Tag: start-up

Big business trends to watch out for in 2020 - New Frontiers Programme -Enterprise Ireland

The big business trends to watch out for in 2020

Big business trends to watch out for in 2020 - New Frontiers Programme -Enterprise Ireland

2020 is upon us and we STILL don’t have flying cars. It’s a disappointing realisation that we are entering yet another futuristic-sounding year without even one DeLorean to have taken to the skies. Alas, we’ll have to curb our expectations for now and be content with cars simply driving themselves. Joking aside, 2020 is looking to be a very interesting year for business with great advancements and transformations happening in technology, the workplace, customer relationships, and more.

If you’re craving some sharp insights into what kind of year 2020 is shaping up to be, then look no further! We’re going to share with you 4 business predictions we’re putting our bets on for 2020.

Our top 4 business predictions for 2020

Irish businesses will need to get 5G ready

True, we didn’t need to check a crystal ball for this one! The fifth generation of cellular networking is here, but how exactly will it impact your business? This wireless technology is estimated to be at least 10 times faster than 4G, which means faster communication, faster business processes, and faster results for your clients. Currently, the average time it takes data to upload from a device is 50ms with a 4G network, but with 5G it will take just 1ms.

However, we’re not claiming 5G will be in every single household by the end of 2020. After all, there are still houses in rural areas stuck on 3G. But according to Intel, the rollout will be in full swing in 2020 so they advise businesses to get ready:

“For 5G to become a reality, businesses need to replace fixed-function equipment with virtualised software-defined networks. Switching to the cloud will be vital as 5G relies so heavily on virtualisation.”

Customer Experience will benefit from automation

Customer Experience, or CX, has been a hot topic for a few years, but until now businesses have been struggling to know how to implement it as practical business processes. With increasing accessibility to high-quality automation tools, 2020 will be the year in which we see CX truly take off.

A great example of this is the strides being made with chatbots. The chatbots of 2020 won’t simply trot off a couple of generic messages and then hand the conversation over to a real customer service agent. Instead, chatbots will use intelligent voice messaging to tailor responses to the individual and automate payments in real time.

Customer expectations are increasing constantly as people get used to using more smart devices, such as virtual assistants, in their own home. With Qualtrics finding that 60% of businesses think the mobile experience they are providing is good but that only 22% of customers feel the same, it pays to bulldoze those blind spots, listen to customers’ needs, and invest in the technology you use to drive successful customer relationships in 2020.

Will your business take advantage of the growing remote working trend?

Remote working used to be something that employees who wanted more flexibility pushed for while management looked on sceptically, unsure of whether a divided labour force could really manage to be productive. How times have changed! According to FlexJobs, 75% of people work remotely because there are fewer distractions and 86% say it reduces stress, which all directly feeds into increased worker productivity. In 2020, the encouragement for remote working is coming from the top as employers reap the benefits of this cost-effective, timesaving, and fully customisable work structure.

There are many great reasons as to why remote working is gaining in popularity, but for Ireland specifically we would throw the combination of high rent prices in the capital and long commutes into the ring. On average, it takes commuters in Kildare and Meath one hour and nine minutes to get to work, which is equivalent to, if not quicker than, those taking public transport from Dublin’s suburbs. The Luas and Dart have become notorious for congestion, which not only increases travel time but makes getting to work a very stressful and exhausting experience. Therefore, if not just for productivity then for employee health and happiness, remote working could be a great trend to jump on in 2020.

Gen Z will enter the workforce

They’re coming and they’re going to make up 20% of the workforce in 2020, but what does that mean for your business? This generation is composed of digital natives in the truest sense. Born between 1995 and 2010, they do not know a world without the internet. This puts them in a strong position entering the workforce as we are very much in need of their technology skills! However, to leverage their skills you’ll need to attract them and being a tech-first company is essential.

According to a study by Dell, 91% of Gen Z considers the technology offered by an employer to be a critical factor when choosing a job. Generation Z, or Centennials as they are also known, expect to not only exercise their skills but to continuously improve them. Therefore, it is in the business’s interest to provide these opportunities. Despite being glued to their screens, Gen Z appreciates authentic face-to-face conversations and shows a strong interest in being tech mentors, which can only be a good thing for other members of your intergenerational team!

Running an Irish startup in 2020 is going to be both challenging and rewarding. If you’re about to take the plunge and would like some extra support, why not consider a programme like New Frontiers?! We have locations around the country and start dates throughout the year. Take a look at what’s involved and register your interest today.

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

Top tips for dealing with late-paying clients

Leaders can help employees achieve their New Year’s resolutions

Coworking space vs the traditional office – which will you choose?

5 tips for recruiting a stellar first hire for your startup!

