BUILDING STRONG RELATIONSHIPS

Tony McDonagh, Head of Sales, Ulster Bank Business & Commercial Banking

Entrepreneurs put considerable emphasis on their relationship with suppliers and customers. But forging links with your banker, enterprise adviser and accountant can be very worthwhile. Tony McDonaghtalks frankly about his experience as a banker working with start-up businesses.

When you’re starting a business, all your energy is focused on getting the business up and running. It’s easy to forget to take the time to seek external advice. But there are a lot of supportive people out there, who are familiar with the process of setting up a business, who can help you avoid the pitfalls, and from whose experience you can learn valuable lessons.

GET GOOD ADVICE

Ulster Bank has a rapidly expanding branch network and their focus is on supporting business in the local community. We placed Enterprise Advisers in every branch in the country. We recognise that businesses need support and direction in the early days and our Advisers have dealt with many businesses, in diverse sectors, all encountering similar start-up issues. The challenges new businesses encounter range from early stage planning, to working out the financials, to raising finance, to seeking out a quality accountant. Our customers benefit from working closely with our Enterprise Advisers. Your banker will usually be acquainted with members of the local Chambers, Enterprise Boards, Business Innovation Centres and can make introductions for you to get advice and support. We’ll even know about useful seminars and workshops on starting a new enterprise in the locality. We always have access to really good accountants, who specialise in start-ups and we can supply you with a list of suitable names.

In addition, we have innate knowledge of what works and what doesn’t for a new business, and we’re prepared to give our opinion or to act as a sounding board if required. We work with so many other businesses in the area, that we may be able to provide useful business introductions.

GATHER CRITICAL SUPPORT

I’ve spent all my life in business, working closely with local entrepreneurs on their various business projects. I’ve witnessed some tremendous successes. On the other hand, I have seen businesses fail and that is always difficult. I believe that one of the reasons that an entrepreneur can fail is because of lack of support at critical stages of the business cycle. Quality business planning advice, market insight, financial risk management – these are the areas that you need to continually seek support on. I can’t stress how important it is to keep these on your agenda. My advice is to build relationships with people who can give you sound views in these areas. Make a point of contacting your local banker and ask for their opinion. Find an excellent accountant and keep close to them. Use the local business network in your locality. There are many and they are a very useful repository of information.

CREATE PARTNERSHIPS

We believe in taking a partnership approach with our customers from the outset. We want our customers to succeed and that’s why we continually train our own people to ensure that they are firstly able to provide customers with the very best financial solutions but secondly, that they are up to speed with the challenges facing entrepreneurs. For us, the financial services are just one element of a mutually beneficial partnership. We want our customers to turn to us for advice when they need it and if they have a problem we can solve or advise on, then we will. Our customers value the fact that we are available to them and that we understand the demands of their business and sector. No matter where your business is located, we are nearby.

Author: Tony McDonagh, Head of Sales, Ulster Bank Business & Commercial Banking. If you would like to talk to Ulster Bank about options for expanding your business, why not drop into one of our local branches and talk to an Enterprise Adviser or call us on 1850 314151

Published in the July/August 2007 Issue of Irish Entrepreneur