News

CREATE IMPACT WITH YOUR BID PRESENTATIONS

Posted on

CREATE IMPACT WITH YOUR BID PRESENTATIONS

 The pressure to win new business in today’s market has never been so great. With more firms chasing less work, the market has become highly competitive. Consequently, firms have had to adapt and retune their business development models. How firms design and package their bid presentation can make the difference between success and failure. presentations

Be Dynamic

How you look is a big influencer on how people react to you, especially if they are unfamiliar with your business. Of course, clients want to work with professionals and experts in their field. However, in today’s market they can afford to be selective and work with people who are dynamic and progressive. Creating a typical standard document gets you nowhere. Be prepared to be bold and clever in order to stand out.

Pushing Creativity

Tenders come in different shapes and sizes. Firms respond by using a variety of applications such as Word, PowerPoint and In-Design. There is no right or wrong application for replying to tenders, but In-Design or a similar design package can enhance the creativity of your response. Remember though, that accountants, lawyers and business development people are not designers. Focus on getting the content right and, where possible, use designers for the design work.

There is a balance to be achieved in trying to design a document that satisfies the needs of different stakeholders. However, if you are not pushing how you present your key differentiating messages, brand values and personality, your competitors will be. When your client has a few tender documents in front of them, all roughly saying the same thing, they are more likely to reject yours if it’s just another run-of-the-mill document.

BOOST EFFICIENCY WITH A DOCUMENT MANAGEMENT SYSTEM

Posted on

BOOST EFFICIENCY WITH A DOCUMENT MANAGEMENT SYSTEM

 An effective system that can create, store, and track documents electronically is a necessity in any modern business. One thing that is common with any growing business is the large number of documents that have to be stored and retrieved as the need arises. This calls for an effective document management system and a firm-wide document management policy. Whether documents are stored and made available in paper, electronic, or online formats, a document management system will enhance document security as well as making things easier to locate when needed.

One of the most important components of this kind of system is an ability to capture data and index it in such a way that storage, retrieval, and distribution become instant. Many businesses that introduce such a system soon discover how effective and efficient the management of documents and information can become. Another important aspect is that after information has been stored, it can be made available to authorised personnel as and when they need it. So processes such as sales, audit reports, etc become more efficient.

Document-Management-Systems
Document-Management-Systems

Secure storage of documents is a key feature of a Document Management System. A properly designed system can keep documents using different types of media depending on factors such as how frequently they are used, their nature, as well as the ease and convenience of their use. There are web document management systems that require documents to be stored on databases or servers, other systems that require storage on optical media such as DVDs and CDs, and still others that require storage magnetically using tape drives or hard disks. Depending on your business, your IT service provider will help you to decide what system is best for your firm.

There is more to record management than storage of documents. A good system will enable staff to efficiently retrieve or sort required documents, speeding up process driven work. Another advantage of a document management system is that all documents are available for the next person online immediately, increasing efficiency within the business.

A computer and web based document management system ensures smooth intra-organisational connectivity which also extends to inter-office levels with a well managed flow of information. Authorised users can also connect to the system when working from home or out on the road. With fast and convenient operations, the business will benefit from further efficiencies and increased levels of productivity.

 

KNOW YOUR COMPETITORS

Posted on

KNOW YOUR COMPETITORS. competitors

 Businesses need to know their competition, especially in today’s hyper-competitive business environment. Knowing what the competition is up to allows you to develop unique selling points (USPs) which will encourage buyers to purchase from you.

People

In order to understand the customer experience offered by your competitors, try “mystery shopping” your nearest direct competitors. Things to note include: the customer experience, staff-customer interaction, how staff dress and present themselves, the business environment and little touches such as complementary tea or coffee. Most important of all is to take note of the sales process – how do your competitors go about selling products or services to the customer? Do they suggest how their product or service can add value? Do they offer a demonstration? How do they close the sale?

