BUSINESS

HEALTH KICK

SHINING A LIGHT ON IRELAND’S HEALTH INDUSTRY

Finance made CEO

JUNE BUTLER

simple

ON WHY ACCESSING FINANCE FROM THE SBCI MAKES SENSE

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On the cover: June Butler, CEO, Strategic Banking Corporation of Ireland Photography: Paul McCarthy

Editor: Denise Maguire Creative Director: Jane Matthews Designer: Alan McArthur Production Executive: Nicole Ennis Managing Director: Gerry Tynan Chairman: Diarmaid Lennon Email: info@ashville.com or write to: Better Business, Ashville Media, Unit 55, Park West Road, Park West Industrial Estate, Dublin 12, D12 X9F9.

Tel: (01) 432 2200 All rights reserved. Every care has been taken to ensure that the information contained in this magazine is accurate.

The publishers cannot, however, accept responsibility for errors or omissions.

Reproduction by any means in whole or in part without the permission of the publisher is prohibited. © Ashville Media Group 2023. All discounts, promotions and competitions contained in this magazine are run independently of Better Business.

The promoter/advertiser is responsible for honouring the prize. ISSN 2009-9118 SFA is a trading name of Ibec.

Welcome to Better Business, a magazine dedicated to the small business community.

The SFA office has been abuzz recently after the launch of the SFA National Small Business Awards 2024 by Awards Patron, An Taoiseach, Leo Varadkar TD. Find out more about our latest search for the best small business in Ireland on our Awards page.

This autumn our HR pages focus on some of the key watchpoints in relation to independent contractors, along with a probation checklist. Our policy pages dive into the recently announced EU SME package and a short recap on the SFA Council pre-budget meeting with Minister for Enterprise, Trade and Employment Simon Coveney TD. Elsewhere in these pages, you will find guidance on how to approach forecasting for the year ahead and support employees after a cancer diagnosis. You will meet entrepreneurs from the field of sustainability and we dive into the health and wellbeing sector.

This magazine contains stories that inform, inspire and entertain.

It showcases and celebrates the achievements of small companies, provides advice to help you in your business and keeps you up to date on the latest trends at home and abroad.

Ireland is a nation of small businesses. Of over 267,000 businesses in the country, 99% have less than 50 employees (small) and 92% have less than 10 (micro). These companies can be seen in every city, town and village in the country and together they provide employment to half of the private sector workforce.

The SFA proudly represents a diverse membership of businesses with less than 50 employees: homegrown and spanning every sector of our economy. Our members can be found in every town and every city in Ireland. We want to make Ireland the most vibrant small business community in the world – an environment that supports entrepreneurship, values small business and rewards risk takers.

Better Business is the magazine of the small business community.

We welcome your feedback, suggestions and ideas to info@sfa.ie or on Twitter @SFA_Irl. David Broderick Director, Small Firms Association

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CONTENTS AUTUMN 2023

04 12 13

Big News for Small Business News, views and profiles from SFA members and small businesses in Ireland

MentorsWork MentorsWork has become an essential support for Irish SMEs through changing times

Events The SFA is celebrating the official launch of the 20th edition of the SFA National Small Business Awards

14 16 21

Climate Action The Ibec Climate Action Toolkit can help businesses avoid common pitfalls like greenwashing

Sector Spotlight Better Business speaks with three small businesses making waves in the health and wellness sector

AI AI can transform how small firms run their business if it’s developed and used responsibly

Cover Story CEO June Butler on why accessing finance from the SBCI makes sense

Top Tips Tony Dignam on why agile forecasting empowers organisations to make data-driven decisions

Policy The SME Relief Package sets out a range of measures designed to provide EU companies with short-term relief

HR Employers must make a distinction between an employee and an independent contractor

Travel With its economy back to pre-pandemic levels, Spain is a great place for Irish firms to do business

And Another Thing…

Start your journey to better business driving today by addressing four key challenges

26 35 38

40 50 55

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Autumn 2023  Contents

FROM TOP LEFT: Conor Minogue outlines how the new Ibec Climate Action Toolkit works, page 14 // Fitvision Founder Mark O’Reilly on the growing corporate wellness industry, page 16 // CEO June Butler explains why accessing finance from the SBCI makes sense, page 26 // Laura McDermott on how Colectivo helps make businesses more sustainable, page 30

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Updates  News

BIG NEWS FOR SMALL BUSINESS FARMEYE LAUNCHES REDESIGNED WEBSITE

L-R: Christine Crawford, Uisce Éireann; Cara Lloyd, Corner Bakery: Elizabeth Bowen, SFA

WATER CONSERVATION

Uisce Eireann and SFA join forces

In collaboration with the Small Firms Association, Uisce Éireann is calling on small and medium-sized enterprises to participate in the Water Stewardship Programme for SMEs. This joint effort aims to raise awareness about the importance of water conservation and provide SMEs with the necessary tools and knowledge to become water-friendly businesses. By signing up for the Water Stewardship Programme, SMEs can reap a range of benefits. Firstly, this initiative will enable them to understand the significance of taking action on water and the positive impact it can have on their operations. In addition, participating businesses will benefit from enhanced reputational advantages as the programme is accepted under Bord Bia’s esteemed Origin Green Scheme. Moreover, the Water Stewardship Programme is accredited by the European Water Stewardship Standard (EWS) which further reinforces its credibility.

As an award-winning AgTech firm, FARMEYE specialises in providing a measurement, reporting and verification platform for natural capital assessment, both on farms and in nature.

Visitors to the site can delve into the company’s service offerings and gain a deeper understanding of how its innovative solutions align with the broader goals of sustainable agriculture and environmental stewardship.

The primary objective behind the website overhaul is to simplify the browsing journey for visitors and provide them with comprehensive insights into the range of services and solutions tailored for farmers, agri-consultants and agri-corporates. “Our purpose is to improve the lives of farmers and the environment,” said Eoghan Finneran, CEO at FARMEYE. “With our redesigned website, we’re providing a convenient gateway for users to explore our offerings and gain insights into our commitment.”

See https://www.water.ie/conservation/business/water-stewardship/ for more information.

SFA MEMBERS

K&K WINDOWS DOES IT AGAIN! For the sixth consecutive year, K&K Windows has been recognised with the esteemed Business All-Star by the All-Ireland Business Foundation. This isn’t just a company success; it’s a reflection of an incredible team effort and the trust that its wonderful customers place in them. Here’s looking to a future of continued growth and excellence!

IF YOUR BUSINESS HAS SOME NEWS TO SHARE THAT YOU WOULD LIKE FEATURED IN THE NEXT EDITION OF BETTER BUSINESS, CONTACT ELIZABETH BOWEN ON (01) 6051530 OR ELIZABETH. BOWEN@SFA.IE Linda Blake, K&K Windows, Margaret Considine, President of All Ireland Business Foundation and Sorcha Kenny, Owner, K&K Windows

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News  Updates

EMPLOYMENT

Nora Irwin, CEO and Founder, Arona Natural Fragrance

OXENDALES EXPANDS IRISH WORKFORCE

ARONA NOMINATED FOR EUROPEAN NATURAL BEAUTY AWARDS ARONA, an Irish premium solid perfume and skincare brand based in Cork, offers unique, eco-friendly fragrances crafted from organic beeswax and pure natural essential oils. The company was recently nominated for the European Natural Beauty Awards and is the only Irish skincare brand to receive a nomination. What sets ARONA apart is its commitment to natural and organic ingredients, ensuring authenticity and gentleness on the skin. ARONA’s solid perfumes are perfect for those on the go, with spill-proof, compact packaging. As a brand, it is dedicated to quality, sustainability and innovation.

Pembroke Privacy launches AI certified training Pembroke Privacy recently launched one of the first International Association of Privacy Professionals (IAPP) certified training sessions on AI in Europe. In partnership with the IAPP, Pembroke Privacy will deliver this AI Governance Professional (AIGP) training on 23-24 November 2023. The training aims to assist professionals tasked with implementing AI governance and risk management within their organisations.

Incorporated in 2018, Pembroke Privacy is an Irish business success story and has quickly grown to become a highly successful and well-regarded external DPO and data protection consultancy working with many high-profile clients, both locally and internationally.

Founder and Director, Kate Colleary, is a globally recognised expert in data protection and privacy and the Ireland Country Leader for the IAPP.

Kate Colleary, Founder and Director, Pembroke Privacy

Oxendales, one of Ireland’s largest and longest established multi-brand online retailers, has announced it is expanding its workforce in Ireland by over 25 people. The additional roles double its workforce and cover appointments across customer experience, marketing, social media and data/ business analysts, further enhancing the customer experience across all platforms and strengthening its position as a premier online shopping destination. In addition, Oxendales recently launched a plethora of exciting products including new brands such as Nobody’s Child, Mango, Phase Eight, Monsoon, FatFace, Ted Baker and Anthology, along with new additions from branded occasion wear such as Ro & Zo. Oxendales is one of Ireland’s largest multi-brand online retailers and has been operating in Ireland for over 60 years.

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Updates  News

Michael Scully, Founder, Clonakilty Distillery

AWARD

CLONAKILTY DISTILLERY IS ORIGIN GREEN GOLD MEMBER Clonakilty Distillery has announced it has been awarded Gold Membership of Origin Green, the world’s only national food and drink sustainability programme of its kind. Origin Green, an initiative of Bord Bia, only bestows gold membership on companies that have demonstrated exceptional annual performance in areas such as raw material certification, packaging, energy, emissions and waste reduction. In the past year, Clonakilty Distillery has undertaken significant initiatives to bolster its sustainability practices.

Notably, it redesigned its bottles which now weigh 22% less and are made with recycled glass. The company also eliminated single-use plastic from its shipping packaging and transitioned its production process to utilise 100% renewable energy for distilling spirits.

As a small company, Clonakilty Distillery may not be able to save the world but like many SFA members and small businesses across Ireland, it is doing its bit to make a difference.

“It is vital that the Government use Budget 2024 to focus on providing certainty on costs and maintaining competitiveness, to safeguard our domestically owned businesses.”

David Broderick, SFA Director, on extended cost of business measures

“For 20 years, the SFA National Small Business Awards have celebrated the talent and success of Ireland’s vibrant small business community.

The awards celebrate innovation, resilience, strength and the creativity of our country’s entrepreneurs.”

An Taoiseach Leo Varadkar, SFA Awards launch

“This online course is an excellent opportunity for businesses to enhance their knowledge and make informed decisions about water conservation.”

Cara Lloyd, Owner, Corner Bakery

MEET THE BEAT BEAST! After marking its 20th birthday this summer, regional radio station Beat 102-103 is motoring into a new decade with a brand-new product offering – an outside broadcast unit. Over the summer months, the design and vehicle conversion transformed the iconic Landrover Defender into what the creative team at the station is confident will be its own iconic “Beat Beast” brand over time. From a technical perspective, the vehicle will require no power supply, is totally self-sufficient and the plan is to add solar panels in a later phase to improve sustainability. The OB unit is kitted out with 3 Mobile 5G broadband and Vodafone 5G broadband. In the unlikely event that coverage is poor in a specific location where the station wants to broadcast, the default back up is the Elon Musk owned Starlink satellite broadband.

SFA member Beat is looking forward to presenting this new commercial offering to Beat’s loyal client base which includes 162,000 loyal weekly listeners.

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News  Updates

BLOOD MONKEY GOES TROPICAL Outcast Brands has presented the latest member of its rebellious Blood Monkey Gin family – Tropical Storm. This is the third addition to the Blood Monkey Gin range, which has been taking the gin world by storm with its unique taste and bold style. Blood Monkey Gin celebrates the rich heritage of gin but elevates it to new heights with its contemporary approach. The name and iconic drill bit design pay tribute to the renegade sailors who defied authority by drilling into the officers’ barrel of grog to steal the liquid treasure within. The Blood Monkey Gin range has numerous awards under its belt, including gold medals at the Global Gin Masters 2022 in the UltraPremium and Contemporary categories.

With the launch of Blood Monkey Tropical Storm, the brand is set to expand its reach and continue to make waves in the gin world.

TOP TWEETS @MediaplanetUK The #DigTransformation Campaign is here. Grab your copy in today’s @Independent_ie and online at http://ow.ly/ MVN330sxbly featuring Elizabeth Bowen with @SFA_Irl #DigitalEconomy #DigitalEvolution #EconomicInnovation @LeoVaradkar For 20 years the SFA National Small Business Awards have celebrated the talent and success of Ireland’s vibrant small business community. The awards celebrate innovation, resilience, strength and the creativity of our country’s entrepreneurs @ChampionGreenie Celebrating the launch of Champion Green’s Dublin Pop-Up on Clarendon Street! Come support Little Light Jewellery, Sarah Wickham designs, Cotone Collection & Pressed Flowers by Nell. Supported by @avivaireland, Killkenny Design @VisaIreland, @retail_excellence & @sfa_irl @TotalPower So nice to get a mention in the @SFA_Irl Better Business, Summer ‘23 edition re the DCS Award won by Total Power Solutions recently

ALL THE BUZZ NORTH OF THE LIFFEY

Heterochem (Dist) Ltd Managing Director Kim Doran and the honey that has been produced as a result of the project

As part of its sustainability initiatives in its community, Heterochem (Dist) Ltd is delighted to provide sponsorship to various environmental projects such as the Fingal North Dublin Beekeepers Association’s Queen Rearing project for the conservation of the native Irish black honey bee, Apis Mellifera Mellifera. This project aims to develop all areas north of the Liffey as a voluntary area of conservation. To date, Howth peninsula is now fully populated with the Native Irish Bee. Heterochem (Dist) Ltd, which was established in 1982 as a supplier of approved speciality chemicals to a wide spectrum of industries, is happy to advise that the project progressed wonderfully over the summer and beautiful honey has been produced for both customers and staff to enjoy.

