Ulster Bank Young Farmer Seminar Sligo November 19th

Embracing change

Ulster Bank hosted a Young Trained Farmer seminar in Sligo on Thursday November 19th. The seminar, titled ‘Embracing Change’ sought to support agricultural producers in this era of continual change and present attendees with research findings, market insights, farmer experiences and tools to manage change irrespective of the enterprise.

The panel

Our panel included Dr Ailish Byrne (Senior Agri Manager UB), Sean O’Donnell (Young Farmer of the Year 2014), Bernard Donoghue, Martin Clarke (IFAC Accountants) and Kevin Moran (Nuffield Scholar 2015) with the discussion being facilitated by Breian Carroll of Carroll Consultancy. Brief accounts were given by the panel members on their enterprises, experience and long term goals. Questions from the floor were welcomed at all times and open and honest feedback from the panel was a feature of the discussion.

Break out

Three separate break out sessions followed and were hosted by Roberta McDonald (Aurivo), Brian Costelle (Facilitator/Farmer) and Pat Bogue (Broadmore Research). There was genuine interaction between the focus session facilitators and participants in each room with young farmers contributing greatly in all discussions. In the end we ran out of time as in depth discussions were taking place. There was a feel good factor in all rooms with huge engagement levels between all participants.

Good feedback

79 attendees participated from Galway, Mayo, Roscommon, Sligo, Leitrim and Donegal with a number of industry experts and introducers also present. Feedback on the day from attendees was excellent and this definitely was a really worthwhile event for Ulster Bank to host and confirm our continued support and commitment to the Agri sector in the Midlands &West region.

Find out more

If you want to find out what Ulster Bank has to offer, click here.

 

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Choosing Your First Office

Choosing your first office is exciting. Your office is your base of operations. Whether you have been working out of your home or are simply a budding entrepreneur who is ready for a first office, how you choose can make all the difference in the world. The wrong office space can hinder your productive just as the right space can make your productivity soar.

It is not unusual for people to move offices as they grow, but it is not always necessary. When you take time to browse available spaces and understand your options, you may just find that your first office is your last. Follow these tips to choose the perfect office for your business.

Rule of 175

If you have never had a physical office, you may not have heard of the “rule of 175.” What this means is that you should give between 175 and 250 square feet of usable space to each employee. Usable space does not necessarily equate to free space. Usable space can include a desk, chair and other work equipment.

Consider the Commute

This is especially important if you have employees. If the majority of your employees utilize public transportation, make sure your office is close to a bus stop or rail station. If your employees drive, make sure that the office space you choose has appropriate parking in close proximity. Some employees choose to bike to work. If this is the case, look for somewhere you can install a bike rack or make sure there is space for your employees to bring their transportation into the building.

Interior

You do not have to have the fanciest office on the block, but you do need to pay attention to its interior. You may only have money to hire professional carpet cleaners to spruce the place up. You may have the budget to tear down walls and reinvent the space. If funds are limited, you do not want a fixer-upper. If you lease instead of buy, you will be limited as to the changes you can make to the interior.

Lease or Rent

Speaking of leasing, it is often better to lease or rent your space than it is to buy. When you buy an office space, you are in charge of building and grounds maintenance. If you are too busy to keep after routine issues, you will be forced to hire someone to do the work for you. Having that kind of money in your startup budget is unlikely. If you can find a landlord that will permit you to rent month-to-month, strongly consider taking them up on the offer. This gives you the option to move should you need to without being tied to a long lease.

Lunch Options

Paying attention to lunch options may seem strange when looking for an office space but, if you have employees, it is important. Happy employees are productive employees, and hungry employees are not happy. Your office does not have to be surrounded by eateries, but there should be at least a few places within walking distance that offer a cheap but hearty meal.

Look to the Future

Before you decide on any space, think about your company’s future. If you can envision it growing, you may need a larger space in the future. If you can afford it, get that space for your company now. Having an office that you can grow into prevents you from having to pack up and move next month or next year.

Buying or leasing an office space is about more than your budget. You want to be happy, and you want to make sure your employees are happy. Follow these tips to ensure that your workforce has a great place to do what you hired them to do.

