Seafood businesses in Galway are being encouraged to strengthen their competitiveness and prepare for future challenges through BIM’s Seafood Business Advisory Programme.
The programme provides practical, tailored support to help seafood businesses improve profitability and long-term sustainability. And with an estimated 85 per cent of Irish seafood businesses family owned, it also helps guide companies through succession planning.
A panel of experienced business advisors will work directly with individual companies to identify areas for improvement and support the implementation of cost-effective solutions. The knowledge and experience gained through the programme will help strengthen the wider seafood sector by sharing best practice and building industry resilience.
The programme offers support across three disciplines: helping seafood businesses improve financial performance to plan for long-term sustainability; preparing for succession, ensuring family-owned enterprises can successfully transition to the next generation or exit, and business mergers and acquisitions.
One of the key areas of support is financial performance, where advisors work alongside businesses to understand exactly where profits are being made and where they may be leaking away.
This includes carrying out a detailed financial health check, identifying opportunities to reduce costs, strengthen sales and introduce practical financial management tools that support better day-to-day and strategic decision-making.
Advisors work alongside businesses to help implement recommendations, ensuring improvements become embedded within day-to-day operations and deliver lasting benefits.
BIM CEO, Richard Donnelly, said: “Ireland’s seafood industry continues to operate in an increasingly challenging environment, with businesses facing rising costs and changing markets. The Seafood Business Advisory Programme is designed to give seafood companies in Galway and across Ireland access to experienced financial advisors who understand the realities of the sector and can provide practical, tailored support that delivers measurable improvements.”
“Whether the priority is improving profitability, planning for the next generation of leadership, or mergers, the programme gives businesses an opportunity to step back, identify opportunities and build stronger, more resilient operations for the future.”
He added: “One important area of support is succession planning. Most Irish seafood businesses are family owned, with two or sometimes even three generations working together. Planning on handing over to a new generation is vital.”
Galway businesses interested in accessing the programme should contact Gavin McGrath, Commercial Operations Executive, BIM, [email protected] to discuss the opportunities or challenges they would like to address.
