Starting a business is one of the most exciting leaps you can take. However, turning a great idea into a sustainable enterprise requires more than just passion, it demands a calculated strategy.

As such, to build a business that thrives, you need a repeatable playbook. Here is the step-by-step roadmap to taking your business from a simple napkin sketch to bonafide market leader.

Step 1: Validating the problem, not just the idea

Anyone can have a good idea. The trouble is that too many founders build a product or service before confirming if anyone actually needs it. True business success lies in solving a specific pain-point for a clearly defined audience. This is why the first step in any business journey should centre around market research, talking to potential customers, and testing your Minimum Viable Product (MVP).

“It’s never been about falling in love with the solution, and has always been about falling in love with the problem,” Fitzgerald Power CEO Stuart Fitzgerald says. “Your initial idea will change, but if you are obsessed with solving the customer’s pain point, you will always find yourself back on the path to profitability.”

Step 2: Writing your business plan and choosing a business name

When you’re satisfied that your idea is viable, the next step is developing a business plan. A business plan outlines your company’s goals and how you expect to achieve them, and is a document you’ll need if you’re applying for a loan or a business grant, or pitching to investors.

Furthermore, your company will need a name. In Ireland, you must register the business name with the Companies Registration Office (CRO). You can either do this by downloading and completing the paper form RBN1 (pdf), which incurs a €40 charge. Or you can register online using CORE (Companies Online Registration Environment), which incurs a €20 fee charge.

You’ll need the Certificate of Registration to open a business bank account, and to prominently display at your place of business.

Step 3: Choosing a legal structure

Decide whether you will operate as a Sole Trader, Partnership, or register a Limited Company. As a sole trader, setup is faster, but you hold personal liability. A limited company protects your personal assets but requires more reporting. Once selected, register your business name and company details with the Companies Registration Office (CRO).

“Each of these structures have meaning down the line – personally and professionally – so it’s crucial to get this right,” Stuart continues. “The tax implications alone are worth considering, so seeking advice here is a crucial step.”

Step 4: Designing a business model with scalability

You have your idea, you’ve pinpointed your product, now it’s just about mapping out how that product will make money. Here is where you need to consider suppliers, distribution channels and pricing strategies, and how they all work together.

Start by finding out more about the businesses you’ll be competing with. How do they manage to turn a profit? Do they get a break on their overheads or other operating expenses somewhere down the line? How much business does their advertising and other marketing investments pull in? Where are their customers coming from, and what’s the best way for you to reach these people?

Balancing immediate survival with future growth is crucial if you want to make your good business model a great one. You need a structure that fits your business today, while ensuring there is plenty of room to scale tomorrow.

Step 5: Building a bulletproof financial foundation

You can have the best marketing strategy in the world, but if your financial foundations are weak, the business will collapse. Cash flow is the lifeblood of any start-up. You must understand your burn rate, track your margins, and keep a meticulous eye on compliance from day one.

“The biggest mistake early-stage founders make is treating accounting as an afterthought,” Stuart continues. “You cannot steer a ship if you are blind to the metrics. Getting your corporate structure, tax planning, and cash flow forecasting right from the very beginning saves you thousands in mistakes later.”

Step 6: Assembling the right team

You cannot do everything alone. As your business gains traction, your job shifts from doing the work to leading the people who do the work. Assess your blind spots, then hire for them.

Here is where trusted advisors who can navigate your strategic alignment come in. As you move along your entrepreneurial journey, your business will grow, and as such, it’s vital that your support team grows with you.

With Fitzgerald Power, you aren’t just getting an accounting service; you are gaining an elite suite of advisors who have seen everything this industry has to offer. Our advisory team doesn’t just manage the numbers; we help efficiently and proactively plan ahead. Acting as a trusted advisor to your business, our award-winning team can help you navigate start-up funding, build robust financial models, and ensure you remain fully compliant as you grow.

For those ready to take the next step with their business, reach out to the team at Fitzgerald Power today. No pressure, no sales pitch, just a team ready to help you build your future. 

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In Fitzgerald Power’s interview series, we’re speaking to people with different perspectives who feel they can offer more to the workplace, from the water cooler all the way up to the C-Suite. Today, it’s Ger Toher of Motion, Ireland’s leading automotive technology and media businesses and parent company of Carzone, CarsIreland and Cartell. 

Can a corporate hack it on the shop floor? Just ask Ger Toher, the newly appointed chief executive of Motion, who, in 2011, joined CarsIreland as the organisation’s first employee. Prior to joining, Toher worked in vehicle retail, and since then, he has spent the past 16 years helping to shape the business into the leading automotive technology group it is today. And with more than 20 years of experience across the Irish automotive sector, he has played something of a central role – including the acquisitions and integration of Cartell in 2020 and Carzone in 2022 – in the company’s growth and evolution. “It’s been a different company, multiple times, through that period,” he smiles from his new desk. “There were only three of us at the start, and we’ve grown a fair bit. And then obviously we’ve had acquisitions since. So yeah, even though it’s the same place for 16 years… It doesn’t feel that way to me at all.”

According to Toher, his journey into the seat he’s in now started when he was a kid, and not by design. “It seemed like I was destined to be in cars,” he smiles. “My family business was fruit and vegetables wholesale and delivery. And I had an uncle that worked in car sales and was relatively successful in it. So when I went to college, I went for marketing and e-business, which was as generic as I could possibly find. Then, bizarrely, I did my dissertation on car websites. I couldn’t tell you why. And this was at the time before car sales websites were even a thing.” Fresh from DIT Aungier Street, Toher began working with his uncle. By 11am on his first day, he’d sold five cars. “It was the height of the Celtic Tiger, and my uncle was giving me €100 per car. It was like taking candy from a baby, and so that’s what got me into the motor industry.”

