Four members in business review the challenges and opportunities of the past year, and explain how their organisations have successfully navigated the fall-out of the COVID-19 crisis thus far. John Graham  Managing Director, Andrew Ingredients The speed of the recovery in business after the first lockdown took us by surprise. As sales began to recover, I realised that we needed to start refocusing again on future growth and what we needed to do to support that. That made me reflect on my role, as covering the operational demands of the business was starting to limit my ability to focus on our long-term growth ambitions. As a result, we have just recruited a Head of Operations who started this month. This is a new role for the business and one we couldn’t have imagined creating this time last year. Now we are coming out of the worst of the pandemic, we are pushing ahead with our planned investments to give us the platform for future growth. This includes an extension to our warehouse (adding 50% more space) and the implementation of a new warehouse management system that should improve our efficiency and allow us to take advantage of future advances in technology. We also hope to get back to a full schedule in our WorkWith collaboration hub, where we work with our customers on new product development, trends, and market insights. However, there are still barriers in the way. Brexit and navigating the Northern Ireland Protocol has been a big challenge over the last six months, and that is unlikely to improve in the short-term. The bureaucracy it has created is sucking valuable management time from the business. Hopefully, the EU and UK can find some practical solutions to make the Protocol sustainable over the longer term. Despite Brexit, we believe there are great opportunities for the business, including the continued growth of Andrew Ingredients in Scotland, which is a new market for us, and bringing exciting, new ingredients to the Irish market. Wai Teng Leong Director of Finance – Financial Reporting, Tax & Treasury, Moy Park 2020 had been a truly unprecedented year, and no one anticipated the way the pandemic would change our lives and the way we work. Working from home presented enormous challenges initially, but I am incredibly proud of my team’s strength, resilience, and commitment during this time. As managers, we had to ensure that our teams performed at the high standards expected of a corporate function while finding innovative ways to motivate our people and keep up morale. We hold weekly social calls every Monday morning and arrange regular team-building events, which have ranged from baking cupcakes to book folding art craft. It is essential to take a light-hearted time out when working remotely to fit in social interactions. The rapid actions of our IT department enabled working remotely possible. For the first time in my career, we carried out quarterly and year-end audits remotely – virtual stock-takes were undoubtedly a novelty! Technology and innovative ways of working have enabled us to carry on with business as usual. Over the last year, we have held large virtual conferences (with goody bags delivered to delegates) and introduced e-learning modules to ensure that people development continues to be a priority.  The biggest challenges are inducting new team members and imparting knowledge, as these used to be carried out sitting side-by-side in an office environment. Project work such as ERP implementation also poses similar challenges. It is, therefore, important to be organised and keep a constant flow of communication. I believe that the events of the past year have made us all better managers. Looking ahead, flexible working will lead to a better work-life balance. Still, we also need to ensure that we do not lose sight of the importance of face-to-face interaction to support mentoring for career progression, creativity, and building relationships. As lockdown eases, I am optimistic that we will find a solution that combines the best of both worlds. Jason McIntosh EMEA Finance Manager, Seagate Technology It’s fair to say that how we work has changed significantly over the past year! As a key manufacturing site within our global supply chain, our work has always been very office-based. That shifted for a lot of us overnight. My whole team across the UK has now been working entirely remotely for over a year.  As we have continued to operate, we have maintained a significant on-site presence throughout the pandemic, too. One of the biggest challenges has been enabling continued collaboration between our factory and remote teams while maintaining a culture of innovation and development.  How we work together in finance has also changed considerably since last year. Whereas before we had face-to-face meetings and ample informal collaboration opportunities, now all our interaction is virtual. Having said that, I spend more one-on-one time with my team (via Teams) than before.  We have always worked as part of a global team, particularly in finance. My boss, although Irish, is based in Amsterdam, and I work closely with colleagues in locations like California and Thailand daily. We already knew how to work together virtually and while we had to adapt locally, we already had that experience. If anything, remote working is easier locally because you don’t have time zone challenges.  Making sure that everyone in our team invests in their wellbeing has been vital. I’m proud that our company has invested so much in employee wellness programmes, and I’m confident that they have helped us navigate challenging times for everyone. In the second half of 2021, I expect to see more of our team returning to the office (at least part-time), provided it is safe to do so. The most significant barrier ahead is undoubtedly the uncertainty that remains. Several countries around the world are still under some form of lockdown. When and how we emerge into some sort of ‘steady state’ will shape how we work in the coming years. Like all businesses, we have learned plenty of lessons during the pandemic that will create the opportunity to be more collaborative on a global scale going forward.  