4 actions entrepreneurs need to take to scale up quickly New Frontiers Entrepreneur programme (1)

4 actions entrepreneurs need to take to scale up quickly

4 actions entrepreneurs need to take to scale up quickly New Frontiers Entrepreneur programme (1)

So, you think your startup is scalable. You’ve looked at your turnover, you’ve studied the market and you believe your business could handle a bigger piece of the pie. That’s great, but growing your business successfully requires not only a shift in operations but a change in mindset.

With all the research and speculation that goes on in the business industry, you can be sure there are known habits and practices that successful entrepreneurs adopt to grow their business. We’re going to share a few of them with you to get you started on your road to success.

Scale up your startup with these great business tips

1) Visualise success and set a deadline for it

The first step to getting where you need to be is to visualise success for your business in practical terms. Try asking yourself, what does my business look like at double or triple the value? “Scaling up” is a nice idea and a handy phrase to throw around when talking to investors, but it doesn’t come with a guidebook tailored to your business. The good news is that you know your business inside out and you know what resources are available to you. Use this knowledge to drive real action that contributes to business growth. Visualise what you want to achieve, give yourself a deadline to get there and then design a map. As with any goal, the deadline is crucial, so don’t be tempted to skip over that part!

2) Stop micromanaging and start delegating!

We’re sure you’ve heard this one before, but the question is, have you actually put it into practice yet?? There is no understating how important delegation is when it comes to growing your business. As an entrepreneur, you’re used to wearing many different hats and taking an all-hands-on-deck approach to everything you do. It’s this trait that makes the entrepreneur who they are, but you need to recognise when the time has come to take a step back and work on the business rather than in it.

To use the cliché, a healthy business is like a well-oiled machine, meaning it can run on its own. Your role needs to change from a management one to a leadership position so your business can have true value that exists beyond your name and your personal network. It’s time to create a strong senior management team that you trust to make important decisions on a day-to-day basis. When you have successfully done that, the next thing to do is to take a holiday. Yes! That elusive thing people with extra time do! If the business can run itself for a week or two, then pat yourself on the back because the value of your business has just increased.

3) Outsource the nonessentials

We recently wrote a blog covering this topic in more depth to help entrepreneurs decide if outsourcing is right for them or not. Have a read of it, and if you find it does make sense for your business, then we advise you to get going on it! Outsourcing is a fantastic way of getting access to high-quality skills at a cost-effective price. By outsourcing the nonessentials, you can focus on what you do best, streamline your processes and invest in the areas that really matter for business growth. As for those areas you can’t afford to outsource, automate them as much as possible.

4) Share wealth and opportunities amongst your team

We have already recommended that you should delegate by building a strong senior management team. However, if you’re going to invest in doing this, then you would want to make sure these key employees stick around for a while. For any business looking to grow, a high turn over of staff is a killer and a clear sign that something has gone wrong at the heart of your business. Hard working, loyal and talented people who want to help your business grow are vital to the lifeblood of a business looking to scale and you simply won’t compete on an international scale without them.

It’s a good idea to share wealth and opportunities amongst your key team members. This means not only paying your employees what they’re worth but incentivising them in other ways, such as offering them opportunities for self-development, investing in team bonding (whether that’s on-site or off-site), creating a pleasant workplace that has its own distinct character and perhaps even offering them shares in the company. Finding star employees is hard and so is keeping them, so it’s worth taking the time to make them feel valued because they are essential to the growth of your business.

If you’ve just finished the New Frontiers Programme, you might be wondering what comes next. If you’re looking to scale, you should definitely keep an eye out for the next Competitive Start Fund call. Providing access to fantastic one-on-one mentorship opportunities as well as funding, you’ll get all the support you need to take your business to the next level!

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

Top tips for dealing with late-paying clients

Leaders can help employees achieve their New Year’s resolutions

Coworking space vs the traditional office – which will you choose?

5 tips for recruiting a stellar first hire for your startup!

Unleash your inner cyborg and start automating tedious work tasks! - New Frontiers - Enterprise Ireland

Grow smarter and faster by automating tedious work tasks

Unleash your inner cyborg and start automating tedious work tasks! - New Frontiers - Enterprise Ireland

The buzz around automation is only intensifying as companies continue to discover new ways technology can make businesses smarter and more efficient. The human element of work is evolving as we get better at using technology to our advantage, allowing us to give more time to the areas that need our attention the most. In fact, our relationship with technology has become so symbiotic that leading tech entrepreneur Elon Musk believes we are already cyborgs!

The definition of a cyborg accord to Oxford Dictionaries is:

“A fictional or hypothetical person whose physical abilities are extended beyond normal human limitations by mechanical elements built into the body.”

Your smartphone may not be directly wired up to your brain just yet (watch this space, Musk is working on ‘neural lace’) but as he explains, “You can answer any question, you can video conference with anyone, anywhere. You can send messages to millions of people instantly. Just do incredible things.” The question is, are you ready to embrace your inner cyborg? If you are then you’ll find you can easily automate tedious work tasks with your not-so-secret superpower – technology.