He cut his teeth on the shop floor and stayed there happily, due to a love of dealing with people. “It’s the second biggest purchase people typically make,” he says. “And whatever reason people are buying for, there’s so much joy and excitement to be had. The flip side of that is when it goes wrong, of course.” Then Toher’s uncle, based on the business’ previous success, decided to pivot to digital, taking Toher with him. “He wanted to start selling cars online with no premises, which was unheard of at the time,” he says. “So that was a really interesting angle for me to get into. We were one of the first to start selling cars online with no physical garage. It seemed unthinkable that people would buy cars without going to a garage and all that. But it made me extremely focused on the digital experience.”

Toher landed in CarsIreland after being poached from a similar business, one he loved. The reason he took the job? Ironically, less time in the car. “It was two hours each way on the M50, and the founder gave me a really good offer.” The company had just gotten a big investment from the Irish Independent at the time for a joint venture, and Toher was to be the first spend. On that first day, did he ever allow himself to imagine taking the seat he’s in now? “You know, most people would answer that question and say no. But in reality, I think in the back of my head somewhere, I did. Not because I believed in myself that I could do it. But my father and my uncle used to always tell me that if you just keep working hard and you do the right things and you always make your decisions for the best of the business, stuff like this just comes to you. And that’s been my experience.”

Today, the automotive sector continues to evolve at pace, creating opportunities for innovation, technology and customer engagement. Motion’s main aim is to bring together some of the greatest minds in the motor industry to collaborate, develop new products and technologies, and ultimately, transform the way motorists buy, sell and use vehicles in Ireland. But as the world continues to evolve itself – wars, fuel hikes, climate change – challenges uniquely tailored to the motor industry are aplenty. “In the industry, the pace of change is simultaneously incredibly quick, and quite slow,” he says. “People used to look at a weekly magazine to decide what car to buy, and now all that information is available to you with the touch of a button. That said, it’s all still the same problem and frustration point: most people find the process of buying a car frustrating. And we’re trying to solve that problem all the time.”

Then there are the logistical issues. “The government made a decision a number of years ago that everyone should go electric. And I understand why they did, but it was the horse before the cart in the sense that there’s no charging or electrical infrastructure to handle it. And as such, the more successful it becomes, the more problems it creates. So you’re in this constant battle of helping people solve the problem of what’s the right car and making it easy to find it, and then the technology and the rate of change happening is not parallel with that. And look, that’s what creates the opportunities for us in our business – and that’s what we’re always trying to solve.” Is there a mantra he turns to when everything gets a bit much? “No matter whether things are going good or bad, providing people with absolute clarity and trying to really grease the wheels of communication amongst your team and your people is the thing that stands out to me,” he says. “I’m constantly reviewing everything that doesn’t go our way – and 95% of the issues that arise are because of communication issues.”

In simple terms, transitioning from first employee to CEO means mastering every role in the company, or at least most, and hiring for your blind spots. In recent years, a suite of notable leaders have followed the same path as Toher – YouTube’s former CEO Susan Wojcicki or Kin + Carta’s Kelly Manthey – each of them going from the early days of wearing multiple hats to long-term and shrewd direction. For employees reading Toher’s story and are keen to emulate a similar path, the steps they should be focusing on, according to Toher, are everywhere. “As aforementioned, doing the right thing for the business is obviously important,” he says. “But the other thing I would say is you have to be really interested in everything that’s going on, particularly the things you’re not involved in at all. Like, I was a salesperson at one point. And I could have just been a salesperson and made loads of money focusing on that. But if you’re interested and curious about what’s happening in the rest of the business all the time, people will start to notice that. Me, I was always fascinated by the experience of customer support. I was always fascinated by what the product team or the development team were doing – and like it’s quite scary, because you’re out of your depth. But then later you find that it comes up and you’re able to hold the conversation, or at least understand it, and I think that goes a long way.

“So yes, you have to make the right decisions for the business all the time, but that in isolation will only get you so far. Say, if I see someone in our company whose behaviour speaks to this genuine interest and curiosity, I can see their trajectory over the next five years. And typically, they won’t even have to do anything more than they’re already doing, and they’ll succeed.”

You can follow Ger on LinkedIn here, and Motion on the brand’s official website here. 

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Without realising, the NBA has created a perfect example of how incentives can shape organisation-wide behaviour. In a league where poorer performances improve a team’s chances of securing elite draft talent, losing pivots from a kick in the teeth to a rational, long-term strategy.

As displayed recently by the Washington Wizards, this phenomenon is known as tanking, and sees teams routinely rest healthy star players, accept short-term failure, and actively trade away immediate assets. Through this, their goal shifts from winning games to systematically improving their draft position.

Tanking is a system that rewards behaviour that directly contradicts the main purpose of competitive sport: winning. The consequences of following this pattern are damaging, and hard to ignore: fans pay premium prices to watch weakened rosters, the integrity of league competition suffers, and sports organisations drift away from their core identity.

Suddenly, what was designed to help struggling franchises regain competitiveness has, instead, created a framework that encourages intentional failure.

The Cobra effect

Economists use the term ‘the cobra effect’ to describe these incentives. With the cobra effect, the underlying principle is clear: when incentives attach to the wrong measure, people optimise for the reward, rather than the actual objective.