Products and Services

Keep an eye out for any new services or products your competitors offer. Pay close attention to the quality of their brochures, the appearance of their products and any new or interesting ways in which they add value for their customers. You should create reports which compare your business to the leading competitors in your particular sector of the market. You should circulate these reports to your management and sales teams with a view to encouraging them to implement new ideas and approaches which will improve your business against your competitors.

Pricing

Once you know the specific details about your competitor’s people and their products or services, your sales team will be more informed and can develop the USPs that they can use when challenged by customers as to “why should I buy from you and not from your competitor?”. Your sales team can then focus on the strengths of your products or services and encourage your customers to do the same.

If you are at a disadvantage to your competitors in terms of your pricing, work with your sales team to prepare a checklist of the specific features and benefits unique to your product or service. Have each sales person practice presenting this checklist, as this particular part of the sales process will usually be enough for the prospect to decide to purchase from you.

 

EFFECTIVE BUSINESS DEVELOPMENT MEETINGS

Posted on

EFFECTIVE BUSINESS DEVELOPMENT MEETINGS.

meeting-

No matter what type of business you run, you need to network in order to build your business. Effective networking involves a lot more than simply handing out business cards.  Here are a few tips to help your business development meetings produce the business relationships that you want:

Sort your contacts

Try to get a copy of the attendee list prior to the event. Cross check the list against your contacts and targets to identify individuals.  Aim to meet each one and to get a follow up meeting in the diary.

Prepare

Prepare an agenda. You’ll want to find out what their goals are for their business, what special skills they have, and what they’re especially proud of (both business-wise and personally). What organisations do they belong to that may be a good fit for your business networking?

Post meeting

If your contact is unlikely to turn into a prospect, mark them off your list of potential business development leads (but keep them as a business contact). As you go through this process, you’ll find your goals and interests match better with some people than others. This means that your meetings are producing the results you’re looking for. For those that have similar goals and interests, you should schedule times in the future to continue to build on what you’ve learned. For those that may not closely match your goals, stay in touch more generally through email marketing, etc.

Stay in touch

There is no bigger failing for your networking activities than to let those that you’ve met fall by the wayside. Never forget that while they may not be an ideal match for you now, their businesses and lives will have changes that you may be able to complement. They’ll also meet others that may be a better fit for you and will remember you when someone looks for your services and products.

 

SETTING EFFECTIVE KPIs

Posted on

SETTING EFFECTIVE KPIs.

 Setting goals and a strategy for your business is important. However you then need to measure how the business is performing in order to understand if the firm is moving forward and is on track to achieve its goals. As such it is necessary to set Key Performance Indicators (KPIs). However many business owners and managers find this difficult to do and see the establishment of KPIs as a pen-pushing exercise and don’t dedicate time to do this.

KPIs however, form a vital element of the business’s sales strategy, both for individuals and for the team itself. In order to create a shared vision, commitment and firm-wide motivation, it is vital that the KPIs are discussed with and agreed by each member of the team from the outset. KPIs should cover:

KPIs

 

  • Team targets (i.e. convert 75% of all leads during the first quarter of 2015)
  • Individual targets (i.e. 80% of chargeable time billed each month in 2015)
  • Key tasks

 

 

The nature and specific tasks of your KPIs will depend very much on variations including the market sector and geographical area in which you operate. However, managers must ensure that they follow the SMART principal – that is, ensuring that objectives are Specific, Measurable, Attainable, Realistic and Timely.

Depending on your business, it can be useful to adopt a traffic light approach for each client account, so areas of strength and weakness can be easily and quickly identified. This data can be fed into charts which can also be very useful when preparing KPIs, giving specific objectives and demonstrating how the results have a direct impact on the overall sales and business objectives.

