Cara Edwards title

Graduate Stories: Playing a tangible role in supporting Irish enterprise

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Cara Edwards - Grad Programme title

Cara Edwards is currently on Enterprise Ireland’s national graduate programme working as a Development Executive in Dublin within the Life Sciences, Construction, Cleantech, Timber and Consumer department.

I became interested in the graduate programme while I was studying for my Masters in Strategic Management at TU Dublin, where I specialised in innovation. Enterprise Ireland’s support for Irish companies was constantly referenced in my studies, so I knew it was somewhere that I would like to apply to.

 

Applying for the Graduate Programme

The application process is quite lengthy and intense. It’s very important to dedicate time to completing your application. There are multiple stages so it’s vital to research what’s needed in each stage and understand what Enterprise Ireland is looking for. Once you’ve successfully completed the initial online assessment, you’re invited to an assessment day with other candidates – I remember being extremely nervous about this but as soon as I met the assessors, my nerves were put at ease. It’s a great opportunity to show your strengths and to get an insight into what Enterprise Ireland is about and what the work entails.

There are lots of opportunities in various departments, especially on the national programme, and you can indicate your preference before the final interview.

 

Lots of responsibility from Day One!

The role has given me a unique opportunity to work with a variety of companies from a wide range of sectors; from Day One, I was given lots of responsibility working directly with clients and supporting colleagues on various initiatives. Over the past 10 months, I’ve been project managing one of Enterprise Ireland’s biggest events, Med in Ireland, which is a biannual high-profile national event that covers the entire spectrum of the Irish medical technologies sector. My role involves driving and coordinating a team of colleagues from various departments, ensuring that planning is underway and that we’re achieving key project milestones. This project has enabled me to work closely with many of our overseas colleagues too.

“Another highlight for me has been working as part of a small team on the Online Retail Scheme, where we administered over €5 million in funding to retailers in response to the huge impact that the Covid-19 pandemic had on the retail sector.” says Edwards

Now that the retailers have had the opportunity to implement their projects, it’s extremely rewarding to see the results – by improving their online capability, they’re more competitive and resilient as a result. This is an example of how rewarding the work in Enterprise Ireland can be.

 

Developing a skillset

I’m now half way through the two-year programme and I’m starting to think about what happens next. I personally would like to stay with Enterprise Ireland as I feel there are plenty of opportunities to further my career. Also, by working so closely with companies, you gain a deep understanding of how they operate and you can take these learnings with you whether you stay with Enterprise Ireland or go elsewhere. It’s also been very inspiring to work with entrepreneurs.

“The Graduate Programme is a great opportunity to work with different companies and build a broad set of skills; there are continuous career development opportunities and lots of learning available through courses, webinars and workshops.” says Edwards

Enterprise Ireland is also incredibly diverse so there are multiple ways to get involved and build your skillset. Plus the work is very rewarding as you’re playing an active role in supporting Irish enterprise. I would really recommend the programme to anyone interested in a career in business. 

To learn how Enterprise Ireland’s Graduate Programme can help you take the next step in your career visit National Programme /  International Programme

Three EU flags in front of a Eurozone recovery banner on the Berlaymont building of the European Commission

Eurozone Recovery, Irish Opportunity: How Irish companies can benefit from the EU’s recovery plan

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Key takeouts

  • NextGenerationEU funding represents an opportunity for Irish companies to break into new markets or scale their presence in existing markets
  • From digital health care and green technology to smart cities and cybersecurity, there are hundreds of Eurozone recovery projects that will be fully funded by the EU
  • The Enterprise Ireland Eurozone team can help you find the right markets and projects to target

 

 

What is NextGenerationEU?

We are living in extraordinary times, but it’s not all bad news for Irish business. Over the next couple of years, those who can or who are keen to export can take advantage of a significant opportunity, fuelled by the NextGenerationEU funding package put in place by the European Commission. At €750 billion*, it’s the largest ever stimulus package in Europe and some is directly aimed at SMEs.

“The objective is twofold,” explains Marco Lopriore, at the European Institute of Public Administration (EIPA). “It is recovery, to help the European economy recover from the past year, but it is also resilience.

“This is a push for a radical transformation of consumption and production to prepare European economies to withstand future crises in a better way. We’re speaking in Brussels about a paradigm shift. This is basically changing the way we function completely.”