John Morgan Finance Director, BT Enterprise  Having just secured a role as Finance Director for a newly formed business unit in BT with a management team primarily based in London, I was geared up to spend a couple of days per week in London, commuting from Belfast. Little did I know that my last day in London would be my final interview in February 2020 and I would spend the next 15 months mainly working from home.   COVID-19 hit our business unit relatively hard for certain revenue streams. For example, mobile roaming revenue turned off overnight and call revenue reduced considerably as offices shut.  If anything, the pandemic has made us look to accelerate some of our existing medium-term plans instead of fundamentally changing our whole business strategy.  Within BT Finance, we had already adopted flexible working. We have found flexibility a key driver of engagement and a differentiator in the recruitment market. COVID-19 has taken this to another level, however. Trust is a massive enabler for this; if you trust and are trusted, it doesn’t matter where people choose to work. I sense that we will remain flexible. While individuals will have different preferences, I envisage the team working around two to three days a week from home. We are lucky in that we are about to embark on a significant property refurbishment in our prime site in Belfast and the team are pretty excited to be moving into leading-edge office space by early 2022.   There are still barriers in the way in our industry, however. The UK telco industry is one the most competitive in the world, and downward pricing pressures are significant. That said, we believe new strategic initiatives such as 5G allow us to differentiate ourselves and add value for our customers. 

Seven Chartered Accountants reflect on their careers overseas and describe life in different countries as the COVID-19 pandemic continues. Fiona Walsh  Audit Manager at KPMG  Sydney, Australia Time abroad: three years In June 2018, I was given the opportunity to move to Sydney as part of KPMG’s global mobility programme. This was a really exciting opportunity, both personally and professionally, so I packed my bags and moved half-way across the world. Moving with the same company and in the same role made the move a lot easier as, along with starting a new job, you are trying to familiarise yourself with a new city, find a place to live, and settle in. The first few months are a really exciting time but while Australia is quite similar to Ireland culturally, it did take longer to settle in than I had imagined. When the pandemic hit, it changed life as we knew it in Sydney. The switch to a virtual world was sudden. At first, there was a novelty attached to it. We quickly had to adapt as most Australian companies are June year-ends, so busy season was fast approaching. However, in Sydney, we returned to the office relatively quickly as COVID-19 numbers decreased. We have been working from both the office and home for several months now. One positive outcome from the pandemic is that we now have a lot more work flexibility, but I don’t believe a full-time work-from-home model is sustainable in the long-term. We found the transition back to the office easier than expected, with a renewed value on face-to-face interactions with teams and clients. In Australia, we have been very lucky with the impact of COVID-19 restrictions compared to Ireland, but the toughest part is that, for the Irish community abroad, we don’t know when we can next jump on a flight to visit family and friends. I got engaged to my fiancé in October (also an Irish Chartered Accountant), so we are very excited to get home to celebrate. The uncertainty of the pandemic makes a full-time move home more difficult to contemplate in the short-term. Claire Iball Finance Director at Intel Portland, Oregon, USA Time abroad: 15 years The worst part of being away from home during the pandemic is not being able to physically see and hug my family in Ireland, though FaceTime and WhatsApp have eased the distance. When I took this role in the US, I thought I would stay for two to three years. I didn’t know what I was getting into. I am super independent, but the first few months without friends and family were difficult. That said, I don’t think I would do anything differently. You can only grow when challenged by new situations, people, and environments. It tested my ability to adapt and respond to change and differences. Working for a US company where the majority of business partners are US-based means more traditional work hours. In contrast, working for a US company while living in Ireland meant working later into the evening to collaborate with US colleagues. And while I would love the opportunity to work in Ireland and live closer to family, I have also started my own family here and have a different lifestyle and new friendships. I think working from home during the pandemic has opened up job opportunities and does not require experts to be in certain locations. As the end of pandemic is in sight, we will reflect and adapt to the new world and way of working.  I think there are great personal development opportunities in working abroad. Anyone thinking of doing so should go for it. If you want to experience a new country, culture, and learn new ways of working, that’s the best way to go about it. It’s always better to regret something you’ve done rather than something you haven’t done. S. Colin Neill Board member New Jersey, USA Time abroad: 45 years On graduation from Trinity, I joined Arthur Andersen in Dublin. I had always heard that being a Chartered Accountant would provide a passport to travel the world, and indeed it proved to be.  