Entrepreneur Relief

An individual only may claim relief from CGT in respect of a chargeable gain arising on the disposal of qualifying business assets. There is a lifetime limit of €1 million on the gains made on or after 1 January 2016 that you can claim relief on. If you can claim this relief, you will pay CGT at the rate of 10% on gains from the disposal of business assets. This is reduced from the normal rate of 33%. Up to 31 December 2016, gains from such disposals are charged at 20%. The qualifying business assets must have […]

Entrepreneur Boot Camp

Entrepreneur Boot Camp

Gerard Moran of the Entrepreneurial Boot Camp has provided the following content. His Entrepreneurial Boot Camp’s sole purpose is to take a hard look at your business plan with a detailed review of your business and the likelihood of the success of the plan. It’s also a chance to address the shortcomings and develop answers to tough questions before it is too late. Entrepreneurial Qualities Vision, creativity, persuasiveness, risk tolerance, motivation, flexibility, and decisiveness are the qualities that set you apart from the average person.  Your business at all times will need to keep a careful […]

Drucker’s Pricing Sins

In his book Managing in a Time of Great Change Peter Drucker writes on the five deadly business sins – avoidable mistakes that will harm the mightiest business. The first and the most common sin is the worship of high margins and of premium pricing as it always creates a market for competitors. And high profit margins do not equal maximum profits. Total profit is profit margin multiplied by turnover. Maximum profit is thus obtained by the profit margin that yields the largest total profit flow and that is usually the profit margin that produces optimum […]

Enterprise Ireland Innovation Vouchers

Enterprise Ireland Innovation Vouchers

Introduction The Innovation Voucher initiative was developed for small businesses to purchase academic support and expertise from Ireland’s public knowledge providers. Innovation Vouchers worth €5,000 are available to assist a company to explore a business opportunity or problem with a registered knowledge provider. The Innovation Vouchers initiative is open to all small and medium-sized limited companies registered in Ireland. 81% of applications are successful. The main reasons for non- success are non-eligibility of the applicant insufficient information, ineligible activity and low level of innovation. If unsuccessful you can reapply.   Exclusions Small and medium-sized enterprises in the […]

7 ESSENTIAL BUSINESS STRATEGIES

To succeed in business, you need to decide on what strategies to implement depending on circumstances. Decide on which of the following strategies you are going to implement immediately. Be customer orientated Put your customer first and ensure that your service performance is second to none. Never lower your standards. Touch base regularly with your key customers and listen to their suggestions on how you can improve your service.   Focus on planning Prepare a written formal strategic plan where you document what your current position is and where you personally want to be in 5 […]

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 […]

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