Within the overall project, the EU level of investment is supplemented by the agendas and priorities of each national government.

*The current value of the funding is €806.9 billion. It was €750 billion when agreed in 2018.

 

 

What does the Eurozone recovery plan mean for Irish SMEs?

This Recovery and Resilience Facility (RRF) means a wave of funding unrolling across all 27 EU member states to support investment in public services and infrastructure, to make Europe greener, more digital and more resilient.

As Ireland seeks to build a deeper trade relationship with Europe, that funding represents an excellent opportunity for Irish companies to break into new markets or to deepen and scale their presence in existing markets.

Across everything from digital health care and green technology to smart cities and cybersecurity, there are hundreds of Eurozone recovery projects to complete across the EU over the next few years. All of them will be fully funded.

“SMEs are not always directly affected by macroeconomics,” says Anne Lanigan, regional director, Eurozone at Enterprise Ireland, “but when that volume of money is going into it, especially to drive the green and digital agenda, it has to have an impact on what is happening at a business level.”

 

 

Core focus on green and digital

European Commission bannerThe overall fund is focused on six pillars, with the green transition and digital transformation being top of the list. The European Commission has specified that each country must assign at least 37% and 20% of their spending to those pillars, respectively.

“Several member states have gone beyond those minimum thresholds,” says Lopriore. “Luxembourg, for example, is putting 60% to green, while Germany is putting 50% to digital.

The green transition covers everything from clean tech, renewable energy and energy efficiency, sustainable transport, improving water quality to creating greener cities and making farming more eco-friendly.

Digital projects to get funding span 5G, digitalisation of public service, cloud computing, smart cities, artificial intelligence, blockchain and more, including projects focused on reskilling and upskilling to improve digital literacy.

 

 

Leaning into Irish tech expertise

Areas in which many Irish firms specialise, such as cybersecurity and the digitalisation of health are a significant focus in many plans, says Lopriore, who wrote extensively on national areas of focus for NextGenerationEU funding in a recent paper.

“In Belgium, for example, the plan is to spend €585m on digitalisation, of which almost €80m is allocated to cybersecurity. Spain wants to reinforce cybersecurity on its rail network, its air traffic control, its central public administration and in the tourism sector.”

When it comes to providing health and medical services online, France will invest €2 billion in the digitalisation of health, while Germany will invest €3.8 billion.

 

 

Breaking into a new European market

The funding offers new momentum to Irish exporters targeting Europe, a trend that was already soaring, says Lanigan.

Anne Lanigan, Patrick Torrekins, Leo Varadkar, Leo Clancy“Since we implemented our Eurozone strategy in 2017, we’ve seen a 33% jump in exports from Ireland to the Eurozone,” she says. “Even in 2020, when some sectors were hit very hard, we still saw a 1.6% growth in exports, which is significant considering economies across Europe shrunk.

For companies that want to export for the first time or to diversify their export markets, Enterprise Ireland can offer support and advice. This includes everything from market research and helping a company to get export-ready to tapping into a wide network of contacts and making the right introductions.

“The easiest model is where a client is looking for a customer and we can introduce them,” says Lanigan. “Exporting often involves a local partner and we introduce companies to the right people– the local influencers, the potential partners and those they could collaborate with, including other Irish companies.

“We work to build clusters that bring companies in the same space together,” she explains. “If there is an opportunity around smart mobility, for example, we can bring companies working in that area together and introduce them to the right people.”

 

 

Finding the right market to target

The markets of interest to individual companies will depend on the nature of the products and services they offer. Those selling into the tourism and hospitality sector, for example, will find more extensive opportunities in Southern Europe, where governments are placing more emphasis on this sector.

Many countries mention renovating buildings to be more energy-efficient and installing more electric vehicle charging situations, but Germany is putting particular emphasis on hydrogen production and AI, for example.

Detailed country-by-country information in English on the plans and priorities of each Member State can be found here.

 

 

How will the Eurozone recovery funding work in practice?

  • While SMEs may believe trying to tender for public contracts is too complex and likely to be choked by red tape, 15% of the NextGenerationEU funding will benefit SMEs – more than half of that in direct business.
  • Furthermore, Enterprise Ireland can advise on the tendering process.
  • In practice, each EU state has its own national Resilience and Recovery Plan (RRP), with all projects in it open to public tender on an online portal.
  • Some of these portals, such as those of France, Italy and Portugal, are already up and running.
  • Every project linked to this Eurozone recovery funding must be completed by 2026.