@fleettransport Small business sentiment up but rising business costs a significant concern in the months ahead - SFA https://fleet.ie/ small-business-sentimentup-but-rising-businesscosts-a-significantconcern-in-the-monthsahead-sfa/ via @https:// twitter.com/fleettransport @SFA_Irl @HandlingNetwork @warehousingIrl

@SFA_IRL

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Updates  News

Paul Duffy is new Ibec President 2023-2024 SAVINGS AND INVESTMENT

Ibec has announced the appointment of Paul Duffy, Senior Vice President, Pfizer Global Supply, as its new President for 2023 to 2024. He succeeds Imelda Hurley, CEO of Coillte. Paul has held the role of Senior Vice President, Small Molecule Operations for Pfizer Global Supply (PGS), since 2018. He has worked for Pfizer for more than 30 years and has held multiple roles of increasing responsibility. Paul is a current Board Member of Ibec and recently held the position of Chairperson of the Workplace Relations Commission. Over the years, he has been a Board Member of various organisations including IDA Ireland and was also President of the American Chamber of Commerce. As a trade association in Ibec, the SFA Executive wish him well for the year ahead and look forward to working with him.

AUTO-ENROLMENT UPDATE Automatic enrolment is a new savings and investment system for employees where financial returns are paid out to participants on retirement. It is essential, as not enough people have occupational or supplementary pension coverage to help maintain a reasonable standard of living in retirement above the level of the State Pension.

Enrolments are expected to begin in late 2024 and the latest updates can be found on gov. ie/autoenrolment.

All your employees meeting the eligibility criteria, who do not already have an active occupational or supplementary pension arrangement, will be automatically enrolled.

The benefit to employers is that you’ll be able to look after your employees’ retirement wellbeing without the administrative burden and cost of setting up a pension scheme.

The following will be automatically enrolled: Employees Aged between 23-60 years arning €20,000 gross per annum E across all employments

Excluded are: Self-employed Non-earning hose currently paying into an T occupational pension scheme or an employer supported PRSA

ho are without a current W supplementary pension

SFA is seeking a two-year lead-in period following the Automatic Enrolment Retirement Savings System Bill being passed and signed to allow business to be ready for the cost and implementation.

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Green skills for a sustainable future • Develop new skills in your team • Green your business for cost savings, competitiveness and profitability • Access highly subsidised flexible training boost skills – boost business Contact your local Education and Training Board or visit skillstoadvance.ie

learning works

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Updates  News

LOUGH REE DISTILLERY ENTERS US MARKET Family-run Lough Ree Distillery has recently appointed Les Terroiristes, LLC of Franklin, Tennessee as its US importer. First product will ship to arrive in time for the busy holiday retail opportunity, with initial listings at accounts in Tennessee, Ohio and Illinois. Peter Clancy, CEO of multi awardwinning Lough Ree Distillery, said: “This is a very exciting moment for our business and we’ve secured some significant orders and prestigious accounts on the back of this new deal. We’ve taken considerable time to research and study the US market before entering as it’s a very difficult market to get right, but we’re confident that our chosen strategy will deliver significant growth for our business over the coming years.”

L-R: Sheila Mullen, Peter Clancy & Michael Clancy

GROWTH AND SUSTAINABILITY LOAN SCHEME LAUNCHED SBCI has launched a new long-term low-cost scheme to support eligible businesses, including farmers and fishers, when investing in their growth and resilience or climate action and environmental sustainability. The Growth and Sustainability Loan Scheme will be launched in two phases. In Phase 1, the scheme will open for climate action and environmentally sustainable investment loan applications. This will shortly be followed by the launch of Phase 2, which will also offer loans for general long-term investment.

According to current estimates, loans for general long-term investment under Phase 2 will be available from December 2023. The loan scheme benefits from a guarantee that has been provided by the European Investment Fund with support from the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine.

REVENUE’S ENHANCED REPORTING REQUIREMENTS From the 1st of January 2024, the introduction of Section 897C into The Finance Act 2022 will require employers and payroll processors to report details of certain payments made to employees and directors. Where you make one or more of the payments listed below, you must submit the details electronically to Revenue. This submission must be made on or before the payment date.

Phase one will apply to the following payments:

Small benefit exemption You will be required to report the date paid and value of this benefit Remote Working daily allowance Where a Remote Working daily allowance is paid, you will be required to report the following:

Total number of days Amount paid and date paid Travel and subsistence The following travel and subsistence items must be reported, including the date paid and amount of each payment:

Travel vouched Travel unvouched Subsistence vouched Subsistence unvouched Site based employees (including “Country Money”) Emergency travel Eating on site

How will you report this information to Revenue?

A facility will be available in Revenue Online Service (ROS) to allow you to report these payments to Revenue.

This facility will be similar to that used currently for payroll reporting. There will be continuous engagement with stakeholders as this work is progressed during the year. This began in January, with Revenue contacting all stakeholders seeking their engagement in the implementation of this reporting requirement.

Employer Engagement

Revenue is corresponding with small firms via their ROS inbox, where business owners will find additional information and invitations to join upcoming webinars.

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Elavon  Retail

GET THE EDGE OVER

ONLINE RETAIL

ACCORDING TO THE LATEST RESEARCH CARRIED OUT ON BEHALF OF PAYMENTS EXPERTS ELAVON, THE MAIN REASONS TO VISIT A BRICKSAND-MORTAR SHOP When Elavon questioned more than 1,000 adults across Ireland in an online survey, ARE THE ABILITY TO 72% said the top reason to encourage a visit SEE AN ITEM AND to a physical store was to see what they were to buy in person. Meanwhile, 61% said ASSESS ITS QUALITY about they like to be able to assess the quality of IN-PERSON products and more than half (57%) said they would be encouraged to shop in store if they needed something urgently.

Let your customers get up close and personal

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

“Although it’s not the biggest driver, playing to the customers’ need for speed gives you a crucial edge over online retail. If you make it easy for shoppers to find what they are looking for – clear and easy to pay and then take the item with them – then you’re removing obstacles for your customers, which can only be good,” says Andrew.

Meanwhile, more than half of those questioned (52%) said in-store offers and promotions are a key draw to a physical shop. You could capitalise on this by offering the likes of “in-store only” offers and discounts.

A large proportion of adults (46%) say they want to support their local economy.

When you look at shoppers by age, this becomes even more important, being a driver for more than half (52%) of the over 55’s. So, if you know your audience and your core target shopper is in this age group, highlighting your local credentials could be a good move.

Bricks… and clicks (and collect?)

Other survey results highlight that almost one in five shoppers (19%) like the option to click and collect. If you’re unfamiliar with this, it’s where shoppers can buy online or through an app and collect the item 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 you.

This could offer an opportunity to expand your retail business into a socalled ‘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 store, while using the power of the internet to widen your market reach.

To find out more about how you can make the most of digital age payments to support your business, now and in the future, visit Elavon.ie Elavon Financial Services DAC. Registered in Ireland – Number 418442.

Registered Office: Block F1, Cherrywood Business Park, Dublin 18, D18 W2X7, Ireland Elavon Financial Services DAC, trading as Elavon Merchant Services, is regulated by the Central Bank of Ireland.

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Events  MentorsWork

EMPOWERING IRISH BUSINESSES MENTORSWORK HAS BECOME AN ESSENTIAL SUPPORT FOR IRISH SMES THROUGH CHANGING TIMES

In

2020, amidst the pandemic upheaval, MentorsWork emerged as a beacon for Irish businesses. Born out of necessity to help businesses survive the unforeseen challenges of the pandemic, it swiftly adapted to become an essential support for Irish SMEs. Over the past year, MentorsWork has extended its reach and assistance to an evergrowing number of Irish businesses and now, it has proudly supported more than 2,500 companies – a testament to its effectiveness and relevance.

“AN EXCELLENT INITIATIVE THAT GIVES SMES ACCESS TO THE TALENT THEY WOULD NOT GET OTHERWISE.”

FIVE PILLARS

1 2 3 4 5

DIGITAL AND AUTOMATION

BUSINESS PROCESSES

PEOPLE

FINANCE AND GROWTH

SUSTAINABILITY

THE OPPORTUNITY TO REGISTER FOR THE 2024 WAITING LIST AWAITS YOU AT WWW.MENTORSWORK.IE DON’T MISS OUT ON STARTING YOUR JOURNEY TO BETTER BUSINESS.

FIVE CORE COMPETENCY PILLARS At MentorsWork's core are five pillars – digital and automation, business processes, people, finance and growth and sustainability, which was introduced last year to address the imminent challenges of sustainability.

The program recognises the importance of equipping business owners with the tools and knowledge needed to navigate this ever-evolving landscape.

CONSULTANCY SERVICES In a move to provide even more comprehensive support, MentorsWork launched consultancy services in the digital and green streams, exclusively available to MentorsWork alumni. These services offer tailored guidance from their network of seasoned experts.

These subsidised services are an embodiment of the programme's commitment to ensure its community always stays a step ahead.

This commitment is evident in the events MentorsWork organises, starting with 'Boosting Your Sales with AI' in May. In a world where AI-driven strategies are becoming increasingly vital, this event provided participants with a competitive edge in the rapidly evolving global digital market. The hugely popular “Sales Accelerator Summit”, held at the start of October, taught Irish SMEs how to supercharge their sales. As we know, mastering sales is the lifeblood of small and medium businesses, ensuring growth and competitive advantage.

ADDRESSING LONELINESS WITHIN THE BUSINESS COMMUNITY – MENTORSWORK MASTERMINDS This year, the introduction of MentorsWork Masterminds created a buzz within the program's community, becoming an instant hit. Listening to feedback, it has become increasingly important to create a space for business owners to connect. This new offering allows participants to collaborate, share ideas and tackle common problems collectively. It has not only enhanced the learning experience, but also fostered a sense of camaraderie among community.

FUTURE PLANS For many, enrolling in the MentorsWork programme has become an integral part of their annual growth strategy.

It's more than just mentoring – it's about creating a community, fostering collaboration and driving forward the spirit of Irish entrepreneurship. Join the ranks of entrepreneurs and business leaders who have experienced the transformative power of this programme.

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SFA National Small Business Awards 2024  Events

RECOGNISING THE ACHIEVEMENTS OF SMALL BUSINESS THE SFA IS CELEBRATING THE OFFICIAL LAUNCH OF THE 20TH EDITION OF THE SFA NATIONAL SMALL BUSINESS AWARDS The Small Firms Association (SFA) National Small Business Awards 2024 have been officially launched by Awards patron, Taoiseach Leo Varadkar TD. The aim of the awards throughout its 20 years of existence is to celebrate the achievements of small businesses in Ireland and to recognise the vital contribution of the small business community to the Irish economy.

In the past 20 years, the SFA Awards not only celebrated the achievements of small businesses but also provided a platform for them to showcase their excellence. Free to enter with a prize package valued at €50,000 for all finalists, awards benefits also include broad-ranging national and local media coverage, with each finalist company featuring in a special supplement in the Irish Independent.

All finalists are rewarded with a strategic management masterclass weekend, participation in SFA Business Mentor’s Work Programme as well as in the SFA Business Connect event where they will be able to showcase their products and services to an audience of over 300 attendees. Finalists also receive three complementary tickets to the day of the Awards gala ceremony that takes place in the RDS Concert Hall on Thursday 7 March 2024, when the category winners and overall winner will be announced.

SFA CEO Geraldine Magnier said: “The SFA has a vision of an Ireland that has the most vibrant small business community in the world. This year, we are delighted to celebrate 20 years of success amongst all our previous winners who are testament to the resilience amongst the 273,000 small firms who collectively employ half the private sector workforce and represent excellence, achievement and innovation amongst small businesses in all sectors and across Ireland. I am also looking forward to celebrating all our category winners and overall winner next March.”

Submit your entry by 27th of October at www.SFAAwards.ie and keep up with Awards news on Instagram @sfa_irl, X @SFA_irl and for the very first time this year, TikTok @SFAAwards_irl

THE SFA NATIONAL SMALL BUSINESS AWARDS ARE OPEN TO ALL COMPANIES IN IRELAND WITH UP TO 50 EMPLOYEES AND THE CATEGORIES ARE: ANUFACTURING M – supported by permanent tsb F OOD AND DRINK – supported by Bord Bia ERVICES S – supported by Sage UTSTANDING SMALL O BUSINESS – up to five employees – supported by Elavon I NNOVATOR OF THE YEAR – supported by National Standards Authority of Ireland (NSAI) SUSTAINABILITY – supported by Strategic Banking Corporation of Ireland (SBCI) ORKPLACE WELLBEING W – supported by DeCare EXPORTER – supported by Enterprise Ireland ETAIL R – supported by One4all Rewards Skillnet Ireland is supporting the management training for the programme. In addition, the five best “Emerging New Businesses” (companies who are less than two years in existence), supported

by Microfinance Ireland, will be selected.

