Ten top tips to successfully grow your business

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