Help Available for Small Microbusinesses With InterTradeIreland’s ‘Elevate’ Programme

Exporting can seem like such a large step to the smallest businesses on our island, however, it can be less daunting with the help of InterTradeIreland’s ‘Elevate’ programme which supports micro-businesses as they make this move.  The sales development programme assists small businesses, in particular those with fewer than ten employees, to develop sales opportunities through first time cross-border exports.

 

Elevate

The Elevate programme provides sector-specific sales support of up to £5,000 across a range of sectors including food and beverage, ICT and Engineering as well as many others.  The programme has already helped 245 small businesses and since 2013, those businesses which have been surveyed following completion of Elevate have generated new cross-border sales of approximately £2.6million.  In addition, over the same period, 31 new jobs were created and 52 were sustained.

 

Specialist support

Small businesses participating in Elevate can choose from a list of more than 100 experienced industry specialists.  These experts can then help them to identify sales leads in the cross-border market, negotiate deals, share relevant market insights, identify market research requirements and offer advice on the development of marketing materials.

 

Programme success for Antrim company

A shining example of what can be achieved through the Elevate programme, is the achievements of Advance Machinery Installation Ltd, a micro-business from Antrim. The company specialises in the relocation of single pieces of machinery right through to complete factory moves and re-organisations.  All of Advance’s clients are large manufacturers and customers in Northern Ireland include Bombardier, Diageo, Ryobi, Coca-Cola and Kerry Group.

 

Before the Elevate programme, Advance carried out around 90% of its business in Northern Ireland with the remaining 10% in the Republic of Ireland.  Alistair Carson, director, believed that the cross-border market could offer new leads but he didn’t have the time or resources to investigate properly.

 

Potential cross-border leads

In the past the firm had approached the cross-border market periodically and had never proactively searched for new business. They knew that there could potentially be leads but with a small team, the micro-business was busy focusing on the clients they already had.

 

Results of the Elevate Programme

Advance Machinery was delighted with the Elevate programme and said that what they had achieved within six months of taking part would have taken them years!  Where the firm had previously relied on the phone ringing to get jobs in the south, the Elevate consultant had turned this approach on its head and now the business was actively pursuing business.

 

This targeted approach has been very beneficial to Advance Machinery and it has highlighted that there really are opportunities out there if you go looking for them.

 

Since taking part in the Elevate programme, the firm has increased the level of business they do in the Republic of Ireland from 10% to 30%.  They have secured orders in Ireland in the region of £240,000 through Elevate, including major contracts with Sonoco, Manninckrodt and Norland with several other leads to take forward.

 

Support necessary to expedite success

As small companies make up 96% of businesses on the island it is essential that they receive the support they require to expand and flourish.

 

The cross-border market is often an underutilised but logical first step to wider export markets, giving experience of varied legislation and working with a different currency but has the comfort of being more accessible. Once mastered this makes looking at European markets a more realistic prospect.  The Elevate programme was designed with simplicity in mind to remove as much bureaucracy as possible.  As such, a relatively simple and straight-forward application process was devised and put in place. I would urge all interested small businesses with less than £1million turnover to register their interest and apply to Elevate today.

 

Like to know more?

For more information on the Elevate programme, including full eligibility criteria visit www.intertradeireland.com/elevate.

Making the right move: Thomas Hunter McGowan, chief executive of InterTradeIreland joins Alistair Carson, director of Antrim-based Advance Machinery Installation, to encourage all micro-businesses across the province to take advantage of the Elevate programme which is now open for applications. Advance, which specialises in the relocation of machinery, believes the fully-funded initiative by InterTradeIreland, enabled them to grow their cross-border business from 10%-30% in around six months and is urging other small firms to benefit from this growth opportunity. For more information, visit www.intertradeireland.com/elevate.

Making the right move: Thomas Hunter McGowan, chief executive of InterTradeIreland joins Alistair Carson, director of Antrim-based Advance Machinery Installation, to encourage all micro-businesses across the province to take advantage of the Elevate programme which is now open for applications.

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Positive but Cautious Outlook Shown by Firms in Q1

The latest InterTradeIreland Business Monitor (Quarter one, Jan – Mar 2015) has highlighted a positive but cautious start to the year for businesses across the island. The report, which reflects the views of more than 750 businesses across the island, has revealed that almost nine out of ten firms are either growing or stable, with the number of companies expanding rising from 37 per cent in the final quarter of last year to 43 per cent in Q1 2015.

Investment a key goal
Although a third of firms are more cautious about investment than they were a year ago, it is encouraging to note that more than two thirds plan to invest in their businesses over the next year, particularly in the areas of IT and Marketing, with one in five companies planning to increase employment.
Q1’s report also highlighted the performance of those involved in cross-border trade and found that these businesses were significantly more likely to grow and twice as likely to be taking on staff over the next 12 months, further backed up by the statistics that 11% of firms took on staff in the Q1 period.