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Feature  Climate Action

Taking action on

climate change CONOR MINOGUE EXPLAINS HOW WHY THE THE IBEC CLIMATE ACTION TOOLKIT CAN HELP BUSINESSES DEVELOP A BEST-PRACTICE CLIMATE ACTION STRATEGY AND AVOID COMMON PITFALLS LIKE GREENWASHING

Corporate sustainability is becoming ever more important as we see the effects of climate change dramatically impacting the world around us. Not only is it a matter of compliance and good public image for companies, but it also now encompasses a wide array of environmental, social and governance (ESG) risks and has become a question of business value and survival. Businesses large and small are looking to understand and undertake measures of their impact on the world so they can begin to improve and lessen their footprint.

Irish businesses are taking steps in the right direction by committing to important initiatives, but many companies are grappling with how they are going to achieve their ambitious targets, while some are unsure of even where to begin. Ibec recently launched ‘Climate Action: A toolkit for business’ in collaboration with Accenture. This comprehensive

Toolkit provides businesses with the information they need for their climate action journey and provides practical easy-to-understand guidance on how to begin developing an enduring climate action strategy.

Conor Minogue, Ibec Senior Executive for Infrastructure, says the new Toolkit will help businesses develop a best-practice climate action strategy. “Among our increasingly vocal membership there has been a clear desire to understand how carbon footprinting, target setting and mitigation actually works. There’s a political labyrinth of frameworks, certifications and standards and there’s a raft of legislation coming through the European Green Deal and domestically on the back of the Climate Act. This confusion has become really frustrating for businesses, particularly small- and medium-sized firms that would not have the in-house knowledge or resources to navigate this.

“There’s also this genuine desire to actually do more in terms of setting targets and putting in place some kind of plan to reduce those emissions and

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Climate Action  Feature

increase businesses’ sustainability. We wanted to find a way to cut through all that confusion and present this trusted resource for business.”

Through the Climate Action Toolkit, Ibec and Accenture share learnings, experience and best practice which can be used by executives to understand the business imperative and more importantly, to develop a best practice approach to support businesses to deliver on carbon reduction. It provides an overview of key concepts and developments in climate change science and regulation, while also setting out five steps businesses can take on carbon measurement and a subsequent reduction roadmap. It also provides additional insights and guidance for four large sectors of the Irish economy.

“We looked at everything that was out there,” says Minogue. “It was quickly apparent that the Greenhouse Gas Protocol Corporate Standard is very much the gold standard in terms of how you would measure your organisation’s carbon footprint – but it’s a 200-page document so our Toolkit breaks it down into a simple process that doesn’t inundate the reader with a lot of information they don’t actually need at an early stage.”

When putting together the Toolkit, they strove to find a balance between creating something that is accessible and readable for people who aren’t familiar with the subject matter, but “At the same time, not oversimplifying what is – quite a significant undertaking for any business. We’re very upfront with the reader and say, ‘This is how you begin your climate journey and you can do something about it, but you will likely need advice and guidance’.”

He describes the process of measuring emissions as something that will be cyclical and constantly changing. “What the reader will get with our Toolkit is something that they can build on; it’s not going to expire and all the process we set up is cyclical. So essentially, you begin with the task of calculating your missions, you can mobilise buy-in across your organisation and prioritise it across your corporate strategy. You then have to commit by setting the targets, then you implement and then you measure, communicate and disclose your progress.

Ultimately, you do end up going back to calculation again because as businesses grow and as your understanding of what’s happening in your business develops, you’ll more than likely have to recalculate your emissions at some point in the future.”

While the process is in essence much the same, regardless of the size of the business, it is something that takes a lot of time and resources for small- and medium-sized enterprises.

“What we’ve tried to do is make it adaptable and more user friendly for medium- to large-sized firms.

Small businesses that are very passionate about this and are willing to dedicate time and resources can absolutely do it, but as I said, it is a big undertaking.”

Conor Minogue, Senior Executive for Infrastructure, Ibec

“THERE’S ALSO THIS GENUINE DESIRE TO ACTUALLY DO MORE IN TERMS OF SETTING TARGETS AND PUTTING IN PLACE SOME KIND OF PLAN TO REDUCE THOSE EMISSIONS AND INCREASE BUSINESSES’ SUSTAINABILITY.” While he hopes to see as many businesses as possible engage with the Toolkit, he warns, “They need to know the time and energy that’s needed to do this properly.” He has seen businesses become frustrated by other products and services on the market, which claimed to help them reduce or offset emissions. “Some of those don’t stand up to scrutiny. There’s a risk of greenwashing or under-reporting your emissions or running with a solution that doesn’t actually address the core emission drivers within an organisation.”

Followed carefully, he hopes the Toolkit will prepare and guide businesses to measure and report in a way that adheres to best practice and is beyond reproach.

“This Toolkit is a way of ensuring the approaches used are robust and does not lead anyone into an area where they could be criticised for greenwashing.”

To download the free toolkit, visit https://www.ibec.ie/connect-and-learn/insights/ insights/2023/06/29/climate-action-a-toolkit-for-business SFA | BETTER BUSINESS 15

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On

Sector Spotlight  Health

health kick

IRELAND’S HEALTH AND WELLNESS INDUSTRY IS BOOMING. MEET THREE SMALL BUSINESSES MAKING WAVES IN THIS GROWING SECTOR 16 SFA | BETTER BUSINESS

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Health  Sector Spotlight

Health and wellness is big business in Ireland.

Back in 2020, a Euromonitor report put the industry’s value at €2.3 billion, with that figure expected to rise as the market continues to grow and expand. With the pandemic ushering in new ways of working and boosting consumer interest in staying healthy, both physically and mentally, a plethora of start-ups and small businesses have launched their own unique health and wellness offering to capitalise on this growing trend.

In December 2020, Rob O’Brien set up The Barrel Sauna as a way of taking control of his working life. Initially, the plan was to take over a friend’s mobile sauna business. “His plans changed so I decided to go ahead and buy my own. My background is in construction and building sets for TV and film, work that required travel and time away from home.

Initially, the reason for setting up the business was to give me more time with the family but since setting up, the business has really taken off,” says Rob. After setting up in Rathgar, a second location in Greystones has also

opened, with the aim of buying a premises for the business. “That would allow us to invest more heavily and play the longer game. We could think about having a coffee shop or health food offering alongside the sauna, or even massage therapists or sports physio so we could offer our customers the whole package. There’s so much potential with this business that’s just waiting to be explored.”

The health benefits associated with warming your body from the inside out are well documented and include reducing joint stiffness, boosting circulation and even strengthening your immune system. “Every single person that comes out of the sauna leaves feeling better.

“EVERY SINGLE PERSON THAT COMES OUT OF THE SAUNA LEAVES FEELING BETTER. YOU’LL SEE PEOPLE COMING IN CARRYING THE STRESS OF THE DAY. AN HOUR LATER, THEIR SHOULDERS WILL HAVE DROPPED AND THEY’LL HAVE A SMILE ON THEIR FACE.” Rob O’Brien, Founder, The Barrel Sauna with his eldest child Sonny, heir to the empire

You’ll see people coming in carrying the stress of the day. An hour later, their shoulders will have dropped and they’ll have a smile on their face.” Rob employs nine people across the two sites. “We’re not a minimum wage business; we pay over the odds to retain staff and give them a good level of security. I worked the gig economy for years, I know what it’s like to feel uncertain in your work. I didn’t want that for my staff.”

A consistent, high temperature sets The Barrel Sauna apart from other saunas. “Our customers tell us that other saunas or even the saunas you find in gyms just aren’t as hot. It’s not about squeezing as many people as possible into the sauna; we care about the user experience and want to ensure our customers are getting the best possible service so that they’ll return.” Like every other business, rising costs are an issue for Rob. “The price of wood has gone up by 40%.

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Sector Spotlight  Health

We’re classified as a hospitality business so are subject to the increased VAT rate.

Accessing finance can be very tricky; it took quite a lot of negotiating to get just a small loan from the bank. They’re not lending the way they used to and it’s destroying so many small businesses who are relying on their cashflow to pay for capital expenditure.”

HEALTH BENEFITS OF MARINE MICROALGAE Set up by Chris Fleming in 2020, Sea Green Health produces a range of health supplements based on marine microalgae.

Chris was inspired to set up the company after working with a Spanish firm that was involved in growing the photosynthetic micro-organisms. “I hadn’t come across marine microalgae before and found it absolutely amazing. I got the chance to visit their facility on Porto Santo Island where it’s grown and that’s where I began to learn about the health benefits associated with it.” Marine microalgae is, says Chris, the basis of all life on the planet. Each one contains a host of vitamins and minerals, essentially everything you need to live a healthy life. “Because they contain everything we need, they’re a great base to add other health products to. Marine microalgae actually helps absorb other ingredients so by putting something like retinol into the capsule, which is an ingredient in our Inner Beauty supplement, it’s more readily absorbed by the body.

There’s a saying in the beauty industry – skin creams deal with the past and present

Chris Fleming, Founder, Sea Green Health

of your skin. Well, with our supplements, what you ingest deals with the future.”

Together with a formulator, Chris put together formulations for the full suite of products currently available which includes Pure, Gut Microbiome, Immunity Plus and Inner Beauty. The supplements, made from marine microalgae plants, are sustainably grown in large photo bioreactors, rather than harvested from the sea. All packaging is plastic-free. “The roots of our products come from the sea, so a portion of our profits go to Plastic Oceans, a non-profit dedicated to restoring the seas from plastic pollution.”

So far, the US market is proving profitable while a big push into the Irish market is on the cards for the rest of 2023, into 2024. The potential for the brand is huge, says Chris. “There’s a market for all our supplements, but particularly for Gut Microbiome. The more I learn about it, the more I realise that the gut is intrinsic to our health. I believe that many conditions can be helped or even cured through good gut health.” More gut-related products are in the pipeline and although the products are only available through the website at the moment, Chris is looking to stock the range in health-food shops and appropriate outlets in the coming months. “There’s huge potential with this range, particularly in the current environment where health and wellness is front and centre.”

CORPORATE WELLNESS After spending a year working in Australia, Mark O’Reilly returned to Ireland with an idea for a business centred around corporate wellness. Here, the industry was in its infancy, whereas in Australia, it was big business. “Seeing how evolved the corporate wellness industry was in Australia was an eye-opener so after a year of working over there, I had saved enough money to come home and open a small studio in Ballsbridge,” says Mark.

With a background in fitness, he began approaching corporate businesses, gauging their interest in corporate wellness and suggesting ways of engaging with their wider community. “Today corporate wellness is the norm but back then, it wasn’t. It’s astonishing to see how much growth there’s been over the last decade.”

In those early days, getting companies on board was tough. “I was lucky that one

Mark O’Reilly, Managing Director, Fitvision

of the first companies I approached was Primark, a forward thinking organisation that’s generally ahead of the curve. They were renovating their head office in Dublin and had an opportunity to include a dedicated health and wellness space.

They went with the Fitvision blueprint and nearly a decade later, we’re still working with Primark across Ireland and the UK.” Today, Fitvision employs 10 people and provides corporate gym management services to organisations, along with wellbeing programmes for leaders, managers and teams. Through a partnership with another company, Fitvision also provides an app that caters to hybrid working. “The app does everything, from developing a plan around physical fitness to advising on nutrition for employees.” Since coming out of the pandemic, employers are more tuned into the needs of their employees.

“They want to make the experience of actually being in the office more memorable and enjoyable. That’s led to a huge increase in enquiries and we’re currently in talks with several different organisations.” During Covid, Mark launched a second business – Leaders Connect – focused on helping leaders and managers understand how to effectively motivate and engage employees. “Both those businesses are performing well as they both fulfil a critical need facing businesses today.”

Fitvision is making inroads into the UK market, as well as expanding further in Ireland. “Employers are increasingly aware that Fitvision can become a real asset to organisations by helping build those communities on-site and engage employees.”

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Made Easy Go to

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This toolkit includes posters, bin labels and a step-by-step Free to order while stocks last.

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HARNESSING THE POTENTIAL OF AI

BETTER BUSINESS AUTUMN 2023

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THE FIRMS MAKING SUSTAINABILITY THE HEART OF THEIR BUSINESS

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SHINING A LIGHT ON IRELAND’S HEALTH INDUSTRY

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BUSINESS THE FUTURE IS HERE HARNESSING THE POTENTIAL OF AI

BETTER BUSINESS AUTUMN 2023

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THE FIRMS MAKING SUSTAINABILITY THE HEART OF THEIR BUSINESS

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SHINING A LIGHT ON IRELAND’S HEALTH INDUSTRY

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Artifi Artificial cial Intelligence Intelligence  Feature

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AI HAS THE POTENTIAL TO TRANSFORM HOW SMALL FIRMS RUN THEIR BUSINESS BUT ONLY IF IT’S DEVELOPED AND USED RESPONSIBLY, WRITES DEANNA O’CONNOR SFA SFA || BETTER BETTER BUSINESS 21

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Feature  Artificial Intelligence

Artificial Intelligence is a phenomenon, one that’s developing so quickly we can barely keep up.

A wave of investment to fuel the development of new technologies saw a stock boom in the first half of this year, setting the scene for further growth in the sector in the months and years to come.

It’s a sector that touches every part of our lives – you have probably already interacted with it in some way, whether you realise it or not. And it’s causing a lot of discussion. With a keen eye on the topics of the zeitgeist, the World Economic Forum’s (WEF’s) midyear Chief Risk Officers Outlook – which looks at economic headwinds, geopolitical fallout and politics – devoted a special section that shined a light on the risks associated with AI technologies.

