Slow Down and Stop Making Mistakes

5 SME mistakes

Over the years I have found if I rush my work I am prone to making silly mistakes. So I slow down and review what I have done to make sure it looks right. A quick test for you: You have just five seconds to answer these simple questions: What do cows drink? What’s the opposite of ‘not in’? How much dirt is in a hole measuring two metres squared, and three metres deep? What weighs more – a ton of concrete or a ton of feathers? How many of each animal did Moses take onto […]

Flowering Shares

Flowering shares are a class of ordinary shares issued by a company which entitle the shareholder (employee in this case) to capital generated by the future growth of the business above its current value. Shares are issued at a day one value. When a company reaches an agreed level of future growth (which is known as the “hurdle”) the shares will have an agreed value. This amount can be either variable (based on a percentage) or a fixed amount. The shares are normally available for purchase at a nominal or small amount meaning only minimal outlay […]

3 Things You Need To Think About If You’re Buying A Business

One way to achieve growth for your business is to buy another business. Or perhaps you’re thinking of starting up a business and buying an existing business seems like a better option than starting from scratch. A big mistake that many in this position make is to look for opportunities at the lowest price. But price is only one of a number of factors that must be carefully considered. Failing to consider all these factors is likely to make it much more difficult for you to be successful in your purchase. Here are 3 such factors […]

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 […]

The Keys To Understanding Your Balance Sheet

Right from when you get your first set of management or annual accounts you’ll probably notice that one of the reports is a balance sheet. Especially for new business owners you might wonder what exactly it is and what it has to do with balancing. The balance sheet is a vital financial document for your business so learning what it means and how you can read it can make a big difference. What is a balance sheet? A balance sheet tells you something about the financial strength of a business on a particular day – usually […]

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 […]

Using Guarantees Wins Sales

A concern that most of your prospective buyers will have is: What if this isn’t right for me? What if I change my mind? What if I don’t like it or I don’t want it? If you can eliminate this concern and reassure your buyer you’re more likely to be able to convert the sale. Eliminate those concerns by using a guarantee This reassures the customer that buying the item isn’t the end. Their interests will still be protected post-sale. You could think about having a guarantee along the lines of: “If you’re not completely satisfied […]

Where Do You Fit Within Porter’s Five Forces?

Porters 5 Forces

A key problem for all business owners is how to deal with the competition. Perhaps you suffer from intense competition from a rival, or maybe you’re worried about competition coming from new sources as technology advances. A question that you probably often ask yourself is: How can I get – or stay – ahead of the rest? The first step to answering this question is to analyse your competitive environment. This allows you to see where you currently fit in the marketplace so that you can then find ways to improve your position. A great analysis […]

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 […]

Have You Downloaded Our Free Parfrey Murphy App Yet?

Parfrey Murphy App

Developments in the use of mobile devices is changing the way we all use the internet. Our mobile devices have become our music and video player, our camera and our main method to communicate and research questions. Many tasks that would typically be done on traditional desktop computers are now being done on mobile devices. So we were delighted recently to announce the release of our own free Parfrey Murphy app. With only a few accountants in Ireland having their own App we’re excited to be at the forefront of the kind of technology designed to […]

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