Businesses in Ireland continue to perform better than their counterparts in Northern Ireland with 47 per cent growing in the south compared to 34 per cent in NI. Seven per cent more southern firms also reported an increase in sales in Q1 than those in NI.

Construction the exception to the rule
Most sectors experienced stability rather than growth in the first quarter of 2015. Encouragingly though, after a particularly challenging quarter at the end of 2014, the construction sector bucked this trend and picked up significantly with 59 per cent of firms in the industry expanding at the start of 2015. Leisure, hotels and catering businesses struggled most in Q1 with only 33 per cent experiencing growth and more than one in five (22%) businesses in the sector contracting or surviving at all costs.

Decline in sales performance
Although 56% of firms involved in cross-border sales experienced growth compared to 40% of those with no export sales, sales performance on a whole has declined for the second quarter in a row with businesses reporting an increase dropping from 39 per cent in Q4 2014 to 32 per cent in Q1.

Positive outlook
Results in this Business Monitor reinforce the generally positive pictures that have been apparent since the middle of 2013 with 88% of firms saying they are either stable or growing. Of course, the fact that 45% are stable with just 43% growing, explains why the much-vaunted ‘feel good’ factor seems hidden.

Sales performance of exporters continued to outstrip non-exporters and remained very strong. However, it appears in the short-term, that the current environment for those selling across the border has been more challenging. This quarter, the report showed that there were more firms experiencing a decrease in cross-border sales in the last 12 months than those reporting an increase.

Exporting support is available
The volatility and fluctuation of the exchange rate may be having a temporary effect on cross-border trade. While current exchange rates are a significant issue for only a small number of firms, this is an issue which has been growing in importance, rising from two per cent at the start of 2014 to six per cent this quarter.

Despite short-term challenges, markets across the border should not be overlooked. It was worrying to find that more than half (56 per cent) of businesses surveyed don’t export, despite having suitable products and services. The reasons they gave included ‘being too far away’ and a ‘lack of management time and resource’ but we would urge firms to consider investigating their options. The first step would be to contact business advisory bodies, such as InterTradeIreland, where there are a range of programmes which can support firms in their exporting journey.

Overheads challenging
Figures also indicated that the cost of business overheads, including wages, is now the leading challenge for firms. The significance of energy costs has dropped considerably since the start of last year, falling from 30 per cent of firms recognising them as a key challenge in Q1 2014 to eight per cent at the start of this year, perhaps reflecting the reduction in fuel prices and the importance of transport costs to many sectors.

Business Monitor Survey
InterTradeIreland’s quarterly Business Monitor survey is the largest and most comprehensive business survey on the island and is seen to be the ‘voice of local businesses’.

Further information
For more information on InterTradeIreland and the business support programmes available, please visit www.intertradeireland.com . A copy of the 2015 Q1 InterTradeIreland Business Monitor Executive Summary can be viewed at: http://www.intertradeireland.com/researchandpublications/business_monitor/

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Positive but Cautious Outlook Shown by Firms in Q1

The latest InterTradeIreland Business Monitor (Quarter one, Jan – Mar 2015) has highlighted a positive but cautious start to the year for businesses across the island. The report, which reflects the views of more than 750 businesses across the island, has revealed that almost nine out of ten firms are either growing or stable, with the number of companies expanding rising from 37 per cent in the final quarter of last year to 43 per cent in Q1 2015.

Investment a key goal
Although a third of firms are more cautious about investment than they were a year ago, it is encouraging to note that more than two thirds plan to invest in their businesses over the next year, particularly in the areas of IT and Marketing, with one in five companies planning to increase employment.
Q1’s report also highlighted the performance of those involved in cross-border trade and found that these businesses were significantly more likely to grow and twice as likely to be taking on staff over the next 12 months, further backed up by the statistics that 11% of firms took on staff in the Q1 period.

Businesses in Ireland continue to perform better than their counterparts in Northern Ireland with 47 per cent growing in the south compared to 34 per cent in NI. Seven per cent more southern firms also reported an increase in sales in Q1 than those in NI.

Construction the exception to the rule
Most sectors experienced stability rather than growth in the first quarter of 2015. Encouragingly though, after a particularly challenging quarter at the end of 2014, the construction sector bucked this trend and picked up significantly with 59 per cent of firms in the industry expanding at the start of 2015. Leisure, hotels and catering businesses struggled most in Q1 with only 33 per cent experiencing growth and more than one in five (22%) businesses in the sector contracting or surviving at all costs.

Decline in sales performance
Although 56% of firms involved in cross-border sales experienced growth compared to 40% of those with no export sales, sales performance on a whole has declined for the second quarter in a row with businesses reporting an increase dropping from 39 per cent in Q4 2014 to 32 per cent in Q1.