And while this can and does happen on basketball courts, the underlying behavioural incentive systems are surprisingly similar within the Irish pharmacy sector. For example, if a pharmacy business focuses purely on top-line revenue, growth often comes at the expense of true profitability:

The illusion of e-commerce scale

Driving online activity can indeed heavily boost gross revenues, making a pharmacy look highly successful on paper. However, digital expansion requires significant capital. Once you factor in the real costs – digital advertising, specialised order fulfilment, rising postage rates, and product returns – the net margin quickly gets squeezed out.

All of a sudden, what looks like an expanding retail footprint is, in reality, high-volume activity without baseline value. Pharmacy owners end up working harder to process more orders while taking home less profit.

Static till pricing and festive stocking

In the months leading up to Christmas, Irish pharmacies purchase significant front-of-shop stock to capture seasonal demand. As regional hubs for last-minute presents, this makes sense. And as planned, this drives revenue levels sharply upwards during the festive trading period.

However, if cost prices are not regularly updated on the till system to reflect inflation and supplier price hikes, a sizable vulnerability emerges. Then, what looks like a remarkably strong trading period on the surface masks a squeeze in net profitability.

While financial focus remains fixed on the registers ringing, back-end margins quietly erode because pricing is not reviewed continuously.

Misaligned OTC staff bonus schemes

Imagine a community pharmacy that introduces a monthly staff bonus based solely on over-the-counter (OTC) sales growth. The commercial reasoning is understandable: increase revenue while encouraging staff to engage proactively with customers. However, this quickly distorts clinical behaviour. Staff may then begin to recommend premium products that are only marginally beneficial, or encourage patients to purchase volume deals they do not need.

This shifts the staff’s focus from providing impartial clinical advice to hitting a daily sales target, and patient conversations switch from problem-solving to product-pushing. In a community healthcare setting, this behaviour damages the pharmacy’s brand, credibility, and long-term patient loyalty. And the subsequent bonus rewards transactional behaviour at the expense of patient trust.

Designing better pharmacy metrics

Effective KPI measurement remains one of the most powerful management tools available to pharmacy owners. However, every metric and scheme can send confusing messages to your team about what success looks like. When the metric itself becomes the objective rather than a guide toward healthy growth, organisational behaviour changes in a number of unintended ways.

To protect your business from the cobra effect, shifting management focus from blind revenue targets to long-term goals – gross profit margins, inventory turnover rates, patient satisfaction scores – creates a system that celebrates sustainable business health rather than short-term spikes.

Want to ensure your pharmacy’s incentive structures are driving genuine profitability rather than just busy work? Navigating the balance between revenue growth and margin protection requires specialised sector expertise. At Fitzgerald Power, we provide industry-leading accountancy and advisory services tailored specifically to the Irish pharmacy sector, helping you design KPIs that truly focus on your long-term goals. Contact Fitzgerald Power today to optimise your financial strategy and protect your bottom line.

The post What Basketball Can Teach Pharmacy Owners About Better KPIs appeared first on Fitzgerald Power.

When auto-enrolment launched earlier this year, many employers understandably had one goal: get it up and running correctly.

Fast forward a few months and the next milestone has arrived.

From July 2026, the first employees automatically enrolled into My Future Fund will reach the point where they can decide whether to remain in the scheme or opt out.

For employers, this isn’t about pressing the panic button. It’s simply the next stage of the process – and a good opportunity to make sure your payroll processes, systems and internal procedures are working exactly as they should.

A Quick Refresher

Under Ireland’s new auto-enrolment pension scheme, eligible employees began joining  My Future Fund earlier this year.

Once an employee has completed their initial six-month participation period, they enter an opt-out window, during which they can choose to:

• Remain enrolled in the scheme.
• Opt-out within the permitted timeframe.
• Receive a refund of their own employee pension contributions made during the qualifying period, in accordance with the scheme rules.

The important point to remember is this:

The decision belongs entirely to the employee.

An employer’s role is to administer the scheme correctly, provide factual information where appropriate, and continue to meet their payroll obligations.

How Does the Opt-Out Process Work?

One of the most common questions we’re hearing is:

“If an employee wants to opt out, what happens next?”

The good news is that employers are not responsible for processing opt-out requests themselves.

Instead, the process is managed by My Future Fund (NAERSA).

The process is straightforward:

1. The employee completes their initial six months of participation.
2. My Future Fund notifies the employee when their opt-out window opens.
3. The employee submits their opt-out request directly through the My Future Fund online portal.
4. NAERSA confirms the request and notifies the employer.
5. The employer updates payroll and stops future deductions from the date instructed.

A Helpful Reminder

Even if an employee tells you they wish to opt out, don’t stop payroll deductions until you’ve received formal confirmation from NAERSA.

This helps ensure compliance and avoids payroll errors.

What Does This Mean for Employers?

For many businesses, this will be the first time employees begin making different decisions about their pension.

Some will remain enrolled.

Some will choose to opt-out.

Others will simply have questions.

That means payroll, HR and management teams should be prepared to respond consistently and understand how the process works.

Fortunately, if your payroll systems and internal procedures are already in good shape, there shouldn’t be any major surprises.

Now Is a Good Time for a Payroll Health Check

Before opt-out requests begin arriving, it’s worth taking a few minutes to review your processes.

Ask yourself:

• Are your payroll systems fully up to date?
• Are employee records accurate?
• Does your payroll team understand how opt-out notifications will be received and processed?
• Are your internal HR procedures clear and consistent?
• Is everyone responsible for payroll aware of the latest scheme requirements?

Like most payroll matters, small issues are much easier to resolve before they become larger administrative headaches.

Communication Matters

Auto-enrolment is still relatively new, so it’s perfectly natural that employees will have questions.

The best approach is a simple one:

Provide clear, factual information and direct employees to the official My Future Fund guidance where appropriate.

