Entrepreneur IE - Q1 2022

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Q1 2022 | A promotional supplement distributed on behalf of Mediaplanet, which takes sole responsibility for its content

A Mediaplanet campaign focused on

Entrepreneur

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“More and more, digital will be part of the fabric of our everday lives.”

Leo Varadkar TD ,Tánaiste and Minister for Enterprise, Trade and Employment

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“Planning your export journey is key when it comes to export success.”

Anne Lanigan, Regional Director, Eurozone, Enterprise Ireland

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IN THIS ISSUE

“Ireland’s entrepreneurs have continued to seek out new opportunites in their digital transformation.”

Brianna McTiernan, Projects & Marketing Executive, Small Firms Association (SFA)

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“Irish businesses are extroardinarily resilient - innovative in nature and pragmatic in approach.”

Lorraine Higgins Secretary General, Digital Business Ireland

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Send us an email at uk.info@mediaplanet.com

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Government support for Irish SMEs in a post-pandemic era Small and medium enterprises (SMEs) are the lifeblood of the Irish economy. They make up over 99% of the total number of Irish companies, employing over a million people in cities, towns and rural areas in all parts of Ireland.

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o one could have predicted the challenges our small businesses have faced over the past couple of years – Brexit and then a pandemic – but our SMEs have shown remarkable fortitude.

I do not underestimate the personal toll this will have taken on each and every business owner and their staff.

From the Government’s perspective, we have sought to minimise the financial impact on businesses by providing wage subsidies, grants, commercial rates waivers, reduced VAT rates and low-cost loans. Our objective has always been to make sure businesses survive and are well placed to bounce back quickly.

Now, we must make sure that recovery happens, that we continue to support businesses as they transition back to normal working conditions, reopen their doors with confidence and think about expanding again.

We must transition to digital More and more, digital will be part of the fabric of our everyday lives, and the Government wants to make sure that small businesses are prepared for this. For many Irish businesses, online shopping, booking, and using social media to reach new customers kept them afloat during lockdowns.

Digital technologies are crucial for economic recovery The recently launched National Digital Strategy aims to drive and enable digital transition across the economy, especially in small businesses. This includes helping small businesses benefit from digital opportunities by providing grants and assistance. We’ve set a target of 90% of SMEs at basic digital intensity by 2030, and 75% enterprise take-up in cloud, AI and big data. This will be supported by the €85 million Digital Transition Fund, which will be used to help companies at all stages of their digital journey.

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Our objective has always been to make sure businesses survive and are well placed to bounce back quickly.

Contact your Local Enterprise Office (LEO) for support Throughout the pandemic, the LEOs, in partnership with Enterprise Ireland, have been offering help and advice to companies to help them sustain, grow and in some cases pivot their businesses. Trading Online Vouchers have enabled thousands of businesses to open virtual doors and reach new markets both in Ireland and overseas.

Considering sustainability is the new normal for enterprises The LEO Green for Micro programme helps small businesses to take the first steps to sustainability by introducing green principles into their businesses. Other initiatives, like the Climate Toolkit 4 Business provide practical ways to help SMEs decarbonise.

As we transition to this exciting post-pandemic phase, government remains fully committed to future-proofing our entrepreneurs and small businesses for the challenges of tomorrow.

Leo Varadkar TD Tánaiste and Minister for Enterprise, Trade and Employment

Contact information: uk.info@mediaplanet.com or +44 (0) 203 642 0737

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Project Manager: Kate McSwiggan kate.mcswiggan@mediaplanet.com Managing Director: Alex Williams Head of Ireland: Ross Bannatyne Head of Production: Kirsty Elliott Designer: Thomas Kent Design & Content Assistant: Aimee Rayment Digital Manager: Harvey O’Donnell Paid Media Strategist: Jonni Asfaha Social & Web Editor: Henry Phillips Digital Assistant: Carolina Galbraith Duarte All images supplied by Gettyimages, unless otherwise specified

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Help is at hand for SMEs seeking digital transformation

Staying ahead of the competition presents new challenges for small and medium sized businesses (SMEs) who are increasingly in need of digital transformation.

I Jason Lalor European Executive Director, Square WRITTEN BY Sheree Hanna

n the wake of the pandemic, business owners need to think more ‘digitally’ to keep in step with some of the key trends emerging.

As we move towards a cashless society, entrepreneurs will have to ensure they have installed online tools beyond just payment processing if they want to keep on top of their game.

Statistics from a study undertaken in 2021 by the Banking and Payments Federation Ireland (BPFI) found €70.7 billion was spent using cards – up from the pre-pandemic level of €57.2 billion in 2019.

