Ireland's 2013 GEM Report | What can we learn?

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Earlier this year, I was invited to speak at Young Fine Gael's annual summer school, a part of which was their seminar focused on SMEs and job creation / economic recovery.  It was timely that, in the run-up to the conference, the most recent GEM [Global Entrepreneurship Monitor] Report, which spanned 2003-2012, had just been published.

The GEM is a hugely beneficial report, not least of all, due to the comparative data and insights included, but also because of the specific, topline facts which can be gleaned from it.  Given the continuous theme of SMEs and economic recovery - picking salient points and the clearest thematic emblems stemmed mainly from observational experience in my own work over the past few years - not least of all, since the onset of the recession.

The times they are a-changing... or are they?

The initial comparisons presented by the GEM offer some very interesting, and somewhat surprising stats regarding real change in public opinion and within entrepreneurial circles over the ten year period.  A drop of 3% in those aspiring to be entrepreneurs, while those classified as established entrepreneurs has stabilised [up almost 2% from 2003].  Furthermore, a drop of 2% is seen over the ten year period, in those categorised as early-stage entrepreneurs - whilst entrepreneurs discontinuing businesses has fallen by 50%. A heartening figure for those of us working hard to engage more women in entrepreneurship, is the ratio of women to men starting businesses in 2012, which is a little over 2:1 versus 3.4:1 in 2003.  So, some positive strides made in this area - which is good news.

A lot done... a lot more [don't say it]... 

One figure which sticks out - is the 'fear of failure' statistic, stuck at 41% in both 2003 and 2012.  Clearly this is something which is a challenge, culturally, for Ireland - despite much talk of creating and facilitating a more conducive culture for entrepreneurs [which of course, involves risk].

Lessons to learn?

There are some heartening signals in the GEM; not least of all that, despite a particularly turbulent five or six years, Ireland's entrepreneurs continue to start businesses and most importantly, keep them trading. However, there is more scope to develop on the cultural aspects of what it means to be an entrepreneur.

Failure is always a possibility - and honest failure - is part of the learning process.  The perception of failure, however is all too-often associated with major, unbridled [ill-advised] risk-taking, with little thought for the outcomes.  This is where education, at various junctures, is critical - and I am one amongst many colleagues advocating a multi-level approach to 'educating' entrepreneurs.  At school, third level and at start-up.  Meting out the prescriptive ABC training with real-time, experiential insights is critical in really establishing what entrepreneurship is all about, as well as demystifying the fear factor.

There are other possibilities, too - not least of all - the sectoral and demographic focuses which can be brought to fruition through specific measures and programmes.  Having worked on, spoken at and advised on programmes with just these exact types of focuses - their impact pays dividends - but a sustained approach is required.

In general?

Though economic forecasts are indicating a variety of outcomes for the Irish economy in coming years - it is fair to say that the green shoots seem to be putting down strong roots.  If the GEM indicates anything, it is that there is scope for more improvements, sustained focus and cohesive, meaningful policies to further cultivate and support Ireland's entrepreneurial culture.

Service providers... Time for productisation?

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Over the past few years, I've worked with many service businesses - through both acceleration programmes and enterprise support sessions.  The one core issue I see them struggle with? "Boxing up" their services into products. Why? Because often service providers are fearful of the 'cutting the nose off to spite the face' factor of culling or repackaging their offering to appeal to a wider or more sustainable target audience [and drive a more sensible, profitable revenue model].

Having battled through the pain barrier several times with growth-focused businesses and high-potential start-ups, this initial moment of panic stems only from one thing: [to borrow a phrase from my US colleagues] decisioning.  The reality is this: without a proper 'shelf of products' any business is going to spend an inordinate amount of its time chasing client orders, delivering to all sorts of unmanageable demands, and, ultimately, struggling to achieve or develop a tangible growth model.

This is where the truth of decisioning [or decision-making] comes to the fore.  Service businesses, in some ways, can shadow their colleagues in product-based businesses - for in a lot of instances, it's the simple analogy of developing a 'line of products' out of your service offerings that will create ultimate scale possibility.  When you walk into a supermarket or store, and you know what you're there to buy - you simply head to the section of the market you know the item will be found.  It's that simple.  Herein lies the root of the analogy - knowing your customer well enough to be able to define your services' productisation clearly to resonate with their requirements...