Avoid encouraging or discouraging participation. The legislation has been designed so that remaining enrolled – or opting out – is entirely the employee’s decision.

Looking Beyond July

The opening of the opt-out window is another reminder that auto-enrolment isn’t a one-off payroll project.

It’s now part of the ongoing employment landscape.

Businesses with robust payroll processes, accurate employee records and clear internal procedures will find future milestones much easier to manage.

In other words, a little preparation today can save a lot of administration tomorrow.

Frequently Asked Questions

Can an employee opt out immediately?

No. Employees must first complete the initial six-month participation period before they become eligible to opt out.

Does an employee opt out through their employer?

No. Employees submit their opt-out request directly through My Future Fund. Employers will receive formal notification from NAERSA once the request has been processed.

Should employers stop payroll deductions if an employee asks?

No. Payroll should only be updated once official confirmation has been received from NAERSA.

Will employees receive their pension contributions back?

Employees who opt out during the official opt-out window will receive a refund of their own employee contributions in accordance with the scheme rules.

Can an employee rejoin the scheme later?

Yes. Employees may choose to opt back into the scheme, and eligible employees may also be automatically re-enrolled under the legislation.

How Fitzgerald Power Can Help

Auto-enrolment has introduced a new layer of payroll administration for employers across Ireland, and the opening of the opt-out window is another important milestone.

Whether you need support reviewing your payroll processes, ensuring compliance, or understanding how auto-enrolment fits into your wider payroll and HR procedures, our Payroll team is here to help.

If you’d like to discuss how the July opt-out window could affect your business – or simply want reassurance that your payroll processes are ready, get in touch with us today.

The post Auto-Enrolment: What’s Next for Employers? appeared first on Fitzgerald Power.

Let’s just say what everyone’s thinking. Changing accountant probably sits somewhere between cleaning out the shed and cancelling that subscription you forgot you had! In other words… It’s on the list, but it never quite makes it to the top.

The good news? Switching accountant is a lot easier than most people think. In fact, we handle most of the work for you.

Book A Discovery Call HERE

 

Do any of these sound familiar?

• You only hear from your accountant once a year.
• You have questions but don’t know who to ask.
• Your accounts are historical, not helpful.
• Tax deadlines arrive as an unpleasant surprise.
• You feel like you’re getting compliance, but not advice.
• You’re growing but your accountant hasn’t grown with you.

If you found yourself nodding along to any of the above, it might be time for a different conversation.

 

Switching Is Simple

No drama. No disruption. No form-filling marathon.

Why Businesses Make The Move .

Most businesses don’t switch because something has gone wrong.

They switch because they want:

✔ Better visibility.

✔ More proactive advice.

✔ Faster responses.

✔ A trusted sounding board.

✔ A partner that helps them plan for the future.

The post Switching accountants is easier than you think appeared first on Fitzgerald Power.

While the change is positive news, it also requires careful planning. Businesses will need to ensure their systems, pricing and cash flow forecasts are updated ahead of the implementation date to avoid unnecessary issues.

Here’s what you need to know.

Which Businesses Are Affected?

The reduced 9% VAT rate applies to most food and certain drinks sold by:

• Restaurants
• Cafés
• Hotels
• Bars
• Takeaways
• Other catering businesses

However, not everything qualifies.

Soft drinks and alcoholic beverages will continue to attract the standard 23% VAT rate, while accommodation services and admissions to tourist attractions remain outside the scope of this change.

Understanding which products qualify is essential to ensure VAT is applied correctly from 1 July.

Review Your Systems Before 1 July

One of the most important steps businesses can take is to review their Point-of-Sale (POS) and accounting systems.

Businesses should ensure:

• Qualifying products are updated to the new 9% VAT rate.
• Non-qualifying products remain at the correct VAT rate.
• Accounting software reflects the changes.
• Menus, price lists and online ordering systems are updated where necessary.

Applying the incorrect VAT rate could result in unnecessary Revenue queries, penalties or unexpected tax liabilities.

Pricing Decisions: Pass It On or Protect Margin?

The VAT reduction also presents an important commercial decision.

Businesses must decide whether to:

• Pass the full VAT saving on to customers through lower prices.
• Retain some or all of the saving to help offset rising operating costs.
• Take a balanced approach that supports both competitiveness and profitability.

With continued pressure from wage inflation, energy costs and supplier increases, many businesses may see this as an opportunity to strengthen margins.

However, it’s important to consider customer perception. If prices remain unchanged despite the reduction in VAT, businesses should be prepared to clearly communicate the wider cost pressures they continue to face.

Don’t Overlook Cash Flow

Although a lower VAT rate means less VAT is ultimately paid to Revenue, it can also affect working capital.

Many businesses naturally benefit from the timing difference between collecting VAT from customers and remitting it to Revenue. With less VAT collected, there may be less cash available in the short term.

This makes accurate cash flow forecasting even more important.

Now is a good time to review your cash flow projections and ensure your business has the right financial information to support day-to-day decision making.

More Than a Tax Change

The reintroduction of the 9% VAT rate was a commitment under the current Programme for Government and is intended to provide meaningful support to Ireland’s hospitality sector.

For individual businesses, however, the impact will depend on how well they prepare.

Those who review their systems, pricing strategy and financial forecasts now will be best placed to take advantage of the change while avoiding unnecessary disruption.

How Fitzgerald Power Can Help

Our Tax team works with hospitality businesses across Ireland to ensure they remain compliant while making commercially informed decisions.

If you’d like advice on how the VAT changes could affect your business, or support in preparing for the 1 July implementation date, we’d be delighted to help.