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Excellent Young Farmer event at Corrin Centre Fermoy

The event was facilitated by Katherine O’Leary of the Irish Farmers Journal. Panelists were Anne-Marie Butler (Ulster Bank), Alan Jagoe (dairy farmer, President of CEJA 2015-2017), Ed Donovan (dairy new entrant), Brendan Horan (Teagasc Moorepark) and Patrick Ryan (pig farmer).

Next generation

Katherine O’Leary spoke about the enthusiasm of youth and how she personally had experienced the process of commencing hand over of the reins to the next generation. Understanding on both sides will be required in this circumstance and sometimes compromise is not the answer. What really came across was the need for certainty around delegation – 2 people can’t decide where the cows go today – every day!

Farms country wide

Anne Marie Butler of Ulster Bank has responsibility for the 26 counties and spends her day on farms country wide. She offered the benefit of her experience with family farms and the need for structured meetings – example given of the family meeting that was held every Friday – and ended in a row – every Friday!! Formal meetings are critical to the success of family farms. She also spoke of the need to have experience milking cows and to represent yourself well to the Bank eg “I don’t like milking cows on a Sunday – robot can do it!!”

Expansion

Alan Jagoe of Macra gave us some of their expansion at home on the dairy farm. He emphasised the need for time management and also referred to the importance of quality of life. A simple example was how he tries to finish at 11am on a Sunday to spend time with his young family. Also, the importance of cash management in a changing situation was obvious – they have recently changed to concentrate on cows and through gentle persuasion, they no longer have cattle – all bull calves are sold by Patrick’s day to simplify the system at home.

Returning home to the farm

Ed Donovan is the father of 2 small girls and told us how he completed an agricultural science degree, worked in the construction industry for some time with 6 employees, worked as a branch manager in Goldcrop for 5 years, and decided to return home to farm in 2013. They had a tillage farm at home but dairying was the only sustainable option. His main word of advise was to get a contractor in if completing a development as Edward and his dad did a lot of the work themselves- tiring when trying to establish a dairy herd.

Learning from your peers

Brendan Horan of Teagasc spoke of keeping things simple and learning from your peers. The importance of going away to learn from another farm was emphasised – be it locally or abroad doesn’t really matter but it is important to broaden experience.

Setting up the farm well

Patrick Ryan is both a pig farmer and dairy farmer. He spoke of how the farm was well set up at home when he started farming and how that was a great help. He is maxed out at the number of cows he has at moment and the pigs offered him a chance to expand. He spoke of how the best laid plans can fall by the wayside eg when someone gets sick and you have to spend time re-training a new staff member – the importance of maximising the output of every staff member is critical. Pat also reassured us that while you won’t get everything right, there are the days you walk down the yard and see the things that are right!

Break out session

The seminar concluded with a break out into 4 groups to allow for feed back – the most common theme was the need to experience different situations and farming methods if at all possible before returning full time to farm. It is appreciated that this is not always possible – however it does offer benefits if it can be availed of.

Ulster Bank

The seminar was closed by Pat Horgan Area Director who thanked all present and emphasised how Ulster Bank punch above their weight in the young farmer sector with 25% of the market. Well worth attending and a very enjoyable event!

Find out more

If you want to find out what Ulster Bank has to offer, click here.

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The 3 Risks of Not Making Your E-Commerce Site Secure

According to the FBI, preventing computer fraud, network intrusions and identify theft are the key priorities of their Cyber Crime branch. Cyber-crime is on the rise as more consumers rely on the Internet and mobile technology to do things like shopping, banking and investing. As illustrated below, insecure e-commerce sites will result in serious risks and financial losses.

