Tips & hacks owner-managed Irish businesses should consider in 2020
Strategies are actions companies take in order to reach their objectives, both financial, such as profit targets, and qualitative, such as building the businesses reputation in the marketplace. Strategy development is a creative business function that requires a keen understanding of consumer behaviour (what motivates people to buy) and ability to anticipate changes in the industry and the economy.
Here are six things that all owner-managed Irish businesses should keep in mind in 2020. It’s all about making sure your business is streamlined and efficient on all fronts.
(1) Focus on planning
Prepare a written formal strategic business plan where you document what your current position is and where you want your business to be in the future. Identify how you are going to reach that target – what obstacles you will have to overcome and what actions you will have to take every year.
Prepare a focused marketing plan that will get you the customers you want. Your existing customers will be delighted to recommend your services so work closely with them.
(2) Stay on top of bookkeeping services
The business bookkeeping landscape in Ireland is fast-evolving. It’s become more evident that forward-thinking businesses should get sound, trustworthy accounting advice. In 2020, you’ll need to partner with a new generation of holistic accountants who will take care of all your bookkeeping needs, ensuring complete accounting and tax compliance.
(3) Tax compliance
Often most owner-operated Irish firms make the mistake of thinking they don’t need any specific guidance on tax compliance. On the contrary, you will need legal and practical advice on the mechanics and regulations of VAT, Benefit-in-Kind, income tax, and corporate tax. You’re better off with a tax compliance company like Forth Corporate Services on your side.
(4) Streamline your business systems
If you have a clunky system in which you’re the only person who knows how to create an invoice, then you’re running an incredibly inefficient business. As a smart owner, you need to not only streamline your business processes but also gamify your business systems.
Even better, you should work with a business advisor and accountant to streamline everything, from cash flows and accounts to ROS filings and payroll.
(5) Hire a business coach
Working with a business coach is a no-brainer for anyone running their own business. When you have an expert and a mentor on your side, you receive prized business insights, all whilst having someone who sees the bigger picture, offering unbiased advice.
(6) Focus more on activities than the outcome
If you tend to worry about not reaching quarterly targets, you won’t make getting the right results any easier. In today’s business world, there are 3 key categories of key performance indicators (KPIs) – namely activity indicators, leading indicators, and lagging indicators.
By concentrating on activity indicators, you will start including activities that will eventually help get more sales, increase conversion, and generate more revenue.
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Forth Corporate Services is a firm of experienced professionals providing services in Corporate and Tax compliance in Ireland. We are an online business and utilise technology to provide our services and engage our clients.
Forth Corporate Services is a firm of experienced professionals providing services in Corporate and Tax compliance in Ireland. We are an online business and utilise technology to provide our services and engage our clients.