Which brings me, nicely, along to ... So, what drives the decisions you need to make? Well, you need to be paying attention to #1 - your customers [current, past and future], their habits, needs [refer to my comments on NOSE of old!]; #2 - your market-place, trends, upcoming legislative / other changes etc; and #3 - bear all this in mind in line with your own business's vision.  Thinking about these few questions - where are the opportunities  potentially, going to surface from?

Another key driver in moving to productised services for business development, is the role regular strategy reviews play - how often have you [or do you] spend on analysing or paying attention to service demands and their trends? Which ones are rising and which are falling?  How are revenue projections and sales forecasts performing versus their real outputs? Or are you simply like that exhausted hamster on its wheel, continuing on the same track with no real sense of what's going on around you - either good or bad?

Finally - when you sit back and assess these realities - what are they telling you? Are customer trends, demands, the market-place conditions and your own strategy review revealing what your 'product line' should look like? If not - why not? Remember that your customer should be at the centre of every decision you make regarding your business [especially when it comes to your business model]... so listen carefully to their feedback and keep their [aforementioned] NOSE in mind at all times.

A reflection on business, three years' on...

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Time flies when you're having fun... time also flies when you're in business.   While I might be accused of telling a tiny fib if I said that building a business from start-up was fun - I don't think I could be contradicted when I say it's, well... challenging, exciting, nerve-wracking and most definitely one of the most intense learning experiences anyone could possibly have.

Reaching the end of year three, and looking into year four of this - I'm sick of the phrase 'journey', so I'm opting for 'excursion' - provides a really timely opportunity to consider what has passed and take the opportunity to reflect.  If I could say definitively, the specifics of what I've learned in three years - and not the day-to-day management 'stuff' - but the real qualities of survival and personal development... what would they be?

First and foremost, being successful - e.g. achieving goals in any context of your professional life - requires commitment and an unerring sense of bounce-back-ability.  Ostensibly, I'm sure many people would expect that I've never experienced a failure or disappointment... however I can say wholeheartedly that I have. It may not have concerned a magnum opus coming crashing down around my ears, but I have experienced my fair share of un-won tenders [despite very good odds], the high praise and enthusiasm of a great prospect [which fell by the wayside] and the general regret of discovering that something wasn't 'as you thought'.

In the very early days of any venture or enterprise - these disappointments / outcomes become the 'norm' - you battle daily with them.  In a lot of ways, you are no different than a musician chasing the all-important record deal - and can expect a lot of 'nos' until someone realises your talent. Resilience is key.

Another nugget of great import: if it's broke, do fix it.  I write regularly about the vanity complex many businesses suffer when they are so in love with what they do, they can't see that nobody wants to buy what they're offering.  Even the best-researched, well-thought-out and developed service or product can experience road-bumps [and of course, we're all subject to changing times and demands] - keep your eyes wide open, remain innovative and fresh.

Don't dwell on things that haven't come to pass; if it's not for you... is probably the hardest accepted reality [and not always confined to business].  Having the ability to let go of the things that haven't come your way is a skill to learn, and the sooner you do, the better.  In the fast-pace of business - it becomes easier to see why things happen the way they do, and in every instance - it's for the best, though it might not seem like that at the time.

Finally, I think the significance of connection - with others - both virtually and in person, is critical.  I can honestly say I have learned more in three years of this excursion than a degree and several years in various managerial roles could ever have taught me - much of this learning came not just from experience, but from the generosity of spirit and kindness of colleagues.

Getting the Green Light - The Safe Cross Code for Funding Applications [Mark II]

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I'm on a funding and finance 'tip' at the moment, and with this in mind, thought it would be timely to revisit this post on getting the 'green light' for your funding application.

So, what do you need to know before you go for funding?

