EXPERT ADVICE
TIPS:
How businesses can get ahead in 2022 Top Tips:
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s we look forward to the New Year, change has certainly become our new norm. The past 18 months saw firms trying to survive, pivot and improvise but as they exit survival mode, Margaret Hearty, Chief Executive Officer of InterTradeIreland advises, “It’s important to invest in new skills and technologies to aid recovery and growth.”
Margaret Hearty, Chief Executive Officer, InterTradeIreland
As businesses exit survival mode, it’s important to invest in new skills and technologies to aid recovery and growth says Margaret Hearty, Chief Executive Officer of InterTradeIreland.
1. BEING ONLINE The pandemic accelerated the shift to online and during this time, online sales grew exponentially. For small business owners, Covid-19 highlighted the importance of being online and with this trend set to continue, it’s worth thinking how you can expand and improve your user experience. InterTradeIreland’s E-Merge programme, which started during the pandemic to help small businesses improve their online presence, has supported over 1,000 companies. One firm that benefited was artisan food company Filligans, Co. Donegal who were able to bring their products online, giving access to their customers during Covid-19.
2. INNOVATION CHALLENGES Covid-19 has meant that firms may now be removed from their colleagues/customer base and collaboration has been affected. Despite businesses struggling, investment in innovation has been resilient in 2021 and in some sectors has exceeded expectations. In 2022, the green economy is forecasted to dominate the agenda and become a key driver of growth. Breakthroughs in science and technology will be needed to achieve these goals and cross-border collaboration will be crucial. Through our Synergy Programme, InterTradeIreland has committed to this by funding projects such as the development To find out more about of an all-island biomap InterTradeIreland supports, by the Irish Bioeconomy call 028 3083 4100 or visit Foundation.
www.intertradeireland.com
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3. GROWTH STRATEGY Cross-border trade is vital to economic recovery. In the last economic downturn, exporting proved a huge factor for driving growth and recovery. The latest figures from InterTradeIreland show that the value of trading to the opposite jurisdiction is at an all-time high, reaching €8.6bn. For firms who wish to increase their sales and grow their business cross-border trade should be a logical step for the New Year. In addition to our Post-Brexit advice we can help firms gain the knowledge to win new business through our sales development programmes, such as the Trade Accelerator Voucher, Elevate and Acumen. 4. BOOST SALES Your business strategy should reflect how you can increase your sales and funding. The public procurement market on the island is currently valued at €13bn PA, with €9bn in Ireland. InterTradeIreland can help SMEs win public sector contracts through our Go-2-Tender programme and Supplier Engagement events can help you gain unique access to key public sector buyers. For early-stage companies, InterTradeIreland can assist with funding for growth opportunities. Our annual Seedcorn Investor Readiness Competition mirrors the real life investment process or for more established firms, we can offer advice and expertise through our Equity Advisory and Funding Advisory services. This year will bring challenges but more importantly, new opportunities for firms across Ireland. For businesses who are ready to explore these, InterTradeIreland is here to help.
InBUSINESS | WINTER 2021
21/12/2021 15:05