 

 

Rising to the export challenge

While deciding to expand export operations can seem daunting to some, Lanigan encourages Irish business owners and managers to examine the RRP options open to them. That includes going beyond the UK, even as a first export market.

“Diversifying our export markets has become even more important since Brexit,” she says. “Now, 29% of our clients’ exports go to the UK, but that is down from 45% a decade ago.

A marked improvement in marine links is helping, she adds, as more routes with more capacity mean it is much easier to trade directly with EU customers.

“We have a huge market on our doorstep. After all, we have the biggest free trade agreement in the world, with no customs, no tariffs and no regulatory challenges. And, of course, for 19 countries in the Eurozone, there are no currency costs.”

“Irish companies have a great reputation across Europe, with customers having a really positive view of them. And when you see the Irish products and services selling into Europe – they are top notch and born of incredible innovation – it’s evident why they are well regarded.”

 

If you’re interested in starting to export to the Eurozone or in growing your exports to the Eurozone, get in touch.

Market Watch – Spain

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Overview

  • Spain has begun to officially open up again, but some restrictions will remain in place for the coming weeks.

  • Challenges around transportation and quarantine still exist, but supply chains are moving.

  • Irish businesses should continue to communicate with their existing clients as the country is very much open for business.

Like the rest of Europe, Spain was badly impacted by the global pandemic but Alberto Cisterna from the Enterprise Ireland office in Madrid, says restrictions have begun to be lifted and businesses are easing towards a new normality.

“The Spanish healthcare system was overwhelmed by Covid-19 and Spain was one of the first countries to enact a total lockdown,” he says. “But we are very happy to see that the number of cases has fallen sharply, and this has enabled the government to start easing some of the measures which have been in place since March.

“This plan for a Transition Towards a New Normality was announced at the end of April and consists of four phases which are intended to relax the restrictions in a gradual, flexible and adaptive way. And although it started officially on the 4th of May and will last for eight weeks until the end of June, we are still in a state of alarm.”

 

Challenges and opportunities

Cisterna says while businesses in Spain are getting back to normal, some challenges do lie head.

“Firstly the challenge exists regarding transportation options and border restrictions as Spain’s air, land and sea borders have been closed for entry from May 15th and remain so – with limited exceptions,” he says. “And until the 30th of June, passengers arriving in Spain from other countries will be required to quarantine in their place of accommodation for the first 14 days immediately following their arrival.

“It is also important to highlight the fact that the supply chain in the country is fully operational as these measures do not apply to the transport of goods.” Alberto Cisterna, country manager Spain and Portugal

“And also teleworking, or video conferencing, is still the main priority for businesses across the country in response to the pandemic and this will continue to be the same for at least one more month.”

But despite the hurdles which need to be overcome, he is quick to point out that there are also some opportunities to be had, providing clients continue to engage with their counterparts in Spain.

“I would like to remind our client companies that Enterprise Ireland in Madrid is open for business and we are conducting as many engagements as possible,” he says. “In fact we are very happy to say that we have seen some deals confirmed even during the worst phase of the pandemic.

“One important recommendation for our client companies is to stay in touch or to reconnect with their agents, distributors or business partners and also to plan ahead for the Covid-19 post new normality – it really is very important to keep communicating.

“In addition, I would like to remind people that Spain is the fourth biggest economy in the Eurozone, and it represents a great opportunity because of its market size, particularly in sectors such as ICT or digital technologies.

“So my key message today is that we are looking forward to continue working with our Irish client companies as Spain is definitely open for business – and as sale cycles in this country have historically been very long, let’s use this time to plan for the future as Spain is a big economy with a lot more room for new opportunities.”

 

Get key insights on doing business in Spain and the supports available from Enterprise Ireland.

Managing Cashflow

Managing Cashflow in a Crisis

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As managers reset the business for recovery, companies need to adopt a lean culture where expenditure is minimised and every cost is questioned.

One of the greatest risks facing many businesses in the current environment is running out of cash. A company that can’t pay its bills, regardless of how profitable it is, will quickly go out of business. Cash conservation is therefore key to survival.