1. Identify your 'point in time': there are many different sources of finance - from the enterprise agencies offerings, to crowd-funding, VCs, and traditional routes, such as bank finance.  Knowing where your business currently stands in terms of its 'point in time' or juncture in the business life-cycle is critical... which brings me on to point [2]...
2. Identify the right funding option for your business: Having a clear sense of your business's "point in time" also means it will be easier for you to determine which funding / form of finance is best-suited to your business.  For example - start-ups requiring working capital or cash-flow for initial costs may apply to the micro-finance fund at MicroFinance Ireland, or for priming grants via their CEB; VCs or large SME investment funds [such as the recently announced Bluebay SME Fund] are typically the right route for large scale investments / acquisitions... whereas crowd-funding may be more appropriate for new products, as are R&D funds from Enterprise Ireland, including their innovation partnership portfolio, due to the fact that they are tailored to new products / services and testing / validating or researching these propositions.  
3. Do the homework: Understand what is required of you in applying for any funding mechanism or support; avoid duplication of work by defining which internal documents [such as business plans, strategy documents and business cases] can be used as support documentation or form the basis of your application.
4. Crunch the numbers: Spending time on understanding the financial requirements of your proposal is a no-brainer, though you'd be surprised how many businesses fail to spend adequate time on this key area.  Start with the overall figure [maximum total investment / funding requirement] and work backwards, breaking down each element in detail.  Expect to be rigorously questioned regarding every figure - its relevance to the project - and just how neccessary the cost element is.  
5. Value the proposition: Like any proposition or proposal, being able to identify, clarify and 'pitch' how valuable, unique and distinctive your proposal, product or service is, is key to delineating yourself from others.  Ensure your proposition is compelling, focused and has considerable 'niche' potential.
6. Make sure your case stacks up: Again, a pointer which many would think is as obvious as the nose on your face - however it is sometimes overlooked in the melee of paperwork and the day-to-day.  However, it is crucial that all the various components of your application or pitch 'stack up' - and connect with one another - from formal application documents, to business case / plans and financial data - interlinking, referencing and notations should be clear and resonant.  
7. The four-eyes approach: Always [always, always] have your key [and most honest] advisors or team-members review the application and associated documents - when you've spend countless hours poring over it - it's a struggle to see the 'woods for the trees' and often simple things can be missed.  

Whatever you do... don't panic if you're unsuccessful on the first attempt.  Oftentimes an initial proposal which may not be approved on a first attempt will provide ample learning for the promoter / proposer - in terms of focus, proposition or business case data.  I have worked with several SMEs and promoters whose initial submissions to various funders were unsuccessful on their first attempt - the learnings and builds we were able to generate from these experiences provided the basis for successful, second-time applications.

Finally... if at second, third and fourth time you don't succeed: ask yourself why.  Don't plow on regardless ignoring the inevitable messages which [surely] must be coming your way by now.  Learning what's not working is an absolute must in business as ignoring this, in the long-run, is perilous.  

Good luck!

Avoid the Vanity 'Trap' - Get Behind Your Customer's Eyes...

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I was reminded of this topic from the recent SFA Conference, which featured a really energetic and engaging presentation by Gerard Tannam of Islandbridge - focusing on the importance of understanding your customer's values [indeed a strong pitch on the importance of value proposition], matching your offering to these values and needs, and ensuring your brand promise is delivered.

So, Gerard automatically had a converted audience member in me, as this is an argument I regularly have to make to clients, programme participants, and indeed - colleagues.  The 'build it and they will come' view just doesn't cut it, folks - and more importantly - related to other posts on failure or strategy, not knowing your customer is one surefire way of pressurising your business to the point of implosion.  That's not mentioning the huge waste of time involved in finessing a product or service to the point of obsession, only to discover that - uh-oh - your customer segments [if you have done that bit of homework] don't want what you're offering.

Sure - I hear you say - but how do I develop strong customer intelligence on a shoe-string, if I'm starting out and trying to juggle the myriad of 'hats' involved? It's not hard... take Gerard's advice and turn the mirror around, stop obsessing over how amazing your product or service is, and actually talk to your customer.  You'd be surprised how easy it is!