Beyond shifting trends in payments, we are also seeing a noticeable trend in the consolidation in the supply chain. There is increasing demand for a full stack of integrated business tools to meet the needs of businesses of all shapes and sizes regardless of whether they are mostly doing business in person, remotely or online.

A need for cohesive systems Our advice to businesses is to thoroughly assess their needs and find a partner that helps them take the complexity out of the tools available and also gives them the flexibility to scale and grow.

For example, a retailer might start out with only one site, just using our payment solution. However, we are by their side when they grow to a multi-site business that needs to juggle staff, an e-commerce site and make sure inventory keeps track of online and in-store sales.

For business owners, that means an integrated business model that will provide them with the best tools to respond to this demand. Entrepreneurs will need better data at their fingertips to ensure they understand customer trends and can react to them in real time. Data-driven decision making will give business owners the edge they need to stay abreast of changing consumer demands.

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Importance of brand experience For consumers, digital has become an important part of the shopping journey and experience. The pandemic has supercharged the need for solutions across the omnichannel ecosystem and that change is here to stay.

Consumers switch effortlessly between social media, website and in-store purchasing and therefore demand a seamless brand experience at any time. Regardless of time, place or channel, the aim is that the whole of their brand experience leaves them with a positive, memorable impression.

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For consumers, digital solutions have become an important part of the shopping experience so effectively the pandemic has supercharged omnichannel and that change is here to stay.

When we speak to business owners they often find that with the different providers for different aspects of running their business, they don’t have the necessary transparency or control to run their business seamlessly. That’s why we regard Square’s full transparency a huge enabler to businesses of all sizes.

Loyalty is a priority Another positive change we have seen during the pandemic was the way in which consumers in Ireland supported their local shops. It is imperative these businesses make sure they tap into that customer loyalty and further develop it.

With the pandemic bringing an increased demand for a diversification of retail channels, businesses need to satisfy those demands and mirror their customers’ flexibility in order to never lose a sale.

It is a new journey for entrepreneurs to manage and we believe that we are best placed in helping them do so.

Managing every side of your business Beyond payments, we are seeing increasing requirements for tools to help with inventory management, staff management, invoicing and many other day to day tasks and activities that can be supported via integrated software tools Since our launch here in Ireland almost a year ago, we love seeing our customers’ businesses thrive, despite the pandemic, as we help them grow their business through the right tools - when our sellers succeed, so do we.

Find out more at squareup.com

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How to build a successful Irish export business Planning your export journey is key when it comes to export success. Follow our expert insights to ensure your exporting processes are successful.

Anne Lanigan Regional Director Eurozone Enterprise Ireland

Market selection Start off by developing your exports one market at a time. Not all markets will be equally attractive or accessible for your product or service, so an important first step is to research a number of markets to identify the best fit for you.

Market research and validation Once you have selected your new export market, it’s important to carry out deeper research to validate your decision. Use customer profiling, competitor analysis, pricing etc., also research local factors, such as regulatory or cultural issues, that you should know in advance. Ideally this market research should be undertaken in the local language.

The right channel strategy is dependant on the nature of your product or service, expectations of potential customers and the buisness culture in the market.

Build the value proposition of your product A robust value proposition highlighting why a customer should buy your product is vital. This should clearly differentiate your product from your competitors’.

However, a value proposition that resonates with Irish customers won’t necessarily have the same impact in a new market. Drawing on your market research you’ll need to reimagine your unique selling point (USP) with your new market in mind.

Channel strategy and sales progress ​The right channel strategy is dependent on the nature of your product or service, expectations of potential customers and the business culture in the market.

Can you sell from Ireland? Or would an agent, distributor, reseller,

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or partner make more sense? Should you have your own sales team on the ground? Are online marketplaces an option? If the market is non-English speaking, language will also be an important consideration. You may decide to choose more than one channel. Successful companies don’t always rely exclusively on one route to market.

Likewise, to grow export sales, successful exporters operate a process that allows them to systematically build a pipeline of leads, develop these into business opportunities and ultimately deliver closed deals. This involves

identifying the right potential clients and opportunities, cultivating strong relationships and demonstrating to potential customers how your solutions match their needs.

Enterprise Ireland is here to help These are just some of the factors to consider when starting your exporting journey.

Enterprise Ireland have the experience and expertise to help you on your way.

Visit our Global Ambition website globalambition.ie/exporting/ For more info or get in touch on EZStart@enterprise-ireland.com

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The development of innovative ideas requires funding and the support of people who can pinpoint the available funding options and provide real-world solutions.