While in the medium to longer term companies will have to look at reengineering their business and operational models in order to meet challenges presented by the post-Covid-19 world, the short term is going to see a focus on cash according to Business Financial Consultant Brendan Binchy.

“There is much more urgency relating to cash now,” he says. “And there are many things a business can do to manage its cash. Almost everyone out there is availing of debt payment deferrals, for example. They are trying to hit the pause button on cash going out wherever they can so that they can preserve the status quo as much as possible. They are also looking at other areas like aged debtors. You almost have to look at it like a company threatened in a pre-receivership condition.”

Binchy recommends a structured approach to cash conservation and this starts with the balance sheet. “The profit and loss account is a record of a business over a period of time, but the balance sheet gives a snapshot of the business at a particular moment in time.”

Companies should pay particular attention to their gearing, he advises. This is the ratio of debt to equity on the balance sheet. “The lower it is the better, but losses will erode equity and increase the gearing ratio,” Binchy continues.

A healthy gearing ratio will allow companies to borrow judiciously in order to bolster their cash position. “This can be very helpful, but companies need to be aware of the associated debt service costs.”

The next step is to look at asset funding, where they may be scope for some reverse engineering. “Businesses frequently purchase assets for cash during good times,” Binchy notes. “They could be re-financed now with bank debt and this will improve the cash position. Generally speaking, the asset lifetime and the funding cycle should be the same. It is important to remember that trade debt, like invoice financing, is for working capital not capital expenditure.”

The sales lead to cash cycle is the next area for examining.

“It takes time for marketing effort to translate into sales leads, buying decisions, billing, and cash collection”, Binchy explains.

 “This can be quite protracted, and companies need to look for ways to get to close sales quickly and speed up invoicing.”

The supply chain should also come in for attention to slow the outward flow of cash. “Companies should identify strategic supplier relationships, tighten stock management overall, improve workflows, and negotiate new arrangements such as stockholding facilities with key suppliers. Talking to key suppliers and developing strategic partnerships is a very good ongoing strategy for companies. The more they do it the better.”

And then there are what Binchy calls the common-sense measures.

“Defer capital expenditure and other spending decisions wherever possible,” he advises. “Companies need to adopt a mean and lean culture where expenditure is minimised, and every cost is questioned. But this must come from the top down and everyone must share the pain and to be seen to share it.” 

Once those actions have been taken, it is time to put together a budget plan. “Having these measures in place means you already have your fingers on the pulse and you can make a budget plan to take you from where the business was before the crisis to what’s likely to happen afterwards. The most important thing about the plan is that it should be iterative. You’re not going to get everything right first time around. The plan gives you a framework to forecast and plan for what might happen. You can adjust it weekly and monthly rather than having to build new plans all the time.”

And businesses don’t have to do this on their own. Binchy recommends the Enterprise Ireland Lean Business Continuity Voucher as a good starting point. This offers eligible companies up to €2,500 in training or advisory services to help them identify and implement the measures needed to ensure they can continue to operate during the Covid-19 pandemic.

There is also the Covid-19 Business Financial Planning Grant, which is worth up to €5,000, and can be used by companies to pay up to 100% of the cost of engaging an approved financial consultant to assist them prepare a financial plan, understand their immediate financial position, manage costs and identify their funding requirement.

When it comes to cash for the business, Binchy points to the Temporary Covid-19 Wage Subsidy which he says has been very helpful to businesses throughout the country.

Sources of working capital and loan finance include the €450 million Covid-19 Working Capital Loan Fund and the €200 million Future Growth Loan Scheme fund available through the Strategic Banking Corporation of Ireland. Businesses which have difficulty accessing bank finance can apply for funding of up to €800,000 from the Enterprise Ireland Sustaining Enterprise Funds. There is also a fund for smaller companies which offers funding of up to €25,000 and €50,000 depending on the size of the business.

 

    Hear from financial expert, Brendan Binchy and Enterprise Ireland’s finance team in our Accessing Liquidity & Managing Cashflow webinar.

    Market Watch Germany – Webinar – Managing and supporting channel partners

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    Enterprise Ireland’s offices in Germany have launched a series of Webinars: Market Watch Germany. Every Wednesday at 14:00 BST/15:00 CET a new theme will be addressed to help Irish companies exporting to Germany navigate the challenges and opportunities presented by Covid 19.