Three-quarters of respondents to their survey “expect volatility in the technology domain over the remainder of 2023” and a similar proportion agreed that “AI technologies pose reputational risks to their organisation, for example, due to the possibility of sensitive data being breached either inadvertently or due to malicious intent”.

Across the board, there is consensus that the development and deployment of AI technologies are outpacing the management of associated risks; regulations and guardrails can’t be introduced quickly enough. According to the WEF, the next six months will be critical to ensure that “rapidly developing technological risks do not cascade into the next global crisis”.

Work is underway in the EU on new regulation, the proposed AI Act. It aims to ensure that AI systems used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly. It also proposes that AI systems should be overseen by people, rather than by automation, to prevent harmful outcomes. However, even though the AI Act proposes to be “the world’s first comprehensive AI law”, AI technologies are already 1,000 times larger and far more powerful than they were five years ago when the initial work began on it. The potential for there to be a regulatory gap looms large.

Aidan Connolly, CEO of pioneering data analytics company Idiro, believes it’s important to get some

regulatory framework in place as soon as possible.

“I think the regulations possibly could have been introduced sooner, because whatever is brought out will have to be adjusted. AI is changing very fast and the regulations will have to adapt.”

In the meantime, the burden is on organisations to conduct an AI audit and self-regulate with regard to the safety, legality and ethical soundness of the algorithms being used. Responsible investor scrutiny will also demand it; the world’s largest sovereign wealth fund (Norway) is leading the way, introducing standards around the ethical use of AI as part of its broader responsible investment framework, which will require companies to be able to stand by the design, training and testing of AI systems. Connolly believes that AI-powered decision-making should be subject to the same level of scrutiny and ongoing audit as a business’s financial accounts. “On the one hand, yes, we are an AI business,” he says. “Yet we are calling for regulation. I’m very happy to work within the boundaries and I think other companies will be more comfortable.”

One area of great importance is removing bias in any use of AI for computer-aided filtering or

Aidan Connolly, CEO, Idiro

AI AND EDI

The World Health Organisation (WHO) predicts that 3.5 billion people will need one or more assistive products by 2050. Assistive technologies can be anything from pill organisers to wheelchairs, but also more technological devices which can make use of AI such as smart hearing aids, communication devices for non-verbal individuals or screen readers making use of AI-powered natural language processing, to convert text on screens into speech or Braille.

According to research by US-based Report Ocean, the global assistive technology market is forecast to be worth $31.22 billion by 2030, with Artificial Intelligence (AI) algorithms rapidly fuelling assistive technologies for individuals with disabilities. It’s expected that sovereign funds could be key to empowering the future of assistive technology and disability AI by closing the funding gap in traditional venture capital.

According to the WHO: “Without assistive technology, people are often excluded, isolated and locked into poverty, thereby increasing the impact of disease and disability on a person, their family and society.” So, while there are without doubt dangers of unregulated and unpoliced usage of AI, it can also be a life-changing force for good for some of the most vulnerable members of society and enable them to forge meaningful careers in ways they would not previously have dreamed possible.

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Artificial Intelligence  Feature

“ANYONE WORKING IN AN ORGANISATION DEPLOYING AI WILL NEED AN UNDERSTANDING OF AI TO WORK EFFECTIVELY WITH SUCH SYSTEMS OR EXPERTS.”

Erik O’Donovan, Head of Digital Economy Policy, Ibec

decision-making – for example in making decisions on who gets a credit card or shortlisting candidates for a job. “Just because you have a tool doing it, doesn’t mean that it isn’t biased or that it won’t become biased,” Connolly says.

While Connolly sees a lot of movement within educational institutions to ensure a skills pipeline for the future, he worries that at the moment, the challenge is around educating senior management.

“They’re the ones that will be signing off on it, but I think they are unaware that it exists, they’re unaware of how it happens. Overall, we need to do a lot of education around AI.” Erik O’Donovan, Ibec’s Head of Digital Economy Policy, believes AI has the potential to help a lot of organisations if it’s developed and used responsibly.

“Ibec’s own research indicates that there are numerous positive use case studies of AI across a number of domains including public services, healthcare, financial services, energy production, content production, environmental monitoring, nutrition, communications and transport.”

In terms of expected change management, he advises the adoption of AI will impact skills needs.

“A recent report by Ireland’s Expert Group on Future Skills Needs (EGFSN) on the skills needed for Ireland to fully benefit from the opportunities presented by Artificial Intelligence found AI is not likely to bring about a net loss of jobs, but it will replace certain tasks within many jobs over time.

“Anyone working in an organisation deploying AI will need an understanding of AI to work effectively with such systems or experts. Thus, there is a need for both organisations and individuals to prepare by seeking out the necessary education and training.

The EGFSN report highlights numerous new courses in AI specific skills, including industry-led programmes through Skillnet Ireland.”

Maryrose Lyons of Brightspark Consulting is excited about the possibilities AI opens up for small businesses.

“Working out ways that SMEs can quickly adapt and respond to changes that are happening in the digital space has always been my passion, to help them take on the big brands. Digital marketing has enabled us to punch above our weight,” she says. Since January she has seen levels of interest in her AI training and consultancy explode, from the early adopters to right across the board. “I have never seen anything like the pace at which this has spread.” From using AI for content creation and code generation to data set analysis, the appetite for training from small businesses is constantly growing.

Even for the smallest business, putting an AI policy in place is not only important, but she believes the tenets of it should be written into people’s job descriptions. Transparency is also important – Lyons believes in crediting AI as a co-author, for example, if you have used it to write a newsletter or blog post.

“One of the things I’m really big on is this idea that human beings can write the prompt, the AI will do the work, but humans must be the last touch point before it goes out, so we must read and review everything,” she says.

Maryrose Lyons, Brightspark Consulting

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Advice  Wise Guys

WISE GUYS

SIX INDUSTRY EXPERTS SHARE ONE PERSONAL NUGGET OF ADVICE FOR ASPIRING ENTREPRENEURS.

1

Engineering Richard O’Farrell Managing Director, EDC

Business owners can be very busy – sometimes busy fools. Quick tip: make a table with three columns with these headings – €10 Task/ €100 Task/ €1000 Task.

Under each heading, put down the tasks you have carried out for the last three weeks, then delegate the €10 tasks! This helps to refocus the brain and ensures your time is spent wisely.

2

Compliance Carol Ann Casey

Managing Director, CA Compliance Limited Hire for attitude and train for talent. Bring the right people with you on the bus towards your destination; then conflict and the time associated with it can be mitigated.

3

Technology John Brady

CEO & Co-Founder, Bowsy There are so many resources for small businesses in Ireland compared to a lot of our EU neighbours. My advice would be to leverage these resources as much as possible, as there are lots of options for companies who actively look for them. Also learn to be flexible, listen to what your customers are saying and don’t be afraid to pivot if necessary.

There are many definitions, but there’s one thing that all great business leaders agree on, and that’s how success can only come by persevering despite failure.

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Wise Guys  Advice

“If your actions create a legacy that inspires others to dream more, learn more, do more and become more, then you are an excellent leader.”

4

HR Fredericka Sheppard

Managing Director & Co-Founder, Voltedge At Voltedge Management, we have many secrets to our success but the one that’s at the core of our business is our strategic thinking and practical application in managing people. We work with our clients to gain a deep understanding of their business ambitions so that we can create the structure needed to make them a reality. People power business – we help them flourish.

5

Green Technologies Luke Deasy Managing Director, Copper Coast Renewables

Successful sales professionals are adaptable and open to learning new techniques, technologies and market trends. Persistence is key; rejection is a part of sales.

Successful salespeople don’t get discouraged by setbacks. In the world of small business, honesty remains the cornerstone of success. Be upfront with yourself, your team and your clients, even when delivering news that might not be so easy to hear.

Dolly Parton American singer-songwriter, musician, actress and businesswoman

6

Consultancy Geraldine Lavin Director, 3rd i

As a business owner, it’s very easy to get consumed by the day to day demands on your time, but remember to schedule time to work on your business goals. Spend time evaluating what you have done, checking market conditions and talking to customers about their needs and experiences – plan for the future so you can stay ahead.

and you feel you have some words of wisdom to share with

If you are a business leader he small business community please email info@sfa.ie

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Cover Story  Strategic Banking Corporation of Ireland (SBCI)

LOANS FROM THE STRATEGIC BANKING CORPORATION OF IRELAND HELP SMALL FIRMS GROW, INNOVATE AND PROSPER. CEO JUNE BUTLER TALKS TO BETTER BUSINESS ABOUT TWO OF ITS CURRENT SCHEMES AND WHY ACCESSING FINANCE FROM THE SBCI MAKES SENSE

Small businesses are the lifeblood of the Irish economy.

June Butler, CEO, Strategic Banking Corporation of Ireland

Finance made

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Strategic Banking Corporation of Ireland (SBCI)  Cover Story

They make up the majority of businesses in the country, with research showing that around 250,000 SMEs are currently active in the country. Despite our economy’s reliance on small firms, accessing finance remains an obstacle for small businesses that seek to grow and expand. Cognisant of this fact, the Strategic Banking Corporation of Ireland (SBCI) recently launched the Growth and Sustainability Loan Scheme (GSLS), a new long-term loan guarantee scheme jointly developed by the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine. The GSLS will make up to €500 million in longer-term lending available to small firms, including farmers, fishers and

small mid-caps. Loans of between €25,000 and €3 million, with terms of up to 10 years and competitive terms and conditions, will be made available through the Scheme to eligible small businesses through participating finance providers, with loans of up to €500,000 available unsecured.

“We’ve really put a lot of thought into this Scheme to make it as attractive as possible to small firms. The aim of the GSLS is to support businesses that want to invest in both the growth of their business and in sustainability measures to ensure their long-term viability. With energy costs so high at the moment, it makes sense for firms to go down a sustainable route.

With the Scheme, we’re simplifying that process,”

Growth and Sustainability Loan Scheme Loan amounts from €25,000 to a maximum of €3 million per borrower Discounted interest rates when compared to equivalent loans, with an additional discount for loans for climate action and environmentally sustainable purposes Loan terms from seven years up to a maximum of 10 years Loans are unsecured up to €500,000; loans above €500,000 may be secured Personal guarantees for loans in excess of €500,000 are limited up to 20% of the loan amount

Paul McCarthy

Loans may only be used for the purposes of longterm investment for business growth and resilience or longterm investment in climate action and environmentally sustainable measures Loans are available up to 30 June 2026 or until the Scheme has been fully subscribed (whichever is earlier)

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Cover Story  Strategic Banking Corporation of Ireland (SBCI)

Ukraine Credit Guarantee Scheme Loans from €10,000 to a maximum of €1 million per borrower Repayment terms of between three months up to six years Eligible financial products include (but are not limited to) term loan facilities, working capital, asset finance and overdrafts Loan amounts less than €250,000 will be unsecured (unless it is a requirement of the product feature e.g. asset finance, invoice discount facilities) Amounts greater than €250,000 may be secured; however, a personal guarantee may only be sought in circumstances where it is required to capture supporting security, or where it is an uncollateralised personal guarantee and is limited to a maximum of 20% of the initial finance agreement amount Up to 90 days interest and/or capital moratoria are possible under the Scheme. These remain at the discretion of the participating on-lender Loans will be available up to the 31 December 2024 or until the Scheme has been fully subscribed, whichever is earlier

June Butler, CEO, Strategic Banking Corporation of Ireland

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Strategic Banking Corporation of Ireland (SBCI)  Cover Story

Paul McCarthy

“COMPANIES THAT ARE KNOWN FOR THEIR INITIATIVES AROUND SUSTAINABILITY BENEFIT FROM AN ENHANCED REPUTATION; IT’S A FACT THAT CONSUMERS INCREASINGLY CHOOSE COMPANIES THAT DEMONSTRATE A COMMITMENT TO SUSTAINABILITY.” says June Butler, Chief Executive Officer at the SBCI. The Scheme has, says June, been carefully developed to help small firms grow, expand their business or invest in innovation and technology. “Lending for loans up to €500,000 is unsecured, so the seven-to-10year repayment feature of the Scheme in particular will make it easier for businesses to access the finance that they need.”

The GSLS is available to businesses across all sectors that are looking to invest in the growth and resilience of their business and to contribute to climate action and environmental sustainability. Some of the measures that would fall under the sustainability element of the Scheme include building upgrades, retrofits, solar panels, electric vehicle charging points, insulation, automation technology and heating and cooling equipment, to name just a few.

“For example, if farmers were to invest in new machinery with lower emissions, that equipment would qualify under the Scheme.

There’s also an additional price discount for equipment or machinery that qualifies under the green element of the GSLS.” The first phase of the Scheme has launched, with Bank of Ireland the first lender to market. A number of other lenders, including non-bank lenders, are expected to take part in the Scheme and will be announced in the coming weeks.

Applying to the new Scheme couldn’t be easier. Over the past while, the SBCI has been working to improve its application loan process for small firms. “We’ve made it faster and easier for our customers to access our schemes and simplified the process.

For the GSLS, there is a two-step eligibility process; the first step is to register on the SBCI Hub which can be found at www.sbci.gov. ie. From there, the applicant will submit an online eligibility application form to check whether they’re eligible for funding under the Scheme. Once that form is complete, they will immediately be issued with an eligibility code.” Applicants then take that eligibility code to a participating lender and begin the credit application process. “As mentioned above, the Scheme was launched in two phases

and we’re prioritising the climate action and environmentally sustainable investment loans initially. Our ambition is to lead in that area and encourage businesses to really consider the benefits of green investments.”