Image provided by TU Dublin

Academic partnerships are helping solve industry challenges Entrepreneurs and companies of all sizes need industry partnerships to help develop and bring their idea to a reality.

Ireland’s research community is well positioned to assist.

Paul Maguire Head of Innovation and Enterprise, TU Dublin and Lead Partner, Dublin Region Innovation Consortium (DRIC) WRITTEN BY Sean Duke

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he generation of an idea, and successfully developing that idea into a commercially successful business, is what Irish entrepreneurs are becoming more adept at. This process has been helped by the advancement of Irish research – basic or applied.

Open Labs by TU Dublin is a market focused initiative, which aims to remove barriers facing industry in engaging with universities, making world leading facilities and expertise more accessible. With 850 researchers, the university has an extensive range of research knowledge and expertise that can be harnessed as a powerful support to industry.

Partnerships and innovation are central to the mission of the university. Industry, large and small, can benefit from the expertise and skills of its staff as well the University’s state-of-the-art research facilities. Open Labs has supported over 150 start-ups and SMEs to develop new products and services and generated over €1.5 million in research income since 2018. The development of innovative ideas requires the support of people who can pinpoint the available funding options and provide real-world solutions.

Support for companies of all sizes Company size is not an issue for TU Dublin’s experts, who have helped some of the biggest companies in

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Ireland as well as those starting out.

For small companies, this might involve a 4–8-week innovation project funded through the Enterprise Ireland Innovation Voucher scheme, or a desk-based assessment of market need and competitor analysis. For the biggest companies, it might involve multiple collaborators with significant funding, combining to develop new disruptive technology.

The university thrives in helping companies to translate their research into an innovative, impactful product that can be sold commercially. They help staff and students that have pioneering ideas, but are unsure how to bring them to the marketplace.

Industry is always on the lookout for new products, processes, or services that can disrupt whole industries and TU Dublin expertise can help them to achieve that. Their experts can also recommend what funding options may be available to leverage their costs. Their ability to help industry is testified through the fact that almost a third of industry clients are repeat customers.

Successful partnerships Several success stories that have emerged out of these partnerships made a big impact in their respective industries and societally.

Kastus developed an antimicrobial coating to protect smartphones and self-service kiosks. The coating was developed against bacteria but is also effective against COVID-19.

Micron Agritech developed a rapid,

onsite test for parasites in cattle, which helps reduce antibiotic use by cattle farmers.

Ocumetra developed an eyemonitoring tool to predict when a person is becoming short-sighted and needs to see an optician. Their advances in myopia research are aiming to make treatment more accessible for all.

Ocumetra were a winner at the 2021 Knowledge Transfer Awards, while Micron Agritech was the best early stage start up in the 2020 National Startup Awards.

Students are an important part of the university’s success. The door is always open to a student with a great idea and the drive to develop it. There is more engagement with the innovation office than ever, and students are increasingly seeing starting a company as a career option that previous generations may not have.

Expansion into construction The field of construction is changing fast, with new materials and methods required to make homes more sustainable and heat efficient. With this in mind, Open Labs by TU Dublin have launched a new construction industry research capability. The aim is that in the coming years, the building sector here can, through increased links with the university, help to reduce Ireland’s carbon footprint by adopting new design and manufacturing methods.

Find out more at tudublin.ie/ hothouse

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Retailers need to embrace the lifestyle of their customers and offer the convenience and fulfilment they demand.

Images provided by Elavon

Technology is revolutionising the future of in-person shopping The concept of ‘retail’ is ready for a refresh. Of all the facets of life recovering from the pandemic, in-person retail is an area where change may be most obvious.

Michael Bosshammer Head of Retail, Elavon Europe

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estrictions and the need for social distancing innovated new approaches and drove many retailers online, but in-store they also brought existing, emerging processes and technologies into the mainstream. Not least, the QR code, scanning your own shopping at a self-checkout, or buying online through your phone and collecting items in store.

This blurring of the line between the ‘bricks and clicks’ experience, also known as ‘omnicommerce’, is the seamless combination of physical and online operations into a single retail experience.

Experiential shopping Research commissioned by Elavon showed more than half (52%) of adults in Ireland said the ease of making choices when they were able to see items in person was their biggest reason to shop in store.

Almost half (47%) said their main driver for in-store shopping was supporting the local economy, with 45% citing the ability to better assess product quality.

“Consumers are definitely still interested in physical retail, but increasingly expect digital touchpoints that enrich the shopping experience,” says Michael Bosshammer, Head of Retail at Elavon Europe. “Retailers need

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to embrace the lifestyle of their customers and offer the convenience and fulfilment they demand.”

Although shifts in retail are rightly consumer driven, there are key benefits to businesses who adapt.