    Managing and Supporting Channel Partners in the German market’ is the fourth installment of Market Watch Germany webinar series. The purpose of this webinar is to help Irish companies exporting to Germany navigate the challenges and opportunities presented by Covid-19.

    Panellists:

    Brian English an Engineer and Marketer with over 30 years international sales and routes-to-market experience.

    Dr. Andrea Seidel, with a wealth of experience in business development and strategic partnership.

    Paul Browne from Enterprise Ireland’s Client Management Development & Client Skills department.

    Financial planning to accelerate your recovery

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    The global economic crisis triggered by the Covid-19 pandemic is unlike any seen before in history in terms of the rapidity of its onset and its scale. It has been variously referred to as a black swan event or as a perfect storm, and for individual businesses worldwide its effects have included state- mandated shutdowns, a near total collapse in demand and, for the lucky, an enforced shift to new ways of working and business models.

    As Ireland begins its first tentative steps towards a return to something approaching normality, businesses too must start planning their pathway to recovery and beyond. According to Business Transition Consultant Brendan Binchy, the first step for business owners is to analyse the company’s current position and develop a vision for the future.

    He advises people not to panic. “It’s not a question of asking if the crisis will impact on the business and worrying about that,” he says. “It is self-evident that it will impact. You have to be proactive, not reactive. You might know how it will affect the business this year, but what about next year? Where do you want to be then? You need a to have vision for that. And from there you can work out what to do and what not to do and what you need to change.”

    There are also actions which need to be taken immediately to stabilise the business. In Binchy’s view, these actions require businesses to examine and reset their business models, develop and implement very tight cash management strategies, and adapt and modify their operations to meet the new conditions in which they find themselves.

    “You have to look at where you are financially, ask where your customers are coming from and why they buy from you, and if it is possible to recalibrate the business, to come up with a new model which will see it through the current period,” he advises.

    That might be termed the firefighting or survival phase. The next stage is to plan for recovery and beyond. While planning in such times of massive uncertainty may seem an impossible or even futile task, Binchy believes it is worthwhile and an absolute necessity.

    But the plan must be flexible and adaptive in order to deal with sudden changes in a highly dynamic environment. “We have to accept that what we think will happen may not come about. But if you don’t have a flight plan, you have no way of getting to your destination. When you’re up in the air you need to know where you’re going. You may get knocked off course from time to time and you will need to adjust the plan in response.”

    Even the process of putting the plan together can be helpful, he notes. “It is cathartic and helps clarify things.”

    This clarity comes from the examination of the business and its environment. Questions Binchy puts include:

    • Is your industry shut down or is it still working?
    • Are there opportunities there?
    • What has been the impact of the crisis on customers?
    • Do they still have money?
    • Do they still need your products or services?
    • Are there customers you no longer need?
    • What has been the impact on competitors?

    Fortunately, there is help out there both to develop plans and implement them.

    He points to the Enterprise Ireland Covid-19 Business Financial Planning Grant as a very important support. The grant, worth up to €5,000, can be used by companies to pay up to 100% of the cost of engaging an approved financial consultant. The consultant will work with the company to prepare a robust financial and business plan that identifies the funding needs and the potential sources of this funding.  

    Another valuable support Binchy advises businesses to take note of is the Lean Business Continuity Voucher, which offers eligible companies up to €2,500 in vouchers for training or advisory services to help them identify and implement the measures needed to ensure they can continue to operate safely during the Covid-19 pandemic.

    Support for the implementation of the plan is there in the form of the Enterprise Ireland Sustaining Enterprise Fund, which offers funding of up to €800,000. Very importantly, no repayments are required for the first three years of the five-year term of the advance and there is an annual administration fee of just 4%, making it a very attractive source of finance.

    Smaller businesses can also apply for advances of up to €50,000 depending on their size under the Sustaining Enterprise Fund – Small Enterprise scheme.

    “Businesses can also look to shareholders to put in new capital or go to the banks,”, Binchy concludes. “The important thing is to develop a plan and have the finance in place to implement it.”

     

    Watch our webinar addressing the critical challenges facing Covid-19 impacted businesses – Accessing liquidity and managing cashflow.

