Economist George Lee addresses Limerick businesses

(l to r) Gerry Moran, ODCL Financial Services, George Lee & Jim O’Donovan, Partner, O’Donovan Caulfield Lavin Chartered Accountants

George Lee, renowned Irish Economist, Journalist and Broadcaster recently spoke to a congregation of business people in Limerick on the 16th of February 2012 about the possible opportunities for growth in the current economic climate.

The breakfast meeting was held in the Strand Hotel which was attended by 100 local business. It seems that SME growth and local businesses building the domestic economy are the key to the future success of the Irish economy, according to Lee who believes "Ordinary people doing great things, that's where the future lies and that's where the passion is right now."

George Lee cited examples of the many inspirational stories he hears each week :

1. Coder Dojo, set up by an 18 year old Irish entrepreneur James Whelton to teach children to write code
2. Stripe, a hi-tech start-up which has just received investment of $100 million
3. Fragrances of Ireland, selling millions on US Shopping channel QVC.

Continued Lee,“In terms of the economy, times are difficult but there are lots of good things happening. Wage costs are down, our inflation rate remains below the European average and our competitiveness continues to improve year on year. I believe that Ireland is well positioned when the recovery comes.”

“There is also much speculation about the Euro but I believe that the Euro is safe and that from an Irish perspective, being in the Euro is a safer place to be than out. “

In relation to the Government’s plan to create 100,000 jobs by 2020, George Lee said, “I do not believe that the Government can create jobs, it can create the environment for jobs and I would urge all SMEs to demand that this environment is in place, rent, rates, access to cash and so on. Exports alone cannot deliver the jobs we need in Ireland. We need Domestic Growth and that growth will be delivered by the SME sector.”

Gerry Moran, Director, ODCL Financial Services also spoke at the breakfast meeting. He focused on small and medium sized business owners, stating the point that Financial Planning and the Financial Planning Process would be very beneficial.

Said Gerry Moran, “Lifestyle Financial Planning is all about ‘knowing your number’ i.e. how much money do you need to fund the lifestyle you have or the lifestyle that you want at some point in the future. For some people, this may mean working longer, spending less or reducing debt to achieve that number. Even in the current economic climate, having a Financial Plan and periodically reviewing that plan is essential if you are to meet your financial goals over time”.

Concluded George Lee, “We have more than what it takes to recover from this recession, but we need to develop a plan, as Gerry Moran has said. The plan should help us to address the new reality which is that maybe we cannot retire as early, or maybe we cannot do the things we want to do right now but, if we have the confidence in ourselves to get on with it, we will be just fine.”

I believe that the advice given by both Lee and Moran should be taken into account as it is highly relevant to many. To see change, we must first be the change.

Limerick City Enterprise Board provides vital support for job creation in City

Pictured are (l to r) Tom Mackey, Chairmain of Limerick City Enterprise Board and Eamon Ryan, CEO of Limerick City Enterprise Board

Some information on the vital role which Limerick City Enterprise Board played in the local economy in 2011 and will continue to play in 2012:

Tom Mackey, Chairman of Limerick City Enterprise Board recently announced details of job creation supported by the Board in 2011 together with details of the Board’s training and development support provided to Limerick City businesses during the year.

369 new jobs were created in 2011 by businesses grant aided by the Board, this was comprised of 241 full time and 128 part time jobs. As at December 2011 and taking into account company closures and job losses during 2011, there was an overall net gain of 100 full time and 61 part time jobs or 161 additional persons in employment in the City in small business supported by the Board.

84 new businesses started in 2011 with the support of the Board, most of them employing 1-3 people. These figures include the businesses supported by Limerick City Enterprise Board through funding from the DELL European Globalisation Fund (EGF).

Overall, 225 businesses in the City, supported by the Board, now employ 1499 full time and 535 part time persons. While some of these businesses are new others have been in business since the Board started its work in 1993.

Eamon Ryan, CEO of Limerick City Enterprise Board said today, “We were delighted to be able to play our part in assisting job creation by businesses in Limerick City during 2011. It was a difficult year for many and 2012 is set to be challenging also. However, Richard Bruton, Minister for Jobs Enterprise and Innovation has confirmed that the Board’s budget for small business support in 2012 will be retained at the same level as in 2011. This means that the Board can continue to support individuals who wish to start or expand a small business in the City. While it is unlikely that as many new jobs will be created in 2012 it is expected that the creation of at least 50 new jobs in the City will be supported by the Board. In addition a full Training and Development programme will be available to all business owner managers to help them to sustain, develop and grow their businesses for the future.”

A major focus for Limerick City Enterprise Board during 2011 was assisting those with business ideas to get those ideas off the ground, the technology and software sectors were very strong, in particular start ups by graduates of the University of Limerick and LIT. In addition, those former employees of Dell who qualified for grants from the Dell EGF fund were a significant part of the Board’s focus for 2011.

As part of Limerick City Enterprise Board’s ongoing commitment to small business training and development, 1000 participants took part in some aspect of the Board’s training and development programme in 2011, 372 of these were male and 628 female. This figure shows an increase of 231 on the comparative 2010 figure.

The training and development programmes of the Board are divided into seminars and workshops, mentoring and advice, skills training and development programmes, business development programmes, management development programmes, and networking opportunities.

There is a significant trend emerging towards ebusiness programmes such as Online Marketing, Social Media, Using eBay, Facebook Marketing and this area of training was oversubscribed, attracting over 150 participants.

There was a strong demand for traditional programmes on basic bookkeeping, branding, business planning and marketing with over 200 participants in this area.

Start Your Own Business Programmes were run for 64 participants during the year and Management Development Programmes like Accelerate (11), PLATO (20) and a special Management Development Programme for Owner Managers in the Childcare sector (11) were very well supported.

General networking events, including Women in Business events, continue to be in demand and had an attendance of between 30 and 70 depending on the speaker.

The CEBs in Ireland were established by the Department of Jobs, Enterprise & Innovation with responsibility for promoting Enterprise through training, mentoring and financial assistance.

CEBs provide direct grant support to new and existing enterprises, and are uniquely positioned to understand local needs and know the background and track record of those applying for support and assistance.