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.