... I don't want to know... yes, yes, I know, you might find out something you didn't know, or more importantly, didn't want to know.  I'm afraid to say, this happens - and you've got to roll with it. Market insights, customer views and real-time information regarding your offering aren't always nice but they are always [pretty much] relevant - why? Because what you don't know, in business, will always hurt you.  Sit up, pay attention and understand how you can use this information to shape how you will redefine your offering.

Boot-strapping or lean approaches often don't require massive R&D / market research investments to generate good data which will inform your product / service development, in fact - simple ways of conducting good research can be done through focus groups, one-to-ones and demos.  However, as your business progresses, more detailed analysis work can be conducted to validate the instinctual or 'fed-back' concepts.

More? Try this for size... Small Business Can | Special Edition Newsletter  Keep Your Eye on the Ball

The 'F' Word...

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A subject of the moment, and one which never really goes off the 'agenda' - it's the 'f' word... AKA, funding, finance, figures, forecasting.

Businesses, at all points in their 'life cycle' will need access to finance.  Regardless of whether it's at the early stages of start-up, during expansion or at a juncture where acquisitions / mergers or further development / scale plans come into focus - finance is central to facilitating growth / development... it's the life-blood of any business.

As someone who continually expounds the value of strategy in business, a key 'FYI' in funding acquisition is to fully understand not just what your funding requirements are, but more importantly, why they exist and how you can justify [depending on the type of funding you're pursuing] return-on-investment, long-term potential, scale opportunities and a strong vision for the product, service or business.  Remember that funders and financiers are buying into the strength of the proposition and the individual ability exhibited [or team, depending on the pitch / proposal].  An ability to clearly highlight vision, purpose and strategy, all stacked up by strong financials can certainly offer higher probability of a successful funding application.

More?
No Plan | No Future  Sailing the Four Cs  Getting the Green Light | the Safe Cross Code for Funding

SMEs & the Entrepreneurial Contribution to the Economy | Job Creation | Presentation to YFG

Growing Pains: The Pinch Points of Starting Up

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A subject I write about regularly, and I suspect, will continue to do so... The pinch-points of start-up and how to manage them.  However, on this occasion I've decided to call on a friend and colleague to provide her insights - and I'm delighted to be co-writing with Orlaith Carmody of MediaTraining.ie for this post.

Unless you've been hiding under a rock, you'll know Orlaith as a dynamic and focused speaker, mentor and writer. With oodles of experience in SMEs, broadcasting, media training and entrepreneurship, Orlaith is a strong advocate of female entrepreneurship as well as a real believer in the power of the SME Community in driving economic recovery.

I asked Orlaith what she considered to be the key 'pinch points' for start-ups and SMEs, and how to best manage their impacts.

The Knowing ... and the Not-Knowing!

I do feel for people who take to the Den's floor to pitch - it takes a certain brand of craziness to put yourself out there, no-holds-barred and await a grilling.  Relaity television likes the barmy or the brilliant, and not much in between, so there are many good ideas that don't showcase well. However, there's a lesson to be learned here; and that is the fact that you have to know your business inside-out and upside-down before you attempt to pitch it anywhere, let alone on televison. Why? Because in every area of business, awareness of your product, service, pricing, message, growth plan, target-markets [to name but a few!] are key drivers in successful business development.  Only fools rush in, and taking the time to research, clarify and strategise your business offering are wise ways to dodge some major growing pains.

Sweating the Small Stuff... 

.. but not paying attention to the big picture.  As start-ups and SMEs in growth stages, there is often a propensity to obsess.  About everything.  And yes, I understand that everything has to be 'just right', but do you know what? You can end up spending so much time on tweaking the logo - one. more. time. - that you miss out on a great opportunity to showcase to a potential client, make a new connection or produce a good proposal.  Understand what matters, and move on. 

Getting "Hung-Up" Online

Apropos the last point, I have come across start-ups where the owners have given huge chunks of their lives to designing a wonderful website and establishing a social media presence without a customer base.  You are not in business until you have customers, and when you have customers you need to mind them, and give them the required time. I am a huge fan of social media, but it has to be corralled into small windows in the working day. It should work for you, not the other way around.

What's Your Vision?