“In some cases, businesses could reduce their retail footprint,” says Bosshammer. “Some bricks and mortar will keep the brand visible but with smaller premises comes lower rents, and a chance to shake-up the shopping experience by creating concept stores promoting interactive, immersive or experiential shopping.

“A furniture retailer, for instance, could display stock for shoppers to try out, with a QR code they can scan on their phone to choose alternative colours or sizes. The purchase and delivery request could then be completed at a till or through the customer’s phone, even while they’re sat on the very sofa they’re buying.”

Elevating customer service Retail space, along with rents, could also be shared with other retailers as concessions or ‘shops within shops’ re-emerge as a concept. Stock and distribution could relocate to cheaper, out-of-town real estate.

“Shoppers can assess quality in person and still interact with a member of staff to ask more questions or arrange a delivery,” says Bosshammer. “While the shopper gets more control in the process, staff focus can shift to providing

exceptional customer service.”

Stay-ahead retailers are innovating to offer extra services that put the customer first, from video chats with in-store sales staff to assist when purchasing from home, to the use of clever camera technology to augment reality so customers can see how an item of furniture would look in their own home.

Improving checkout experience Key to all successful retail is the removal of friction. Anything that makes the process inconvenient for your customer is going to impact sales.

New payment technologies are removing friction from the checkout experience. In-store shoppers no longer need to contend with oldfashioned registers and queues. They can pay by phone, link a loyalty card to a payment method and pay in the currency of their choice.

“No-one is ever keen to shop with a brand that confuses them. So, you need to let your customers know how they can pay. Be clear with signage about which cards, digital wallets or payment methods you accept,” says Bosshammer. “And not just at the checkout – if they know how they can pay, as they use your shop, they can make more informed decisions without feeling pressure at the final point of payment.”

Scan the QR code to find out more

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How a customers’ age can influence the use of apps in fast food outlets Knowing how your customers think can help you provide the best service to maximise sales.

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lavon recently surveyed 1,000 adults aged 16-65 online in Ireland, to explore customer attitudes towards the use of apps and automated systems.

In a fast food setting, where ordering and paying are often combined into one transaction, it turns out the age of a customer really matters.

Understanding your target audience Perhaps unsurprisingly, those in younger age-brackets were keener than those in older age-brackets to use automated systems and apps, but it’s the extremes of attitude that are noteworthy. While just over one in 10 (11%) aged 55-65 prefer to use apps or automated systems, that rises almost five-fold to over half (51%) for those aged 16-24.

“What does this mean to a takeaway or fast food outlet?” questions David Wheatcroft, Head of Hospitality for Elavon Europe. “Put simply, it can be the difference between success and failure. If you know your target audience, you can tailor the ordering and payment journey to best place yourself for their business and loyalty.”

Acknowledging customer interaction “Modern payment systems can help. Elavon provides solutions that address all the demands of a diverse customer base – everything from in-app ordering that tracks orders to and from the kitchen to sending receipts digitally,” says Wheatcroft.

“However, there is still a large segment of the population that want the sense of security that comes with ordering via a real person and often the smile that comes with that service. So, it is important not to forget about those customers and to offer a variety of methods to order and pay for a drink or a meal.”

David Wheatcroft Head of Hospitality, Elavon Europe

Elavon Financial Services DAC is regulated by the Central Bank of Ireland.

Helping businesses to focus on what really matters Addressing and improving the little things that make running and growing your business easier.

Images provided by Elavon

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tephen Kennedy left his job in higher education to open the first Copper + Straw coffee shop in the seaside town of Bray in 2018. The second Copper + Straw, in Dublin’s Arran Quay, followed in June 2021. That’s when Elavon joined the team as payment partners.

Knowledge is power “As we expand, it’s really important to be able to focus on the coffee business. The way for me to focus on the business is to really

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understand it – and the best way for me to really understand my business is to have access to good quality data,” says Kennedy.

“I’m not an accountant and I want to spend my time running a coffee shop, ensuring our customers have an exceptional experience and researching the market for the best guest roasters out there, keeping the focus on coffee.

“I’ll always have to do the financials, of course, but now I can do that in the most efficient way and spend the least amount of time on that side of things.”

Focusing on customer care Now, Kennedy is set to open a

third speciality coffee shop this summer. “We switched to Elavon for a particular reason – we wanted a payment provider that offered better customer care and heard good things through word of mouth,” says Kennedy.

The company provided talech™ software through iPad terminals linked to an Ingenico card machine.

“The talech™ experience is exceptional. It’s really user friendly and incredibly fast,” says Kennedy.