    Get advice from financial expert, Brendan Binchy on how best to navigate these issues and hear from Enterprise Ireland’s finance team on the financial supports available from Enterprise Ireland.

    Industry Bulletin – Automotive – Impact of Covid-19 on automotive technologies

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    Jens Altmann, Market Advisor, Automotive Industry, Enterprise Ireland Germany interviewed Robert Metzger CEO and publisher at eMove360°, a trade fair and community platform for Mobility 4.0 – electric – connected – autonomous in Munich.

    eMove360° Europe is already now world’s biggest B2B trade fair for electric mobility and connected & autonomous driving.

    The video interview discusses the effects of the current Covid-19 situation on new technologies, forecasts on the industry and alternative ways of connecting with stakeholder in the market.

    • Effects of Covid-19 on technological development in the automotive industry
    • Influence on regulations and Electromobility  and its related supply chain
    • How to counteract current contact restrictions e.g. alternatives for physical trade shows

     

    UK BPO & IT

    Market Watch Industry Bulletin – BPO & IT

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    UK BPO & IT_Market Watch

    See the webinar here.

    Customer engagement is critical during the Covid-19 pandemic, as organisations across every industry look to connect, engage, reassure, and supply their customer base.

    In this time of uncertainty and disruption, Irish BPO and IT companies have demonstrated impressive flexibility in providing their outsourced services to ensure international companies can overcome these engagement challenges from a remote setting and provide a positive customer experience.

    Following Enterprise Ireland’s recent Industry Bulletin which looked at developments across the world affecting Irish BPO and IT Services companies, this edition of our Market Watch series focuses on the UK region and a key end-market for many Irish companies; the UK energy sector.

    This webinar reflects on the

    • Immediate impact of Covid-19 on the UK Energy sector
    • Challenges for energy retailers and their customers
    • Future opportunities in the sector for outsourced service providers to develop new and stronger partnerships with energy retailers in the UK.

     

    See the webinar here.

    Panellists:

    David Corcoran, Senior Market Advisor, Enterprise Ireland UK

    Peter Haigh, former Managing Director of Bristol Energy, CEO of ELEXON, and Director of Business Retail at E.ON.

     

    Anne Lanigan Enterprise Ireland

    Market Watch – A view from Europe

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    Key Takeaways

    • Business in Europe has been severely impacted by Covid-19, but many countries are now beginning to re-open and are determined to get industry and business moving again
    • Movement of products is improving while movement of people is still a challenge.
    • Opportunities are likely to emerge for example in digitisation across industries; or in the healthcare sector for non-Covid related health issues.
    • Preparation and planning is vital.
    • Enterprise Ireland offices around the region are on hand to offer support.

    There is no doubt that Europe has been heavily hit by the effects of the current pandemic, but regional director Anne Lanigan says many countries are beginning to move into recovery phase and countries across the Eurozone are determined to get their industries and businesses moving again. There is a general acceptance in Europe that we need to learn to live, as safely as possible, with the virus. Construction and manufacturing industries are gearing up while observing social distancing and using personal protective equipment; digital technology and office based businesses are for the most part still working remotely but increasingly effectively and in a number of countries e.g. in France and the Netherlands some services like hairdressing have re-opened under strict guidelines.

    “The numbers speak for themselves in terms of infections and fatalities, but most countries have passed their peak and are moving into exiting confinement and reopening – all at slightly different stages,” she says. “But there is alot of similarity in terms of the timing of countries coming out of lockdown at this point and what this is really saying is that Europe is opening up again.”

    Lanigan says while we are inclined to look at when schools, shops, and social outlets open, what is really important to the restarting of economies is when industry is recommencing.

    “Whether or not you can get a haircut isn’t relevant to most of our clients, what is really vital is the restarting of construction and manufacture and the returning to work in businesses. Of course movement of people and products is crucial to this” she says. “Movement of product is definitely improving but movement of people, particularly across borders, is still an issue which of course affects our clients.

    “Each country is different and even regions within countries can be at different stages and have different restrictions, so it’s important to get up to date and accurate information from your partners, customers and logistics providers.  For example most countries will have a requirement to use face masks in certain circumstances, and social distancing rules will differ between countries. So don’t assume that the Irish rules will work – it’s important to know the specifics of the country you are working in.” Enterprise Ireland offices across the Eurozone can also help clients with this.” Irish companies with personnel on the ground in Europe are in a lot of cases eligible for state support from the country they are operating in and again our offices can offer advice and direction on this.