5 ways to automate tasks in your company

1. Clean up your inbox!

We might as well start with the bane of your working life – your inbox! The emails never stop coming, and god forbid you should go on holiday because when you return you’re going to have to spend a whole day tunnelling through that backlog! The average worker receives 121 emails a day and sends 40, so how can automation help?

Most email platforms, such as Gmail and Outlook, have inbuilt automation tools so you can easily categorise emails by importance. Smart Labels in Gmail or Rules in Outlook allow you to automatically sort your incoming emails based on the sender’s details or keywords. Both email platforms allow you to schedule emails to be delivered at a specific time. You can do this in Outlook by clicking the more options arrow in the ‘Tags’ section of your email or use the plugin Boomerang for Gmail. You can also design email templates for messages you find yourself sending repetitively to save time and avoid errors.

2. Start using voice-to-text software

Sometimes it’s the simplest pieces of technology that can save the most time at work. No one marvels at the wonders of a calculator anymore, but it is one the handiest pieces of office equipment! This is the kind of automation we need in other areas of our working life, a solution that completes a task quickly and precisely every time. Voice-to-text software is just that. Dictation solutions have come on leaps and bounds in recent years and for anyone who finds themselves writing at length on a daily basis, this is a must! If you’re looking for a free version, GoogleDocs Voice Typing is a great choice.

3. Be an automation whizz with Zapier or IFTTT

If you’re serious about automating tasks at work, then you probably have heard about IFTTT and Zapier before. Both applications allow you to sync various solutions so that you can have your Gmail talking to your Dropbox account, or your Twitter triggering messages in your preferred Slack channel. These platforms perform by letting you design rules that in practice look like this: if X occurs then Y must happen.

X could be your company name being tagged on Twitter and Y could be the notification of this in a Slack channel. This one would be very handy for the marketing department, but there are useful rule combinations for everyone in the office. If you’re not sure what you need automated, that’s not a problem – take a look at their library of predesigned rules and find out what’s popular with other users.

4. Get real financial insights with Xero or Bullet

Human error is inevitable, but you don’t want it to happen in your financial accounts. Accounting solutions such as Xero and Bullet (an Irish company) can help you automate repetitive tasks while also providing business intelligence that would otherwise get lost! They enable you to automate payroll, invoicing, expense claims, approval processes, payments, and reports. If your bank allows live feeds, reconciliation becomes a breeze.

Knowing which of these is best for you will depend on your needs, but they both have time-saving features the overworked entrepreneur will appreciate. Bullet, for instance, does automatic mileage calculations and can post Revenue returns directly to ROS. Xero is powerful for growing startups because of the hundreds of other systems it can connect to – stock control, POS, project management, booking, time tracking, CRM, and other business tools. These are cloud accounting solutions, which means everything is safely backed up and encrypted in the cloud, allowing you to always have access to what you need, when you need it.

5. Automation for customer relationship management

Customer relationship management (CRM) software is the go-to for businesses that have a lot of customers to manage and want to design an effective sales pipeline personalised to each individual. With CRM tools you can automate many different aspects of your company’s communication with your customers, such as the initial “Welcome” email, follow up emails, automatic reminders that a subscription is coming to an end and automatic updates to customer profiles and calendars. With customer-centric automation such as this, you can nurture long-lasting customer relationships, boost your brand reputation and capture more leads.

Automation results in higher productivity, reduced operating costs, streamlined processes and the protection of your competitive edge. What’s not to like? Beep-bop-boop, cyborgs are go!

About the author

scarlet-merrill

Scarlet Merrill

Scarlet Merrill is Editor of the New Frontiers website and founder of her own startup, Engage Content Marketing. She is an expert in designing and executing content strategies and passionate about helping businesses to develop a quality online presence… [Read Scarlet’s profile]

Other articles from the New Frontiers blog

Top tips for dealing with late-paying clients

Leaders can help employees achieve their New Year’s resolutions

Coworking space vs the traditional office – which will you choose?

5 tips for recruiting a stellar first hire for your startup!

Participant Aisling Byrne Think outside the box to stay inside the circle New Frontiers

Economy: think outside the box to stay inside the circle

Participant Aisling Byrne Think outside the box to stay inside the circle New Frontiers

As the global economy continues to expand, the challenge of meeting the increasing demand for products and services means that most businesses have adopted growth strategies that are not sustainable long-term. But there is an alternative to the traditional open-ended economy, and many startups are adopting these business models to build profitable companies with a lower environmental impact.