My wanderlust took me to New York after qualification at a time when it was relatively unusual for Chartered Accountants to make such a move. I eventually got involved in the formation of the Association of Chartered Accountants in the US (ACAUS), which sought to enhance and promote the Chartered brand. The effort was extremely successful – ACAUS celebrated 40 years last year and has achieved mutual recognition of qualifications with many US states. My life would not have turned out the way it did without the solid business foundation of the Chartered Accountant training and qualification. I am now semi-retired, but I remain active on several boards. The challenge for me has been to master and embrace current technology, which I have luckily done. Some of the boards I serve on support the charitable fundraising activities of hospitals, both in the US and Ireland. The pandemic has made holding live fundraising events impossible, and that has had severe consequences for the hospitals. On the other hand, the commercial entities whose boards on which I serve are thriving. Unfortunately, one is an historical cemetery and crematory – business is booming. While I travel back to Ireland several times year – mostly to play golf – leaving was a very good move for me. The only time myself and my Irish friends ever questioned moving back to Ireland was during the rise of the Celtic Tiger. The thought did not last long, however. Gavin Fitzpatrick Director of Financial Accounting and Advisory Services at Grant Thornton San Francisco, California, USA  Time abroad: 20 months The pandemic has definitely made it more challenging to achieve the objectives I set for myself when first taking this role. Meeting existing clients to further develop relationships has been more difficult in a remote environment. Building rapport with new teams, whether internal or external, has required additional effort. Add to this the personal challenges of keeping a young family in good spirits during lockdown in a foreign country. This role, and the last 12 months, have taught me the importance being agile, staying positive, and taking stock regularly to challenge myself to ensure I am putting effort into relevant tasks. The way I support existing clients has changed, but they still get value from a local contact who can help them navigate a world of constant change. Despite a year of home-schooling and travel restrictions, my family have managed to make the most of this adventure, creating memories, friendships, and achieving many personal goals along the way.  Despite the challenges, this move has been a success, both personally and professionally. If I had the opportunity to do it all over again, I wouldn’t do anything differently. We try to make the best decisions we can with the information we have at a point in time. When the outlook changes, no matter how radically, we adapt. Roles such as mine are important for our business and the development of our teams. While planning for similar roles in the future will no doubt mean considering additional matters, I would encourage anyone to grab these opportunities wherever possible. Fearghal O’Riordan Vice President at Aon Cayman Islands Time abroad: 11 years I’m missing Ireland. It has been 18 months since I was home. Not being able to see family, friends, neighbours and Galway has been a challenge. I am a keen horseracing fan, so I miss being able to visit stables and see the horses. But, I do enjoy it here, and I guess I am settled now. This is home. I met my wife here on my first visit and we have been together 19 years, and the Cayman Islands people have been very welcoming and good to me. It’s a very attractive place to live. I love the mix of cultures here in the Caribbean. We have over 100 nationalities in a population of 65,000. You meet lots of wonderful people with great stories of life in their homelands. We are fortunate to have a super global IT infrastructure supporting our local office. That held up very well when we all went remote in March 2020. Thankfully, the IT didn’t buckle under the strain. The Cayman Islands came out of lockdown in July and I’ve been working in the office since, though staff do have flexibility to continue to work from home, especially those who commute through morning traffic. The Cayman Islands is (as of 15 March 2021), COVID-19 community transmission-free since July 2020 so we are very, very fortunate to be living relatively normal lives with the sole exception of the border being closed so travel is restricted. Having emigrated twice, I would implore anyone thinking of doing so to make the most of where you are – be it in Ireland or abroad. Everywhere has benefits and downsides. Enjoy the best of where you are and, if you move, make the best of that place. Nowhere is perfect but if you do have that sense of adventure, go for it. Louise O’Donnell  Manager of International Operations, Strategy, Legal & Compliance at Oman Insurance Dubai, UAE  Time abroad: 12 years I definitely knew what I was getting into when I moved here 12 years ago, and I would not change anything with regards to working and living overseas. I believe it has moulded me and allowed me to work in an extremely multi-cultural environment where I experience different viewpoints that will remain with me in the future. On a personal level, it allowed me to put down roots in a new city, take up new hobbies, and create a life. I also met my husband in Dubai.  