    Thankfully many Enterprise Ireland client companies have maintained business in the Eurozone throughout the crisis and some have won new business. However while some clients have continued to do business in a similar fashion to pre-Covid days, most will need to get used to new requirements and many may also need to diversify.

    “Our clients will need to be creative in adjusting to the new normal” says Lanigan. “Digitisation will form a large part of this. Localising (not just translating) websites is more important than ever – ensuring that websites are easily found, are easy to navigate and provide all the necessary information in a clear format. Social media is also getting a lot of traction at the moment, so making sure to be ‘out there’ in terms of social media, will help to raise a company’s profile.”

    “As countries open up, travel will continue to be restricted so if companies can digitise their maintenance and servicing by providing online videos or some kind of instruction online or via a webinar in a sophisticated and professional manner, this will help them to hold on to business. Online shopping functionality may also be an important capability to add for some businesses.

    Understanding how each country works is vital for Irish exporters, but the regional director says keeping in touch is even more important.

    “Communicating with customers is still crucial whether business has slowed, stopped or continued during the current crisis,” she advises. “The communication lines must be kept open – and ear-to-ear or ideally face-to-face on a virtual platform is much better than an email. So virtual meetings, webinars and virtual distributor forums will all help to maintain communication and build strong relationships.

    “This will keep businesses up to speed on what is happening in the markets and what is happening with their customers and so position them to adjust more quickly and in the right direction to maximise potential.

    In every crisis there is opportunity and the current pandemic is no different with several sectors set to do well out of the situation. Lanigan says “Every industry is now seeing digital transformation at an accelerated pace and there are opportunities for businesses who digitise fast and opportunities for businesses who offer digital and tech solutions.”

    “Our clients and Irish people are typically good at spotting opportunities,” says Lanigan. “I would encourage companies to look at how they can pivot in the current crisis – anything which reduces human contact and allows remote operations will have opportunities i.e. digitisation. 

    “Another area likely to surge is non-Covid related healthcare. In most countries routine treatments have been put on hold or much reduced in order to deal with Covid 19 cases. As things move back to normal, there is likely to be a big demand for other med tech and pharma products. Now is the time to prepare for that.”

    Lanigan advises companies to be look toward the future, reset and get ready for the recovery. “There is a danger that we just focus on the immediate – we are advising clients to also look at the medium to long term and get plans in place” she says. Future business may be a continuation of current business but with added value or an adjusted value proposition; it may be with a repurposed product pivoting to a different sector; it may be exploiting brand new opportunities created by Covid 19; or it may be replacing global products with ‘made in the eurozone’ products. “We are nearing the end of the stabilise phase and moving into reset but we need our eyes on the recovery – so be prepared, be aware and look forward. Enterprise Ireland’s team across the Eurozone are here to help you reset, recover and build your business.”

    Anne Lanigan is Enterprise Ireland’s Regional Director for Europe. To learn more about the steps companies can take to address the impact of Covid-19 visit our business supports page.

    Market Watch Industry Bulletin – Aerospace & Aviation

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    Enterprise Ireland’s industry bulletin for the Aerospace & Aviation industry provides insights from Market Advisors across the world, on market developments in each region, exploring market conditions during the Covid-19 pandemic , developments, opportunities and supports.

    Read the full report here.

    Market Watch Industry Bulletin – Automotive – European Manufacturers Structures, Operations & Plans

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    Sean Long,  Enterprise Ireland, Senior Market Advisor UK for Automotive interviewed Ian Henry of Auto Analysis on the changing landscape of European Vehicle Manufacturers.

    The interview explores their

    ·         current organizational structures

    ·         plant operations

    ·         purchasing contacts

    ·         trade tariff considerations

    ·         developments around new vehicle platforms.

    The video interview took place on 10th March 2020, prior to Covid 19 restrictions.

    Supporting great people in difficult times

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    Developing employee engagement now will pay dividends long into the future

    Up until the pandemic, the biggest challenge facing many firms was attracting and retaining talent. That hasn’t changed, says Ryan Williams, CEO of Conscia, a training provider which specialises in employee engagement.