Small firms are well aware of their obligations when it comes to decarbonising their business. Reducing carbon emissions contributes to the long-term sustainability of a business and can lead to cost savings around energy and waste. “Alongside those cost reductions, businesses that invest in sustainable and low carbon technologies can also drive innovation within their own industry, which in turn can drive competition in that market. Companies that are known for their initiatives around sustainability benefit from an enhanced reputation; it’s a fact that consumers increasingly choose companies that demonstrate a commitment to sustainability.”

Small firms should take advantage of the wide range of incentives available from the Government and State agencies like the SBCI that support decarbonisation efforts.

“There are so many supports available to firms that want to go down this route. While businesses are fully aware of what they need to do, sometimes deciding what to invest in can be difficult. The advice and information is out there, so I would really urge them to access it.”

At the beginning of 2023, the SBCI launched the Ukraine Credit Guarantee Scheme which provides low-cost finance to businesses impacted by the war in Ukraine.

Bank of Ireland, AIB, Capitalflow and 13 Credit Unions represented by CUDA, ILCU and Metamo are currently providing loans, with additional lenders to be announced in the coming weeks. “This Scheme is quite different in that it provides finance from €10,000 to a maximum of €1 million. The repayment term is up to six years and it’s targeted at businesses who need working capital to deal with the impacts of the war in Ukraine. That could be finance to deal with increased input costs, energy costs or supply chain disruptions.” Firms interested

in accessing the Scheme must show that their costs have increased by a minimum of 10% on their 2020 cost figures due to the impact of the war in Ukraine. Loans up to €250,000 can be unsecured, meaning no personal guarantees or collateral are required. So far, over €110 million has been drawn down by firms accessing the Scheme. “We’re seeing a very steady flow of interest in this Scheme and we expect that activity to pick up as more non-bank lenders come into the market.”

Earlier this year, the SBCI carried out a survey which highlighted that for small firms, the biggest barriers to accessing finance are a lack of collateral and the need to provide personal guarantees. “So many small businesses operate from a modest fixed asset base and simply don’t have huge amounts of collateral that they can provide to secure funding. That’s why the unsecured element of our schemes is really beneficial; it removes that barrier.” The survey also found that the time and effort involved in the application process is yet another barrier, particularly for micro and small businesses that may not have the financial expertise to navigate some of the complexities around securing finance.

“Our role in the SBCI is to help address gaps in the Irish credit market. Predominantly, those gaps include having to provide security and short loan tenures, which is why our loans are particularly attractive. With some banks having left the market, we’re also working hard to try and increase competition and that’s why both banks and non-bank lenders participate in our schemes.”

Since the SBCI began lending in 2015, over €3.6 billion of funding has been accessed by firms across the country. The SBCI’s ambition is to make it easier for businesses to get the finance they need to grow, innovate and prosper. “We provide portfolio guarantees of up to 80% to finance providers to ensure the flow of credit to SMEs continues, regardless of what’s happening in the economy like Brexit, Covid, the war in Ukraine etc. Our schemes help small firms grow their business and that’s what we intend to continue.”

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Entrepreneurs  Sustainability

AT TH E S TH S RM TY ES FI LI N H BI SI IS A U IR IN B E TA EIR RE US TH TH S F T DE O EE A Y M M STA VE IN HA MA 30 SFA | BETTER BUSINESS

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Colectivo, LAURA MCDERMOTT

a consultancy that supports organisations in their transition towards more sustainable models, is the brainchild of Laura McDermott.

Inspiration for the consultancy, which launched in January of this year, struck when Laura was working in a Spanish university. “The sustainability landscape over there, particularly around corporate reporting, is about four years more advanced than in Ireland. Large-scale companies are obliged to conduct extensive auditing and reporting on their value chains, their impact on communities, their emissions etc.

At the time, I was working on corporate projects to boost economic prosperity and activity in communities where large corporates were operating in. With Ireland lagging behind in the corporate reporting space, I wanted to bring those learnings back home,” says Laura. Colectivo is run by Laura and a diverse set of experts she has collaborated with on various projects over the years. “Essentially, we help companies become more sustainable. We begin with an ‘as-is’ analysis to determine how the client engages with their environment, their workers, communities and clients. Once that’s complete, we have our own suite of digital tools to measure those outcomes and figure out what steps need to be taken in the short, medium and long-term to reposition them as a best-in-class sustainable business.” It’s not just high level strategy that Colectivo brings to the table; it’s also the practical concrete actions an organisation can take to become more sustainable straight away.

Colectivo is a unique offering in the Irish market. “When I explain what we do to Spanish firms, I’m asked what’s the difference between Colectivo and the 500 similar consultancies operating over there. In Ireland, it’s still early days for corporate sustainability reporting so the potential is huge.” Longterm, the ambition is that the need for a consultancy like Colectivo won’t exist. “Our hope is that in the not too distant future, companies will have already embarked on their sustainable journey and a service like ours won’t be required. In the meantime, I’d love to scale up and recruit. We do quite a bit of work in Latin America, North America and Europe but we’re aiming to increase our presence in regions currently undergoing major transitions due to climate change such as Asia, the Middle East and Africa.” In Ireland, business development is key. “A lot of the work we’re currently doing with Irish firms is around helping them begin that journey. Right now, they can’t come to me and ask for an innovation wish-list when they don’t fully know what it is they need to innovate. We expect that to change in the next couple of years as corporate reporting becomes the norm, not the exception.”

Sustainability  Entrepreneurs

“OUR HOPE IS THAT IN THE NOT TOO DISTANT FUTURE, COMPANIES WILL HAVE ALREADY EMBARKED ON THEIR SUSTAINABILITY JOURNEY AND A SERVICE LIKE OURS WON’T BE REQUIRED.”

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Entrepreneurs  Sustainability

BRENDAN DOOLEY

business can excel in every way. “We believe that the traditional business model of existing only to make a profit is obsolete. For an enterprise to be sustainable long term, it must focus equally on environmental, social and profit and that’s what we have done”, says Brendan.

In terms of its sustainability credentials, The Factory has installed a 22.5kW solar panel array, erected a 2.6kW wind turbine, fitted an airto-water heating system, installed a rainwater harvesting system and invested in eco toners/ inks. All packaging is plastic-free, while five acres surrounding the business are devoted to biodiversity. The aim is to be 100% self-sufficient by the end of this year or early 2024. For a small rural enterprise down a side road outside Birr, that’s good going. “We see sustainability as a significant human rights issue – our consumption of fossil fuels in particular is a human rights issue. Investing in green energy is a solid financial decision that will ultimately help companies save money. We’re winning in every way – it’s good for the company financially and we’re also doing the right thing.” Brendan’s eldest daughter Lisa joined the enterprise in 2018. To communicate The Factory’s mission and help the team visualise their goals, she developed a booklet which has also helped secure supports from the Local Enterprise

“FOR AN ENTERPRISE TO BE SUSTAINABLE LONG TERM, IT MUST FOCUS EQUALLY ON ENVIRONMENTAL, SOCIAL AND PROFIT AND THAT’S WHAT WE HAVE DONE.”

At the 2023 National Small Business Awards, Offaly-based firm The Factory walked away with the Sustainability award. For over two decades the print, branding and sign-making company has been putting its money where its mouth is when it comes to operating a truly sustainable business.

Set up by Brendan Dooley and his wife Gina, The Factory aims to prove that a sustainability-focused

Office and Leader. The Eco School, the educational aspect to The Factory, provides practical sustainability courses for people interested in becoming more self-sufficient.

The Factory has been in the signmaking business for over a decade. With so many different plastics used in the process, making it green has been a challenge. “We’ve gradually been moving to wooden signs and we hope that by next year, we can become fully plastic-free signmakers.

That requires a considerable investment; we’ll be replacing technology that prints onto plastic with woodworking machines.” In the early days, Brendan would often be questioned about his efforts around sustainability. “I remember someone once referred to us as hippies! We’ve been on this path for quite a while but I think inevitably, everyone will come round to the same conclusion – that we need to act urgently.”

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Sustainability  Entrepreneurs

DAMIAN YOUNG

ELECTRIC SCOOTERS have become a common mode of transport across the country, despite the fact that current legislation prohibits their use. With the signing of the Road Traffic and Roads Act 2023 into law this summer, that’s all set to change. For the first time in Ireland regulation around e-scooters has been given the green light, making the increasingly popular form of transport legal in Ireland by the end of the year. Irish micro mobility start-up ZEUS Scooters is ready to roll out its unique three-wheeled sharing scooter at home, once the legislation is enacted. “We launched in 2020, initially in Germany. We’re now operating in about 65 cities globally, in countries including the UK, Sweden, Italy, Croatia and most recently, Malaysia,” says Damian Young, Founder and CEO at ZEUS Scooters. Micro mobility is generally used to describe small vehicles that can easily navigate urban areas. They’re designed for short trips, they travel at low speeds and are for the most part, powered by electric motors. “We describe it as last mile or first mile transport. It allows the user to get from A to B and integrate that journey with public transport. Our scooters are carbon neutral so they’re providing people with a more sustainable mode of transport that also contributes to city decongestion.” ZEUS Scooters are more robust than your average personal use scooter. With three wheels (the only model world-wide with such a feature), they’re safer and more stable than a normal scooter. “They’re also larger so they attract an older demographic that’s perhaps more focused on comfort and safety. They’re equipped with indicators and geo-positioning technology, they feature swappable batteries and our latest model is also equipped with a universal phone holder and charger. People can pop their phone in the charger and use the likes of Google Maps to get

to their destination. Our services are available to consumers on a rental basis and also on a subscription basis for more regular use.”

Design and development of the scooter was carried out by ZEUS’ in-house team, who have just completed a new solar powered charging station. “Called Zolar, it’s currently being built in a number of cities across Germany. Users will be able to dock scooters into charging bays which use fully sustainable renewable energy.

At the moment, we’re looking at rolling the new station out in Germany and Ireland and then further afield.” With the global electric scooter market projected to reach $34.91 billion by the year 2030, the future’s looking bright for ZEUS Scooters. “The market for micro mobility is growing at a fast rate and we’re well positioned to take advantage of that growth.”

“OUR SCOOTERS ARE CARBON NEUTRAL SO THEY’RE PROVIDING PEOPLE WITH A MORE SUSTAINABLE MODE OF TRANSPORT THAT ALSO CONTRIBUTES TO CITY DECONGESTION.” SFA SFA || BETTER BETTER BUSINESS 33

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Forecasting  Tips

Tony Dignam,

Managing Director, The Agile Executive

h c a o r p p a e l i g T he a recasting to fo TONY DIGNAM ON WHY AGILE FORECASTING EMPOWERS ORGANISATIONS TO ADAPT TO CHANGES SWIFTLY AND MAKE DATA-DRIVEN DECISIONS

1

EMBRACE FLEXIBILITY

Embracing flexibility means allowing room in your forecasting models for adjustments and iterations.

Agile forecasting encourages you to revisit these figures at regular intervals instead of setting a yearly budget or performance metrics that are carved in stone.

4

PLAN FOR MULTIPLE SCENARIOS

One of the tenets of agile forecasting is preparing for various outcomes.

From optimistic to pessimistic scenarios, having a range of forecasts can help you adapt your strategy effectively.

2

USE DATA WISELY

The age of Big Data has endowed businesses with an unprecedented volume of information. But data is only as valuable as your ability to analyse and interpret it. Modern data analytics tools offer real-time insights into a plethora of factors affecting your business – from market trends and competitor strategies to consumer behaviour and economic indicators.

5

LEVERAGE AVAILABLE RESOURCES

Did you know that grants from Enterprise Ireland and Local Enterprise Offices are available to support your forecasting and planning processes? These grants can provide the financial cushion needed to invest in advanced tools and expertise.

3

POWER OF GOOD CFO – EITHER FULL TIME OR FRACTIONAL

The power of a good CFO, whether that be a full time or fractional one, cannot be overstated.

With keen financial insight, they navigate uncertainties, aligning business strategy with fiscal responsibility. In the dynamic world of agile forecasting, a proficient CFO becomes the bedrock, ensuring the company’s financial health while adapting to ever-evolving market conditions.

6

REGULAR REVIEW AND ADAPTATION

The agile approach encourages frequent reviews of forecasts and plans. This iterative process ensures that you’re not caught off-guard by market changes.

FORECASTING AND PLANNING

As we look ahead to 2024, agile forecasting and planning stand out as crucial elements for business success. It’s not just about adopting a methodology, but embracing a mindset that equips your business for future challenges. For those looking to take their forecasting to the next level, expert consultancy services can provide valuable insights and tailored solutions to meet your specific needs. In a world where change is the only constant, adopting an agile approach to forecasting and planning can make all the difference. If you need expert guidance in this journey, The Agile Executive with our team of experienced CFOs is just a call away. https://www.theagileexecutive.ie/

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Pat McDonagh, Owner Supermac’s, Trócaire Supporter.

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09/10/2023 16:26 05/09/2016 09:51

Bank of Ireland  Partner Profile

MAXIMIZING YOUR RETIREMENT NEST EGG THE BENEFITS OF ADDITIONAL VOLUNTARY CONTRIBUTIONS (AVCS) TO YOUR COMPANY PENSION SCHEME Planning for a secure and comfortable retirement requires careful consideration and strategic financial decisions. One powerful tool available to employees is the option of making additional voluntary contributions (AVCs) to a company pension scheme. This practice offers a dual advantage, providing tax benefits while significantly enhancing one’s retirement fund.

