An annual self-assessed Local Property Tax (LPT) charged on the market value of all residential properties in Ireland will come into effect from 1 July 2013 and you may have received correspondence from Revenue enclosing an LPT Return and a detailed guide to Local Property Tax.

The guide provides information to assist you on how to assess the value of your property and calculate your LPT liability.  It also details payment options and guidelines on how to complete your Return.  As the deadline for submitting paper returns has passed, you must now submit your Return on-line at www.revenue.ie before the 28th of May, 2013.  If you have not already received this correspondence, the onus is on you, the property owner, to submit the return on line.

Valuation

The LPT booklet outlines the methods of self-assessing the market value of residential property and is a guide to average market values of properties in a given locality which offers an indicative valuation band for properties depending on type, age and location.  It does not provide market values for individual properties and is just a guide is based on average market value of properties sold since the year 2010.

Self assessment requires you the property owner to honestly assess the market value of your own property.  If a property is smaller or larger than the average for the area, is in a poor state of repair or has some unique features, this will have to be taken into account when assessing the valuation band of the property.

On-line LPT calculator

When you have self assessed the current market value of your property and identified the valuation band you can use Revenue’s on-line calculator to determine the amount of LPT you have to pay in 2013.

Should you have any queries on the process or require any assistance in processing the paperwork, please contact one of our team and we will gladly assist you.

CONTACT US TODAY

What can Avid Partners Accountants & Business Advisers do for you and your business?

We help business owners and managers achieve success.

Our clients benefit from:

-          Getting the best results for their business

-          Minimising costs and tax

-          Maximising personal wealth and financial security

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

• Discover How To Grow Your Customer Base and Increase Profits
• The key to making sure your business thrives, even in a struggling economy with an uncertain future.
• How to identify a focus for your business development that will catapult you to the next level and maximise on the opportunities.
• The one thing that most business owners don’t have, which will immediately save you a fortune in your business.
• How to motivate your staff to work harder and produce more profit for your company.

What are others saying about Avid Partners Accountants & Business Advisers:

“I have hired Avid Partners Accountants & Business Advisers twice over the last 7 years. I currently use Avid Partners Accountants & Business Advisers for my own business. I am astounded by the quality of service and level of knowledge Jamie and his staff provide for me and my business. I have used many accountancy firms during the years but have never found anyone that is always there when you need them most. Until I found Jamie and his firm. Avid Partners Accountants & Business Advisers has helped my company to grow and return to profit in a very short space of time. They have always provided a sensible solution for any financial problems I have encountered along the way. Avid Partners Accountants & Business Advisers has ensured my business will grow with my expectations and has also helped to point me in the right direction when negotiating with banks. There is no doubt having a quality accountancy firm to back up your company makes a world of difference to your business. Jamie and his firm make that difference to my business.” February 16, 2012

Alexander Cleland – Clelands Supermarket

We will be raising much needed funds for sports and physical activities for people with disabilities in Laois through the Laois Sports Partnership “S.I.D.” Programme.

This year’s route, totalling 750km in 7 days, will take us on a scenic journey from La Rochelle, along the coast of Poitou-Charentes & Brittany, to Portlaoise, Co Laois.  Following from the success of last years “Portlaoise to Paris” cycle, we are extending an invite to join us in 2013.

Laois Sports Partnership will support you with a regular and gradual training programme so you will be ready for the challenge of a lifetime by September.  If you have a basic level of cycling experience and are looking for a fun fitness challenge for a very worthy cause, this is the event for you!

Portlaoise Rotary Club are delighted to support this valuable local programme in 2013 through our Charity Cycle.  We hope that you can join us for this fun once in a lifetime challenge, while supporting a great cause!

For more information and details on how to register please click on this information leaflet which contains the registration form.

Laois Sports Partnership Sports Inclusion Disability Programme

Do you, as the business owner or manager, have a process for generating sales in your business?

Does your business have sales targets? Do you review, on a weekly basis, the sales performance of your business?

The key for many businesses is getting out and meeting the target market. The business needs to introduce structures and processes that will drive sales.

In the current climate successful business owners and managers have learned how to develop and market their business and groomed the business for continued recovery and growth.

Avid Partners Accountants & Business Advisers has played a vital role in assisting clients to design and implement effective marketing strategies.  Avid Partners Accountants & Business Advisers continue to keep abreast of marketing tools and processes which assist both the firm and its clients in achieving growth strategies.

“In 2009 I engaged Avid Partners Accountants & Business Advisers to review the performance of my retail business and to assist me with the development of a marketing plan. Avid Partners introduced some simple but insightful techniques to grow my business. I am happy to report that my turnover grew by 16% in 2010 and a further 24% in 2011. I would strongly recommend Avid Partners to carry out a review of your business especially in light of the results I achieved as a result of our review process” Retail Store Owner – Dublin

Clients request Avid Partners Accountants & Business Advisers to assist them carry out such a review because it’s hard to do it by yourself.  Bringing in an experienced outsider can challenge you to think deeply about each stage of this process, and come up with much more valid conclusions.