Get in touch with Jennifer Power or a member of our Tax team to discuss your business.

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In Fitzgerald Power’s interview series, we’re speaking to people with different perspectives who feel they can offer more to the workplace, from the water cooler all the way up to the C-Suite. Today, it’s Brendan Colbert of Ireland’s favourite lower sugar premium drinks, Poachers. 

How would you feel about giving up your Friday pint? For a growing cohort, that idea is proving more tempting each week. That’s according to the Central Statistics Office at least, which has shown that just 27% of 18-to-24-year-olds drink alcohol weekly, compared with 56% of 55-to-64-year-olds. Indeed, the humble mineral is having a moment, particularly those on the top shelf. “100%,” Brendan Colbert, the CEO of premium low-sugar soft drinks, Poachers, says. “We see it with our interactions with customers as well, both in trade and retail. Without question, there’s a definite shift in alcohol perception, and not only among younger demographics, but across multiple groups. That kind of all came in tandem with the pandemic; people thinking about their health, and also a real appreciation for the Irish countryside for the first time. Suddenly, you saw more and more people going to places like Croagh Patrick and Inishbofin and appreciating the day more instead of the night. Like, where I live, you see more people queuing up outside the gym on Saturday morning than you see outside the pub on Friday night.”

Poachers, a now award-winning business, came about almost by accident. With both hospitality and service in the blood – Colbert’s mother ran Boggans of Kilmuckridge, and his father, a UCD lecturer in management accounting, moonlighted as a sommelier in between managing the family tillage farm – he took it upon himself to capitalise on the then-swelling gin market to create an Irish alternative for tonic. With a business partner, he launched Poachers in 2017 with its first product, a citrus tonic made up of Irish spring water, orange and lemon notes and fresh Irish rosemary. “People thought we were crazy,” Colbert laughs. “Crazy for spending so much money creating a mixer… But we knew what we had could work.”

That instinct, the one that has built Poachers to boast an annual turnover of €1.2 million, was built off the back of Ireland’s changing palate. “The Irish consumer has been changing in a very progressive way for the past 20, or even 30, years,” he says. “Palates have been changing, there’s more disposable income, and a huge thing has obviously been the internet, social media, as well as Irish people literally traveling around the globe and bringing back all these influences. We’re a very open country, very receptive to new ideas, new flavours, new tastes… and really that’s the nub of where all these changes came from. The modern Irish consumer is very interested in what’s happening globally, which allowed us back in 2017 to position our products as international, and of higher quality. But, in essence, we were already preaching to the converted. And thankfully, that change is continuing well.”

Relying on emerging trends is a balancing act. For some, it provides fruitful opportunities. For others, shaky ground. For Poachers, who established their original business plan when going out on a Friday and returning home on a Sunday was a weekly ritual for 20-somethings, their risk has proven successful. “The trends towards health are actually accelerating,” Colbert says. “And there are a number of interesting verticals, even within the soda category, that are emerging that attest to that. Capitalising on trends is obviously how we’ve gotten some of the most interesting businesses in the world, but I think for longevity, you need to keep your core proposition very tight – that way you can weather what comes next. Resisting the urge to shift dramatically between trends as a brand is hard, but worth it. Because in the long run, you just confuse the consumer, or show them that they don’t need it anymore. It’s obviously good to keep an eye on the macro environment, but believing in what you do is absolutely paramount.”

Storytelling has been a huge part of the Poachers brand since day one, with Colbert’s own family farm providing raw ingredients as well as sustainability sensibilities to the brand from the ground up. “It was something we thought about at the beginning,” he says. “But honestly there’s been such an evolution in our story, which has become such a value proposition for our end customers. I mean, there’s so much going on in the world at the minute, but relaying back the story of our unique Irish heritage is something we find our customers love. My family, for example, have been farmers for 200 years, and being able to utilise and capitalise on that has been very special. It’s also definitely a core piece of what Poachers is.”

Throughout changes in the economy and global trends, Poachers have always aligned themselves on one thing: Ireland. With Irish-sourced ingredients – their newest launch, canned sodas, features ingredients like Achill Island sea salt, chilli grown in Galway and mint from Wexford – as well as inscriptions as Gaeilge on the back of each bottle and can, Colbert and his team have remained true to their original prospect: creating a premium product that represents Ireland on an international stage.” “Irish produce has a huge resonance and respect internationally, and we are definitely able to trade on that,” Colbert says. “As a country, even globally, we’re punching above our weight. And that translates to a young, ambitious population who are proud to be Irish, which is why I think you’re going to see Irish representation more and more from Irish brands.”

He pauses, before concluding. “We’re an ambitious country with ambitious people and a great, dynamic population… It’s also kind of sexy to be Irish right now, so why wouldn’t you shout about it?”

Visit Poachers’ Drinks website here.

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Almost every SME out there knows a few things to be true: that being stretched too thin is their day-to-day, that the idea of reviewing retail pricing feels like a mammoth task, and that there simply aren’t enough hours in the day. But, as an organisation that regularly conducts valuations, we’ve seen first-hand how re-evaluating one’s retail structure can be a game-changer in order to foster long-term, sustainable growth. Even small, well-informed pricing adjustments particularly across OTC and front-of-shop (FOS) categories can deliver a meaningful impact on profitability without increasing footfall.

Given that the time in which we now live has been marred with economic uncertainty, increased labour costs and a deteriorating geopolitical situation, it’s imperative that business owners become comfortable with adaptation to survive, with pricing strategies, and as such, profitability among the top of that list. Whether that’s value-based pricing, dynamic or competitive is entirely up to you, but what’s not debatable is that this strategy should be regularly reviewed. Here’s why.