“From the back end, it is so easy to add and group new products, add new employees, monitor cash management and access a range of reports. “These little things make running a business so much easier.”

Stephen Kennedy Owner, Copper + Straw

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Empowering small Irish businesses in a digital world With small businesses employing 65% of the Irish population, supporting small Irish businesses benefits not only the island of Ireland, but each of our own local communities.

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lthough the pandemic brought uncertainty for businesses that were forced to shut their doors, it also brought opportunities to innovate by following the changing consumer landscape. One major innovation was by taking advantage of the growing digital transformation.

Briana McTiernan Projects & Marketing Executive, Small Firms Association (SFA)

Go digital to meet consumer demand According to the Small Firms Association (SFA) Business Sentiment Survey, Winter 2021, domestic growth was the primary driver of business opportunities over the past year. Ireland’s entrepreneurs have continued to seek out new opportunities in their digital transformation, as well as investing in business expansion. Of the 90% of Irish small businesses that took a negative hit during the pandemic, around 80% of them utilised their digital tools, and, as a result, experienced 80% better sales and 60% better revenue than those that did not.

Consumer behaviour has changed drastically in the last two years, moving predominantly to an online focus.

Ensuring that your online presence is strong and engaging thus continues to be a driving factor in the growth and development of successful businesses.

Campaign to ‘support local’ helps small businesses Champion Green, a national movement to drive the recovery of small businesses following COVID-19, boosted small businesses by heightening the awareness

around the importance of supporting local. The campaign shared online toolkits, insightful webinars to inform small business owners, plus directories for local small businesses to promote their offers.

Financial and mentoring support for businesses Support systems and tools have been made available to empower small businesses across the country. Take advantage of all the small business grants and funds that you are eligible for from the Department of Enterprise, Trade and Employment or your Local Enterprise Office, ranging from financial supports, business development and more.

MentorsWork, a free business-support programme, offers personal mentoring with an expert in your industry as well as masterclasses and workshops.

The SFA National Small Business Awards celebrates excellence, achievement and innovation in small Irish businesses by giving them the opportunity to enhance their credibility, nationally and internationally. The Awards promote these small businesses and recognise the valuable commitment that employees make, highlighting their contributions and achievements, plus plenty of training and networking events throughout the year.

There is a lot of help out there for small businesses and budding entrepreneurs: being in business for yourself doesn’t mean you have to be in business by yourself!

Helping support small businesses post-pandemic The COVID-19 pandemic brought to the fore the large number of supports that the Government provides for small business. As businesses grow, the demand for these services is expected to increase.

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he latest credit demand survey indicates that the number of businesses experiencing an increase in turnover rose to 46% compared to 12% in the pandemic. Profitability of businesses has also improved with 57% of SMEs reporting profits compared to 31% for the COVID period comparable survey.

Des McCarthy CEO, Microfinance Ireland

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able to provide loans to higher risk businesses that the conventional banks cannot service.

Our loan products are simple, flexible and affordable, plus the application process is straight forward. We provide unsecured, term loans of up to €25,000 repayable over a 3-5 year period to businesses with fewer than 10 employees and turnover of up to €2 million. We speak directly to each applicant to ensure that we can make the best case for their business proposal.

We have recently received the InBusiness Recognition Award for Finance Provider to Micro Business and Start Ups 2021, which is recognition of our support In this environment, MFI to small businesses.

Post pandemic business recovery Not surprisingly, Modified Domestic Demand (MDD), which is seen as the best measure of domestic economic activity, grew by 1½% in the third quarter of 2021.

As a result, it now exceeds the level immediately preceding the pandemic expect that there will be (2019-Q4) by 3%. strong demand for loan The Government support eco system Greater access to funding for small businesses includes Enterprise In 2021, we agreed a new €30 million products to fund start up Ireland, the 31 Local Enterprise Offices liquidity facility from SBCI that allowed and business expansion. and Microfinance Ireland (MFI) the interest rate on all new MFI loans to among others. Each of these entities be reduced to 5.5% APR and gives us the supports small businesses in different ways. Together, capacity to significantly increase our lending in 2022. they provide the full spectrum of business funding We also work closely with the Local Enterprise Offices mechanisms from grants to equity to loans.

(LEO’s) and loan applications submitted through the LEO receive a discounted interest rate of 4.5%. The LEO’s also Alternative sources of funding deliver free mentoring to our clients if they feel it will In this environment, MFI expect that there will be strong increase the chance of business success. demand for loan products to fund start up and business expansion. As a government supported entity, we are

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Find out more at microfinance ireland.ie/loanpackages-22/

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Now’s the time for businesses to boost their cash flow Paid for by Sage

Work with suppliers on payment terms Businesses should review their accounts payable processes.