In depth analysis of the business will look at the following areas relating to the business:

• Industry, market sector, trends and key success factors
• Competitor performance, advantages and differentiators
• Company products, services, distribution and structure
• Sales results, market share and client profitability
• Marketing strategy performance, mix and budget
• Organisational resources and competences
• People, training and investment
• Market research

What are the key benefits?

• An independent assessment by an expert
• Increasing the sales performance of the business
• Increasing the bottom line performance
• Improving cash flow and the management of working capital
• Written roadmap and strategic plan for the business
• Increased cost efficiencies
• Learn how to “Make more money”

“We are proud to be associated with Avid Partners Accountants & Business Advisers for the last three years on a Business and Personal capacity. After many years of varying Degrees of financial consultancy and advice we finally found an accountancy firm that goes beyond the call of duty when advising us in business and preparing financial reports.

Avid Partners Accountants & Business Advisers actually become a part of what we are and look at everything from a totally new perspective. Their approach is both professionally reinvigorating and objective in fulfilling all of our financial and business solution procurement.

We highly recommend Avid Partners as a financial partner for you.” North Dublin Dry Cleaners

What Do You Need to Do?

Our Business Review can help increase your sales, improve cash flow, generate cost efficiencies and provide you with a written roadmap and strategic plan tailored to your business, thereby helping you make more money.

If you think your business could benefit from a Business Review by Avid Partners Accountants and Business Advisers contact us today. Our review is normally carried out at your business premises and can be completed in as little as one day with minimum disruption and cost to your business while generating both short and long term benefits.

So are you willing to spend some time working with us to improve your business?

Contact Avid Partners Accountants and Business Advisers today to arrange your Business Review.

WANT TO USE THIS ARTICLE IN YOUR PUBLICATION OR WEB SITE? You are welcome to use this article anytime, just be sure to republish it intact and include the following author/copyright information and links:

© Copyright Avid Partners Accountants and Business Advisers, 2013.  Avid Partners helps business owners and managers achieve success.  Clients can benefit from getting the best results for their business, minimising costs and tax while maximising personal wealth and financial security.  Visit our website www.avidpartners.ie and request a free consultation or register to receive our “Start Up Business Guide” which was designed to assist as a handy reference in a start up business and gives practical step by step advice or our “11 Proven Techniques That Will Improve Your Bottom Line” which is a fantastic collection of must know points on all key functions of successful businesses.

We look forward to talking with you should you wish to “profit from our experience”.

Conal believes in understanding a clients business and their needs. He uses this understanding to deliver a tailored range of accountancy services to help clients meet those needs. He calls on his extensive background in accounting, audit, investigation services, corporate recovery, internal procedures reviews and due diligence to ensure that the client is best advised to succeed in their business. Conal has advised business owners of all sizes and across a wide range of industries. He enjoys helping clients look at their business from different perspectives to ensure they are maximising their business performance whilst effectively managing their taxation position. Clients value his straight talking and can do attitude and they often consider Conal and Avid Partners as an important strategic add on to their business Conal is from Co. Kildare and now lives in Co. Laois with his wife, Pamela and their two children. He is an active member of several business groups throughout Leinster and enjoys golfing and playing guitar. “In today’s business environment clients need their advisers to be proactive and forward thinking. I enjoy helping clients overcome any current business issues that they may have so that together we can work focus on maximising their business performance. I am always delighted when client consider me as a partner in their business rather than just their accountant.”

What can Avid Partners Accountants & Business Advisers do for you?

We help business owners and managers achieve success.

Our clients benefit from:

-          Getting the best results for their business

-          Minimising costs and tax

-          Maximising personal wealth and financial security

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

• Discover How To Grow Your Customer Base and Increase Profits
• The key to making sure your business thrives, even in a struggling economy with an uncertain future.
• How to identify a focus for your business development that will catapult you to the next level and maximise on the opportunities.
• The one thing that most business owners don’t have, which will immediately save you a fortune in your business.
• How to motivate your staff to work harder and produce more profit for your company.

What are others saying about Avid Partners Accountants & Business Advisers:

“I have hired Avid Partners Accountants & Business Advisers twice over the last 7 years. I currently use Avid Partners Accountants & Business Advisers for my own business. I am astounded by the quality of service and level of knowledge Jamie and his staff provide for me and my business. I have used many accountancy firms during the years but have never found anyone that is always there when you need them most. Until I found Jamie and his firm. Avid Partners Accountants & Business Advisers has helped my company to grow and return to profit in a very short space of time. They have always provided a sensible solution for any financial problems I have encountered along the way. Avid Partners Accountants & Business Advisers has ensured my business will grow with my expectations and has also helped to point me in the right direction when negotiating with banks. There is no doubt having a quality accountancy firm to back up your company makes a world of difference to your business. Jamie and his firm make that difference to my business.” February 16, 2012

Alexander Cleland – Clelands Supermarket

As a small business experiencing growth Ortus Technology found itself in need of guidance. We weren’t sure how to measure our company, how to grow within our budget or what our budget actually was.

Avid Partners looked at our business, listened to us and got us to provide them with some information. They have since then processed this information into a business plan for us. We finally know our profitability, how to grow and most importantly they have shown us what to avoid in the future.