Once set, KPIs should then be reviewed on a regular basis, both with the team as a whole and with individual team members. Any variance in performance can then be identified and flagged appropriately, with remedial actions put in place before any aspect of the traffic light chart turns to amber. Bear in mind that KPIs should always be dynamic. For example, even if a KPI target hasn’t been met, the individual or team performance may still be on course to achieve the overall sales objective, and the KPI target may need to be lowered. Similarly, if a target has been met, then it may need to be increased at intervals, to maintain drive and motivation.

 

EXECUTING STRATEGY

Posted on

EXECUTING STRATEGY.

Failing to plan, plan to fail. We all know this. However, many businesses who create a strategy or business plan fail to execute it to any significant degree. This is because it requires change, commitment, innovation, leadership and numerous other things to align your business in a way that facilitates the execution of your plan.

These 5 steps will help you to successfully execute your business strategy:future

Clarify your vision

Define what the business will look like if your strategy is executed successfully. Develop a summary of that vision and communicate it to all stakeholders. Communication must also be consistent – keep the vision in front of your team and make it a part of their daily lives. People cannot follow you successfully if they don’t know where you want to go.

Set goals

As part of your planning process, you should develop 4 or 5 critical goal categories. Each of these categories should be broken down and given specific goals with due dates, metrics to show progress and the names of the people that are accountable for their completion.

Align systems and people

This is the step where most businesses encounter trouble with strategy execution, as they do not take the critical step of aligning people and processes to attain their vision. They just assume that the firm will “figure it out”. All systems, people, incentives and business processes must be aligned with the new strategy. People must understand what they need to do and how their role affects successful execution of the strategy. They must get help in establishing priorities on what to do, as well as what not to do, to ensure that the overall strategy doesn’t get lost in the day-to-day.

Review

The business should hold annual reviews of their current strategy and how outside forces have impacted on it. The aim of the review should be to determine whether the strategy is still valid, whether the firm is making adequate progress and what customers think. Strategy execution doesn’t just happen; it must be driven with the same commitment that built the business in the first place.

 

 

PRICING FOR PROFIT

Posted on

Pricing For Profit in your business.

No matter what type of business you run, pricing for profit is one of the most important factors of your marketing strategy. Correct pricing can make your product or service a hit or a failure in the market. Here are a few pricing strategies to consider:

Generic or Economic pricing

In this strategy, the buyer is attracted by a low price. It is typical of generic or economy brands. For this strategy to prove successful, you should have a low cost structure, minimal features and promotion. Simultaneously, ensure that customers reap some solid, stable benefits. If you wish to go for an economy price strategy you will probably have to focus on selling increased volumes as margins are likely to be tight.

Differential pricing

With this model, the idea is to set the price according to different buyer types, (e.g. the price will differ for an online, retail and a direct sales channel). Another consideration is geographical area as prices can be higher in London than in say, Leeds. Quantity also plays a part as a customer buying a larger volume of your product or service can get a better rate than a one-off purchase. A note of caution – there has to be a valid reason for applying differential pricing. For example – you can charge more in London on the basis that your staff costs are higher.

Premium pricing

This strategy is applicable for luxury or high end goods or services such as expensive yachts, the very best legal services and so on. You can use this strategy if the market recognises your product or service as a luxury or premium item. Again, you should consider this strategy carefully and bear in mind who your clients and potential clients are.

Captive product or companion product pricing

This strategy focuses on bundling products or services into a package. Perhaps a product is a captive market – if you buy a mortgage you also need home insurance, for example. If you bundle the two products together as one package you are more likely to secure a sale of the two products. The prices of these products outside a package usually tend to be higher.

Remember to review your products and services carefully before choosing a particular strategy so that the pricing is appropriate for your target market. Research your competitors and benchmark for pricing.

Budget 2015

Posted on

Budget 2015 was published today by the Minister for Finance.