Rather than paying as soon as an invoice comes in, they should do so according to the payment terms.

If it’s 30 days, for example, waiting until then to pay – and paying on time – will ensure there isn’t an immediate cash shortage.

Businesses should also try negotiating with their vendors for longer payment terms, or even see if it’s possible to get a discount in exchange for paying early.

Send invoices straight away Sending invoices to customers immediately, keeping track of them and following up on late payers is important to ensure cash comes into the business in a timely manner.

With Sage Accounting, businesses can automate the invoicing process.

They can create professional invoices, easily send them to customers and track them, so they can see who’s paying on time and who to chase. This will save time and help to increase productivity

Businesses have been struggling with cash flow due to the pandemic but as things open up again, now’s the time to get finances back on track.

Michael Office VP Product Marketing, Sage

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ash flow is the lifeblood of businesses. But the impact of the pandemic has left them facing financial difficulties.

In fact, 26% of small businesses have cited cash flow as one of their biggest challenges, according to Sage research*.

With COVID restrictions being relaxed in Ireland, businesses can focus on improving their cash flow.

There’s a number of things they can do to make that happen.

Regular cash flow forecasting Businesses need to ensure they’re managing their finances effectively.

Creating and maintaining a cash flow forecast will help, so they can estimate how much money is flowing in and out of the business across a period of time. This can allow them to make better decisions and plan ahead.

Rather than using manual processes and spreadsheets for forecasting, cloud accounting software such as Sage Accounting

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will help businesses work efficiently and predict future cash flow more accurately.

Businesses should also review cash flow patterns to identify cash flow swings. There might be times in the year when sales are low – plans can be implemented in advance to mitigate them.

Review spending and cut unnecessary costs Reviewing outgoings is an important step to improve cash flow. What’s being paid for that’s unnecessary?

One way to reduce expenses is to lease equipment instead of buying it. By paying a small fixed monthly fee, rather than a large upfront cost, businesses can avoid eating into cash reserves.

Additionally, if businesses have money tied up in inventory that’s not selling, it could be detrimental to their cash flow. With cloud accounting software, they could identify the poorest selling products, sell them at a discount, and spend the resulting cash on top-selling items.

26% of small businesses have cited cash flow as one of their biggest challenges.

Review finance options If businesses need a quick cash flow boost, a review of finance options and extra investment sources will help. Small business lenders offer loans and grants, for example, so it’s worth exploring what’s available.

Although the Government’s COVID supports for businesses are winding down, there’s still help available.

The COVID-19 Business Loan from Microfinance Ireland is one such example; eligible businesses can access a loan from €5,000 to €30,000.

For support with finance options, businesses should seek the advice of an expert, such as an accountant, who understands their situation.

Less time on admin, more time growing By implementing these tactics, businesses can give themselves the best chance to improve their cash flow. And with cloud accounting software, they can manage their finances effectively, and spend less time on admin, so they can focus on business growth. *Impact of COVID-19 on Ireland’s SME’s 2021 – prepared by YouGov

To find out how you can use technology to support your business, visit sage.com

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How digitalisation can help Irish businesses unlock their full potential across global marketplaces Throughout the COVID-19 pandemic, Irish SMEs were at the forefront of digital innovation – adapting their business models overnight, curating new products and forging crucial links with customers through selling online.

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ith millennials growing up alongside technology, we know that operating models of traditional retail are fast disappearing.

Our most recent Digital Insights research found that 38% of consumers in Ireland are planning to moderately or significantly increase their online spending in 2022.

Lorraine Higgins Secretary General, Digital Business Ireland

Empowering exports with B2B opportunities Irish businesses are extraordinarily resilient – innovative in nature and pragmatic in approach. At Digital Business Ireland, we have been privy to the recent remarkable growth of export potential of businesses in Ireland. Any Irish SME that prides itself on quality of product and consistency of service is a potential exporter.

The most fruitful opportunities undoubtedly lie in B2B, with the global B2B ecommerce market size valued at USD 6.64 trillion; this is expected to expand at a compound annual growth rate (CAGR) of 18.7% from 2021 to 2028.

The most efficient way for any SME to gain access to these markets is through digitalisation, and, with Enterprise Ireland helping to support scalable businesses, the opportunities are endless.

Curating a digital strategy With a robust, dynamic, B2B export strategy, businesses can leverage the full power of the digital economy by

advertising online, using their website to attract new customers, driving engagement through social media and accessing new markets through online portals, e-commerce tools, AI, chatbots and search marketing.