I cannot recommend Avid partners highly enough for the structure they have put in place for my business. It has given us peace of mind and drive to move our business forward.

Cian Prendergast, Ortus Technology.

Convention with the US

The Ireland- US Treaty, which was concluded in 1951, is treated now as applying to inheritance tax in Ireland and federal estate tax in the USA.  It does not apply to gift tax or to any taxes in the nature of death duties which may be imposed by individual U.S. States, e.g. Californian inheritance tax, however in such cases unilateral relief may apply.

Scope of Irish and US Inheritance Tax

Ireland imposes inheritance tax on worldwide assets where the disponer or beneficiary is resident/ordinarily resident in Ireland, otherwise only assets situated in Ireland are liable to inheritance tax.  The U.S. imposes federal estate tax on worldwide assets if the disponer was a US citizen or was domiciled in one of the States of the U.S., otherwise only property situated in the U.S. is liable to federal estate tax (subject to certain exceptions).

However, the Convention provides that Ireland cannot tax property outside its territory unless the disponer died domiciled in the State (or the disposition in question was governed by the law of the State) or else died not domiciled (i.e. not resident) in the U.S and this will continue to be the position irrespective of the residency rules. This means that a benefit taken by an Irish resident beneficiary of U.S. situate property from a disponer who is domiciled in the U.S. might appear to be subject to C.A.T. but is in fact not liable under the terms of the Convention.  Where either country imposes tax on property situated solely in the other country then the country where the property is not situated gives credit for the tax paid in the other country. Like both unilateral relief, and relief under the UK Double Taxation Treaty, the amount of the credit cannot exceed the amount of inheritance tax on the property which is doubly taxed. In circumstances where the convention does not provide relief, the unilateral provisions of section 107 of the Act may apply.

As the U.S. claims to tax assets wherever situated if the deceased is a U.S citizen at the time of his death, irrespective of the domicile, it often results in both Ireland and the U.S. claiming tax on worldwide assets. In such a case the Convention, if the deceased died domiciled and resident or ordinarily resident in Ireland but a citizen of the U.S. at the date of death, provides that Ireland will allow against its tax on property situated in the U.S. a credit for the U.S. tax payable on that property.  The credit given is the lesser of the Irish or U.S. tax on that property. The U.S. on the other hand will allow against its tax on property situated in Ireland a credit – again equal to the lesser of the Ireland or U.S. taxes.

Location of property

The location of property is central to the whole question of the relief and it is here that the convention with the U.S. differs significantly from the convention with the U.K.  It contains a code in Article III called the “Situs Code” which is to be applied where the deceased died domiciled in either Ireland or the U.S. (or in both).   The code in Article III sets out eleven rules for determining the situs (location) of different classes of property.  While it conforms substantially to general law with regard to most classes of property, it differs significantly with regard to the following classes:

• ^{Debts due to the deceased (unless otherwise provided for). It is important to note that debts include bank accounts.}
• ^{Moneys payable under an assurance policy or an insurance policy on the life of the disponer.}
• ^{Government securities and shares or stock in municipal or government corporations.}

These categories of property are deemed to be situated where the disponer was domiciled.

This can result, exceptionally, in property being treated as located in both countries as both countries may claim domicile. When this happens, the credit is split. The credit to be given is based upon the lower of the taxes charged in both jurisdictions and each gives a proportion of that sum as a credit so that the amount of tax payable between the two countries is equal to the greater amount payable in the two countries separately.

Note that the situs code is governed by the domicile of the disponer and not by his/her citizenship.

Under the provisions of Article VI any claim for credit (or for a related refund of tax) must be made within six years from the date of the disponer’s death.

What can Avid Partners Accountants & Business Advisers do for you and your business?

We help business owners and managers achieve success.

Our clients benefit from:

-          Getting the best results for their business

-          Minimising costs and tax

-          Maximising personal wealth and financial security

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

• Discover How To Grow Your Customer Base and Increase Profits
• The key to making sure your business thrives, even in a struggling economy with an uncertain future.
• How to identify a focus for your business development that will catapult you to the next level and maximise on the opportunities.
• The one thing that most business owners don’t have, which will immediately save you a fortune in your business.
• How to motivate your staff to work harder and produce more profit for your company.

What are others saying about Avid Partners Accountants & Business Advisers:

“I have hired Avid Partners Accountants & Business Advisers twice over the last 7 years. I currently use Avid Partners Accountants & Business Advisers for my own business. I am astounded by the quality of service and level of knowledge Jamie and his staff provide for me and my business. I have used many accountancy firms during the years but have never found anyone that is always there when you need them most. Until I found Jamie and his firm. Avid Partners Accountants & Business Advisers has helped my company to grow and return to profit in a very short space of time. They have always provided a sensible solution for any financial problems I have encountered along the way. Avid Partners Accountants & Business Advisers has ensured my business will grow with my expectations and has also helped to point me in the right direction when negotiating with banks. There is no doubt having a quality accountancy firm to back up your company makes a world of difference to your business. Jamie and his firm make that difference to my business.” February 16, 2012

Alexander Cleland – Clelands Supermarket

WANT TO USE THIS ARTICLE IN YOUR PUBLICATION OR WEB SITE? You are welcome to use this article anytime, just be sure to republish it intact and include the following author/copyright information and links:

© Copyright Avid Partners Accountants and Business Advisers, 2013.  Avid Partners helps business owners and managers achieve success.  Clients can benefit from getting the best results for their business, minimising costs and tax while maximising personal wealth and financial security.  Visit our website www.avidpartners.ie and request a free consultation or register to receive our “Start Up Business Guide” which was designed to assist as a handy reference in a start up business and gives practical step by step advice or our “11 Proven Techniques That Will Improve Your Bottom Line” which is a fantastic collection of must know points on all key functions of successful businesses.