The much anticipated Budget 2015 was announced by Finance Minister Noonan on Tuesday. It is the first non austerity budget in 7 years, although this is being viewed with caution.budget2012

There were reductions in the 2% USC band to 1.5% and the 4% USC band to 3.5%. The entry level to USC increased from €10,000 to just over €12,000. There was a decrease in the 41% income tax rate by 1%, seeing it reduced to 40%. The income tax standard rate band is to increase by €1,000 to €33,800
Income tax relief will be given on water charges up to a maximum of €500 per household per year, which will be worth up to €100 per household.

There will be no increases in the VAT rates and the reduced rate of 9% for tourism is to be extended. There will be no increases in excise duty on petrol, diesel or alcohol. No surprise with the hit on the cost of a 20-pack of cigarettes which will increase by 40 cent.

Corporation tax will remain at 12.5% and the three year corporation tax relief for start-up companies is to be extended.

The home renovation tax incentive scheme is to be extended to rental properties whose landlords are liable for income tax. This will apply to work done by end of 2015.

First time buyers will get a refund of DIRT on savings (used to buy a home) between now and 2017. The savings cannot exceed 20% of the purchase price.

Child benefit will increase by €5 per child per month with a further increase of €5 on 2016. A christmas bonus of 25% of the rate will also be given this year.

Full details of all the changes can be downloaded through the link above. If you have any queries on how the budget may affect your business or personal circumstances, please do not hesitate to contact me on 021 4217474 or by email on info@CACMAccountants.ie

Bankruptcy

Posted on

Bankruptcy
Bankruptcy is a process where the ownership of an insolvent person’s property transfers to the Official Assignee in Bankruptcy to be sold by him for the benefit of those to whom the individual owes debts (creditors). It generally requires debts to be in excess of €20,000 and includes both secured debt and unsecured debt.

Bankruptcy proceedings are brought in the High Court. The application for a Bankruptcy Order is filed in the Office of the Examiner of the High Court. When the person’s property is sold, the Official Assignee will make sure that the proceeds are shared out fairly among creditors and any outstanding debt will be written off. Bankruptcy normally lasts for 3 years.

Prior to making yourself bankrupt, you must have made reasonable efforts to have made use of the alternative arrangements such as: – Debt Relief Notice (DRN), Debt Settlement Arrangement (DSA) or a Personal Insolvency Arrangement (PIA).

Main Impact of Bankruptcy

  • Your property transfers to the Official Assignee.
  • You have a duty to contribute from surplus income (income less reasonable living expenses) towards your debts for up to 5 years.
  • You are discharged from bankruptcy after 3 years.
  • All your debts are written off.

The Family Home
Your interest in your family home will transfer to the Official Assignee along with all other property as part of the bankruptcy process. You may not necessarily lose your family home if a schedule of agreed repayments can be made between the lender and the official Assignee (which are not outside reasonable living expenses approved by the OA). If the OA wishes to sell the family home, then a High Court application must be made. A decision will be made by the Courts having consideration for the impact of the sale on the creditors as well as the individual’s dependent on the bankrupt individual. If there is no equity in the family home, it won’t be of an immediate interest to the OA to sell.

Property Abroad
When an individual is bankrupt in Ireland, the proceedings maybe recognised across all other European Member States (except Denmark). Under the European Community Insolvency Regulation, the OA has the right to sell any foreign property for the benefit of the creditors.
There are a number of duty and obligations to be met in connection with bankruptcy. There are forms to be completed, High Court appearances to be made, interviews to attend and a number of other legal requirements to be complied with. While an individual may make the necessary petitions themselves, it is strongly recommended that appropriate professional advice be sought.

The information contained above is intended as a general guide to the subject matter, it should not be used as a basis for decisions. For this purpose advice should be obtained which takes into account all the individual’s circumstances from suitably authorised professionals. Every effort has been made to ensure the accuracy of the information. We are unable to accept liability for any errors or omissions which may arise.

 

 

Personal Insolvency

Posted on

Personal Insolvency – what is at all about and how does it work?

