So are we (Ireland) getting it right……

A small delve into economics, sorry. I read this article on the Wall Street Journal about my homeland (well, my dear home too!) and it make me think, well, we not total gobshites! Of course, we’re not, no matter what Fr. Jack (left says!). But in all seriousness, I can’t help but compare what the articles says to my own experience of talking to and helping small Irish businesses.  I don’t know anyone who is not worried about the future of their business, but yet they all pulled-up their socks and did what any management accountant would advise – look at your costs, your processes, what you do and so on. I know two businesses who realised  they needed to work 3-days weeks for almost a year, but they are now fine again. Others dropped price, or just worked smarter. I also can think of others who just would not adjust their cost structure, prices, staff or anything. Where do you think these guys are? Well nowhere simply. Of those businesses that adapted to survive, they have learned a hard lesson on cost structures, doing things well, adjusting price and looking after customers. Those, like the WSJ article say about Ireland, will be the stronger firms in the future ( I hope ).



About martinjquinn

I am an accounting academic, accountant and author based near Dublin, Ireland.

One response to “So are we (Ireland) getting it right……”

  1. Gerhard Kristandl says :

    Some lessons from standard taught management and cost accounting retain their validity:

    1. Decrease cost; or
    2. Increase price; or;
    3. Increase efficiency; or
    4. Sell more

    To sum it up: cover your cost, or bust!

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