We look forward to talking with you should you wish to “profit from our experience”.

An annual self-assessed Local Property Tax (LPT) charged on the market value of all residential properties in Ireland will come into effect from 1 July 2013 and during the coming weeks you will receive correspondence from Revenue enclosing an LPT Return and a detailed guide to Local Property Tax.

The guide will provide information to assist you on how to assess the value of your property and calculate your LPT liability.  It will also detail payment options and guidelines on how to complete your Return.  The most straightforward way to submit your Return will be on-line at www.revenue.ie

Valuation

The LPT booklet outlines the methods of self-assessing the market value of residential property and is a guide to average market values of properties in a given locality which offers an indicative valuation band for properties depending on type, age and location.  It does not provide market values for individual properties and is just a guide is based on average market value of properties sold since the year 2010.

Self assessment requires you the property owner to honestly assess the market value of your own property.  If a property is smaller or larger than the average for the area, is in a poor state of repair or has some unique features, this will have to be taken into account when assessing the valuation band of the property.

On-line LPT calculator

When you have self assessed the current market value of your property and identified the valuation band you can use Revenue’s on-line calculator to determine the amount of LPT you have to pay in 2013.

Should you have any queries on the process or require any assistance in processing the paperwork, please contact one of our team and we will gladly assist you.

CONTACT US TODAY

What can Avid Partners Accountants & Business Advisers do for you and your business?

We help business owners and managers achieve success.

Our clients benefit from:

-          Getting the best results for their business

-          Minimising costs and tax

-          Maximising personal wealth and financial security

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

• Discover How To Grow Your Customer Base and Increase Profits
• The key to making sure your business thrives, even in a struggling economy with an uncertain future.
• How to identify a focus for your business development that will catapult you to the next level and maximise on the opportunities.
• The one thing that most business owners don’t have, which will immediately save you a fortune in your business.
• How to motivate your staff to work harder and produce more profit for your company.

What are others saying about Avid Partners Accountants & Business Advisers:

“I have hired Avid Partners Accountants & Business Advisers twice over the last 7 years. I currently use Avid Partners Accountants & Business Advisers for my own business. I am astounded by the quality of service and level of knowledge Jamie and his staff provide for me and my business. I have used many accountancy firms during the years but have never found anyone that is always there when you need them most. Until I found Jamie and his firm. Avid Partners Accountants & Business Advisers has helped my company to grow and return to profit in a very short space of time. They have always provided a sensible solution for any financial problems I have encountered along the way. Avid Partners Accountants & Business Advisers has ensured my business will grow with my expectations and has also helped to point me in the right direction when negotiating with banks. There is no doubt having a quality accountancy firm to back up your company makes a world of difference to your business. Jamie and his firm make that difference to my business.” February 16, 2012

Alexander Cleland – Clelands Supermarket

• Make sure that you raise invoices promptly and clearly state your terms of payment. Typical terms would be payment within 30 days.
• Chase your debtors for payment once they exceed their terms.
• If a customer has not paid an outstanding bill you should not be afraid to refuse him further credit.
• You should review your prices on an annual basis and increase them at least in line with inflation.
• Be smart when you are buying in raw materials. Bulk buying may be cheaper but stockpiling materials is rarely a good idea. Try to get the best price for the amount you need.
• Pay your suppliers within the terms they set, to keep a good relationship with them.
• Remember to keep enough money back to pay any VAT or tax due.
• Review your cashflow forecasts and budgets regularly and compare them with your actual income and expenditure. Remember to adjust your forecasts for changing circumstances.
• If you foresee problems, whether in cashflow, supply of materials or sales fluctuations take the appropriate action as soon as possible.
• Be smart in making payments such as rates, electricity, and telephone bills. These and others can be paid by monthly direct debit. This has the advantage of spreading the payment evenly over the year, and cutting down on the amount of time needed for administration in the business.
• It is wise to draw up a set of trading terms and conditions. These can be sent out to potential customers with quotations.

Forward planning is a key element in the success of any business. Backed up by sound financial management it should ensure that you are prepared for both the expected and the unexpected and that your business has a good chance of being a success.

What can Avid Partners Accountants & Business Advisers do for you?

We help business owners and managers achieve success.

Our clients benefit from:

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

1.  Get to know your COLLEAGUES. Take the time to really understand what motivates and interests them, what concerns they may have and what ideas they have to make the organisation more effective. If people feel that their leaders and managers are really interested in them they will return the interest in the work they are doing and the organisation as a whole. Find out what fires them up.