Positive outlook
Results in this Business Monitor reinforce the generally positive pictures that have been apparent since the middle of 2013 with 88% of firms saying they are either stable or growing. Of course, the fact that 45% are stable with just 43% growing, explains why the much-vaunted ‘feel good’ factor seems hidden.

Sales performance of exporters continued to outstrip non-exporters and remained very strong. However, it appears in the short-term, that the current environment for those selling across the border has been more challenging. This quarter, the report showed that there were more firms experiencing a decrease in cross-border sales in the last 12 months than those reporting an increase.

Exporting support is available
The volatility and fluctuation of the exchange rate may be having a temporary effect on cross-border trade. While current exchange rates are a significant issue for only a small number of firms, this is an issue which has been growing in importance, rising from two per cent at the start of 2014 to six per cent this quarter.

Despite short-term challenges, markets across the border should not be overlooked. It was worrying to find that more than half (56 per cent) of businesses surveyed don’t export, despite having suitable products and services. The reasons they gave included ‘being too far away’ and a ‘lack of management time and resource’ but we would urge firms to consider investigating their options. The first step would be to contact business advisory bodies, such as InterTradeIreland, where there are a range of programmes which can support firms in their exporting journey.

Overheads challenging
Figures also indicated that the cost of business overheads, including wages, is now the leading challenge for firms. The significance of energy costs has dropped considerably since the start of last year, falling from 30 per cent of firms recognising them as a key challenge in Q1 2014 to eight per cent at the start of this year, perhaps reflecting the reduction in fuel prices and the importance of transport costs to many sectors.

Business Monitor Survey
InterTradeIreland’s quarterly Business Monitor survey is the largest and most comprehensive business survey on the island and is seen to be the ‘voice of local businesses’.

Further information
For more information on InterTradeIreland and the business support programmes available, please visit www.intertradeireland.com . A copy of the 2015 Q1 InterTradeIreland Business Monitor Executive Summary can be viewed at: http://www.intertradeireland.com/researchandpublications/business_monitor/

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Enter the 2015 the InterTradeIreland Seedcorn Investor Readiness Competition

Northern Ireland entrepreneurs could get a huge cash boost for their business, thanks to a total prize fund of €280,000 being offered by the InterTradeIreland Seedcorn Investor Readiness Competition 2015, which is now open for entries.  For further details visit www.intertradeireland.com/seedcorn.  The deadline for submissions is 29 May 2015.

More than just a competition

With a cash prize fund of €280,000 up for grabs, Seedcorn provides a great opportunity for early stage and new start companies in Northern Ireland.  However, entrants can get so much more out of the experience, such as invaluable guidance, tips and advice from experts, investors and other entrepreneurs.  They will get guidance on how to improve their business plan and investment pitch as well as how best to demonstrate to investors that their business is worth investing in.

The importance of becoming investor ready

Seedcorn encourages and assists the best start-ups on the island to become investor ready.  The purpose of business plans and slide decks as part of the competition is to make the investment case for a prospective investor – how might their investment today multiply in value in the next 3-5 years?  The Seedcorn process is designed to help great start-ups develop those compelling investment cases.

Seedcorn

InterTradeIreland has supported more than 2,150 enterprising companies through the Seedcorn process in previous years, with former finalists going on to secure more than €187m worth of new equity. Past winners from Northern Ireland include Catagen and Sophia Search from Belfast, who were overall winners and Jenarron Therapeutics, Dunmurray; See. Sense, Newtownards and Cirdan Imaging, Lisburn, who were regional winners.

Businesses can enter in one of the two categories; new start or early stage and there are four regions; Northern Ireland, Dublin (City & County), Munster, and Connacht & Leinster (including counties Donegal, Cavan and Monaghan).

The process

Companies submit their application along with a visual representation of the business idea. Shortlisted companies are invited to submit a full business plan and, if successful, are invited to deliver an investment pitch in front of the judging panel comprising of venture capitalists, business angels and some of the island’s leading industry experts and entrepreneurs.

Throughout each stage of the competition, companies will be judged on various criteria including financial performance, company milestones and achievements, future strategy for the business, the management team in place, and indeed the quality of the pitch to the judging panel. Feedback is provided to companies at each stage of the competition process.

Free workshops

InterTradeIreland is hosting a series of free workshops designed to guide those considering entering this year’s competition, including providing advice on preparation of video clips, presentation slide decks and business plans.  Workshops are planned for Belfast on 22 April at Ulster University and NISP and in Derry~Londonderry on 30 April at NISP. More information on the workshops can be found on the InterTradeIreland website www.intertradeireland.com/seedcorn

Follow the action

You can follow all the action throughout the 2015 competition by searching for and using #seedcorn and following @iti_seedcorn

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