However, due to the pandemic, it is the first time since leaving Ireland that I have not been able to go home to see my family and friends. The rate of change in lockdowns and the ambiguity prevented me from doing so. That said, I am not ready to move home yet, and given that my personal life is very much entwined in the region, it would be a difficult choice to make. My husband is from Palestine, so it would have to be a good move for both of us – a consideration I didn’t have when I jumped at the chance to move to Dubai.  For others wanting to move abroad, I would give the same advice pre-pandemic and post-pandemic: go for it. You might have a defined timeline for moving overseas and a plan for when you might then return home. I had that in mind, as well, but my plans changed. We all think ‘I will live overseas for a maximum of three years and then go home’ – most expats in the UAE had the same thing in mind, but most usually end up here for longer than anticipated. I think there will always be a need for overseas employment, particularly in locations that are well-known expat hotspots. These locations continue to be transient and are developing fast, hence the need to bring new talent into these cities will remain. Even though we are still working from home and many countries remain in lockdown, I do not believe that this will continue full-time post-pandemic. There is a lot of debate on this topic and we do hear of certain industries moving their staff to 100% work-from-home, but I am a firm believer that innovative work still gets done in the office and we all need face-to-face interaction. Niall Fagan  Audit Senior Manager at Grant Thornton  Newport Beach, California, USA Time abroad: 10 years When I embarked on my secondment in 2011, I was looking for a new adventure both personally and professionally. The initial transition was challenging, but working for a large global organisation with consistent systems and methodology made the work transition easier. Having been one of the first secondees in the San Francisco office, I set up a group where we help future secondees and international hires with their transition to the US and I love to pass along all of my experiences. It’s been just over a year since I’ve been to our office or to a client site. At first, it seemed impossible to think we’d be able to operate at the same level of efficiency remotely. While working from home has definitely had its challenges, I believe we’ve demonstrated that we can perform efficient audits in a remote setting, which could have a large impact on our industry. It brings into question the need for large office spaces and the need for audit team onsite every day. Continued remote working should provide more flexibility and better work-life balance for people. From a personal point of view, while the pandemic has been tough and we might have to wait until 2022 before we can make it back to Ireland again to visit family and friends, it has allowed me to spend a lot more time with my two small children, for which I’m thankful. If someone is considering a career overseas in the post-pandemic world, my advice would be to go for it. The Chartered Accountancy qualification is highly respected worldwide. You can gain invaluable experience, learn new skills, and grow your global network. From a life experience perspective, I believe living and working in another country is extremely valuable, and I would encourage anyone who has an interest to take a chance.

Suzie Arbuthnot ACA, the winner of BBC’s Best Home Cook, discusses life as a parent, entrepreneur, and TV presenter.Earlier this year, you were crowned BBC’s Best Home Cook, how did that come about?Back in 2017, I entered the Great British Bake Off. I was first reserve and was devastated when I didn’t get called up. One of my friends told me to enter this other food programme, and so I did. A few days later, I had a phone interview and then a face-to-face meeting in Northern Ireland, where I had to make a savoury and a sweet dish. I was then flown to London to replicate the three stages you see on the show and, as they say, the rest is history!You recorded the show while setting up your own business. What was that experience like?I became self-employed on 1 February 2019 and I flew to London at the very beginning of March to start filming Best Home Cook. I was completely stressed because I wasn’t bringing in an income, but my husband said: “You have worked so hard for this opportunity, you can’t give up now!” So, having won the title and trophy plate, I had to return to normal life and not tell a soul. It was an agonising nine months. I set up my own practice by following the straightforward steps set by Chartered Accountants Ireland. I was extremely fortunate that my old firm (PGR Accountants, Belfast) referred a piece of work to me, and that got me started.What would you describe as your greatest challenge or achievement to date?I used to say: “finally qualifying as Chartered Accountant”, as it took me eight years. I never gave up, and I knew I could do it. I was able to have my family, have my children, and just enjoy life. I don’t regret a moment of it at all. However, I think winning a UK-wide cooking competition and now presenting my own food-focused TV show, Suzie Lee’s Home Cook Heroes, is pretty amazing!What’s the most valuable lesson you’ve learned?Have faith in yourself in whatever you do, as others are quick to knock you down. This has been true in all areas of my life, so be kind to everyone you meet, treat them the way you would like to be treated, and have no regrets.What do we most need in this world?We need to learn how to switch off. I am a huge culprit, but we are too connected these days – attached to our phones, tablets and laptops. The art of social interaction is starting to wane right in front of our eyes, and it’s all down to our devices.How do you recharge?I love keeping busy, but I get my energy from spending time with family, cooking, going to the gym, playing hockey for Lisnagarvey Hockey Club, and singing with Lisburn Harmony Ladies Choir.