2.  Be motivated yourself. The more positive and motivated you are the more likely it is that your team will be as they will follow your example. Take time to understand what it is that motivates you personally and assertively communicate that to your manager. As a leader and manager it is vitally important that you take time for your own learning and development to learn new skills but also to take the time to reflect on what you need to do differently and how you are going to do it.  So see learning and development as vital part of your role and an investment. Remember motivation is infectious.

3.  Praise your people. When your team members do good work, put the extra hours in, come up with a brilliant idea or help a colleague – make sure that you give them praise and a thank you. Praising your people will encourage them to do more of the same in the future. Treat them with respect.

4.  Enhance your people’s creativity. Allow your team members to express their ideas and be sure to listen to them and explore those ideas with them – they could come up with the next best thing for your business. Also in brainstorming sessions use a variety of ways i.e. mind mapping/Edward De Bono’s Six Thinking Hats to stimulate creativity and use coloured pens, toys and music to enhance the creative atmosphere.

5.  Empower your people. Your role as a leader and manager is to get things done through your people and you can do this by effectively empowering your team. Where appropriate involve them in the decision making process, communicate key company information with them and ask for their feedback. Coach them to do some areas of your job that they would find stimulating and motivating and this will give you more time to do strategic thinking and planning.

 6.  Be consistent with your management and leadership style. Ensure that you are consistent with your style, if you are empowering and motivating one day but secretive and moody the next your team will get confused, paranoid and you will lose their trust. Remember every single second you are with your team you are having an impact on them, so make sure it is a positive one.

7.  Reward your COLLEAGUES. You may not have the budget for COLLEAGUES bonuses or large Xmas parties but you can still do small things to reward your COLLEAGUES when they have met targets, demonstrated excellent customer service etc. Chocolates, cakes and wine always go down well as a thank-you. Or you can be creative and look at other ways in which you can reward COLLEAGUES, for example, introduce flexi hours or write them a handwritten personal note of thanks and praise.  In some cases you could get the MD/Chairperson of the company to do this. Reward achievement.

8.  Have a social get-together. Organising the occasional social get together is a great way to boost morale and enable your team to get to know one another better.  You can organize a social committee that takes responsibility for organizing such events.

9.  Celebrate your successes. It is important of celebrate and communicate your successes as a company. Have a success board that is visually appealing and accessible for all COLLEAGUES to see. You could also have a ‘company hour’ once a week in which all members of the company are invited to have some wine/nibbles or tea/cake and learn about what successes the company has had and what the current priorities are. This is an excellent way to communicate directly to your COLLEAGUES.

10.  Put your people first. Your people are your greatest asset so make sure that every single member of your organization is made to feel valued, talk to them, listen to them, invest in their learning and always put them at the top of your agenda. Make sure to stick up for them.

What can Avid Partners Accountants & Business Advisers do for you?

We help business owners and managers achieve success.

Our clients benefit from:

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

1.      Know your competitors inside out

The job of convincing customers to buy from you instead of your competitors’ is where the real work begins. It is essential to complete a simple competitive analysis that will help you uncover the information you need to effectively differentiate your business from the competition based on your own unique selling points.

2.      Be more innovative

During uncertain economic times, innovation is more important than ever. The competition for sales becomes more intense, and the winners are organizations with the best offerings.

3.      Provide a simpler alternative

The key is to ensure that your offering is simpler to understand, deploy and engage with than your competitors.

4.      Be faster and more adaptable

Timeliness, accuracy and efficiency is essential to delivering your product or service faster than your competitors while always ensuring that you continue to adapt to the changing needs of your customers in advance of your competitor.

5.      Build stronger partnerships

You need to have long-term customers and good vendor relationships that will carry you through challenging times or tight deadlines, as well as relationships with other business owners to share struggles, resources and best practices that can really give you an edge. The reality is that business relationships are just like any other relationship. They require some effort to maintain and they must be mutually beneficial. As in any relationship, you must be willing to give, share and support, not just take or receive.

6.      Exploit new channels or route to market

You may be able to increase your sales and market share significantly by using different and/or additional sales methods. You can also use other business’ customer bases in some circumstances, eg wholesalers and distributors.

7.      Keep improving the customers experience

This is such an easy one – and it’s free.  Smile, be polite, build relationships with your customers and respond to complaints quickly and calmly. It’s that simple. But it’s something some companies find impossible to do well.

8.      Yours is a more creative and unique brand

How does your company meet its customers’ needs in a way that is both unique and compelling? To find the answer, consider not only the products or services you sell, but also how you operate, including any company-specific characteristics, such as a higher level of customer service or free next-day shipping.

9.      Do a better job for one group of their customers

Knowing your competitors and their target market, you may be able to exploit your customers in this market in order to communicate testimonials or case study of how your serve you customers in this market as opposed to your competitors. Highlight the differentiation with a competitors target market to gain further market share away from your competitors.

10.  Buy them while they are small

Acquire your competition while they are small and less expensive to acquire.

What can Avid Partners Accountants & Business Advisers do for you?

We help business owners and managers achieve success.

