Access to capital, business evolution and workforce considerations dominate business leader priorities
The Mazars Business Leader Series showcased prominent entrepreneurial businesses in Ireland today, with insights from Sigmar Recruitment, Zutec, Turmec Teoranta and eShopworld.
At the event, the panel discussed the key issues that have impacted the growth of their respective businesses. These included access to capital, business evolution and digital transformation and the workforce. The entrepreneurial business panel consisted of Adrian McGennis CEO & Founder Director of Sigmar Recruitment, Brendan O’Riordan, CEO Zutec, Brian Thornton, MD Turmec Teoranta and Stephen O’Riordan COO eShopworld.
Economic environment key to growth
While the panel participants identified the broader economic environment as a key driver of growth, the opportunities afforded by private equity funding and alternative debt were discussed. A key consideration for those seeking private equity investment is to ensure that businesses have the necessary financial systems and supports in place to support the day-to-day business during the funding activity to safeguard against disruption. Furthermore, when considering funding options it is important to consider the source and how they fit with the culture of the business. Equity partners become extensions of a business so ensuring you are aligned is very important and preparation for a process is key.
The challenges of scaling was also discussed at the event, particularly with regard to ensuring a business can cope with the challenges of growth. Introducing systems and processes that are scalable will have a significant impact on the overall growth of the business in the medium to long term so investing in the right solutions as early as possible is key.
Talent recruitment and retention essential
The issue of talent recruitment and retention featured prominently during the event, with all participants agreeing that it is fundamental to safeguarding and driving business growth. At a time when Ireland is approaching full employment, the panel described how developing a positive culture, that actively on-boards new employees is important. The need for open dialogue with employees, particularly at times of growth and change is important to ensure stability and provide them with a sense of security. The participating business leaders also encouraged businesses to tell their story to prospective employees, ensuring a level of transparency that guarantees the individual can make an informed decision before taking a role, ultimately benefiting the business.