I know Olwen talks a lot about strategy, something I'm also a fan of - but we share a very strong view on the importance of vision [pardon the pun!].  Developing a small business or start-up requires determination, focus, drive and an unerring commitment to do what it takes to succeed.  Business can be testing at times and you need to have a vision which keeps you on-track, tests you and drives you onwards when the going gets tough. Most true entrepreneurs believe that the world can't do without their product – it is what keeps them motivated in the lean times.

Scream for Help!

Don't ask for help, scream for it. Believe it or not there are lots of people a bit further up the ladder than you are currently who remember what it was like and are willing to share a few shortcuts. You don't have to plough a lonely furrow all the time – use networking events to connect with the right people in your industry and ask for advice. One short conversation with the right person might save you a lot of time and money.

Find a Mentor

Mentoring is increasingly being recognised as one of the key factors in determining the likely success of a start-up.  A regular mentor can provide expert advice, experience, a sounding board, and above all a requirement for accountability.  Until you are ready to form a non-executive board of directors, to facilitate some serious growth, a mentor can do wonders in getting a new business well established.

The Pushy, Bossy Note-Takers' View on Gender and Entrepreneurship

I started my business three years ago.  To this day, I remember the first networking event I attended 'flying solo'.  In fact, I can recall the sick-to-the-stomach edginess I felt as I stood up and 'pitched' my service - it was dreadful.

Now, I am all-too familiar with this sensation - however it's a fleeting feeling when I take to a podium or chair an event - or do a live radio interview.  Nerves are good, they keep you sharp.  However in August 2010 it wasn't the reality of being out of [the age-old, overused term] my "comfort zone", but in fact, it was the sense that I was atypical in my surroundings.  Staking a claim in the sector I work in, as a [then] twenty-something year-old woman, just wasn't [and to a degree now still isn't] the norm.

Big deal, I hear you say - well, actually - it is.  Though times are changing - the change is gradual - and often those with the wish to do something at the top of their capability register simply don't, because it's not the norm.  Sadly, this is especially true of women - often more risk-averse than their male counterparts - and in most cases, more highly-qualified [reference European Commission]... across Europe, women account for just 30% of all entrepreneurial activity, and in Ireland women are only 15-18% of entrepreneurs.  In my case, I knew that I was unusual - most "business development" or "strategy" specialists are twenty years older than me, and male.

However, this didn't stunt my growth - though it did dent my confidence once or twice... hearing disgruntled competitors using my age, my gender [in a veiled manner] and the experience I had [mainly in "female" areas of business - marketing, HR] as a means to question my credentials.  Some jibes over my involvement in women's business organisations - "knitting clubs" - and comparisons between financial planning and the household budget, at a business meeting 'so I'd understand'.  It might sound like I just wandered into an episode of Father Ted, but in fact, this is absolute reality.  I might add that it’s the tip of the iceberg.

So, what's my point? I've written much about the plight of women's economic engagement on this blog, as it's a subject I genuinely care about.  I also believe that those of us who have successfully taken the 'leap' should show the way for others.  I agree with my colleague, Orlaith Carmody, when she says [in relation to women on boards] that simply because those who've battled hard 'did it', everyone else should have to fight the same fight... in my opinion, it's up to us who have reached our own goals, to help others to follow theirs.

As for the other side of the gender argument, I think I agree most with Moira Forbes and others who say 'we need to change the story' and ignore the old-school paternalistic rhetoric.  When the balance sheet versus household budget comment was raised on that fateful day, I realised that the person uttering it simply just didn't understand how ludicrous what he had said, was.  This dinosaur may [thankfully] be part of a dying breed, but our young generation must work hard to ensure his ideologies remain six-feet under.

Sadly, a more insidious form of sexism does exist outside the blunder-bus variety - it's the one which repeatedly attributes values of the past to women's current status, and I have come in contact with this on many occasions.   I have been referred to as 'pushy' or 'bossy' [as opposed to focused and driven] - suggested as the note-taker [women are better at secretarial work, apparently], and condescended to or spoken over at meetings.  A common thread exists where projects I have proposed for or have proposed collaborations for, have been unsuccessful - and indeed I have referred work to colleagues, not to receive any referrals in return.