    Conscia is the architect of a series of online modules designed to help companies maintain employee engagement throughout the Covid-19 crisis.

    Each provides practical steps to take, plus easy to use templates and frameworks, to help companies maintain their employee value proposition (EVP).

    Those that succeed in doing so will not only optimise productivity throughout this current, difficult time, but will be well placed to capture the opportunities of the post-pandemic surge.

    Those that neglect employee engagement, however, risk damaging their reputation as an employer of choice long into the future. “It’s about asking yourself, how you want your company to be remembered after this pandemic,” says Williams.

    Your EVP is an invaluable retention tool and should be robust enough to support employees in good times and in bad, he points out.

    “The market for talent will be equally as competitive when we come out the other side of this as it was when we went in,” says Williams.

    “Though some sectors will suffer more than others, the fact remains that if you needed a software developer before this, you will still need one after it, so it is important to get the best talent that is out there.”

    The top priority for employers right now is communication.

    By this stage new work practices will be established, either from home or, socially distanced, in the workplace.

    “The novelty of the early stages has well and truly worn off, the buzz of setting up meetings on MS Teams and Zoom has ebbed, and people are starting to feel this will never end. The risk is that employers stop communicating when in fact it is vital to over-communicate now and throughout this process.”

     

    Deliver your communications with confidence

    In a period characterised by uncertainty and anxiety, it’s important to display “honest confidence” he says.

    “Be honest and transparent and deliver your communications with confidence, even if it is bad news, such as, perhaps, having to take a pay cut to get through this. People can cope if they realise there is light at the end of the tunnel.”

    Empathetic leadership is essential.  “You need to communicate your company’s vision and mission with empathy. It’s about understanding that your people are going through challenging times.”

    Weekly ‘all hands’ meetings online are an opportunity to show that everybody is part of what is a communal effort.

    “Be very honest about what you do and don’t know. The rumour mill can be difficult to manage so share the good, the bad and the ugly with honest confidence.”

    Decision making in a time of crisis should be quick and decisive, with resources allocated speedily. Employee polls are a quick and effective tool for effecting change, offering maximum transparency and ‘buy in’.

    Regular, scheduled and consistent communications help keep fear and anxiety at bay. Use video as much as possible. “People want to see their leaders.”

    Be cognisant of the impact not just of your words, but of your tone and body language too. “Lean forward, be expressive, use your hands,” he says.

    As well as large town hall type, and team meetings, make sure to set aside time for one to ones, to check in with people and see how they are doing.

    Recognise and reward output. “Celebrate team wins and individual efforts more than in ordinary times. People are doing fantastic things right now so make time for shout outs in meetings and promote them on your social media too.”

    Fostering ‘water cooler’ moments online helps to replicate the everyday interaction of the traditional workplace. “Don’t lose your social cohesion.”

     

    Building trust and loyalty

    At every step, focus on building trust and loyalty. “Very many companies have spent years building up their culture. Don’t lose it. Find new ways of maintaining it instead.”

    Social distancing will likely continue for some time, as will working from home. “We are all living with uncertainty at present, so ‘What does this mean for me?’ is the key question people have. While you can’t control this, you can help by removing as much of the uncertainty for employees as possible.”

     

    Provide purpose and stay positive

    The current situation provides a great opportunity for learning and development. “This doesn’t have to cost you money,” he points out.

    “It could be online learning opportunities, or a situation where an experienced member of staff helps train up others on a new software tool, such as cucumber. It could be a buddy system, where someone experienced is matched with someone who may be feeling overwhelmed.”

    Spare capacity could be given over to executing planned projects that had previously been put off. “We have one client company, for example, who built an entire logistics platform in eight weeks, a project it had long wanted to do,” says Williams.  

    Such initiatives help provide purpose, an important component in employee engagement.

    Set short term goals for long term results. “Focus on bite sized projects to help people navigate through.”

    Finally, stay positive. “Remember, this is different from the financial crisis because it is the same for everybody. From Ireland to China to the US, the base line has lowered for everyone. So, while there is uncertainty, and a need to paint as honest a picture as possible, it’s also important to look to where the opportunities will be post-pandemic.”

     

    To find out more about building employee engagement during the Covid-19 restrictions see here.