BUSINESS PLANNING FOR 2018

Let’s take a look back and start planning for business in 2018… As we approach the Christmas break, for most businesses the rush is on to collect money from customers, pay money to suppliers and get all records up to date. We are approaching the end of another year and now is the time to look back at the business for the year that has been. It’s a time to review performance as a whole, both the good and the bad, to ensure we capitalise on the positives and strive to eliminate the negatives next year. […]

20 Great Actionable Time Saving Ideas

Andy Bounds, author of The Jelly Effect: How to Make Your Communications Stick, recently passed me on some great time saving ideas. As he says the most common grumble in business: “I don’t have time.” So he has twenty ways to change how you communicate, to free-up loads of time. All are easy. All will save you time. But which will you do? Don’t have 30- or 60-minute meetings.  Instead, make them a maximum of 20 or 45. Even shorter, whenever possible Review last week’s diary, and identify all the things that took longer than they […]

European Economic Interest Groupings (EEIG)

An EEIG is a mechanism through which businesses within the EU can engage in cross-border commerce. The creation of the EEIG is an effort to develop economic activity throughout the EU and to create a single market offering conditions similar to those of a national market. It is designed to minimise the legal and fiscal difficulties that natural persons, companies, firms and other bodies face in cooperating across borders. EEIG’s are regulated under SI No. 191 of 1989 – European Communities (European Economic Interest Groupings) Regulations 1989, and SI No. 447 of 2010 European Communities (European […]

Is Pricing Low A Good Idea?

Especially when starting up a business the perceived wisdom can be that you should price low. If you price low you can win more customers. More customers mean more sales and that’s the key to success……or is it? The tendency is to think I’m new, I’m small, I can do it cheaper. But in fact there are four problems with this thinking. One of the most common mistakes made by business owners is to underestimate their costs. Small businesses generally don’t have the right attributes to be able to get significant cost reductions in comparison with […]

4 Tried and Tested Ways To Ensure You Get Your Pricing Right

There’s no doubt that applying the right pricing to your business can help you make more profit. In fact, McKinsey, the global consulting firm, suggest that pricing has a bigger impact on a company’s profit than anything else. How can you make sure you’re making the right pricing decisions that make you the most profit? Read on to gain insight into pricing anchors and then 4 tried and tested ways for you to successfully apply them to your business. Pricing Anchors… Anchoring is profoundly important to pricing for profit. Here’s why… A product is never really […]

3 Strategies To Give You A Competitive Advantage!

Porters 5 Forces

In a recent article we looked at Porter’s Five Forces to show how you can analyse your competitive environment. Of course once you’ve done the analysis you need to come up with a strategy that will help you get an advantage. Porter identified three generic or basic strategies that a business could choose between. Cost leadership Differentiation Focus This is about producing your goods and costs at the lowest cost in your industry. Then you sell them at the same price as everyone else and get the benefit of the extra profit. Or you use your […]

One Tip That Will Help You Convert More Sales

Whatever you’re selling, one question your prospective customer will be asking is: how do I pay for this? This could range from wondering if payment plans are available through to which credit cards you take. Face the facts… The reality of modern life is that many people don’t carry cash or use chequebooks. That’s especially important to realise if your customers are the general public. If you don’t have card facilities you could be missing out on a huge swathe of potential customers. If you have an e-commerce website then make sure you have a wide […]

5 Proven Growth Strategies To Grow Your Business

5 Proven Growth Strategies To Grow Your Business

Most of us accept that standing still with our business actually means falling back. We see the need for business growth. And when we start a business from scratch then we’re especially keen to see that growth. But you ask; how do I get that growth? The answer is to have a growth strategy in place. And in this article we take you through 5 proven growth strategies that will grow your business. What’s a growth strategy? Put simply it’s a roadmap for your business that shows where you are now and where you want to […]

Take Time To Find The Right Pricing System For You And Your Business

In his brilliant book, Priceless – The Hidden Psychology of Value, William Poundstone has done a fabulous job of pulling together some of the best science about pricing. Pricing can be a difficult subject to tackle and even more difficult to get right, both for a multi-million euro company or the local hairdresser. Buyers… Buyers are now more savvy. They have more options and they can very easily compare your price to the competition. Therefore their expectations are much higher. But if you get your pricing right then you can tap into the higher profits your […]

5 Ways To Generate More Potential Customers

5 tips for getting new customers

Often a business will rely on just one or two ways to generate leads; perhaps using traditional newspaper advertising and having a website. It’s likely that whatever you are using works or you wouldn’t be using it. There can, however, be a number of ways to reach your potential customers. And the best ways to reach them changes over time. This means it’s good to periodically review your methods and try new ones. Then when you find something that brings some results, milk it for all it’s worth! For instance, here’s 5 simple ideas to get […]

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