Lucy-Anne O’Sullivan, a trainee Chartered Accountant at KPMG and qualified radiographer, talks about her recent return to the front line at St Vincent’s Hospital, Dublin to help tackle the COVID-19 crisis.How did you arrive at a career in accountancy?It is safe to say that I have taken quite an unconventional route to accountancy. I studied radiography at University College Dublin (UCD) as my undergraduate degree and started working in St Vincent’s University Hospital shortly after. I worked there for two years with a fantastic team and made life-long friends. I was always drawn to the corporate world and wanted to explore this interest further, so I completed a Masters in Management at UCD Michael Smurfit Graduate Business School. It was something totally different and allowed me to explore various aspects of business. This was my steppingstone to KPMG Risk Consulting, where I am currently preparing to sit my CAP 1 exams.You recently returned to the front line. What was that experience like?When the COVID-19 pandemic hit the country earlier this year, I felt compelled to make use of my skills as a radiographer and returned to St Vincent’s. Radiology has had a huge role to play in both the diagnosis and treatment of COVID-19 patients. I am very grateful to have had the opportunity to help out a department that has been under a lot of added pressure.The transition back to the hospital was smooth as I was familiar with St Vincent’s, having worked and trained there before. KPMG was hugely supportive of this move, which I am very thankful for. The first week or two took some getting used to as there were numerous new protocols, but wearing head-to-toe PPE and voluntarily walking into the COVID-19 intensive care unit (ICU) quickly became the new normal. The hospital looked and felt quite different, but I felt quite safe as the protocols in place are very effective. There are enormous backlogs of exams as a result of the lockdown, but it is reassuring to see that these patients are slowly but surely starting to come back to the hospital as it looks a little more normal each day.Describe your typical day at the peak of the COVID-19 crisis.The role of the radiographer is very hands-on and, as a result, there is no scope to shy away from the virus. A standard day involved running to COVID ED (the COVID-19 emergency department) to perform chest X-rays on every query case that arrived into the hospital. Every ICU patient needed a daily chest x-ray to monitor progress and assess new line positioning. Radiographers can be seen running all over the hospital with portable X-ray machines to examine patients on the wards, as well as treating non-COVID-19-related patients in the emergency department. I trained in the Cardiac Catheterisation lab, so I also spent some time there as standard illnesses are still occurring.What lessons will you bring back to your role in Risk Consulting?My lessons are quite simple: people are critical to the success of any team, regardless of the working environment. My time in St Vincent’s was tough at times, but I never had to face it alone and always had the full support of my team. It is incredible to see what you can overcome with the backing of a good team behind you.If you could give the public one piece of advice, what would it be?Don’t get too complacent too quickly, as the virus is still out there. That said, I am as excited as anyone to get back to normal. Also, hand sanitiser is your best friend!

