Loyalty built up over years is worth a fortune

Design House Barna is a high-end fashion boutique catering for women over 30.

What sets your business apart from the competition? I would have to say our customer service definitely and our brands as well. We have some unusual brands that I source from older companies around Europe, some who have been around for hundreds of years, rather than newer companies.

They have new designers so they have the best of old and new, brands like Mat De Misaine and Armor-Lux from France.

Our niche is really in high quality product with quirky, interesting clothes.

What is the best piece of business advice you have ever received? My book-keeper once advised me to ask myself "what would you do if you weren't afraid?" whenever I am making a decision. It's a great question and one I ask myself all the time. Whenever I go ahead and follow my answer, it tends to be the right decision.

One good example was when I opened a shop in Oranmore last year. It was not working out and was losing money. I asked myself what would I do if I was not afraid of the consequences.

The answer was to close it down and walk away, but my pride had been getting in the way and my fear of what people would say if I opened and closed a business in less than a year. By asking that question, I don’t get myself tangled up in fear and anxiety.

What's the biggest mistake you have made in business? Not trusting myself and listening to others who I thought knew more than me instead of my own gut. I have since realised that this was not true, that when it came to my business, I knew more than anybody else.

And your major success to date? Surviving the recession. The shop will soon be 10 years old and I bought it a year into its existence so it has been a rocky road. Despite the fact that we are located outside the city centre, we have managed to weather the storm while a lot of other boutiques in the city and county – some very old, long established businesses – unfortunately closed down.

Who do you most admire in business and why? I would have to say Anita Roddick, founder of the Body Shop. I read her biography years ago and was very impressed by her. She respected women's intelligence in a way the big cosmetic and clothing companies had not until then. We weren't being fooled by the expensive packaging as they thought. She debunked a lot of myths about the beauty and fashion industry and pared it all back.

Based on your experience in the downturn, are the banks in the State open for business to SMEs? I don't think they have been in general, but I was fortunate in having a very good local bank manager who took an interest in my business.

What one piece of advice would you give to the Government to help to stimulate the economy? Reduce VAT and encourage people to spend more. If everybody spends more, it has a knock-on effect down the line. When business is good for the local tourism industry, it has a knock-on effect for us the following season. The B&B and restaurant owners have money to spend and that trickles down to us. Women are spending a bit more again, business is better and the weather has definitely helped.

What's been the biggest challenge you have had to face? The recession without a doubt. Nothing even comes close to that. At one stage in 2012, I had to let all my staff go for two months while myself and my daughter ran the shop ourselves. That was a really bad year but thankfully my staff rowed in behind us. I also have a very good book-keeper who helped me to keep a close eye on things.

Another constant challenge for me is staying on top of things all the time, keeping my good customers and good staff.

How do you see the short-term future for your business? My priority for the short term is to hold onto what we have and to keep improving what we do all the time. I would like to get involved with young Irish designers, to maybe partner some up-and-coming designers. That would be good for us and for them.

What's your business worth and would you sell it? It's worth a fortune in customer loyalty. It's not for sale at the moment but who knows what the future holds. In conversation with Michelle McDonagh