Vulnerability to Hackers

Everyone is aware that websites, networks and email accounts are vulnerable to hacking attacks. However, more and more consumers are primarily accessing the Internet through their smart phones. As a result, hackers are taking advantage of the lack of mobile security technology standards to target smart phones. According to Computer Weekly, Blue Coat Systems’ research shows that mobile attacks are becoming more common and malicious. For example, one of the most infamously popular methods is cyber-blackmail, when mobile ransomware penetrates and takes over a user’s phone. In order to unlock their phone, the user is required to pay money or divulge personal information. In addition to this, spyware is the second most popular malware program. After it surreptitiously installs itself on the user’s phone, spyware programs will monitor online habits, behaviors and preferences. Therefore, online consumers are naturally apprehensive about e-commerce sites that appear suspicious. When they arrive at the check-out page, they may not end up purchasing because they aren’t sure if credit card information will be safe. The best way to overcome this problem is through having well-recognized security certifications that will dispel any consumer concerns over financial and identity theft. For example, a Secure Sockets Layer (SSL) will encrypt consumer information the moment it’s entered on the website. In order to raise consumer awareness, be sure to provide visual clues and colored icons that alert online consumers when they are in a secure or insure part of the website.

Data Breaches

According to technology magazine Wired, mobile giant T-Mobile recently suffered one of the biggest data breaches in business history. T-Mobile had contracted with credit rating agency Experian to perform credit checks on potential customers. However, savvy hackers stole the personal information of approximately 15 million people. This included basic information, such as names and birthdays, and encrypted sensitive information, such as social security and drivers’ license numbers. While there was no financial or banking information, there is still plenty of information for cyber-criminal to commit identity fraud. Online identity theft is the biggest risk of unsecure e-commerce sites. Consider the fact that online consumers must submit both personal and financial information in order to make a purchase. Therefore, an unsecure site is a gold mine for unscrupulous hackers to target. After stealing the personal data, they can sell every victim’s personal information for anywhere from 50 to 100 dollars through underground, online black markets. Once dishonest individuals obtain this information, they can do anything from open a mortgage to apply for credit cards.

Business Interruptions 

As mentioned above, hackers that breach websites can steal information for personal gain. However, as a result of this, customers and the public will lose confidence in the company. For example, in just one night, T-Mobile lost the confidence of 15 million current and potential customers. Assuredly, there will be millions of potential customers who will avoid doing business with T-Mobile in the future. Consequently, insecure e-commerce sites may result in a serious PR debacle that will need the expert assistance of a costly reputation management to restore consumer and investor confidence. 

Keep in mind that a massive data breach or loss of consumer confidence over insecure websites will disrupt business, drive customers away and reduce revenue. There may be other unforeseen financial costs, such as legal fees or IPR lawsuits. There may also be other problems, such as strained partner relationships or government regulatory body investigations.

In summary, an insecure e-commerce site is a recipe for PR, operational and financial disaster. Companies can minimize these risks through following standard online security protocols, investing in cutting edge security programs and incorporating online risk management into executive strategic planning.

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Starting A Business Abroad

The bureaucracy associated with starting a business abroad is shocking and is enough to deter even the most confident entrepreneur. European countries such as France, where many Brits now call home, is regarded as a red tape jungle and can be quite difficult to establish a business due to the amount of paperwork involved. However, having said that, Europe is traditionally a country of small businesses and individual traders where the economic philosophy actually encourages and even nurtures their creation.

Things to Consider

It’s often wise to work for someone else in the same line of business in order to gain experience, rather than jump in at the deep end. Always thoroughly investigate an existing or proposed business before investing any money. As any expert can tell you, an overseas business venture is not for amateur entrepreneurs, particularly amateurs who don’t speak the language! You should also take into consideration the culture of your host country and the prospect of increased business travel and time away from family and friends.

Buying an Existing Business

It’s much easier to buy an existing business abroad than start a new one. The paperwork for taking over an existing business is also simpler although still complex. If you plan to buy a business, obtain an independent valuation and employ an accountant to audit the books. Never sign anything you don’t understand completely; even if you think you understand it, you should still obtain unbiased professional advice.

Establishing your Business

Most people are far too optimistic about the prospects of a new business abroad and over-estimate income levels. Be realistic or even pessimistic when estimating your income. While hoping for the best you should plan for the worst and have sufficient funds to last until you’re established. New projects are rarely if ever completed within budget and you need to ensure that you have sufficient working capital and can survive until a business takes off.

Location

The location for a business is even more important than the location for a home. Depending on the type of business, you may need access to major air, road and rail links or be located in a popular tourist area. Local plans regarding communications, industry and major building developments, e.g. housing complexes and new shopping, may also be important.