Why should I review my retail pricing?

As we are all too aware, Ireland and the UK are currently experiencing a rapidly changing economic environment with high inflation, low unemployment, increasing interest rates and one that is particularly prevalent in the Pharmacy sector, fluctuating supply chain issues. Amongst all of these uncertainties, it’s critical that you remain certain of the things you can control for your business. In this case, pricing.

Irish pharmacies are operating in a uniquely constrained environment:

• Dispensing income is largely controlled through HSE reimbursement structures.
• Wage costs continue to rise in a tight labour market.
• Supplier pricing and margins are under pressure.
• Retail competition, particularly from large chains and online is intensifying.

This means that your controllable margin is increasingly driven by OTC and front-of-shop performance. Yet, this is often the area that receives the least structured pricing attention. If retail pricing is not reviewed regularly, pharmacies risk:

• Eroding margins on high-volume OTC lines.
• Missing opportunities to optimise premium or specialist products.
• Falling out of line with local competitors.
• Undervaluing convenience, service and expertise.

Where Should You Focus? (OTC & Front of Shop)

Unlike prescription items, where pricing is often fixed or restricted, OTC and FOS categories give you real commercial control.

These include:

• Vitamins & supplements.
• Skincare & beauty.
• Pain relief & seasonal products.
• Baby care.
• Wellness products.
• Gifts and discretionary retail.

This is where pricing strategy can and should be actively managed. Some key considerations when you are reviewing are:

• Are you pricing premium brands appropriately, or undercharging?
• Are known-value items (e.g. paracetamol) aligned with local competitors?
• Are you protecting margin on convenience purchases?
• Are slow-moving lines priced correctly to clear?

Many pharmacies default to supplier RRP but this often leaves margin on the table or creates inconsistencies across categories.

How often should I review?

Prices should be reviewed regularly, particularly in light of changing OTC / FOC cost prices which impact the retail price and the retail margin. We would suggest:

• Quarterly reviews of key OTC/FOS categories.
• More frequent reviews (monthly) on high-volume or seasonal lines.

Immediate review where:

• Supplier costs change.
• A competitor opens or adjusts pricing.
• Sales patterns shift significantly.

Staying informed about economic trends, as well as the needs of your consumers will also allow you to make informed decisions when price reviewing. Moreover, you can minimise risks and maintain a competitive advantage by proactively managing pricing in response to economic shifts.

How Do You Decide What to Charge?

Effective pricing isn’t guesswork it’s a combination of data, positioning and local knowledge.

Start with:

1. Know Your Numbers

• Understand your gross margin by category, not just overall.
• Identify your top 50–100 selling OTC products.
• Analyse what’s driving profit, not just volume.

2. Benchmark Locally

• What are nearby pharmacies charging?
• Where are you positioned — value, mid-market or premium?

Fitzgerald Power can help you here as we provide a benchmarking service.

3. Segment Your Products

• Not all products should be priced the same way.
• Known-value items → stay competitive.
• Specialist / premium products → price for value, not cost.
• Impulse / convenience items → protect margin.

4. Understand Your Customer

Your customers aren’t just buying products — they’re buying:

• Trust.
• Advice.
• Convenience.
• Accessibility.

That gives you more pricing power than you might think, particularly in community pharmacy.

How Do You Communicate Price Changes?

Price sensitivity is real but so is customer understanding.

The key is clear and confident communication:

• Be transparent where appropriate (especially for services).
• Ensure pricing is consistent and logical across categories.
• Avoid frequent erratic changes, aim for structured adjustments.

Customers are far more accepting of pricing when it feels considered and fair.

How Fitzgerald Power Can Help

Pharmacy is at the core of what we do. We work with pharmacy owners across Ireland to:

• Review and optimise retail pricing structures.
• Analyse margins across OTC and front-of-shop categories.
• Support financial strategy and profitability planning.
• Prepare businesses for growth, succession or sale.

As Ireland’s leading advisor to the community pharmacy sector, we combine deep sector knowledge with practical, commercial insight. Learn more and get in touch HERE.

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In Fitzgerald Power’s interview series, we’re speaking to people with different perspectives who feel they can offer more to the workplace, from the water cooler all the way up to the C-Suite. Today, it’s Dr. Matt Kennedy, the Global Head of Client Transformation, from the Industrial Development Agency (IDA) Ireland on how choosing sustainable practices within your business model does as much for your earnings as it does for the planet. 

Matt Kennedy has certainly been around the block. A chartered environmental professional and energy engineer with over 25 years’ experience in delivering national and international transformation and climate change initiatives, Kennedy has built a career in providing policy advice and thought leadership for clients, resulting in a global reputation. “The main functions I oversee are support to Foreign Direct Investment (FDI) clients in Ireland, under the four briefs in my portfolio: R&D, Sustainability, Talents and Skills and Digital. It’s really about the existing clients within Ireland and helping them to transform; become more innovative, decarbonise, build more resilience in the business, and all the things that you’d expect.”

An internationally recognised expert when it comes to developing policy advice across governments and providing advice to businesses, we begin by asking him what the biggest hurdle is for those looking to integrate sustainable initiatives into their business. It tends to be more than one, he says. “What I would say is that there’s a real focus on decarbonisation,” he says. “Because there is a price on carbon, manufacturers can justify the financial investment – as they get the economic and environmental benefit – in addition to resilience across their business. Some challenges exist for services-type companies, whether FDI or indigenous, that don’t own their own buildings. So encouraging businesses to deliver adaptive measures and to deliver circularity measures can deliver value for all companies.”