Contrary to popular belief, investing in an effective B2B e-commerce strategy is cost-effective. Not only that, digital infrastructure is sustainable and facilitates businesses in enhancing their international customer base. It reduces the need for physical premises and provides staff with the option to work remotely.

Equally, e-commerce is incredibly convenient for consumers across the globe, and with the COVID-19 pandemic having initiated a considerable improvement in courier and delivery services, the export market has never been so inviting.

Helping SMEs succeed digitally Looking to the future, we must continue to empower Irish businesses to leverage the full potential of global marketplaces by equipping them with the tools and resources needed to develop cutting-edge digital strategies, designed to optimise their B2B e-commerce capabilities. Reconfiguring traditional supports to meet these needs represents a step in the right direction.

Digital business in the post-COVID era Irish businesses must work hard to capture the attention and sales of consumers whose behaviours and attitudes have been irrevocably altered by COVID-19.

I David Curtin Chief Executive, .IE

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reland is emerging from the pandemic, but for SMEs there will be no return to the normal of 2019.

The latest Tipping Point report from .IE, the managers of Ireland’s trusted online .ie address, shows that the attitudes of Irish consumers and SMEs to e-commerce and digital business are now heavily influenced by new digital technologies and sociocultural priorities.

The website’s role is changing Before COVID-19, many businesses were content to use their website as a type of digital brochure listing only basic information, such as opening hours and contact information. Now, SMEs are repurposing their websites into fully functioning e-commerce hubs, active centres for sales and growth.

Of the SME’s that are e-commerce-enabled, 55% noted an increase in their online sales over the past two years, with more than a third recording a sales increase of more than 51%. Businesses with a dated or non-transactional website should prioritise an update in 2022.

Digital natives are the tastemakers In 2022, 45% of all consumers plan to do most of their shopping in-store —but that figure drops to just 29% among Millennials. This year, 16% of all consumers say they will do most of their shopping online, rising to 33% among Gen Z. As purchasing power shifts to these generations over the coming decade, businesses that fail to accommodate

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their digital-first preferences with better online experiences will lose out to more agile competitors at home and abroad.

Consumer preferences are fluid Digital technology changes quickly—and consumer expectations with it. The .IE Tipping Point report shows that consumers are increasingly interested in paying for goods and services with a digital wallet and willing to use augmented reality technology to ‘try on’ or sample certain products, such as clothes and furniture.

Digital doesn’t stop at a website or online store. SMEs must continue to invest to meet consumer needs and avoid stagnation. International retailers will be more than eager to snap up Irish customers frustrated with a lack of innovation at home.

Cybersecurity is non-negotiable The research found that 75% of consumers are concerned about the security of their data when shopping online.

However, as many as six in 10 SMEs take no particular action to protect their customers’ information or don’t know how to.

A single cyberattack can be devastating, potentially destroying valuable assets and ruining customer trust.

Businesses should prioritise preventative measures, such as updating their antivirus software or using a password manager.

To download the report, visit weare.ie/ tipping-point

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Employer of Record – the solution to overseas expansion?

The risks for Irish firms considering setting up in a new market overseas can be minimised and profits maximised by using an expert Employer of Record solution.

W Teresa Lewis Ireland Country Representative and Business Development Executive, Mauve Group WRITTEN BY Sean Duke

hether a small SME or a large multinational, there are a range of third-party services for companies across Ireland who are considering overseas expansion. These services are underpinned by industry experts who can conduct research into international markets as well as offer advice and support. Businesses utilising these services can access insider knowledge, explore new markets and build compliant global solutions that match their business needs.

Remote employee support This is where Mauve Group comes in. The company started out in 1996 as a mechanism to support telecoms engineers who travelled internationally for work projects.

The services it provided snowballed and, over the past 26 years, Mauve has helped remote workers and organisations access 150 countries. The group’s core offering is called Employer of Record.

As Teresa Lewis, Ireland Country Representative and Business Development Executive for Mauve Group explains: “When setting up in a new market, you have to learn the employment law requirements for that country, then source employees, a payroll process, find a local bank account etc, which can be time-consuming for businesses.

“With an Employer of Record, we hire your staff in-country on your behalf, through our own entities.

You still manage the day-to-day tasks of the worker, but we have the experts in compliance, HR, legal and payroll for each country.”

Testing out new markets The Employer of Record package has proved popular with firms over the past five years. It has helped firms overcome the impact of ‘the Great Resignation’, Brexit and the trend for remote working.

It permits organisations to test a new market and assess whether that market is right for them. It also provides firms with opportunities to set up new overseas hubs and regional sales representatives without their own entity.