Employees

Hiring employees shouldn’t be taken lightly abroad and must be taken into account before starting a business. In France for example, you enter into an employment contract under French labour law and employees enjoy extensive rights. It’s also very expensive to hire employees, as you must pay 40 to 60% of salaries in social security contributions. You may even want to give preference to those who speak English depending on the type of business you intend to own.

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A Guide to Etiquette When Handling Business Abroad

International Business Infographic Part 2

If you handle, or plan to handle, business overseas then you need to be made aware of the local customs, traditions and policies that are carried out.

This helpful infographic that was put together by WD Storage covers the etiquette to follow in the countries of Australia, Brazil, Costa Rica, Egypt, Russia, Spain and the USA. What offends someone in one country might be a friendly greeting in another. A simple handshake can mean different things depending on what part of the world you come from. Ensuring that you know what’s what in each region will help you to close out the most business deals possible.

Stay ahead of anyone competing for a foreign client’s business by dressing correctly, buying (or not buying!) the correct gifts and talking about the right things over a business meal.

If you found this helpful but wanted to see a greater range of countries included, you can also check out Part 1 of the International Guide to Business Etiquette.

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Ensure Employee Safety in a Busy Working Environment

With so much to do at work on a daily basis, be it overseeing factory work or ordering industrial paint, it can be easy to let basic health and safety practices slip – but this is simply not acceptable. If anyone is injured on your premises you could have a costly lawsuit on your hands, so here’s how to minimise risks and ensure employees stay safe

Control hazardous substances
If you work with dangerous chemicals like acids, lubricants, detergents, chlorine or anything else considered harmful, you must do all you can to comply with the Control of Substances Hazardous to Health (COSHH) Regulations 2002. This might mean reading the safety data sheet of any products that are ‘dangerous to supply’ in order to really understand the risks, or it might mean implementing control measures such as reducing the amount of people who come into contact with such products. You might also decide to get rid of harmful products altogether, switching them for safer alternatives or researching those that give off less harmful fumes.

Of course, thanks to scientific research, we are now more aware of things that can cause us harm, with substances like lead paint being replaced by the more user-friendly varieties offered today. That said, there are still very toxic chemicals out there, as well as those that are explosive, flammable and dangerous to the environment. Make sure you know what you’re working with.

Carry out a thorough risk assessment
No matter what you do for a living or what business you run, you must carry out a thorough risk assessment of your premises. Not only will this help you to identify anything that could be putting staff at risk, it will enable you to make your workplace safer. Not sure how to go about this procedure? Well, the Health and Safety Executive advises employers to use the following five steps as a guide.

Step 1: Identify hazards
It’s the responsibility of all employers to assess the health and safety risks faced by workers including physical, mental, chemical and biological dangers.

Step 2: Decide who might be harmed and how
When assessing staff you must take into account the risks faced by full-time and part-time staff as well as agency workers and contractors. Employers must also review what staff members do in all the different locations they are employed to ensure they’re being looked after in the best possible way.

Step 3: Assess the risks and take action
Once you’ve identified risky behaviours, activities, procedures and equipment you should take steps to lower the risk levels. This might mean lowering the hours someone works to improve their mental health or simply providing additional personal protective equipment for those faced with hazardous tasks.

What’s more, the Health and Safety (Safety Sign and Signals) Regulations 1996 require signs to be used to convey relevant messages, so investing in the correct posters and signs could be all it takes to help protect those who work for you.

Step 4: Make a record of the findings
If you hire five or more staff, the law requires you to write down all main findings from the risk assessment, so don’t forget this important detail.

Step 5: Review the risk assessment
A risk assessment is designed to keep your workforce safe, so make sure you keep it under constant review to ensure agreed safe working practices continue. You should also take into account any new working practices, machinery, job roles, more demanding work targets and other elements of work that could impact health and safety.

Minimising risk is extremely important at work, so do all you can to keep you and your staff – as well as visitors and clients – as safe as possible.

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Celebrating the Business Success of our Business Achievers

Introducing The People’s Choice Award

We’re proud of our business achievers. We want to share that pride. Which is why we’ve created a new award which will be given out at the gala awards on the 3rd December 2015.

This will be judged via an online poll. You can cast your vote here http://www.smallbusinesscan.com/the-peoples-choice

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