Q&A with Paul Colley, Boal & Co

What’s your vision for the Isle of Man employee benefits cluster?

The objectives include improving global awareness of the Isle of Man’s and local providers’ capability in this sector, strengthening existing and attracting new business, encouraging new businesses into the sector, creating new jobs for the Isle of Man, and diversifying the Island’s finance sector.

What are the advantages of businesses clustering together?

The collective story/solution is very powerful, and it means that effort, in terms of marketing and marketing collateral, can be shared. It also makes the Island’s capability much more visible and accessible for potential customers.

What are the benefits for those involved?

Because group messaging is much more impactful than operating solo, cluster members will have access to a wider market. They will also benefit from shared learning and knowledge and have the potential for complementary selling and introductions. They will also gain awareness of complementary services.

What are the responsibilities of those involved?

Being involved requires active participation (in a non-partisan manner) and a sharing of collective goals.

How do you go about building a business model for a cluster of this kind?

I think a good start has already been made with the formation of the campaign to promote the cluster. There are similar models on the island including the Isle of Man Maritime Association. The creation of the Employments Benefit Association (EBA IOM) will also help to raise the profile of the Isle of Man in this space.

What are the key factors for cluster success?

Active participation, reasonable levels of membership and the cluster becoming self-funding within three to five years.

Why is the Isle of Man well-positioned for success?

Because it is already a global industry leader in several related sectors and there is government support behind the project.  The island also has a robust and well-established regulation regime and on top of that there are all the usual reasons why the Isle of Man is attractive to business - for example, it is tax neutral.

Do you think being part of an established Employment Benefits Cluster in the Isle of Man will change the way in which you do business?

For us it will be business as usual, but we are hoping for an enhanced profile and increased business.

What would you say to those businesses currently on the fence about becoming a part of the cluster?

There are no down sides, all you have to offer is a little time and a willingness to participate and listen. There’s no monetary cost and you will get the opportunity to become part of something bigger which has the potential to:

• Contribute to the long-term prosperity of the Island
• Increase business and referrals
• Increase your global profile