The trained and experienced team of business advisers at Bank of Ireland understand the range of advice and support entrepreneurs and SME’s need to build their businesses

BANK OF Ireland’s National Enterprise Week began on Friday last, with hundreds of individual small and medium-sized enterprises (SMEs) exhibiting their businesses in branches throughout the State and taking part in a series of networking events in a variety of venues.

“Ireland’s SMEs will be the driving force behind the recovery and during Enterprise Week we want to show them that Bank of Ireland is there to support them in playing that critical role,” says Bank of Ireland’s head of small business Michael Lauhoff.

“The SME sector is highly creative and innovative and is vital for our future competitiveness. It will also be the main driver of employment growth in the future,” he adds. “While the current environment is challenging for all businesses, there are also opportunities.

Getting expert advice at the right time is key. “It is important that businesses can get the right advice and support when it comes to identifying and exploiting these opportunities,” says Lauhoff, “and Bank of Ireland is there to play its part in providing that. During National Enterprise Week, we want to show SME owners and entrepreneurs the range of information, advice and support available from Bank of Ireland to help them develop, run and expand their businesses.”

These supports can be as important as finance to an early stage or start-up business. “Businesses need advice and support and they often don’t know where to go to look for it,” he says. “The image of a bank is associated primarily with lending and financial transactions and business-people quite often don’t realise the range of other services we provide. In order to address this we have a programme of going out and contacting our business customers to let them know what we offer in this regard. We want people to come into us and talk about their hopes and ambitions and how we can help realise them. Part of the aim of Bank of Ireland National Enterprise Week is to get the message across to businesses that we are here to help.”

The supports on offer from Bank of Ireland range from direct advice to online courses and guides and finance packages and banking services specifically designed for start-up and growth oriented SMEs.

“We have in-depth knowledge of what it takes to start up a new business,” says Lauhoff. “We offer the combination of financial support and practical advice to bridge the gap between having an entrepreneurial ambition and making it a reality.”

Bank of Ireland’s solutions are delivered primarily through its team of more than 300 qualified business advisers based in every branch in the country.

“Our business advisers have an average of 12 years business banking experience and the majority of them have worked their way through a series of branch roles before becoming business advisers,” says Lauhoff.

This background equips them with the knowledge and experience needed to be able to advise any business that comes to them.

“Our business advisers have access to a wealth of information and advice that is second to none,” says Lauhoff. “Our business customers can expect the very best advice and guidance in a wide range of areas, not just banking products and services.”

To ensure and maintain a quality service for a fast-changing business environment, all Bank of Ireland Business Advisers are fully qualified financial advisers and must continue studying every year to maintain this qualification.

Communication is of paramount importance for customers to get the best out of their relationship with their business adviser, whether it is in accessing finance to fund growth or seeking assistance when times get tough.

“Bank of Ireland is here to work with business customers and support them in finding the best route forward and the best way for us to do this is by keeping in touch.

According to Lauhoff, communication is vital for customers to make the most of the service offered by the advisory team. “It is very important that customers keep us informed about their business on a regular basis,” he says. “This will ensure that we have a good understanding of the customer, their business and any issues they might be facing. It also means that business advisers are better equipped to help businesses when called on. People considering starting a business should also get in touch with their local adviser. I would encourage anyone thinking about going into business for themselves to talk to us as early as possible. Our advisers have in-depth knowledge of local markets and can help new business avoid any pitfalls and exploit opportunities that may be out there.”

National Enterprise Week is also as much about bringing businesses together as it is about Bank of Ireland reaching out to them. “The week is all about entrepreneurship and trying to instil new confidence in the SME sector. We hope that by bringing together thousands of businesses through our various branch and networking events around the country during the week, we will be able to stimulate additional activity and provide some encouragement.”

He is optimistic regarding the future for the SME sector. “The energy we are seeing among SMEs is inspiring,” says Lauhoff. “They are out there working hard and playing their role in the Irish economy. I am pleased that Bank of Ireland is supporting them in that.”

HELPING YOU BUILD YOUR BUSINESS

The challenges of starting a new business can be daunting even for experienced business people, let alone those starting out along the path for the first time. To assist entrepreneurs in these first steps and beyond, Bank of Ireland has produced a comprehensive suite of guides to starting and building a business which are available to download at bankofireland.ie/business