Tax Advantages

One of the most attractive features is that it may be possible to get tax relief on your AVCs and then get some, or all, of your AVC fund tax-free when you retire.

Your contributions are subject to Revenue maximum limits, but this can be a really smart way to boost your retirement savings plan. As an employee who pays top rate income tax (currently 40%) a €100 AVC only costs you €60 net. In addition, your AVCs grow tax-free, and you may be able to draw down some of your AVC pot tax-free. Your employer should operate a ‘net pay’ contribution approach which means that your tax relief is calculated and dealt with on your behalf. You can also make a one-off contribution after the end of the tax year and before your tax filing deadline.

Enhanced Retirement Fund

AVCs provide an excellent means to bolster your retirement fund. By making additional contributions, employees can accelerate the

growth of their retirement savings.

This can translate to a more comfortable lifestyle post-retirement, with the potential to afford luxuries that might otherwise be out of reach.

Increased Flexibility and Choice

AVCs offer a level of flexibility that allows individuals to tailor their retirement strategy according to their specific needs and goals. These voluntary contributions can be invested in various funds, including higher risk ones that might yield greater returns over the long term.

This freedom of choice enables individuals to align their pension investments with their risk tolerance and investment horizon.

Cushion Against Inflation

Inflation can erode the value of savings over time, potentially diminishing the purchasing power of retirement funds. AVCs can act as a cushion against inflation by increasing the overall size of the pension pot. The additional contributions, when invested wisely, have the potential to outpace inflation and maintain the real value of the retirement fund.

Compound Interest Magic

The magic of compounding is a cornerstone of successful retirement planning. Additional voluntary contributions magnify the impact of compounding, as they provide more capital to generate returns on. This

Mark O’Connor, Head of Corporate Pensions, Bank of Ireland

can lead to a snowball effect, where the contributions made today grow into substantial sums by the time retirement arrives.

The advantages of making additional voluntary contributions to a company pension scheme are multifaceted. AVCs not only benefit from tax incentives but also create an opportunity to help secure a financially sound retirement.

The enhanced retirement fund, flexibility, protection against inflation, and the power of compound interest all underscore the potential positive outcomes of AVCs. By embracing this proactive approach, both employers and employees can look forward to a more prosperous retirement journey.

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SFA Policy  SFA Policy SME Relief Package

What Europe is doing for you!

THE SFA OUTLINES SOME OF THE PROPOSED MEASURES IN THE SME RELIEF PACKAGE THAT WILL PROVE MOST RELEVANT TO IRISH SMALL BUSINESSES In September, the European Commission adopted the SME Relief Package which sets out a range of measures designed to provide EU companies with short-term relief, boost their long-term competitiveness and strengthen fairness throughout the Single Market's business environment.

Measures relating to Irish small firms Late Payment Following a consultation on the 2011 Late Payments Directive, the EU Commission proposes the following changes: R eplacement of the current Directive with a Regulation (ie directly applicable and laying down the same provisions across the EU) I ntroduction of a single maximum payment term of 30 days for all commercial transactions, including B2B and transactions between public authorities and businesses (same term across the EU) D eletion of the concept of “grossly unfair” contractual provisions, replacing it with a list of identified unfair payment terms and practices C all on Member States to designate authorities responsible for the enforcement of this Regulation (‘enforcement authority’)

O nce adopted by the European Parliament and the Council, the new rules will become applicable one year after the entry into force of the Regulation.

FIRST ASSESSMENT We will review in detail all the elements of the proposed regulation, however our first assessment is negative overall. The 30 days maximum payment terms put public authorities and businesses on the same level. The proposed payment terms do not meet the real needs of the companies to negotiate freely and we do not support the designation of enforcement bodies.

Better Regulation The Commission recognises the importance of the SME test, with the request to be now performed and reported more systematically in all impact assessment reports. The Commission will: S ystematically consider specific SMEfriendly provisions in new legislative proposals, where appropriate, justified and in line with Union policy objectives A ppoint a dedicated EU SME envoy (before the end of the year) to provide guidance and advice to the Commission on SME issues and advocate SME interests externally and ensure that the EU SME envoy will participate in RSB hearings with Directorates-General on initiatives that have a high impact on SMEs P romote with the European Parliament and the Council the implementation of an ‘on the spot’ assessment of the impact on SMEs and competitiveness of proposed substantial amendments to Commission’s proposals during the co-legislative process.

FIRST ASSESSMENT These measures are positive overall and are in line with our request for a better application of the SME Test and for the urgent appointment of the EU SME Envoy.

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SFA Policy SME Relief Package  SFA Policy

Simplifying Procedures and Reporting Requirements The Commission will present, in October 2023, the next set of proposals to rationalise reporting requirements alongside the work programme, as part of a systematic and recurring cycle to meet the 25% reporting reduction target. For instance, Commission plans to adjust the thresholds defining an SME under the Accounting Directive to reduce the number of companies falling within the scope of CSRD and Taxonomy.

FIRST ASSESSMENT There seems to be a number of good intentions in this chapter, but more detailed information will be required and only a few seem to be new announcements. What is proposed for SMEs specifically will need to be checked “against reality”.

Sustainability The Commission will: Ensure that SMEs have a simple and standardised framework to report on ESG issues by limiting the risk of disclosure requirements trickling down on non-

listed SMEs in the value chain of undertakings in the scope of CSRD and ensuring the rapid delivery of voluntary standards for non-listed SMEs. Encourage financial institutions to include green SME financing in their business models by: a. Working towards a standard or a definition of green loans notably for SMEs based on upcoming advice by the European Banking Authority b. Assessing an SME-friendly adaptation of the Green Asset Ratio to be considered in a future update of the Taxonomy Disclosures Delegated Act.

Access to Finance The Commission will: Encourage Member States, through the relevant InvestEU governance structure, to allocate additional resources to InvestEU national compartments and facilitate RRF contributions to InvestEU by providing additional guidance on the application of the ‘do no significant harm’ principle by October 2023 Work with the EIF towards setting up in the course of 2024 a pilot facility of roughly €300 million to allow Export Credit Agencies support SMEs in trading with Ukraine.

FIRST ASSESSMENT The “legal limit” to the information that CSRD standards can require large companies to obtain from SMEs in their value chain and hence limit the trickledown effects, looks good in principle but we need to clarify how it will be done. The possible SME-friendly adaptation of the Green Asset Ratio could be helpful. The rolling out of a network of sustainability advisers for SMEs, announced in the 2020 SME Strategy, is still unclear.

FIRST ASSESSMENT The creation of this pilot facility to allow export credit agencies to support SMEs in trading with Ukraine is positive.

Lobbying for small firms SFA Council meets Minister Coveney ahead of Budget 2024 Ahead of Budget 2024, the SFA Council had a roundtable discussion with Minister for Enterprise, Trade and Employment, Simon Coveney. SFA Council members raised several issues directly to the Minister including rising business costs, increasing employment regulation, access to training, sustainability and the need for changes to our tax environment to better serve small firms.

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SFA HR  Independent Contractor v Employee

Different Strokes

EMPLOYERS MUST MAKE A DISTINCTION BETWEEN AN EMPLOYEE AND AN INDEPENDENT CONTRACTOR AS DIFFERENT RIGHTS AND OBLIGATIONS APPLY TO EACH

This article looks at some of the key watchpoints in relation to independent contractors – individuals with whom organisations regard as being in a businessto-business relationship with. Many organisations employ persons to perform certain tasks under a contract for service. In such a case, the contractor is an independent person and is not an employee.

Situations of so-called false self-employment often arise where a working relationship is misclassified as a contract for services or commercial agreement when it should, according to well established tests of common law, be considered a contract of services otherwise referred to as a contract of employment.

What’s the difference between an independent contractor and an employee?

The difference between whether an individual is employed or self-employed is sometimes unclear. The employment relationship is essentially one based on contract, so it is first necessary to determine whether a particular individual is employed by the organisation or is merely an independent contractor.

A self-employed independent contractor is retained under a contract for service, whereas an employee is employed under a contract of service. For the purposes of the legislation, this distinction is vital in determining who can be defined as an employee.

CRITERIAL ON WHETHER AN INDIVIDUAL IS SELF-EMPLOYED INCLUDE: Whether they own their own business They are exposed to financial risk, by having to bear the cost of making good, faulty or substandard work carried out under the contract They are responsible for investment and management in the business They have the opportunity to profit from sound management in the scheduling and performance of tasks They have control over what, where and how the work is done and whether they do it personally.

These indicators are also set out in the Code of Practice on Determining Employment Status, the first version of which was introduced in 2001 and the most recent iteration published in July of 2021. This Code is available on www.gov.ie 40 SFA | BETTER BUSINESS

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Employee Probation  SFA HR

The following pertains to a person employed under a contract of service, ie an employee: Protected by employment statuses Their employer can be legally liable for any of their wrongdoings in the course of their employment Their taxation is by PAYE They qualify for a broader range of social welfare benefits They are treated as a preferential creditor.

Consequences The consequences of an individual’s status as an employee or self-employed person will affect: The way in which tax and PRSI is payable to the Collector-General – an employee will have tax and PRSI deducted from his or her income Entitlement to a number of social welfare benefits – an employee will be entitled to unemployment and disability benefits etc Rights and entitlements under employment legislation – an employee will have rights in respect of working time, holidays, maternity/parental leave, protection from unfair dismissal etc Public liability in respect of the work done.

Contractual Arrangements An independent contractor’s agreement (ie contract for service) should be put in place to clarify the nature of the relationship between the parties and the conditions and deliverables associated with the contract. It is important to note that the employer does not exercise the same control over the contractor as he or she would over an employee. It is essential that employers remember that this is a commercial agreement and not an employment contract. Arrangements for getting the job done etc should be left as far as possible to the contractor.

It is vital that the correct distinction is made between an employee and an independent contractor as different rights and obligations apply to each.

Misclassification is not only a breach of employment legislation, but can also have costly implications for the employer.

Probation Checklist Employees on probation are entitled to fair procedures and natural justice A common misconception amongst employers is that if an employee is on probation and things are not working out, they can be dismissed without regard or can ask that employee to leave with immediate effect, without informing them of the reasons for the dismissal or giving them the opportunity to improve or work on the concerns. However, this is not the case and this approach can leave employers exposed to a potential claim. It’s important to be aware that employees on probation are entitled to fair procedures and natural justice.

In relation to probationary dismissals, case law has demonstrated that employers have fallen far short of what is expected in relation to the principles of natural justice and fair procedures. It’s very important to bear the following in mind: Employees should be aware that their performance/conduct/attendance is unsatisfactory from an early stage They should be given the opportunity to improve They should be given the necessary support to improve Employees should be aware that if they do not improve, their employment could be terminated.

Many employers state that a company's disciplinary procedure does not apply to employees during the probationary period. However, it is recommended that organisations should be fair and follow their own disciplinary procedures to manage any issues during the probationary period. It is not necessarily required to use the full disciplinary process for employees on probation, nonetheless, employers must adhere to fair procedures.

PROBATION CHECKLIST Did the employee receive full and proper training – was it consistent with other employees training in a similar role?

If issues were addressed with the employee, did they receive an opportunity to improve?

Was there adequate communication and support throughout the probationary period?

Was there regular reviews and feedback – were formal reviews scheduled at months 1, 3, 6 and informal meetings with the employee in between these formal reviews?

Was feedback consistent throughout the probationary period in regard to the employee’s performance/conduct/attendance and if there were any issues, were they made aware of these?

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Cancer Support  Health

Supporting staff

after cancer

SUZANNE DOWD AT THE IRISH CANCER SOCIETY ADVISES EMPLOYERS ON HOW TO SUPPORT Around 44,000 people each year receive a cancer diagnosis in Ireland . As more people than ever STAFF are living with or beyond cancer, many people with a cancer diagnosis will continue their lives AFTER A and careers after active treatment. Instances CANCER of cancer will become more prevalent as the working population gets older and people stay DIAGNOSIS 1

working for longer.

Cancer and cancer treatments can cause a range of side effects including fatigue, sleep problems and anxiety. These side effects can present during, immediately after or well after treatment and can be physical, psychological or emotional. It is important that workers, their colleagues, employers and the wider society are aware of the physical, psychological and financial stress associated with a cancer diagnosis.

Non-medical barriers can also cause significant obstacles for employees who have experienced cancer returning to the workplace, such as lack of employer support or inflexible working arrangements.

WHAT EMPLOYERS SHOULD BE CONSCIOUS OF

To make the situation a little easier for everyone involved, the Irish Cancer Society advises employers to plan ahead so that the transition back to work is as smooth as possible for affected employees.

Preparedness is key. Think ahead of time about how to communicate with your employee, how they may be facilitated to work during treatment and how they can confidently return to the workplace post-active treatment (often with ongoing

care). As each individual’s situation is different, it is important not to be prescriptive at this stage when preparing for an employee’s return but allow a level of flexibility to ensure the employee feels listened to, supported and understood.