Our clients benefit from:

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

Benchmarking and Key Performance Indicators (KPI’s) are both essential components of a performance management framework. Such a framework includes:

• determining what constitutes success
• determining how success can be measured
• planning activities to achieve success
• performing activities and measuring performance
• comparing performance against the success criteria
• establishing learning points and improving the process.

Establish KPI’s which reflect the agreed success criteria and which are straightforward to measure. The focus must be on improving the process and achieving greater efficiencies rather than on measuring for the sake of it.

It is important that the measured performance is analysed to improve understanding and to provide feedback that can used to enhance the process and achieve continuous improvement.

 Benchmarking

Benchmarking is a tool to help you improve your business processes. Any business process can be benchmarked.

Many organisations talk about benchmarking but few actually do it. It is important for you to understand the basics of benchmarking and to be able to explain how your client can take advantage of the process.
What is Benchmarking? Robert Camp defines Benchmarking as the “search for industry best practices that lead to superior performance“.
Put simply it is the process of identifying, understanding and adapting outstanding best practices and high performance from organisations anywhere in the world and then measuring actual business processes against your organisation to help it improve its performance.
In Summary what will you find out by benchmarking?

• Who performs Best Practice or Business Excellence and has processes that are adaptable to you own organisation
• Who is the most compatible for you to benchmark against

What can Avid Partners Accountants & Business Advisers do for you?

We help business owners and managers achieve success.

Our clients benefit from:

-          Getting the best results for their business

-          Minimising costs and tax

-          Maximising personal wealth and financial security

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

• Discover How To Grow Your Customer Base and Increase Profits
• The key to making sure your business thrives, even in a struggling economy with an uncertain future.
• How to identify a focus for your business development that will catapult you to the next level and maximise on the opportunities.
• The one thing that most business owners don’t have, which will immediately save you a fortune in your business.
• How to motivate your staff to work harder and produce more profit for your company.

What are others saying about Avid Partners Accountants & Business Advisers

“I have hired Avid Partners Accountants & Business Advisers twice over the last 7 years. I currently use Avid Partners Accountants & Business Advisers for my own business. I am astounded by the quality of service and level of knowledge Jamie and his staff provide for me and my business. I have used many accountancy firms during the years but have never found anyone that is always there when you need them most. Until I found Jamie and his firm. Avid Partners Accountants & Business Advisers has helped my company to grow and return to profit in a very short space of time. They have always provided a sensible solution for any financial problems I have encountered along the way. Avid Partners Accountants & Business Advisers has ensured my business will grow with my expectations and has also helped to point me in the right direction when negotiating with banks. There is no doubt having a quality accountancy firm to back up your company makes a world of difference to your business. Jamie and his firm make that difference to my business.” February 16, 2012

Alexander Cleland – Clelands Supermarket

WANT TO USE THIS ARTICLE IN YOUR PUBLICATION OR WEB SITE? You are welcome to use this article anytime, just be sure to republish it intact and include the following author/copyright information and links:

© Copyright Avid Partners Accountants and Business Advisers, 2013.  Avid Partners helps business owners and managers achieve success.  Clients can benefit from getting the best results for their business, minimising costs and tax while maximising personal wealth and financial security.  Visit our website www.avidpartners.ie and request a free consultation or register to receive our Start Up Business Guide which was designed to assist as a handy reference in a start up business and gives practical step by step advice, together with useful names, addresses and contact numbers.

We look forward to talking with you should you wish to “profit from our experience”.

Below are 10 simple but essential means to mastering marketing:

1.      Identify your target customers

Having a strong understanding of your product or service identify the customers that your product or service can best meet the needs of – remember if your product or service fails to meet the needs of customers they will turn to your competitors to have their needs met by them.

2.      Know how your customer thinks, feels and buys

Knowing the behaviour of your customer will allow you the opportunity to devise the communication of your message and know where to place your message in order to attract awareness to your product or service.

 3.      Sell you customer a great story on your product or service

Every business has a story to tell. Communicate the vision and voyage making sure to include testimonials and case studies.

 4.      Choose the marketing medium which gives the greatest impact and most relevant to your customer

Know where your customer goes to obtain information or insights relevant to your product or service. Know what medium is used by your customers to gain insights and information.

 5.      Sell the product or service emotions and USP not the technical aspects

Your message to customers must focus on the unique selling points of your product or service. Why should the customer choose you over your competitors? Technical content will turn off your customer from receiving your message focus on the emotive needs of customers.

 6.       Communications should be consistent and carry your brand

When there is inconsistency in communication, building trust will be an arduous task. All members of an organisation will have to coached on delivering the intended message to ensure consistency throughout all levels of the business. It is imperative to instil the importance of consistent communication, from the beginning of our operations. Such a culture will act as a catalyst in the development of trust and creating a level of loyalty to your product/service. Failure to do so will have a detrimental impact on your business as a whole, and it will be very difficult to retain and nurture existing customers.

 7.      Share the vision and energy of your brand with all your people

In order to ensure consistency in all communications each member of staff will need to be aware of the vision and motive behind the organisations public image or branding.

 8.      Exploit and guard the uniqueness of your product or service

Know what is unique to your product or service. Nurture and protect this uniqueness while ensuring that all members of the organisation can share and encourage this strength.