In July 2013, the new personal insolvency legislation was introduced in order to assist individuals deal with their debt in a legal and formal manner. Since the introduction of the new legislation, there has been just over 500 applications made to avail of the options available.
If you are unable to pay your debts and do not see yourself being able to do so in the next few years there are now 4 debt solutions which may help you. Which option will depend on how much you owe, the type of debt, your income and your assets.

1. DRN – Debt Relief Notice
The DRN process enables eligible insolvent debtors to write off their debts where they can prove they are not in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.

This process is suitable for individuals with
– Unsecured debt of up to €20,000
– You have a net monthly income of €60 or less per month – after deducting reasonable living expenses
– Assets of not more than €400
The main effect in getting a DRN is that it creates a “break” period of 3 years during which time creditors can’t take action to recover or enforce the debts listed in the DRN. You are not required to make any payments to the creditors in respect of debts that are included in the DRN. After the 3 year period, provided you have complied with the Act, the debts covered in the DRN will be written off in full.

A DRN must be arranged by an Authorised Intermediary (AI).

2. DSA – Debt Settlement Arrangement
This is suitable for:-
– Unsecured debt over €20,000
– There are no limits in respect of income or assets
Secured debts cannot be covered in a DSA. Certain unsecured debts cannot be included and certain debts require the consent of the creditor before they can be included.

A DSA must be formulated by the PIP, agreed by the debtor, approved by a qualified majority (65% in value) of creditors voting at a creditors’ meeting, processed by the Insolvency Service of Ireland (ISI), approved by the appropriate Court and details of it registered on a public Register maintained by the ISI.

The benefit of a DSA is that it will protect a debtor and his/her assets from legal proceedings and other actions which could otherwise be taken by unsecured creditors during the period the DSA is in force.

Under a DSA, a debtor’s unsecured debts subject to the DSA, will be settled over a period of up to 5 years (extendable to 6 years in certain circumstances).Once a DSA is successfully completed, it will discharge the debtor from his/her unsecured debts which are subject to the DSA, at the end of the period.

3. PIA – Personal Insolvency Arrangement

A PIA will cover both secured debt up to €3 million and unsecured debt and there are no limits in respect of income or assets. This arrangement is different to the others schemes as it can include debt relating to a mortgage (secured debt), which the other options don’t include. There are some restrictions with regard to debts which can’t be included and again, some debts may require the consent of the creditor before they can be included. The arrangement must be carried out by a PIP.

The main effects of a PIA agreement are:-

– unsecured debts will be settled over a period of up to 6 years (extendable to 7 years in certain circumstances) and the debtor will be released from those unsecured debts at the end of that period.
– Secured debts can be restructured under a PIA (e.g. to provide for payments for a certain period or a write-down of a portion of negative equity). A PIA will protect a borrower and his/her assets from legal proceedings, including enforcement of security during the time the PIA is in force.

Once a PIA is successfully completed, it will discharge the debtor from his/her unsecured debts which are subject to the PIA. In respect of the secured debt, depending on the term of the PIA, a borrower may be released from a secured debt at the end of PIA period or the secured debt can continue to be payable perhaps on restructured terms.

Costs
For anyone in debt, the question as to the costs involved are a big issues. The DRN process is carried out by a AI. There is an application fee of €100 (payable to ISI). Approved intermediaries are not permitted to charge a debtor a fee for carrying out its functions under the Personal Insolvency Act 2012.
In relation to a DSA and PIA, these services must be carried out by a PIP. A PIP must at the outset of the process provide you in writing with details of the fee arrangements and likely costs involved. You will not normally be expected to pay fees to the PIP directly. The fees and cost can be expected to form part of the arrangement and creditors will have an opportunity to vote on them. The ISI will charge a separate application fee of €250 for DSA and €500 for PIA.

Useful Links:

www.isi.gov.ie

www.MABS.ie

www.keepingyourhome.ie

www.citizensinformation.ie