You might say, ah c'mon, that's just bad luck - but believe me, it's not.  Having amassed a fairly significant portfolio of projects in my short three years, patterns become painfully clear.

So, what's the answer to this quandary? It's down to all of us, male and female - and particularly our young generation - to change this thematic emblem.  No-one with ability to do something, anything, should be intimidated on the grounds of the norm - like the household budget analogy, it's ludicrous.  Our youth are key drivers of change and can make the case for new norms, positive ones which will expedite the pace of change on all fronts.  Business success is centred on capability, and without diversity, businesses cannot expand, grow and create.  Through my work, I'm proud to see more dynamic, more focused leadership in SMEs headed up by Ireland's new swathe of entrepreneurs - they hire capability and diversity - they invest in their staff, and their own development.  It's so refreshing to see this change.  As highlighted by Dr. Gareth Jones of the London Business School at a recent IMI presentation – authenticity, clarity and focus is key to success.

In sum: Ireland needs to continue to embrace this new, dynamic form of leadership which is inclusive, focused and firmly kick off the shackles of traditional paternalistic values. Dinosaurs may be extinct, but their successors live on.

More:

Guardian | Pretty and colourful: what women bring to the DB boardroom, says Ackermann

Women's Economic Engagement & the Europe 2020 Agenda

Where do I go to grow?

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What direction do I need to grow in?
Do you know?

If not, why not?

Growth means something different for every business, product or service - and each entrepreneur.  One thing that is for certain, if your growth plan doesn't include scale - in terms of how your offer what you offer - then it isn't a growth plan.  Consider your channels for growth - do they include productisation  - new market opportunities ... or implementation of a strategy?

Understand what growth means for your business, so you know where you need to go to grow.

Building a Strong Foundation

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When you think of the analogy of house-building, what comes to mind? Bricks-and-mortar? Hard hats? Foundations...?

Having mentored many, many businesses over the years - as well as working for several - I've seen, first-hand, that one of the most important things you can do is to build that strong foundation on which to develop your concept, idea or business offering.  As Eric Ries regularly mentions in his musings on start-up, being able to maneuver the 'unforeseen' elements of the market-place is also critical.

Good foundations for your business may look completely different to the next - but in most cases - they revolve around solid market [customer and competition] understanding, having a compelling value proposition, and a sound strategy.  Without these elements of the 'foundations' in place, and a commitment to innovation, focus and "bounce-back-ability", the building-blocks of your business are being created with success in mind.

NWCI: 40 Years Leading Change - Video

Keep Your Eye On The Ball

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It's no mean feat, keeping all the plates spinning [or all the burners going] - or however you might describe the 'multi-hat management' of SME ownership.  However, one thing is for sure - if your key objectives are not in focus at [pretty much] all times - you might find yourself dangerously close to implosion.

So remember: keep your eye on the ball, and allow time to [every week] appraise how those key objectives are coming along.

Focus, focus, focus...

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I'm obsessed. With focus.

Why? Because without it, you don't know why you're doing what you're doing. And if you don't, your customers, prospects and staff don't either.  Get clarity and focus.  Right now!

Get it out of the way...

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If you haven't done it, why haven't you?

We all avoid those horrible items on the 'to-do' list, however the problem is... if we continue to do so, our list gets longer and our time management goes, well, out the window.

Get it out of the way.

Staying 'ahead of the curve'... and in step with your growth plan...

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... sometimes it's risky business... other times it's the best thing you never did... and often, it's absolutely what you should do.  Especially if it makes you feel a little nervous...

As you're all very aware, I'm one of those folk who use [with abandon] proverbs related to the SME world. I'm quite candid in being a touch self-deprecating in this sense also...

So, this months' proverb is one which has been used regularly as a book-title, presentation-header... and in plenty of boardrooms, meetings and countless other places.

What does "Staying ahead of the curve" mean to my business?

