Shirley Walsh, CEO, Shannon Coiled Springs, talks to Capitalflow’s Jane Wall, on how the company came back from the brink in the last economic recession, to where they are today, not only successfully continuing to grow their business despite the challenges of Covid-19, but also supplying springs for life-saving equipment during Covid-19 including hand sanitisers and ventilators.
“We went through really difficult times during the last economic downturn, but we never gave up. We learned a lot of hard lessons, but those lessons are the reason we are here today, and the reason that our business will survive this latest unexpected crisis”
Full interview here:
Key pieces of advice from Shirley Walsh:
- Avail of Government Supports – First step is to contact your Local Enterprise Office and talk to them about what supports your company is entitled to and match this with the company needs – Shannon Coiled Springs were able to secure a mentor using funding from Enterprise Ireland who provided invaluable impartial advice.
- Get a handle on the numbers – hiring a new Finance Director, though cost-prohibitive to the company, was made possible using government supports which funded 50% of the finance director salary – having in-house financial expertise, enabled the management team to focus on strategy and new markets, rather than having to deal with the numbers. Having a firm grasp of the finances within the business is always key, never more so than during a downturn.
- Market Reports – get market insights from Enterprise Ireland – having market information enabled Shannon Coiled Springs to identify new opportunities within new sectors – for example, during the recession, they were able to move away from being reliant on the building industry and identify new opportunities within the medical devices and aerospace markets. This ability to diversify has ensured ongoing business growth during Covid-19.
- Keep your business agile – roles need to evolve as the market evolves.
Jane Wall is Marketing and Communications Manager at Capitalflow.