Michael Garrigan, regional business manager, Bank of Ireland

ACHIEVING 50% growth in a traditional business in just four years, with all development self funded, is a testimony to John Sherry’s business acumen. He has the knack, too, of making it look easy, although the demise of Bewley’s Bakery last year shows how tough the market can be.

Often companies are well advised to avoid diluting their efforts by staying focused on one or two big ideas. For a mature business such as this, however, a portfolio approach to innovation and development has clear attractions. This involves constantly pursuing a variety of product and distribution ideas, then putting resources behind the ones that show the greatest potential in terms of return on investment.

The demise of Bewley’s could allow Sherry to negotiate exclusive rights to the name for all baking products. Such a strong brand would offer significant potential in the food service sector and in the US market as an adjunct to the main brand.

Focus on single-serve portions

Niall Feely, director of business market, Eircom

THE catering and food service market is growing strongly in Ireland and is likely to yield the best short- and medium-term growth opportunities. Development of single-serve portions and point-of-sale displays should be the first step. These should then be tested and piloted in a couple of supportive outlets in each target area. Once the new product is proven, a sales team should focus exclusively on the acquisition of new outlets.

The overseas market is another growth opportunity but it holds more risk. Cities with high concentrations of expats or next-generation Irish would be a good starting point. Carefully selected outlets could act as a beachhead.

A web shop will also be required. Template-driven websites can be operational for less than €1,000 and are easy to use. Collecting e-mail addresses for follow-on e-mail marketing campaigns is important.

Make production capacity a priority