Sustainability, in business terms, tends to be talked about in the wrong way. Most of the time, people apply a boundaried lens to it, considering merely the carbon footprints and/or recycling bins. Much of Kennedy’s job is about highlighting the bigger picture, such as resilience through a changing world, or creating a hospitable environment for FDI. “I’ve been in the sustainability business for 25 years,” he smiles. “And it’s been called different things throughout that time. At the moment, a major hook from the sustainability side is how companies link themselves to competitiveness and productivity, and become more sustainable in a way that delivers benefits and value to the business. You could argue that there’s always been a need for an economic driver as well as a social and environmental driver… But ultimately, at the moment, a lot of the focus now is on competitiveness as a narrative or a language or a buzz term, rather than social sustainability, ESG or compliance.”

So much has changed in recent years, he continues, that thankfully, more corporations than not are seeing the myriad benefits available to those thinking green. “A lot of the FDI clients in Ireland have climate pledges that are well in advance of what government pledges are. For example, Ireland, as a country, wants to be net zero by 2050, but a lot of the major FDI clients in Ireland want to be net zero by, say, 2042. So, you know, they’re very conscious that they need to report on their actions. Their shareholders are also expecting them to have sustainable operations, because it’s really good for their economic resilience. And I think that has really changed in the past 5-10 years. Back then, your sustainability officer was over on the left hand side of a business in an organisation structure. Now, an entire sustainability consideration is incorporated through the business and also providing economic value as well as upskilled employees.”

That said, there are challenges. “The main one being that some organisations don’t know where to start,” he says. “They’re also looking across their competitors to see what their competitors are doing, and sometimes they don’t want to be the first to move. So you have market challenges, return and investment challenges, but ultimately, those who are ambitious tend to embrace and deliver quite a large solution.”

Before the IDA, Kennedy worked at Arup, where he held the position of European Sustainable Development & Global Climate Strategy Leader, with previous experience from International Climate Consultancy, Tyndall National Institute and SEAI. Before that again, he was the lead EU negotiator at the Paris Agreement climate negotiations (COP21) and previously Chair of the UN Climate Technology Centre. “Nothing happens in the 10 or 14 days within COP,” he smiles. “I was responsible for technology transfer and trade, which ended up being Article 10 [of the Paris Agreement] for those really interested. And so the first thing about communicating across 27 Member States was to get clear agreement and lines. And that involves bringing people together, sharing what the red lines are and what lines of intersection are, and ultimately whether we could proceed.” A shrewd negotiator, much of Kennedy’s role focuses on communicating, often effectively, difficult subjects to global bodies. His best tip when it comes to effective communication? Leaving out the element of surprise. “The most important thing from the EU position, in advance of COP 21 in Paris, was to communicate to other regions what the EU position was, so that it didn’t become a surprise when you landed. That strategy bore great fruit because the EU then built alliances with like-minded regions that have the same goals. So rather than, you know, in a very strict poker game – our prisoner’s dilemma, as the negotiations are often called – the EU position was very frank and very clear from the start, especially around intellectual property, innovation and the importance of investment within southern hemisphere countries. You never really know who shares your ideals without expressing them in advance.

And that then led us to build great alliances with African states, Asian states, Latin American states, etc.”

While becoming a sustainable business isn’t a matter of just flipping a switch, it is worth the effort – particularly considering that consumers are increasingly aware of the impact of what they choose, buy and throw away. According to a 2020 McKinsey survey, up to 70% of respondents said they’d pay more for a product with sustainable packaging, and that number is only going one way. Kennedy, an eternal optimist, insists everyone has a part to play. “There’s a role for every sector,” he says. “That’s the first thing in terms of sustainability. Looking back, while environmental NGOs have had a strong stance on environmental integrity, it was corporations, including B-Corps, in the 80s that really pushed this forward. Now there may be scepticism, but ultimately, because of the major emissions that have occurred in the last 30 years, corporations now need to own and be responsible for their past and future emissions. Today, there is a significant role for corporations in avoiding greenwashing and gaining clarity on measurement and reporting for their transparency and accountability regarding emissions. We have come a long way in the last five years in terms of those standards, and mainstreaming those standards has become really important.”

Is it too late to start now? “I’m forever an optimist,” he says. “But time is of the essence. You know the decisions you make now in terms of infrastructure, fossil fuel infrastructure, and low carbon, will last for 30-40+ years. So we are running out of time to maintain targets for emissions reductions and broader greenhouse gas emissions, but we will not get there without action from industry. We will not get there without research informing our science from academia. And we will not get there without environmental organisations being the watchdog for such corporations to make sure that they act responsibly and are accountable for their own emissions reduction. Yeah, so everyone plays a role. I’d like to see it happening a little faster… but sometimes these corporations are very big ships. It takes a while for them to turn in the right direction.”

For more information on Dr Matt Kennedy’s work, check out his website here – https://matthewkennedy.org/.

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In Fitzgerald Power’s interview series, we’re speaking to people with different perspectives who feel they can offer more to the workplace, from the water cooler all the way up to the C-Suite. Today, it’s Orla Hennelly of Ireland’s premier beauty hack destination, ItsBeautyCheats.

Becoming an entrepreneur, for Orla Hennelly, kind of came out of the blue. “I always loved fashion, and I wanted to work in it, so I ended up doing Communications in DCU, because I thought I wanted to do fashion journalism,” she says. “But that was a long time ago.” Looking back, it was actually through her time in retail that she first realised a penchant for figuring out how the sausage gets made. “I used to like seeing what was coming in and thinking about what would sell and what wouldn’t, so, from there, I realised I wanted to work further back in the supply chain.” She enrolled in a Master’s in Fashion Buying and Management, and from that, got an internship in Dunnes Stores’ Buying Department, where she stayed for seven years. “I loved it, I loved buying things, designing products and seeing them come to life.”