The circular economy

Over the past number of years, the circular economy has grown in popularity. In some cases this is out of necessity, in others it stems from the realisation that as a society we have created unsustainable practices – and within this problem lie significant business opportunities for those who wish to provide sustainable solutions to ensure the stability of business in the future. In the natural world, there is no landfill. Plants and animals are born, they grow, eat each other, die and their nutrients return to the soil where the cycle begins again. Nature, being the most complex system known to man, operates using a seamless cycle, with each element integrating itself into a synergised system devoid of waste. It is a purely circular ecosystem.

The linear system

In contrast, for the past 250 years, humans have been favouring the alternative linear system – take, make, and dispose – fueled by the availability of plentiful and inexpensive natural resources. To date, this system has been attractive and successful for both business owners and consumers reaping the short-term rewards. When environmental and social impact is not a concern, businesses can take any necessary means to become more efficient, reach more customers, and sell more of their product. However, we are rapidly reaching the point of no return and the global economy is increasingly using finite resources at a rate which the planet is unable to replenish the raw materials.

Over the last century, we have watched prices decline as consumers demand cheaper and cheaper goods, yet we have never been in a situation where the price of resources has been so volatile. Renewable resources such as trees are being cut down faster than they can grow, clean water is being polluted and non-renewables, such as metals and fossil fuels, are fast depleting in an effort to keep up with global demand. The danger is that if we continue to operate using liner systems that the planet cannot sustain, our businesses, much like our finite resources, will cease to exist. After all – when all the trees have been cut down and all the rivers have dried up, we cannot eat money. Where will your business be then?

The future of business

Prof. William McDonough at Stanford remarked to the World Economic Forum:

“The ‘problem’ we find ourselves in is also the largest business opportunity ever seen by our species. The leaders of the economic future will be those that understand that by design we can create perpetual assets and optimise them to create businesses that thrive and are enjoyed by people everywhere, all the time, forever. Why would we want to miss that?”

Every traditional industry using a linear system has all the hallmarks of an industry ready to be disrupted. The long-term problem is unworkable, unavoidable, urgent, and underserved. This is an exciting time to be an entrepreneur, as here lies the opportunity to be part of global business solutions that fundamentally reinvent our economic model and build businesses that will shape the future of our planet.

So, what is the alternative? The circular economy! The circular economy is not reliant on the use of scarce resources to achieve economic growth, instead it uses disruptive technology and business models to profit from product longevity, renewability, reuse, repair, upgrade, refurbishment, capacity sharing, and dematerialization. Circular models do not focus on driving volume and squeezing lower costs through ‘efficiency’ measures in their supply chain. Instead, they design products to be ‘future-proof’, to fit within the limitations of our planet’s resources. There are five circular business models:

  • circular supplies
  • resource recovery
  • product life extension
  • sharing platforms
  • product as a service

Case study: The Nu Wardrobe

I will delve into a circular solution through the lens of my own company, Nu. Our startup has developed a platform that lets you bring your wardrobe online so you can share and swap your clothes with friends and other Nu. members. Our solution combines the thriving fashion industry and the rapidly growing sharing economy. The fashion industry is the world’s second most polluting industry, after oil. 25% of the world’s chemicals are used for textile production and the industry contributes 10% of the world’s global carbon emissions. The textile industry uses more water than any other industry, apart from agriculture. The rate at which apparel is created and consumed is unsustainable and the fashion industry is becoming ever more scrutinised for its lack of progress towards sustainable practices.

After conducting market validation, we found that although the fashion industry’s supply chain is highly efficient, this model is completely inefficient for the consumer. People invest in outfits that they may never wear or rarely wear. In cases like this, it would be far more efficient for people to borrow or rent clothes, rather than buy. This ties into the product life extension model, and sharing platforms which are part of the circular economy. In short, people have a lot of clothes and have made a huge investment in their wardrobe.

People want a constantly changing wardrobe, but the current model insists that consumers must make a purchase each time they want something different to wear. By providing a sharing platform, people can leverage the value already in their wardrobe to borrow clothes from other members. This cuts down on textile waste and extends the life-cycle of products already in circulation. Nu. profits by providing a service that connects users with people they can share or swap clothes with.

Changes like this can be seen disrupting industries the world over – prime examples being Airbnb, Lyft, and Guest to Guest. The sharing economy is set to boom over the next decade, estimated to be worth upwards of $335 billion by 2025. It is actually profitable, when setting out on a new business venture, to consider the future and how the business will thrive with it.

About the author


Aisling ByrneAisling Byrne Nu New Frontiers

Aisling is a New Frontiers participant and the co-founder founder of Nu. – a platform which lets individuals take their wardrobe online so they can share and swap clothes with friends and other Nu. members with a circular economy ethos… [Read Aisling’s profile]

Other articles from the New Frontiers blog

Top tips for dealing with late-paying clients

Leaders can help employees achieve their New Year’s resolutions

Coworking space vs the traditional office – which will you choose?

5 tips for recruiting a stellar first hire for your startup!

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