John Convery discusses the critical elements of an investor-grade business plan and what investors and venture capital firms look for in an investable business.The saying “paper never refuses ink” can certainly be applied when business plans are being written. Entrepreneurs and business owners have license to include what they want and can go overboard in producing great looking (and sounding) documents, but to what end? Venture capital firms will tell you privately how many plans pass across their desks but are discarded very quickly because they are not grounded in reality or properly thought through.There is any number of sources that proclaim to give you the formula for “how to write a perfect plan” or “how to write a winning plan”. Thanks to the web, there are now templates galore you can use in tandem. There are also multiple sites that outline what a great business plan should contain.Writing a good plan is not an exercise in producing grandiose business models and frameworks, with dazzling technical language and 2-D diagrams in brilliant, sharp colours and padding the whole lot off with forecasts and various scenarios. This sort of approach might win you a prize in a visual design contest, it will not help you raise investment.A business plan clarifies what a business is going to do, and how it is going to do it. For any start-up or established business, the process of writing a business plan is a discipline in explaining this. The article will therefore focus on what is required to produce an investor-grade business plan, what should go into the plan,     and what investors or venture capital firms look for before they invest in a business.Function and roleThe business plan is a blueprint for a business; it is essential if you are thinking of starting a business and is also an important tool for any established business. It is not static; rather, the business plan for any business will change over time as the business develops and as objectives change. For any start-up business, here are strong reasons why you need to write one:the process of writing a business plan will challenge owners to critically examine the business potential. It will test and serves to clarify the feasibility of the business idea;it allows you to set out your goals and prioritise business objectives;it allows you to measure what progress is achieved; andit is required to attract investors and secure funding.ContentsIn terms of length, an investor-grade business plan of 10-20 pages is reasonable. The key elements and content should include the following:1. Executive summary: the most important part of the business plan, the executive summary is generally the last section to be written. The objective is to grab the reader’s attention, sell the investment opportunity, and to get the potential investor to read the entire plan. It should be succinct and no longer than two pages. The key elements are:Opportunity: in a nutshell why is your product great and what customer problem will you solve? Explain the pain-point, your solution, and what are you offering.Product: describe its benefits and what it can deliver.Value proposition: who is the target market, your customer, and why will they want to buy it? What are the benefits?Marketing strategy: how will you reach your customers and what are your distribution channels?Competitive advantage: who is the competition? What is your competitive advantage?Business model: how will you generate revenue, and from whom? Why is your model scalable?Team: who are the management team, and why will they succeed?Financials: include highlights from the P&L for the next three years, cash balances, and headcount. Explain how you will reach your revenue targets.Funding: how much funding is required, and what will it be used for? Outline plans for future funding rounds.2. Product/service solution: what is it, what does it do, how does it work, who is the typical customer, and why is it different?3. Value proposition: explain the problem your business aims to solve. Where is the pain? Quantify the benefits for your customer in terms of money or time – and remember, the pain must be large and the benefits meaningful to convince a customer. Skip the technical jargon and be customer-centric.4. Market and opportunity: explain the overall industry and market dynamics. Segment the market by customer group and identify your target customer. Quantify the total market size and market opportunity of your addressable market. Use charts or graphs if necessary but remember that all figures should be from accredited sources and referenced.5. Competition: list and discuss all your competitors. Include any product/service that could be a substitute or alternative for your customer and outline how you compare with competitors.6. Competitive advantage/edge: some call this the secret sauce. How are you differentiated from your competitors? Detail your sustainable competitive advantage, highlight any barriers to entry that might keep your competitors away, and explain why any customer would buy your product/solution.7. Business model: how will you make money, who pays you, and how much do you keep after any expenses? Explain all sources of revenue from your customers and explain how your model is scalable.8. Marketing/sales strategy: this is your ‘go to market’ strategy. How will you reach your customers? Will you choose direct sales, partners, resellers or web? Include pricing and how much will go to channel intermediaries; provide a timeline of key milestones.9. The team: detail founders and key members, their qualifications, experience, track record, and domain knowledge. Include any advisory board members or industry figures involved with the business.10. Financial projection: for a start-up, include one-year detailed P&L data, cash flow prediction, balance sheet by month, and annual summary figures for three years thereafter highlighting key figures in P&L, cash flow and headcount. Also, what and when is your peak cash requirement? Cash is critical, and the cash flow statement is the key one. For an established business, include P&L, balance sheet for the last three years, and project P&L, cash flow and balance sheet by month for the next three years. For any financial projection, outline all key assumptions used. These must be based on sober and pragmatic reasoning, clearly justify growth assumptions, and highlight the peak cash