A good starting point is the development of a standalone workplace policy on cancer and other chronic or serious illnesses, which outlines supports for those who have been diagnosed with cancer. This should include provisions for sick leave, attending medical appointments, a regular point of contact at the company and organisational principles for supporting people affected by cancer. Where this is not possible, provisions for supporting employees with chronic or serious illness should be included in a company’s sick leave policy. The Irish Cancer Society has a template called ‘Cancer and Chronic or Serious Illness Policy’ for employers, available at www.cancer.ie by searching “Working with cancer: Employer Guidelines”.

IRISH CANCER SOCIETY’S PRACTICAL GUIDANCE FOR EMPLOYERS

Advice on how to manage the emotional and practical implications of an employee’s cancer diagnosis, tips on how to assist an employee returning to the workplace as well as a range of guidance is outlined within the Irish Cancer Society’s ‘Guidelines for Employers to assist employees after a cancer diagnosis’. This document and relevant resources can be found on the Irish Cancer Society website.

If employers or employees are seeking further information on issues relating to a return to the workplace, please call the Irish Cancer Society Freephone Support Line on 1800 200 700 or email supportline@irishcancer.ie 1. National Cancer Registry Ireland (2022) Cancer in Ireland 1994-2020: Annual statistical report of the National Cancer Registry. NCRI, Cork, Ireland

SFA | BETTER BUSINESS 43

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Partner Profile  One4All

GREAT TIME TO REWARD EMPLOYEES AS WE NEAR THE YEAR-END AND WELCOME THE WINTER SEASON, IT’S VITAL TO STRENGTHEN YOUR EMPLOYEE ENGAGEMENT STRATEGY THROUGH REWARDS AND RECOGNITION Did you know, as a business owner, you can now gift an employee up to €1,000 tax-free?

“A significant development for business owners came into effect at the end of last year through benefit-in-kind (BIK), which might just be the answer to bolstering employee morale and loyalty,” says Nicola Roche, Senior Sales Development Representative at One4all Rewards. You can now gift an employee up to €1,000 tax-free, thanks to the increase in the BIK limit. This change allows businesses to reward their employees with up to €1,000 per annum in One4all Gift Cards, exempt from tax, PRSI and USC charges,

potentially saving up to €1,313.54* per employee.

Investing in your employees fosters belonging and loyalty, positively impacting retention rates and reducing recruitment and training costs. “Appreciating and acknowledging your staff isn’t just a nice gesture; it’s fundamental. In the dynamic world of business, nurturing a motivated and engaged workforce is key. Celebrate your employees, as they are the heart of your accomplishments,” says Nicola. The One4all Gift Card can be loaded from €15 to €150 and its digital counterpart can be tailored with a personalised video message from you on behalf of your

business or customised with a photo of your company logo; easily sent by text or email.

For higher value loads over €150, the One4all Chip & PIN option is available in physical or digital reloadable format. Gift cards over €150 currently require photo verification as part of customer due diligence. If employees already received one of these cards last year, their photo verification is valid for up to four years from date of validation.

For more information, email corpsales@ one4all.ie or visit www.one4allrewards.ie to place your order today.

Just BIK-cause...

It’s rewarding to say thanks.

BIK increase to €1,000

With One4all Digital, reward instantly via email or text, and personalise with a photo or video message.

Supporting Irish retail

Gift Card is issued by GVS Prepaid (Europe) Ltd. GVS Prepaid (Europe) Limited is regulated by the Central Bank of Ireland. Registration Number: C189313 Marketing Ref: GVSE23052

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18/09/2023 15:25

09/10/2023 16:46

MyWaste  Partner Profile

WORKPLACE WASTE MADE EASY! A TOOLKIT DESIGNED TO TAKE THE UNCERTAINTY OUT OF WASTE SEGREGATION FOR BUSINESSES IS NOW AVAILABLE FROM MYWASTE, IRELAND’S OFFICIAL GUIDE TO WASTE This government-funded initiative provides a free and extensive suite of signage and training materials to help workforces make accurate recycling decisions. This will assist Irish businesses achieve greater circular economy performance through increased recycling and composting rates. A waste

Office said: “This initiative will empower small and medium size businesses, particularly those in the retail, hospitality, manufacturing and corporate sectors, to further improve how their waste is managed.

With clear language and visuals, the materials will make it

“THIS INITIATIVE WILL EMPOWER SMALL AND MEDIUM SIZE BUSINESSES, PARTICULARLY THOSE IN THE RETAIL, HOSPITALITY, MANUFACTURING AND CORPORATE SECTORS, TO FURTHER IMPROVE HOW THEIR WASTE IS MANAGED” characterisation study carried out by the Environmental Protection Agency (report available on www. epa.ie) found that almost 70% of materials going into general commercial waste bins is waste that should be placed in the recycling or food waste bins.

Targeted materials (those suitable for recycling) accounted for only 60% of the materials in the mixed dry recycling bins, with food waste among the contaminants.

The study found that by improving waste segregation practices, businesses could divert up to 350,000 tonnes of waste from the general waste stream annually.

Speaking on behalf of the Regional Waste Management Planning Offices, Kevin Swift, Connacht Ulster Region Waste

easy for staff to quickly understand what waste goes in what bin. This should help significantly increase the amount of recyclables and food waste diverted from the general bin and correctly placed in the recycling and food waste bins.”

Assets include posters, bin labels, brochures, checklists, training animations and testimonials and materials are available to order (while stocks last) or download free of charge from www.mywaste.ie/business/

recycle

Plastic bottles & containers

Plastic tubs & trays

Soft plastics

clean dry & loose Cans & tins

Aluminium cans

Cardboard

Cartons

Paper & magazines

Visit mywaste.ie for more information

food

Raw food

Cooked food

no glass no plastics no metals

Paper towels & napkins

Compostable bags

Compostable packaging

Certified to EN13432

Certified to EN13432

Unwanted leftovers

Tea bags & coffee grinds

Greenery & flowers

Visit mywaste.ie for more information

general

Non-compostable disposable cups

Wet wipes

Soiled aluminium foil & containers

no food no recyclables no batteries Broken crockery

Floor sweepings

Broken glassware

Contaminated items

Disposable face masks & gloves

Visit mywaste.ie for more information

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Arts and Culture  Live Music

The business of making

MUSIC NETWORK IS BRINGING THE MAGIC OF LIVE MUSIC TO ALL CORNERS OF THE COUNTRY AND HELPING MUSICIANS DEVELOP THEIR CAREERS ALONG THE WAY. BETTER BUSINESS SPEAKS TO ITS CEO SHARON ROLLSTON TO FIND OUT MORE

live music

happen

Composer and performer Jennifer Walshe performing her new commission for Music Network as part of a national tour

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Live Music  Arts and Culture

While most small businesses experienced a challenging pandemic, not many sectors were impacted quite like the performing arts.

When lockdown came in March 2020, the livelihoods of musicians and performers took a massive hit that would last two years and beyond.

Irish audiences felt it too. Starved of live performances, people realised they never knew how good they had it when shows were taking place in venues nationwide on any given night.

“During the pandemic, there was a definite realisation about how valuable the arts are to our mental health,” says Sharon Rollston, CEO of Music Network. “The role they play in keeping our spirits up and making us feel connected to ourselves and others.

That’s a trend the sector is still seeing today.”

Rollston is well placed to speak about how the pandemic affected musicians and audiences because her organisation serves both. Founded by the Arts Council in 1986, Music Network is Ireland’s national music touring and development organisation that brings live music to communities across the country and supports musicians to build successful careers.

Its vision is “a culture which increasingly values live music in our everyday lives, embracing it as an essential part of a healthy, vibrant society”.

We’re speaking with Rollston at a time when Music Network’s events are long since back in full swing and following the launch of its autumn 2023 schedule, to understand the organisation’s work and how both musicians and communities benefit.

“We look at two sides of the same coin,” she explains.

“We’re giving people access to really high-quality live music in many ways. But the other side of that coin is supporting musicians to make the best possible work they can, to present it to audiences, and to create what we call a virtuous circle. People returning to events and musicians having more opportunities to perform, present and ultimately raise their game.”

SUPPORTING MUSICIANS Among Music Network’s key initiatives for musicians is the Music Capital Scheme, which provides funding for the purchase of instruments to professional

Below: Sharon Rollston, CEO, Music Network Participants in the Wicklow Teaching Residency Sultan Stevenson, one of the artists performing as part of Music Network’s Autumn 2023 tour

musicians and non-professional performing groups.

The scheme’s most recent round granted €349,150 to 76 awardees, which stands to benefit over 5,000 musicians based throughout Ireland, so it has a significant reach.

While the scheme provides musicians with the tools they need to propel their careers, the Artist Residency Programme goes one step further, positioning musicians at the heart of local communities and supporting them to curate concerts that encourage community participation.

Music Network has hosted residencies in Cork, Wexford and Wicklow, but also manages the DLR Musicians in Residence Scheme and provides an annual one-month residency for a musician in partnership with the Centre Culturel Irlandais in Paris. The DLR scheme currently hosts singer and composer Simon Morgan, who is collaborating with saxophonist Richie Buckley and guitarist Drazen Derek to develop material that draws on jazz and traditional Irish influences.

Morgan recently told Music Network what the residency means to him: “Typically, as a self-employed musician, you are running around, and life can be a little chaotic, so the residency gives me space to allow the artistic process unfold. Sketches of ideas can be dusted off, and the particular project I’m working on can be at the forefront of my mind and energy rather than filled in between everything else going on.”

ENGAGING AUDIENCES Where many arts bodies fall short is only having relevance to those already engaged with the sector.

For that reason, an essential element of Music Network’s work is reaching audiences who face barriers to accessing the arts through its learning and participation programmes.

“These provide access for people of all ages to the musicians we’re working with,” explains Rollston. “So everyone from toddlers experiencing live music for the first time to older people who may have played an instrument before. Then, there are those who face barriers, such as Travellers, people with disabilities and families from socioeconomically disadvantaged areas. We’re doing workshops, masterclasses, talks and demonstrations to break down those barriers and using these projects to explore big topics such as mental health and climate action.”

It also helps that ticket prices for Music Network events are very affordable, starting from as little as €5 for the musician-in-residence shows.

With over 15 years of experience working in Ireland’s cultural sector and an evident passion for the arts, Rollston understands the importance of exposing young people to role models who are creative professionals. Music Network’s workshops and performances delivered by musicians within schools SFA | BETTER BUSINESS 47

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Arts and Culture  Live Music

At a glance: Music Network in numbers in 2022

1.25m

people enjoyed 124 live concerts in 43 partner venues and 448 online performances for schools

815,000+ tuned into 25 radio broadcasts of Music Network performances

500+

students, music lovers and professional musicians connected with music in 755 workshops and masterclasses and 29 webinars

772

employment opportunities for musicians were created

43

partner promoters ensured that our work reached audiences the length and breadth of the country

13

new works were commissioned

are designed to inspire a love of music and show schoolchildren that the arts is a career path to consider.

“I think of my own experience in secondary school and artists coming in to talk to us. That was a very formative experience, unforgettable and really inspired me and others in the class,” says Rollston.

“It’s so important to provide role models for children and young people — that idea of ‘if you can’t see it, you can’t be it’. To see people who are actually making a successful career from their passion for music.”

Music Network runs several projects under the music and wellbeing theme, mainly working with young people to give them tools to address everyday life challenges like stress and anxiety and teaching them coping techniques using breathing and music.

“There are many ways to bring artists into school settings, says Rollston. “They don’t all have to be purely about music. Of course, there’s a strong music element, but there are many other benefits.”

ON THE ROAD At the time of writing, Music Network’s Autumn 2023 tour is in full motion. This season, the organisation is working with 13 partners and venues to bring live music to audiences in 11 counties. In September, Irish composer Jennifer Walshe kicked things off as part of the Dublin Fringe Festival before touring in Kildare, Limerick, Cork and Mayo.

Walshe’s performance explores technology’s role in our modern world, incorporating film, improvisation, AI — and participation from secondary school students — into her act. “She’s an incredible performer and really has her finger on the pulse. I don’t think anyone else quite captures the zeitgeist of the times quite like her,” says Rollston.

Anna Dennis, Liam Byrne and Jonas Nordberg, artists performing as part of Music Network’s Autumn 2023 tour

In October, the Sultan Stevenson Trio, led by pianist and composer Sultan Stevenson takes to the stage with saxophonist and Mercury Music Prize winner Denys Baptiste. November sees international artists Anna Dennis, Jonas Nordberg and Liam Byrne performing together for the first time in Ireland, while in November and December, Music Network will present concerts by six Ireland-based musicians who completed residencies this year, performing in Wexford, Cork City, Baile Bhúirne, Ennis, Carrick-on-Shannon and Donegal.

While the National Touring Programme brings many internationally recognised artists to these shores, Music Network’s work also paves the way for Irish musicians to achieve critical acclaim abroad, such as Galway traditional act We Banjo 3. In 2011, the band received Music Network’s three-year Young Musicwide Award, which included support to record, produce and launch an album, concert opportunities, and mentoring.

Despite announcing a break earlier this year, the band has built a highly successful career over 10 years, particularly in the US. “They absolutely made the most out of the experience with us,” says Rollston. “They had sell-out shows at many of the biggest Irish, bluegrass and mainstream music festivals and are one of many success stories we’ve had along the way.”

IN THE WORKS Music Network’s Music Capital Scheme has been hugely valuable to the sector, but according to Rollston, it still doesn’t meet the huge demand for musical instruments. Based on the results of a feasibility study examining these needs, the idea for a national musical instrument collection was born.