Loosely, it means that you're managing the careful act of remaining adept, focused and aware of opportunities, before they arise and being absolutely prepared for them.  You're well-connected to your market by listening to your customer, client, or whomever you service.  In fact, you're so well 'tuned-in' to them that you know what they're likely to want before they want it.  You're designing, developing and strategising your business's service or product by anticipating the next potential market "swing".

"They're always ahead of the curve"

The oft-heard comment [sometimes with a loaded-tang of frustration]... Just how do they manage it?
Retaining and nurturing a culture of innovation in your business - whether that means just you or your team - is key to staying 'ahead of the curve'.  Recently I've heard a lot of commentary on the importance of supporting 'intrapreneurship' in larger corporations - well, here's the thing, why don't you foster that approach in your small business? Actively engaging your team [big or small] in looking for better, more customer-focused, more 'forward-thinking' solutions?

Are you in risk of becoming a dinosaur?

Because we all know what happened to them.  Growth doesn't just happen - you need to support it.  How? By understanding your route to growth.  New products? New services? New markets? What does growth look like for your business? If you don't know - find out. Businesses trundling along in their current market, with very little vision of future growth, or what it looks like, are often the first casualties when market changes - seen or unseen - happen.  Don't leave yourself at risk of being a hostage to fortune.  A constant systematic review process [I am a fan of three-monthly, however more regular is even better] ensures your business model is performing, monitors successes and appraises opportunities as they arise.

Remember to have a sense of humour...

Not everything goes to plan.  This is an absolute reality of business.  Sometimes it can be catastrophic... oftentimes it's simply that an unseen or unknown factor causes an obstacle / road-bump along the way.  One of the key factors in business success is resilience [aka bouncebackability], being able to move on from a situation and taking the time to understand  why it didn't go to plan.

When push comes to shove... push back!

I've already blogged extensively about 'growing pains'... remember that in growth, there's always pressure and at times, a somewhat testing experience.  Be prepared and understand the hurdles of growth.  Remember the reward will be achievement your business's growth vision, and worth the incidental discomfort!

What does marketing really mean?

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"The aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself." 
Peter Drucker

Poor old marketing.  It gets a very hard time of it... from being the cannon-fodder of big companies' budget cuts to general "what do they do?" quips (You're not sales, so what value do you really add?).

When I worked in MNC "land", I felt for my colleague marketing peeps, as no more than those of us in other support functions... we felt the wrath of internal politics.

In the SME ecosystem, marketing has a very serious role.  "It's the stuff you do to convince people to buy your stuff" was one quote I included in a post from the way-back machine [circa 2010].  I think this quote encapsulates part of marketing's role... but not its entirety.  Marketing occupies a key role between the inner core of business strategy and the outside world, the business's "public", the people who buy your 'stuff'.  It's tactical, focused and utterly strategic.  From the brand you develop, to the website you launch, to your value proposition.

Key next steps for SMEs... Starting at the very basics... what's your message? Is it clear and focused, does it resonate with NOSE?

More? Check this out.

Number-crunching...

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A fact of start-up, in my humble opinion? Nobody really likes the number-crunching.  Why? Well, unless you've enjoyed the mathematics end-of-things up until that point - financial projections, cash-flow and sales forecasts probably ain't your thing.

For the non-numbers fans, one reality you do need to become accustomed to is that the maths are necessary.  Cash-flow and good finances are the life-blood of any business and without them, your business can [and most likely will] come to a grinding halt.  Be not afraid: there are kind, helpful, and generally very accessible financial folk available via many of the enterprise agencies who will demystify, clarify and explain those scary aforementioned financial instruments.  Don't hide away from the number-crunching - get to it!

"Women's Economic Engagement & the Europe 2020 Agenda" - A Reflection

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Women's Economic Engagement and the Europe 2020 Agenda.  A statement of intent?

As discussed many times on this blog over the past few years - the 'old chestnut'  or 'groundhog day' sentiment -  surrounding re-balancing the gender  issue continues to rumble on.  In light of this fact, I was delighted to have the opportunity to attend a conference which appeared to set out a real statement of intent insofar as addressing the importance of balance and instating equality in the economic context.