requirement and break-even point.11. Funding requirements: explain the amount of funding required for the business. How much is being provided by other investors? State what the funds will be used for and show how much existing founders and owners have provided to date.12. Exit strategy: discuss the opportunities for investors to exit such as an acquisition, trade sale or IPO (beware, IPOs are only for the very best companies). Highlight trends in the market and give examples of valuations relevant to your business, but don’t go overboard and perhaps discuss your aim to build a truly sustainable business.Business plan pitfallsDo not make exaggerated claims. Business plans are meant to inform and reassure, not entertain, readers. Avoid the following types of statements or claims unless you can back them up with robust evidence:according to Gartner, the market is worth X billion; we only need Y% of this.we have no competition.our product is vastly better than anything else available.we can be number two in the market within 12 months.our technology is superior.customers will switch to our product.we will be profitable within 12 months.we can repay our investors after three years.our mission-critical kit is best of breed.we plan to target multiple overseas markets.we need to pay top salaries to attract top people.we want to retain the maximum amount of equity possible.It generally takes at least four years to reach €1 million in annual turnover, and that is if you are exceptionally lucky. It generally costs twice as much and takes you at least twice as long as you think it will to get there.Raising financeA start-up will typically go through different stages of funding sources as it moves from idea stage to product development, testing, initial customer validation and on to generating revenue. Initial funding will be provided by the founder, family and friends. Sooner or later, the founders will need to seek seed funding, which might be provided by an angel investor or seed venture capital fund. When a business seeks to raise outside finance from an investor or venture capital firm, they will look for the following criteria:Team: investors ultimately back people, not ideas. This is the number one criterion. They especially like those with deep knowledge and great experience; they will focus on track record and achievements.Market: they will seek a large market opportunity and strong growth rate. If the market has barriers to entry, better again. It needs to be big to support the returns many venture capital firms seek.Sustainable competitive advantage: a clear competitive advantage or unique selling point over others.Technology: great technology is a fundamental requirement now.Scalability: clear potential to grow in overseas markets.High gross margins: this reduces the amount required for working capital.ConclusionWithout a well-prepared and researched business plan, there is little chance of attracting outside funding. For a reader, the plan should be:credibleplausibleimplementableinvestableIt goes without saying that the plan should be grammatically correct, with no spelling errors. It should also be page referenced with no mistakes in the financials and look professional overall.John Convery is a business adviser to start-ups and small businesses. In the October issue, John will consider why so many start-ups fail, and how to improve the chance of success.

Colm Davitt, CEO at Dental Care Ireland, discusses life at the helm of the five-year-old dental business he founded with his brother. What do you most enjoy about your current role? My role involves acquiring dental practices and helping them achieve their full potential. It combines my background in business and accountancy with a passion for the healthcare sector. I love seeing the practices grow and evolve as we invest in facilities, services and management support structures. Our 15 practices are located all over the country, which means a fair amount of travel, but I enjoy getting out of the office every week to meet with current and potential practice teams. What has been your career highlight thus far? Two career milestones stand out. First, I passed my final admitting exams to become a Chartered Accountant at age 21. My qualification has been the foundation and bedrock of my career achievements to date. Second, a major highlight was the opening of our first branded Dental Care Ireland practice. I first came up with the Dental Care Ireland concept in 2014 with my brother, Dr Kieran Davitt. Our vision was to create a group of established, high-quality dental practices nationwide. It has been a hugely rewarding experience to see that idea become a reality in just five short years. How do you stay productive day in, day out? I am a firm believer in setting goals. We have ambitious growth plans for Dental Care Ireland, so I review our objectives and targets at least every six months. I am also fortunate to have built a highly motivated team around me. Our head office is located beside the sea and close to home, so I can walk to and from work. When I’m not on the road, it gives me some guaranteed fresh air and headspace. I try to balance work with plenty of family time too. I dedicate my weekends to watching my kids in action on the sports field or catching up on GAA.  What changes do you anticipate in your profession in the next five to ten years? I expect to see the large-scale automation of routine accounting and data processing over the next ten years. It will be essential for Chartered Accountants to remain commercial and value-focused. In general, I think the need for flexibility in the workplace will continue to grow, and employers will have to adapt accordingly. In the dental sector, we may see fewer dentists willing to run their own businesses due to increased compliance and administration requirements. What is the best advice you’ve ever received? Stay true to what you really believe in. Being a CEO can be a lonely place, and there are many ups and downs along the way. If you believe in what you are doing, you will gain respect and trust from those around you. Over the years, I have had the privilege of working with several great mentors and CEOs. They all had the ability to create a small but very loyal team, which is probably the most important lesson I have learned. Working with a talented and supportive team makes the days much more enjoyable and fulfilling.