 9.      Communication should be simple, concise & frequent

Keep all internal and external communications simple and concise avoiding technical jargon. The reader has a finite time to digest therefore get the message through early on in the communication. All communication must have a “hook” to grab the attention of the viewer or reader.

 10.  Get customers involved in your marketing

Your existing customers know the value of your product or service. Seek referrals, testimonials and case study profiles from them which will assist you in communicating with your target market.

What can Avid Partners Accountants & Business Advisers do for you?

We help business owners and managers achieve success.

Our clients benefit from:

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit

“You’ve got to be very careful if you don’t know where you’re going, because you might not get there.” -Yogi Bera

What is a Strategic Plan?

Entrepreneurs and business managers are often so preoccupied with immediate issues that they lose sight of their ultimate objectives. That’s why a business review or preparation of a strategic plan is a virtual necessity. This may not be a recipe for success, but without it a business is much more likely to fail. A sound plan should:

                  Serve as a framework for decisions or for securing support/approval.

                  Provide a basis for more detailed planning.

                  Explain the business to others in order to inform, motivate & involve.

                  Assist benchmarking & performance monitoring.

                  Stimulate change and become building block for next plan.

A strategic plan should not be confused with a business plan. The former is likely to be a short document whereas a business plan is usually a much more substantial and detailed document. A strategic plan can provide the foundation and frame work for a business plan.

A strategic plan is not the same thing as an operational plan. The former should be visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, focused, implementable and measurable. As an example, compare the process of planning a vacation (where, when, duration, budget, who goes, how travel are all strategic issues) with the final preparations (tasks, deadlines, funding, weather, packing, transport and so on are all operational matters).

A satisfactory strategic plan must be realistic and attainable so as to allow managers and entrepreneurs to think strategically and act operationally

Basic Approach to Strategic Planning

A critical review of past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition. Some essential points which should be observed during the review and planning process include the following:

                  Relate to the medium term i.e. 2/4 years

                  Be undertaken by owners/directors

                  Focus on matters of strategic importance

                  Be separated from day-to-day work

                  Be realistic, detached and critical

                  Distinguish between cause and effect

                  Be reviewed periodically

                  Be written down.

As the precursor to developing a strategic plan, it is desirable to clearly identify the current status, objectives and strategies of an existing business or the latest thinking in respect of a new venture. Correctly defined, these can be used as the basis for a critical examination to probe existing or perceived Strengths, Weaknesses, Threats and Opportunities. This then leads to strategy development covering the following issues discussed in more detail below:

                  Vision

                 Mission

                  Values

                  Objectives

                  Strategies

                  Goals

                  Programs

2. Key Steps towards a Strategic Plan

“If you don’t know where you are going, you will wind up somewhere else”. -Yogi Bera

The preparation of a strategic plan is a multi-step process covering vision, mission, objectives, values, strategies, goals and programs. These are discussed below.

• The Vision

The first step is to develop a realistic Vision for the business. This should be presented as a picture of the business in three or more years in terms of its likely physical appearance, size, activities etc. Consider its future products, markets, customers, processes, location, staffing etc.

• The Mission

The nature of a business is often expressed in terms of its Mission which indicates the purpose and activities of the business, for example, “to design, develop, manufacture and market specific product lines for sale on the basis of certain features to meet the identified needs of specified customer groups via certain distribution channels in particular geographic areas”. A statement along these lines indicates what the business is about and is infinitely clearer than saying, for instance, “we’re in electronics” or worse still, “we are in business to make money” (assuming that the business is not a mint !). Also, some people confuse mission statements with value statements (see below) – the former should be very hard-nosed while the latter can deal with ‘softer’ issues surrounding the business. The following table contrasts hard and soft mission statements.

When drafting a mission statement, critically examine every noun, adjective and verb to ensure that they are focused, realistic and justified.

• The Values

The next element is to address the Values governing the operation of the business and its conduct or relationships with society at large, customers, suppliers, employees, local community and other stakeholders.

• The Objectives

The third key element is to state the business’s Objectives in terms of the results it needs/wants to achieve in the medium/long term. Aside from presumably indicating a necessity to achieve regular profits (expressed as return on shareholders’ funds), objectives should relate to the expectations and requirements of all the major stakeholders, including employees, and should reflect the underlying reasons for running the business. These objectives could cover growth, profitability, technology, offerings and markets.

• The Strategies

Next are the Strategies – the rules and guidelines by which the mission, objectives etc. may be achieved. They can cover the business as a whole including such matters as diversification, organic growth, or acquisition plans, or they can relate to primary matters in key functional areas, for example:

• The company’s internal cash flow will fund all future growth.
• New products will progressively replace existing ones over the next 3 years.
  • All assembly work will be contracted out to lower the company’s break-even point.

Use SWOT analysis to help identify possible strategies by building on strengths, resolving weaknesses, exploiting opportunities and avoiding threats.

• .The Goals

Next are the Goals. These are specific interim or ultimate time-based measurements to be achieved by implementing strategies in pursuit of the company’s objectives, for example, to achieve sales of €3m in three years time. Goals should be quantifiable, consistent, realistic and achievable. They can relate to factors like market (sizes and shares), products, finances, profitability, utilization, efficiency.

