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Non EI/IDA businesses neglected by State agencies
Posted 5 Jul 2011
Irish businesses who are not clients of Enterprise Ireland, IDA Ireland or County Enterprise Boards have no state agency looking after their interest or doing anything to ensure they can survive this recession. In total these businesses employ hundreds of thousands of people and their business is primarily serving the domestic economy. Despite being critical [...]
Banks in UK to mentor small businesses.
Posted 5 Jul 2011
The UK’s five biggest banks have launched a mentoring scheme for small and medium-sized enterprises (SMEs). It is hoped the scheme will bring banks and businesses closer together and make firms more likely to succeed in raising finance. The idea is to offer firms more support on issues such as finance, marketing and HR. Such [...]
5 Irish companies go bust every day in February 2011
Posted 8 Mar 2011
In the month of February 2011 153 Irish companies went bust, equating to five companies every single day according to InsolvencyJournal.ie. This represents a 59% increase on the January figures and is the 2nd highest monthly figure ever recorded. Sectors such as construction, retail & hospitality were the worst affected. Whilst the names of some [...]
Revenue Commissioners becoming more aggressive in chasing unpaid taxes
Posted 25 Feb 2011
Stubbs Gazette has said there has been a 17% increase in Revenue Commissioner’s bankruptcy debt actions during the first 6 weeks of 2011 compared to the same period last year. In the High Court the Revenue Commissioners have become one of the biggest bankruptcy petitioners. The Revenue Commissioners are currently involved in 37 cases against [...]
Rates, electricity & waste charges
Posted 17 Feb 2011
The first thing a new government needs to do when it gets into office is tackle the rates costs for business and get these massively reduced. Small businesses are carrying the costs of local government bodies and cannot afford these charges for which no benefit is derived. Similarly the new goverenment needs to tackle the high [...]
Supports available from County Enterprise Boards & State agencies.
Posted 14 Feb 2011
All business owners should be fully aware of the supports available from State agencies. If you are starting a business, expanding a business, moving into new markets, doing R&D or increasing employment it is essential to be aware of the supports available from County & City Enterprise Boards or from Enterprise Ireland for larger companies. [...]
Cost Reduction – The Right and Wrong Way.
Posted 21 Jan 2011
Most organiations have done quite a lot of cost reductions – but have they cut the correct costs?
10 Reasons to Plan & Budget.
Posted 5 Jan 2011
1. Budgets, executed correctly, can be a vital tool in running any business big or small. 2. Failure to plan equates to planning to fail. Plans without properly full financial budgets & cash flows are worthless. 3. Market dynamics, customer demand, competitors actions, exchange rates, costs etc are constantly changing. A budget can measure the [...]
38,000 Irish firms at risk of failure – Vision.net report August 2010.
Posted 5 Jan 2011
A study of 100,000 companies published in August 2010 by business information agency Vision-net.ie has found that more than 38,000 are ‘high-risk’ and showing signs consistent with business failure. Vision-net.ie also found that more than €1 billion of unpaid debt has been left behind so far this year by companies which have gone into liquidation. [...]
Main reasons for business failure
Posted 26 Nov 2010
Internal Causes of Failure – Factors within the control of the business: Poor management: e.g. ignoring issues or people that need dealing with, lack of critical information e.g. margin analysis. Inadequate accounting systems e.g. information about margin analysis and accounts receivable. Poor cash flow management. Inappropriate sources of finance – borrowing short to invest long. [...]
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Sean Donnelly offers resource papers to help you get your business back on track! papers are available on request: