ten top tips to successfully grow your business
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Anthony Casey
Noone Casey
Sprint – Start
Clarion Hotel, IFSC
29 August 2011
Ten Top Tips to Successfully Grow
Your Business
Ten Top Tips to Successfully Grow
your Business
Tax
CommercialFinancial
Introduction
• Chartered accountant
• Partner
Anthony Casey
• Set up 1992
• Focus on new & emerging business
NooneCasey • IT
• Start ups
• High growth potential
Clients
Tip #1 Optimum business structure
Sole trader
• Easy set up
• Low start up costs
• Tax benefits
Partnership
• Partnership agreement
• Profit allocated in profit sharing ratio
Limited company
• More formal
• Start up costs
• Marketing benefit
• Taxation
Tip #2 Minimise your taxes
Turnover
Overheads
Profit
Taxes
Tip #2 Minimise your taxes
(cont’d)
Simple tax planning
Put spouse on payroll
Consider BIK vs mileage
Recruit long term unemployed
Pension contributions
Tip #3 Understanding Client Needs &
Wants
Business success
Wants
Needs
Tip #3 Understanding Client Needs &
Wants (Cont’d)
QWERTY keyboard
Patented 1878
Slowed down typing to prevent keys sticking
together
Intentionally illogical & inefficient design
DVORAK keyboard
Carnegie Foundation grant to Prof Dvorak in 1932
More efficient design/World typing record
Commercial failure
Clash between client need (faster typing) and
client want (desire not to relearn how to type)
Tip#4 Develop relationships....
Knowledge base
Dublin City Enterprise
Board
Enterprise Ireland
Your professional
team
Tip# 4 ...& Build a Team Around You
You
Accountants
DCEB/EI
Network
Bankers
Tip#5 Research & Development tax
Credit
Research & Development
Payroll
Materials
Overheads
Tip#5 Research & Development tax
credit (Cont’d)
Identify eligible R&D projects
Determine the expenditure incurred on qualifying
activities
Optimise the amount of your R&D Tax Credit
Draft supporting financial & technical
documentation
R&D tax credit is 25% of qualifying expenditure
If no CT payable, Revenue will refund credit
Tip# 6 Strategic PlanningSimplify things by focusing on 7 simple steps:
1. A Firm Strategic plan – having a blueprint rolling plan
for your firm
2. Marketing Strategy – being clear on your growth
strategies
3. Client Retention – creating focused client care
programmes
4. Increased Spend – having plans to increase client
annual average spend
5. Targeted Referrals – focusing on the best way to grow
your client base
6. Low Cost Marketing – creating plans for effective and
prioritised marketing activities
7. Business Development – knowing how to
professionally gain ‘yeses
Tip #7 Management Information
Timely Accurate
Tip #7 Management Information
(cont’d)
Financial
Management accounts
Budgets
Forecasts
Commercial
Market share
Market penetration
Facilitate Commercial decisions
Tip# 8 Be Adequately Funded
Identify capital requirements
What are sources of capital
Seed Capital
Investor Capital (BES)
Venture Capital
Promoter’s loans
Grant aid DCEB/EI
Bank loans
Tip# 9 Know Your Law
Employment law
Employee rights
Employer obligations
Business Law
Contracts
Passing off
Taxation
PAYE
VAT
Tip# 10 Be Curious
Keep up to date
Know what your competitors are doing
Ask for advice
Demand answers
Keep learning
Conclusion
Success
Actions
Ideas
Any Questions?
Thank You
Anthony Casey
Noone Casey
9 Fitzwilliam Square East
Dublin 2
Telephone: (+3531) 6766 476
Email: acasey@noonecasey.ie
Web : www.noonecasey.ie
Blog: www.taxation.ie
Twitter: noonecasey
LinkedIn: Anthony Casey
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