I wasn't disappointed.  Though there may have been a little repetition in the content of various speakers' presentations - by and large - the detail offered a pan-European view on the challenges, opportunities and key policy levers available to governments in supporting, enhancing and developing women's economic engagement.

The Core Issues | Women's Economic Independence

Unsurprisingly - the core issues remain the same.  Women are more educated than their male counterparts ["we employ least those we educate most" Minister Kathleen Lynch].  Women do not enjoy equal pay, with a 17% total gender pay gap in existence across Europe.  Women often suffer negative career impacts as a result of parenthood.  Only 30% of start-ups are female and over 1/3 of employed women work part-time, a choice which in the main, is to facilitate family-centric responsibilities.  Based on the most recent available detail [ from the EEN] only 15-18% of established entrepreneurs in Ireland are women.

As I said, not entirely surprising news.  However, when painted in the stark light of this series of presentations - it certainly highlighted the need for real tangible action.

The Potential Answers | A Way Forward

Whilst challenges are clear, many speakers over the course of the conference pointed to the need for real solutions that can be applied through policy levers and supports.  A new, more modern approach to childcare supports [potentially modeled on Nordic and Icelandic provisions], and the reduction of fiscal disincentives were hailed as key factors in supporting women's economic engagement.

So, what does this all translate into - in real terms? Undoubtedly, balance is required - and, as Avivah Wittenberg-Cox stated "we need to re-brand this story"... I couldn't agree more.  It's about time we changed the name of this debate, and examined it in the context of what it really is - an issue for society not just women.  As hot a topic the gender quota issue is - there are genuine merits in policy levers - and though some may not agree with the notion of direct intervention, it is fair to say that oftentimes it is the only way of effecting real change.  In the context of the broader economic engagement of women, across Europe - can we learn more about what's not working? 

One thing which clearly isn't working is the non-conducive work environment; across private and public sectors, politics and entrepreneurship.  If so many feel their chances of retaining prospects after parenthood, developing their career or at least, being paid the same as their male comparator, are at best, limited - then, what's to attract broader engagement?

The Realities | What's Next?

I'm only too aware that there are the A-students in private sector companies, putting their policies where the 'mouth' is, so-to-speak... [Vodafone, P&G, Sodexho all represented at the conference].  However, cultivating more awareness - again, societally - is paramount to meaningful change.  With the European Commission target set at 75% female labour market participation by 2020, policy-makers and government agencies had better get their 'thinking caps' on - and fast.  As mentioned by Dr. Daniela Bankier of the European Commission's DG Justice - if meaningful change doesn't happen, this target will not be met.  As it stands, we're not on target.  To quote the aforementioned speaker "equality between men and women is a fundamental right and an economic neccessity".  This comment was roundly resonated by Mikael Gustafsson, MEP when he commented that "no society can afford to waste half its talent".

The optimist in me hopes that - yes, the 75% target can be achieved.  Meaningfully. The reality? I'm not so sure.  There are real, embedded, cultural challenges that Ireland has yet to overcome - in our attitudes, viewpoints and beliefs.  While some negative stances may be worn away over time, there are many rekindled through new generations saddled with inherited, jaundiced outlooks.  These are challenges shared by our European colleagues, undoubtedly.

So what can we do? For those of us with representative or supportive roles - it's key to reach out to those who need our help.  More importantly, we can take action and make change happen... not least of all, by activating the authorities, agencies and policy-makers to build measures, programmes and plans which will harness and support the potential of women in all areas of the economy.

The stats are clear and indisputable: we need to move past analysis paralysis.  It's time for action.

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Gender Quotas and Binders Full of Women... the Perception Issue  |  The Female Entrepreneurship Q

It's hard to know what you don't know...

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This is a statement I overheard in conversation recently, and it made me laugh (whilst also giving pause for thought).  It IS hard to know what you don't know, especially when you're trying to keep all the "plates spinning" at the same time (as many micro business and SME owners know only too well).

The reality is: the plate spinning exercise requires adjustment, review and focus... which requires time.  That's the only way you can truly understand what it is you don't know and need to know.  Often, I hear the complaint of: "I can't spare the time"... my question is this: is your business, project or endeavour not worth creating the time?