• The Programs

The final elements are the Programs which set out the implementation plans for the key strategies. These should cover resources, objectives, time-scales, deadlines, budgets and performance targets.

3. Use Hindsight when Strategic Planning

Statements on vision, mission, objectives, values, strategies and goals are not just elements of future planning. They also provide benchmarks for a historic review. Most managers will find it exceedingly difficult to develop a future strategy for a business without knowing its current strategies and measuring their success to date.

Assess Current Position

The starting point must be to determine a company’s existing (implicit or explicit) vision, mission, objectives and strategies. Then judge these against actual performance along the following lines:

                  Is the current vision being realized?

                  How has the company’s mission and objectives changed over the past say, three years? Why have the changes occurred or why have no changes occurred? Identify primary reasons and categorize them as either internal or external.

                  Describe the actual strategies followed over the past few years in respect of products/services, operations, finance, marketing, technology, management etc.

                  Critically examine each strategy statement by reference to activities and actions in key functional areas covering such matters as:

• How has the company been managed?
• How has the company been funded?
• How has the company sought to increase sales and market share?
• How have productivity/costs moved?

Take each element and quantify by reference to actual performance. Ask of each “why not”?, “why only”?, or “why so”? and locate the reasons for differences between the actual and desired performance.

Drill Down

A useful technique for exploring performance shortfalls is to review the business’s financial return and to drill down through the components of this return to locate and assess the key determinants of performance.

4. Effect not Equal to Cause when Planning Strategy

When reviewing a business it is essential to cut through the symptoms of problems and reach the underlying causes. Questions which can assist in revealing the real causes include the following:

                  “What stopped the business from?”

                  “What caused the cause of?”

                  “Why didn’t the business achieve a 25% return?”

5. SWOTs – Keys to Business Strategies

Having built up a picture of the company’s past aims and achievements, the all-important SWOT (strengths, weaknesses, opportunities and threats) analysis can commence.

Strengths & Weaknesses

Strengths and weaknesses are essentially internal to the organization and relate to matters concerning resources, programs and organization in key areas. These include:

                  Sales – marketing – distribution – promotion – support;

                  Management – systems – expertise – resources;

                  Operations – efficiency – capacity – processes;

                  Products – services – quality – pricing – features – range – competitiveness;

                  Finances – resources – performance;

                  R&D – effort – direction – resources;

                  Costs – productivity – purchasing;

                  Systems – organization – structures.

If a startup is being planned, the strengths and weaknesses are related mainly to the promoter(s) – their experience, expertise and management abilities – rather than to the project.

The objective is to build up a picture of the outstanding good and bad points, achievements and failures and other critical features within the company.

Threats & Opportunities

The external threats and opportunities confronting a company, can exist or develop in the following areas:

                 The company’s own industry where structural changes may be occurring
(Size and segmentation; growth patterns and maturity; established patterns and relationships, emergence/contraction of niches; international dimensions; relative attractiveness of segments)

                 The marketplace which may be altering due to economic or social factors (Customers; distribution channels; economic factors, social/demographic issues; political & environmental factors)

                 Competition which may be creating new threats or opportunities
(Identities, performances, market shares, likely plans, aggressiveness, strengths & weaknesses)

                 New technologies which may be causing fundamental changes in products, processes, etc.
(Substitute products, alternative solutions, shifting channels, cost savings etc.)

Against an uncertain and shifting background, the objective must be to identify and prioritize the key SWOTs in a one-handed manner (Don’t say “on the one hand ………..but on the other hand………”).

Develop Business Strategies

Once the SWOT review is complete, the future strategy may be readily apparent or, as is more likely the case, a series of strategies or combinations of tactics will suggest themselves. Use the SWOTs to help identify possible strategies as follows:

                  Build on strengths

                  Resolve weaknesses

                  Exploit opportunities

                  Avoid threats

The resulting strategies can then be filtered and moulded to form the basis of a realistic strategic plan.

6. Simple & Short Strategic Plans

“By failing to prepare, you are preparing to fail”. -Benjamin Franklin

Notwithstanding that “battles are often lost for want of nails”, a company rarely succeeds or fails for minor or trivial reasons. The causes are usually substantial and are often self-evident, at least to an outsider. For example, the business was completely over-borrowed; management was weak; a major new product opportunity was identified; legislation changed; a major competitor went bust or expanded; the company never reinvested.

It should be possible in the course of a few pages to set down the main elements of a business’s vision, mission, values, objectives, goals, strategies, SWOTs etc. The compilation of a short report along these lines is likely to prove much more difficult than a lengthy dissertation which mixes up details and principles, and confuses the broad picture.

Independent advisers or non-executive directors can play a valuable role in this process because they can readily adopt the role of devil’s advocate and also bring external knowledge and expertise to bear. The worksheet presented below may also assist.

What can Avid Partners Accountants & Business Advisers do for you?

We help business owners and managers achieve success.

Our clients benefit from:

We are professionally qualified accountants with over twenty years experience.

We look forward to talking with you should you wish to “profit from our experience”.

We will assist your business in increasing profit