Setting up in Ireland Mauve set up in Ireland in 2018. After the UK voted for Brexit, there was interest from firms wishing to move to Ireland for an English-speaking EU base. It was also thought that the health of the Irish economy meant there would be a growing number of Irish firms seeking access to overseas markets.

There is a lot to be gained from utilising Employer of Record services for businesses looking to keep up in the global competitive marketplace. As globalisation and remote work become the new normal, this type of service will continue to surge in popularity.

Digital disruption, the pace of which has been accelerated by COVID-19, demands that leaders develop the skills and knowledge needed for organisations to survive in the digital workplace.

A Tony Moroney Programme Director of the Professional Diploma in Digital Leadership at IMI WRITTEN BY Sean Duke

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Find out more at mauvegroup.com

Digital leadership The Professional Diploma in Digital Leadership, awarded by UCC, provides a fully integrated view on what it takes to lead during this era of digital disruption. “We need to understand what digital means in terms of how to lead an organisation and how digital disruption is changing business models,” says Moroney.

The programme is aimed at those who need to understand how to drive digital transformation in their organisations to shape the business’ future and impact. This can include anyone in an organisation responsible for the implementation of a digital strategy or looking to develop such a strategy.

Why organisations need to adapt and develop digital leadership skills

digital transformation has been underway in the workplace for several years, but the COVID-19 pandemic has accelerated these changes and leaders need to now respond quickly and skilfully to this shift.

It’s important that leaders have a clear understanding of what they need to do and be thinking about, in order to maintain and improve their organisation’s competitiveness.

Tony Moroney, Programme Director of the Professional Diploma in Digital Leadership at IMI says: “When it comes to digital leadership and strategy, a lot of this is not just about technology,

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but about mindset and how people think about their business.”

Digital challenges The challenges for SMEs can be significant, including addressing the internal skills gap which is slowing the progress of finding digital solutions, difficulties in securing the financing for digital investments and infrastructure limitations as the access to high-speed broadband remains unequal between countries.

While the biggest challenge for many companies is taking the first step, once the digital transition has been adopted, the benefits and opportunities are worthwhile.

Unlocking value For those seeking to unlock the value of their organisation’s digital assets, the programme focuses on devising and deploying strategies to maximise the value of those assets. Leaders will get up to speed with all aspects of the digital revolution by learning about the latest news and best practices in the world of digitalisation.

Moroney points out: “The future will be driven by people that understand the power of technology and how to harness this power through digital innovation.”

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The Professional Diploma in Digital Leadership is awarded by University College Cork and is at level 9 on the National Framework of Qualifications.

For more information on this and other IMI programmes, please scan the QR code

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Five talent tactics to help you navigate the new world of work The “Great Resignation” is neither a blip on the radar nor a one-time emergency for organisations looking to hire.

From where we stand, it’s the beginning of an entirely new era: one entitled ‘attraction plus.’

W Ross Seychell Chief People Officer, Personio

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hile businesses have had plenty to Costs of a failed talent strategy contend with throughout the pandemic, a In our 2022 Personio survey, 90% of HR decision fundamental shift has occurred – employees makers said their business suffers from skills shortages, have gained accelerated influence over their retention or hiring issues. It is clear that businesses working environment. These raised expectations are not need to change their focus from one of short-term influencing the conversation but redefining it completely. survival to a winning long-term talent strategy as New laws of talent attraction are needed. Employees are economies recover from the pandemic. far more open than ever to move jobs for professional development and increased Disrupting old talent models purpose. Among SMEs, the challenge Talent attraction has, until recently, been is particularly acute. Old talent models seen as an external strategy, in which the Employees are far more perception of a business is seen as the main simply are not cutting it. open than ever to move driver through which to attract candidates.

New laws of attraction We see this in the way many employers jobs for professional Businesses need to understand that the talk about Employer Value Propositions laws of talent attraction have changed.

(EVP) when recruiting, but less so once development and Chances are they already know that they recruitment is over. increased purpose. will have to work extra hard to attract These new laws of talent attraction are increasingly scarce new talent. What they blurring the lines between internal and also need to realise is that talent attraction is far from over external, attraction and retention. Businesses need to when a candidate becomes an employee. move from concepts of attraction and retention towards a It’s time to ditch the negative language and mindset of model of what we now know as attraction plus. talent retention. Instead, HR and business leaders need to adopt the mindset of “attraction plus.” The onus on businesses to attract talent is not over when a hire has been made. To get to this stage, however, employers need to understand why the old models of talent attraction and retention are broken.

Scan the QR code to find out more at

Identify top talent New ways to attract and retain top talent in 2022 Scan the code to download the guide

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