Pamela Fitzmaurice, Blazing Salads Tips for Entrepreneurs

Pamela spoke about the 14 years of running a restaurant and then having a deli. She then said that the move to manufacturing 3 years ago (they opened a bakery and a kitchen to wholesale) challenged them because of the lag between sending invoices out and receiving the cash.

So she strongly recommended working with basic cashflow forecasts, especially with the opening of a new unit. (she mentioned a rent increase of 110% they had imposed this year and how that forced them to evaluate each element of what they do). Look at the expenses, the working capital you need to carry debtors and the breakeven level that you need to achieve. Consider reducing your costs or increasing your sales - either the number of units you sell or the price you sell each unit at. Be comfortable with the idea that the planning may lead to a conclusion that a business you are passionate about may not be viable for you. You have responsibilities to yourself, your family and your staff. Cash is king - without it you cannot pay your staff or your suppliers and you loose control of your business. They are still considering whether the retail side of their business will continue - it is a difficult one to justify with the rent and rate increases which cater to the multinational retailers who can carry those overheads. They will continue with the manufacturing side as it is more of a long term one for them. www.blazingsalads.com Photo: Pamela receiving a Dublin City Female Entrepreneur Award from Chairman of DCEB, Pat Lynch in 2005

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