It was around that time that Hennelly was making the professional personal, by choosing the outfit she’d wear for her own wedding. “I really wanted to wear these heavy, vintage earrings for my wedding, but I hated how they were dragging down my earlobes, so I thought, why isn’t there a product that solves this issue?” With a quick Google to see that no such product existed in the Irish marketplace, ItsBeautyCheats was born in November 2023, with a chunk of Hennelly’s own savings and a desire to fix problems for women with similar needs. “In terms of actually launching the business, it wasn’t a hugely expensive product for my first, so I took money out of my savings, and I just thought to myself that if this doesn’t work, whatever. I’ll wrap it up.” Now three years later, ItsBeautyCheats is stocked in Arnotts, One Dame Lane, Ór Jewellery and a suite of pharmacies. Not to mention, it closed 2025 with 100% revenue growth YOY. “It’s going well,” she smiles, bashfully. “Ups and downs, but good overall.”

ItsBeautyCheats bills itself as the ultimate beauty-hack destination and the home of LobeLifts, the innovative earlobe protection patch that prevents earlobe stretching and tearing from heavy earrings. Their products seek to address a range of beauty-related grievances, from necklaces that don’t tangle to discreet, comfortable body tape. Once the success of LobeLifts, the business’s original name, took off – by way of Hennelly’s own marketing and a bit of luck with TikTok virality – eight months later, the business took on its current moniker. “I built the website myself. I kept costs really low, and suddenly I had this niche product that was doing really well,” she says. “As a result, I had to lean into the randomness of it all, and then started listening to consumers who had other beauty-related problems that needed fixing. To this day, I take all my ideas and theirs down in the Notes app on my phone.”

A business penned as a discrete problem solver proved enough to impress the Pitch team at Arnotts – a business accelerator initiative from Arnotts, created to empower innovative start-ups and entrepreneurs based in Ireland or Northern Ireland – and indeed the women of Ireland, many of whom thank Hennelly regularly for catering to needs in a way no one had before. “I remember coming home from a wedding with a friend and helping her take this body tape off, which was literally ripping her skin,” Hennelly says. “I just thought to myself, there has to be a better version of this.” ItsBeautyCheats’ subsequent body tape, priced at €18.95, includes 5 oil-based removal wipes for effortless, skin-friendly removal, and is now one of the brand’s best-sellers. “I’m fortunate enough that every product is close to best-seller status at the moment,” she says. “It feels like whichever one I push the most becomes the best seller, and I’ve had to restock everything. Like, there hasn’t been one product that I haven’t had to purchase multiple times, so it’s been brilliant. What I really love to see, though, is when someone buys one thing and within a matter of weeks they buy another for their friends.”

With just Hennelly at the helm, aside from the occasional contractor, her job spans a multitude: from the back-of-house – quality control, market research, customer service, to the front – courier, social media, marketing. “My family is great,” she says. “My brother has been packing orders, and my husband drives around the place delivering stock. I’m hoping to take someone on soon, but until then, it’s just me.” It seems ludicrous, then, that among her biggest competitors is Amazon. “I do think the people who follow my story and my social media accounts are willing to buy Irish over Amazon,” she says. “It is tough to compare, though, especially with shipping. Like, I ship with An Post, and it randomly went from €5.95 to €6.95 last month, which was huge. For my products that are €12.95, asking for €6.95 shipping is huge, so I didn’t put it up, I’m just taking the hit on that euro.” In times of panic, Hennelly turns to other female entrepreneurs in the business for help. “I can’t get over the support from women in particular,” she says. “I say this all the time, from the influencers and micro-influencers I work with, to those who run pharmacies and helped me get it in stock, to anyone going through the same thing. I had a disaster with a TikTok Shop video two weeks ago, and I wrote to so many other women business owners, and they couldn’t have been more helpful. Then customers with reviews and comments… My biggest takeaway is that Irish women are incredibly supportive all around.”

Today’s SME landscape is undeniably difficult, and despite a wealth of available resources out there – like Enterprise Ireland’s Going for Growth, the programme for ambitious female entrepreneurs across all sectors in Ireland that Hennelly is currently enrolled in – many continue to face significant operational challenges. “The number one thing for me at the moment is just trying to find the time to do everything before I can afford to hire someone,” she says. “I’m lecturing in Buying and Merchandising at the Portobello Institute two days a week to help pay the bills, we have a 10-month-old at home, and my husband works full time, so it’s just finding the time. Apart from that, I would also say it’s hard to get funding. I’ve been working with the local Enterprise Office, which has been great, but it’s just the cash flow issue that is really difficult. I would love to inject a load of cash into the business, and I know it would come back, but just getting it that’s the issue.”

Just last month, Hennelly announced that ItsBeautyCheats closed 2025 with 100% revenue growth YOY and tripled their online sales. How has that informed Orla’s vision for 2026? “I would say, year one, I didn’t have much wholesale at all,” she says. “Year two, I really pushed the wholesale aspect, and that was kind of increasing the revenue. Underneath that, profit wasn’t a 100% increase, so this year, I’m back to pushing direct-to-consumer sales. The wholesale is brilliant, and obviously, I won’t give that up, but to be honest, the big push for me now is back to the consumers and getting them directly to the website, because the dream is to be the number one beauty hack destination online, competing with the likes of Look Fantastic. But my own products that people come back to because they’re reliable, high quality, and they know their work.”

You can follow Orla and ItsBeautyCheats on Instagram here or on the brand’s official website. 

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