Dr Naomi Mackle is the owner of Adare Cosmetics Clinic, which offers dermatology and cosmetic skin care at clinics in Adare, Co Limerick and Dublin.
What distinguishes your business from competitors?
First and foremost our clinics are staffed and owned by medical professionals. I am a GP with a special interest in dermatology and we also have a highly qualified aesthetics nurse who specialises in dermal fillers. Through this experience, our clinic can offer treatments, knowing that the expectations from our customers will be fulfilled.
What sets your products apart in your sector?
Our products are of the highest standard and are sourced from around the globe. Most of the products used are physician-only and contain active ingredients to treat skin conditions at source.
What's been the biggest challenge you have had to face?
I am going through it at the moment. I have two clinics that are very demanding on time but I also have three children under the age of four. Trying to spend as much time with the children as possible is always at the top of my thoughts, especially with the first just starting school. It's gone down to taking one day at a time, not even one week at a time.
And your major success to date?
Establishing my clinic in Adare and making it a success. I am really happy with the clinic and love what I do.
What's the biggest mistake you've made in business?
Entering into a partnership in business. With most partnerships, the partners have different goals and you will always find that a happy medium is found rather than the absolute best way forward. I need to be the boss; I need to make the decisions. What I didn't realise is the financial and emotional hardship; it's like getting out of a marriage.
What was the best piece of business advice you've ever received?
Get toxic people out of your life as soon as possible; they only bring you down. Duncan Bannatyne of the UK Dragons' Den was asked this during an interview and it always stayed with me. I have tried to live by this in business ever since and it has worked out so far.
Who do you most admire in business and why?
Warren Buffet. That is one clever fellow. There's an honesty about him; he's not into the flash. I also admire anyone who has done well in business. I know how hard it is to set it up and staff it and to juggle a family.
What advice would you give to the Government to stimulate the economy?
On a recent business trip to South Korea, the people we met told us that they received support from the government in setting up their factories as well as receiving grants for staff, manufacturing, rents and local taxes. The Korean government is driving its economy to be one of the biggest exporters of technology in the world.
While I don’t know a lot about this sector in Ireland, it appears that the Government supports companies that come into Ireland rather than those that are from here. Every region in Korea specialises in some form of industry. The government was trying to place jobs outside of the population centres and create areas of expertise. This should be a key driver in an economy that does not really produce much outside of pharmaceuticals and agriculture.
Do you think the banks are open for business at the moment?
No. I have a personal experience recently when seeking a loan to facilitate the opening of a clinic. We were lucky that we could produce a good balance sheet based on last year's results. The bank, while not refusing our request, asked us to reduce it by 75 per cent. On reflection, maybe the banks are 25 per cent open for business.
How do you see the short-term future for your business?
Good. Our Limerick clinic is very busy and the Dublin clinic has got off to a good start. I'd like to have it extremely busy every day in six months' time. Our aim is to offer an exceptional service and if we can do this, not only will our short-term future be bright; our long-term future will be the same.
How much is your business worth and would you sell it?
I would have to have a serious conversation with our accountant about this. We really believe that this business is on the rise in a tough economic environment and if we can grow it in this period, the value should be high in the next five years. At the moment I love my work but maybe in 20 years' time I'd consider it.
In conversation with Joanna Roberts