“The idea is that Music Network would fundraise for, purchase and lend instruments to musicians on a long-term basis based on competition and auditions,” explains Rollston. “Competition is really fierce out there and this would allow them to have the equivalent standard tools as their international peers, compete successfully and develop international careers. So that’s one thing we’re currently working on.”

Other work on Music Network’s agenda is developing its programme for 2024, organising teaching residencies for older learners and partnering with businesses on an inter-generational climate action and music project. Rollston says that although the organisation is made up of a small team with limited resources, it still has big ambitions.

“Last year, we reached approximately 1.25 million people, but that said, we have lots of ideas as to how we could do more, reach deeper into communities and benefit more musicians. As a charity, we’re always exploring ways to raise money outside our regular funding streams through the Arts Council and Department of Arts. So, we’re very keen to talk to any businesses that might see value in aligning our work with theirs.”

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45 MAGAZINE TITLES ▲ 10 EVENTS ▲ 3.6 MILLION REACH

DID YOU KNOW Ashville Media Group is Ireland’s largest publishing and events company.

You’ve almost certainly read our magazines or attended our events.

Our mission is to connect your brand with the largest audience in Ireland.

(01) 432 2200 ▲ www.ashville.com Untitled-11 1

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Travel  Spain MARKET LANDSCAPE

Viva

WITH ITS ECONOMY BACK TO PRE-PANDEMIC LEVELS, NOW’S THE TIME FOR IRISH BUSINESSES SEEKING OPPORTUNITIES IN SPAIN TO TAKE ACTION

Espana I

rish firms considering doing business in Spain shouldn’t underestimate the traditional holiday destination.

With a population of over 47 million and a landmass seven times the size of Ireland, Spain’s export potential is huge. It’s also the thirteenth most attractive company for FDI and the 15th largest exporter of commercial services in the world.

The country is divided into 17 autonomous regions; among the most important of these are Madrid, Catalunya, the Basque Country, Andalucia, Valencia and the Balearic and Canary Islands.

Spain’s knowledge economy attracts foreign investors in industries such as biotechnology, ICT, aerospace and automotive sectors and renewable energy. Additionally, pet food, traveltech, telecoms and pharma continue to perform and add appeal to Irish exporters and service providers who want to scale and develop a presence in the Spanish market.

Companies that set up in Spain can also easily access other markets in the EMEA region (Europe, Middle East and North Africa) and the South American market.

The Spanish market is characterised by how decentralised it is; with 17 different autonomous regions, each area can have its own regional Government and varying market trends and leading players. This can prove a challenge, not least in terms of market coverage as tactics may have to be adapted to suit variances between areas.

These regional areas are linked by two significant hubs – Madrid and Barcelona.

A clear understanding of the dynamics of your target market and sector are essential for success as the market is large and diverse. According to Enterprise Ireland, time and patience as well as language skills are required. However, there are significant Irish success stories and innovative, cuttingedge products and services from Irish businesses that are well positioned to outperform in the market. Commitment to the market is key as well as investing the time and resources required in order to properly service any new business.

Enterprise Ireland Client Exports 2022:

Global Total Exports (ABRs)

€32bn

and +19% growth vs 2021 Europe Exports (ABRs)

€8.9bn

and +29% growth vs 2021 Exports to Spain (ABRs)

€535m

and +30% growth vs 2021 Exports to Portugal (ABRs)

€116m

and +17% growth vs 2021

Aerial view of Barcelona

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Spain  Travel

Routes to Market COMMERCIAL AGENTS

If your business has a solid lead generation system and sales process in place, locally based agents can be useful to close deals. However, due to Spain’s autonomous regional network, you may have to build up a patchwork of agents as it’s unlikely you will get entire market coverage from one agent.

PARTNERS

Partners are a good way of gaining scale and building sales opportunities in sectors that might be difficult to crack. Many Spanish manufacturers are open to complementing their own product ranges with partners’ products, acting as bona fide distributors or repackaging under their own brand.

Aerial view of Madrid

OPPORTUNITIES Spain’s post-crisis economic upturn presents opportunities for Irish exporters in sectors such as medtech, fintech agriculture and agritech and high-tech construction. Spain’s strength lies predominantly in manufacturing and services, while the country is also among the leading destinations for investment by foreign multinationals, many of which have located in Madrid.

Backed by favourable Government policies, more than 12,800 foreign companies have already established operations in Spain, including 75 of Forbes’ Top Companies.

€23,6902 GDP per capita

DISTRIBUTORS

Have pre-existing lists of leads and potential clients. Distributors assume the risk, but you can lose control of the relationship. Most segments of Spain’s consumer goods market, including food and drink and personal care products, are usually well served by national distributors. However, the services market in general and specialist B2B products in particular, is normally more fragmented and it is likely you will need more than one distributor to achieve national coverage.

ESTABLISHING A DIRECT LOCAL PRESENCE

This is often advocated as essential to longterm success in Spain on the basis that it gives confidence to distributors and customers. It is also the most expensive option, but offers the potential to be most profitable long term as it cuts the need for intermediaries’ margins.

For more information about doing business in Spain, go to globalambition.ie/markets-opportunities/spain/ or www.spain.info/en/outside/spanish-tourist-office-dublin-ireland/ SFA | BETTER BUSINESS 51

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NEW NOTEWORTHY

New + Noteworthy  Lifestyle

BOOKS Butter Boy

KID-FRIENDLY Muckross Creamery

‘Butter Boy: Collected Stories & Recipes’ is the fifth cookbook by the chef, TV personality and Irish restaurateur Paul Flynn. Published by Irish publishing house Nine Bean Rows, Butter Boy is the complete collection of all 152 articles and over 450 recipes from Paul Flynn’s tenure as food writer for The Irish Times from three unusual years, November 2019 to October 2022. “Having a cookery school has taught me that most people want simple, tasty food that doesn’t take hours to make. That’s what I concentrate on: easy techniques that even the most novice cook can master. The most important thing is not to be afraid.

Turn down the heat and keep calm,” Paul says.

Killarney town is encouraging families to explore nature this Autumn with various attractions on offer throughout the county. At Muckross Creamery, fifth generation dairy farmer John Fleming and his family bring visitors up close to the animals so they can experience first-hand the process it takes to produce their range of ice-cream. Visit the farm’s pop-up ice cream parlour for a large scoop, made fresh from the milk of the cows you’ve just met. Santa will also be visiting the Creamery in December; visit the website for booking details. www.muckrosscreamery.ie

‘Butter Boy’ is available at all good bookshops and from ninebeanrowsbooks.com

THE LATEST BOOKS, EVENTS AND THINGS TO DO

THEATRE The Rocky Horror Show Richard O’Brien’s legendary rock ‘n’ roll musical, The Rocky Horror Show, is coming to Bord Gáis Energy Theatre from 15-20 January 2024. When Brad and Janet’s car breaks down outside a creepy mansion whilst on their way to visit their former college professor, they meet the charismatic Dr Frank’n’Furter. It’s an adventure they’ll never forget, filled with fun, frolics, frocks and frivolity. www.bordgaisenergytheatre.ie

JEWELLERY MAKING SilverWorks At SilverWorks, located on Drury St in Dublin 2, a group of experienced jewellers teach small classes how to make jewellery. Visitors can create a sterling silver ring, Claddagh ring or charm during a two hour class and this Christmas, participants have the chance to make a festive decoration in a style of their own choosing. www.silverworks.ie

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what’s on your

You’re not alone when it ComeS to CopinG www.turn2me.org

Forums, Group Support, 1to1 Counselling, iphone enabled

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And Another Thing…  Events

ANOTHER THING… START YOUR JOURNEY TO BETTER BUSINESS DRIVING TODAY

BY ADDRESSING THESE FOUR KEY CHALLENGES, WRITES DRIVERFOCUS FOUNDER RON MCNAMARA For most SMEs, operating a car or van fleet is not a core activity. Even so, all businesses with vehicles face four key challenges, each of which is either an opportunity to seize or a pitfall to avoid. Here are the reasons why and the ways how, your business can be on the road to success:

REDUCE CARBON

1

ENHANCE CARE

In a world increasingly concerned about climate change, businesses must align with sustainable practices. One approach is adopting the "Avoid, Shift, Improve" (ASI) transport energy management framework.

Practical steps include reducing business mileage, switching to electric and hybrid vehicles and promoting eco-friendly driving.

Businesses that procrastinate face penalties when bidding for contracts from clients demanding greenhouse gas emissions data.

3

CUT COSTS Leveraging technology and data-driven insights can lead to financial efficiency. By proactively addressing driver behaviour through telematics, companies can save approximately €1,000 per vehicle annually. Proactive businesses can also benefit from reduced fuel consumption and insurance premiums through monitoring and demonstrating responsible driving habits.

ENSURE COMPLIANCE Navigating the complex regulatory landscape, which includes duty of care, road traffic acts and various standards, is a challenge for fleet operators. Businesses need to stay compliant to avoid penalties.

This includes maintaining accurate records for business mileage reporting to avoid substantial fines during PAYE audits.

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Safety and wellbeing are paramount, especially with an increase in road fatalities. Businesses have a legal and moral obligation to create a safer driving environment. This involves addressing driver overconfidence and bad habits with objective data, setting improvement goals and measuring outcomes.

The UK-based initiative "Driving for Better Business" provides great resources for enhancing driver well-being.

Addressing the challenges of "Carbon, Cost, Compliance and Care" is essential for SMEs with vehicle fleets. While the consequences of neglecting these areas can be severe, taking proactive steps can lead to safer drivers, a better corporate culture, enhanced environmental and social governance (ESG) reputation, reduced downtime and improved financial performance. In short, SMEs with vehicle fleets can thrive by embracing sustainability, costefficiency, compliance and safety in their operations, turning challenges into opportunities for growth and success.

In 2022, the SFA and DriverFocus introduced the SFA Motor Savings Scheme, based on AVERT™, for members who operate cars or vans. To learn more, visit sfa.ie/motorsavings

SFA | BETTER BUSINESS 55

05/10/2023 17:16

A Day in the Life

DAY

A

LIFE in the

6AM I’m up early every morning, even at the weekend. My wife and I had a baby in December so my routine has been thrown a bit, but I try and be up by 6am as it’s something that sets me up for the day. I’ll have a coffee and do some reading, take the dog for a walk and then head for the gym.

9AM I set up my podcast – The Entrepreneur Experiment – in March 2019. At the time I was running HostButlers, an Airbnb management service I set up in 2015 but I found that because I was a sole operator, I wasn’t getting the chance to meet like-minded entrepreneurs. That’s why I decided to set up the podcast. We’re not industry specific so I get the chance to meet a huge range of people with great stories to tell. I generally work three days at home and two in the office, at Iconic Offices where we’re based. Between 6am and 2pm, I generally focus on the podcast, which we record the first week of every month. 12PM I’ll have my first meal of the day, which is always scrambled eggs, turkey bacon and avocado.

I’ll also have a bowl of oats with almond butter and berries.

I wouldn’t say I’m obsessed, but I’m very focused on my health! 4PM I live in Wicklow so if it’s an office-based day, I’ll try and be on the road by 4pm. 6.30PM I’m the cook in the house and like experimenting with different, healthy dishes.

8PM I’m trying to find a balance between work and home, so I’m making an effort not to switch on the laptop. Each morning, I make a goals list; it makes the working day more productive and I’m less inclined to get in front of a screen in the evening. I’ll walk the dog again and then myself and my wife will relax by reading or watching something. We bought a house two years ago so we’re busy with renovation work.

With the baby though, all bets are off ! 10PM We’re both in the habit of going to bed early and getting up early, which is definitely harder in the winter but in terms of our health, it’s worth it.

A THRIVING PODCAST AND A NEW BABY DAUGHTER IS KEEPING GARY FOX ON HIS TOES

Gary Fox, Founder, The Entrepreneur Experiment

“WE’RE NOT INDUSTRY SPECIFIC SO I GET THE CHANCE TO MEET A HUGE RANGE OF PEOPLE WITH GREAT STORIES TO TELL.”

WWW.MRGARYFOX.COM 56 SFA | BETTER BUSINESS

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Visit our website and follow us on social media for information on: • your duties and obligations as a company director; • your rights as a company member/shareholder; • how to submit a complaint, expression of concern or protected disclosure to us; and • upcoming career opportunities with us.

www.cea.gov.ie info@cea.gov.ie

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09/10/2023 22/05/2023 15:55 15:56

Fund your future Talk to us about a retirement plan that works for your lifestyle and Financial Wellbeing Let’s chat about your pension Search

bankofireland.com/pensions

Terms and conditions apply. Life assurance and pensions products are provided by New Ireland Assurance Company plc, trading as Bank of Ireland Life. New Ireland Assurance Company plc, trading as Bank of Ireland Life is regulated by the Central Bank of Ireland. Member of Bank of Ireland Group. Advice on Bank of Ireland Life products is provided by Bank of Ireland. Bank of Ireland trading as Bank of Ireland Insurance & Investments, Insurance & Investments is regulated by the Central Bank of Ireland.

Bank of Ireland is a tied agent of New Ireland Assurance Company plc for life assurance and pension business. Members of Bank of Ireland Group. Information correct as of September 2023.

Warning: The value of your investment may go down as well as up.

Warning: If you invest in a pension you may lose some or all of the money you invest.

Warning: If you invest in a pension you will not have access to your money until your retirement date.

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09/10/2023 18/09/2023 15:57 15:32