Check that the customer Can and Will pay within your terms before supplying on credit

To determine if they Can pay within your terms -

• Look up their last filed accounts
• Ask them to complete a bank reference form which quotes the customer’s requested credit limit. The form basically asks their bank if they have sufficient funds, in general, to meet that amount

To determine if they Will pay within your terms

• Ask them to supply you with 3 trade credit references from suppliers that trade at a similar level to what they will be trading with you

Other good practices

• Your terms should reflect the risk associated with a client
• Your standard terms should be “30 days from invoice date” Not “End of month following invoice”
• Put your terms and bank details on all invoices
• Send timely invoices and monthly statements
• Put as much relevant details on the invoice as you can e.g. ordered by, purchase order no. etc
• If you give trade discount, change it to cash discount
• Phone for payment don’t just rely on statements and letters – Get someone else to make the calls for you
• When chasing overdue accounts, remember the 3 P’s
• Phone, Progress your calls, Pass on delinquent accounts
• Only charge interest on overdue accounts (Interest on Late Payments Regulations 2002) on delinquent accounts. Otherwise, you are implying that you accept late payments.
• Don’t be afraid to barter if your delinquent credit customer genuinely can’t pay. Better that then have to wait indefinitely for payment and/or incur expensive legal fees if suing.

Compliments of ABC Bookkeeping Solutions© Advice . Bookkeeping . Cash Flow Management www.business-solutions.ie 046 95 498 17 / 086 854 1189

We are offering a full package: company formation, logo, website design, business cards, and a laptop…

INCLUDED: Advice and registration of your company through Dineen Company Formations

INCLUDED:

Designer created corporate logo and corporate identity.

INCLUDED: Designer created business card design with starter pack of 500 printed and posted.

INCLUDED: Designer created bespoke website design which you will have input into.

INCLUDED: Full bespoke website development with our EasyEdit website editor.

INCLUDED: Free hosting and domain name,(.ie/.com/.co.uk or similar).

INCLUDED: Full search engine optimisation service.

INCLUDED: €150 worth of Google adwords and a managed advertising campaign.

INCLUDED: Brand new full-size, high spec Lenovo Laptop worth well over €500.

All In Cost: €1895 ex. VAT If required we may be able to spread payments over a period. Contact Ruairi in KRO today on 091 399 939 for more information and details.

NB: You must order and pay a €895 deposit. The business cards and the laptop will be shipped immediately after your final payment has been received. If you don’t require a laptop or business cards we can reduce the cost accordingly.

Offer is strictly limited to 5 customers.

Details are as follows:
Date: Wednesday 22 April 2009
Time: 7PM onwards
Venue: Carlton Abbey Hotel in Athy
Directions: http://www.carltonabbeyhotel.com/athy_kildare

The reason i’ve chosen this hotel is (1) its pretty much the central point between Carlow and Kildare and (2) Anita from officegenie.ie has organised with the Carlton Abbey Hotel, that they provide us with our own dedicated room (very posh with big sofas) so we can mingle freely. Anita has managed to get us the room free of charge and a contribution of €2.50 each will cover tea’s/coffee’s and biscuits for the night.

Hopefully i might see some of you there and don’t forget to bring your business cards.

Greenhouse Limerick is independently funded which allows for more flexibility and Irish start-ups have to go through an application process in order to determine their chances of success.

Media and business interest in the Greenhouse Limerick incubator continues to grow as the organisation starts to work in the Limerick area. Evert Bopp, Greenhouse Limerick founder, has been in demand across the country to try and install similar incubators in other recession hit towns and cities across Ireland.

We are delighted to be involved with such an innovative new company. More information on their newly appointed advisors can be found here or through their website.

We also understand that in these economic times, forking out a fortune for a website isn’t an option for a lot of new business starting up. Which is why i’m writing this post. What would you say if you could (1) create a website (2) update it at will without consulting an website consultant and (3) upskill yourself at the same time all for just €245! In my mind i would say its a no brainer and a fantastic investment in both you and your business.

KRO IT Solutions are running an IT Training Workshop next month in Dublin. Ruairí Browne, Director and trainer in KRO says that “In this workshop you will learn how to create a professional website in just one day. While doing so you will learn all about HTML, images on web pages, stylesheets, and search engine optimisation. This workshop is strictly limited to 12 attendees. You will not need experience of HTML or web design to attend this course, but reasonable computer literacy is essential. Use of PC and software included. This workshop includes parking, refreshments, lunch, and all materials required.”

I would think these places will go like hot cakes so i’d get in and book a place now! More information on this workshop and other workshops being held by KRO can be found on KRO IT Solutions website.

The Kildare Business Network was established in 2008 by a number of local business people who were looking for a new way to meet and network with other local business people. It was set up by a progressive group of Kildare business people to provide such a network to local owner managers. From the outset it was intended that the Business Network should provide a relaxed setting where members can share their challenges and advice to other members and this is being achieved at meetings held twice a month in Kildare.

We are constantly on the look out for more businesses to join the network, so, If you are interested in attending/joining Kildare Business Network please email me for more details.

As a member of Kildare Business Network, you will :

• Tap into a supportive network of like minded people who may be going through similar situations to yourself.
• Get access to expert guest speakers brought in to present on topics of interest to members.
• Widen your contact base to help you develop your business.
• Have the opportunity to promote your business through the events which the Network develops or sponsors on an Annual basis.
• Enjoy preferential rates for products or services offered by fellow members.

To avoid potential conflict of interest, membership is restricted to one business per business sector.

I really believe this is the way forward and am delighted to be part of such a vibrant and innovative group of business people. For further information, please go to www.kildarebusinessnetwork.com

Details are as follows:

Date/Time: Wednesday, 8th April @ 6PM

Venue: Osprey Hotel, Naas, Co. Kildare

There is no fee to attend, and all are welcome. For further information, please do not hesitate to contact Naas Chamber on 045-894074 or by email on info@naaschamber.ie

For more details on Eilis and her company, please visit http://www.eilisjquinlan.ie/

1. Know Yourself. Very important. A lot of people don’t think of this at all, but its important to suss out whether you would be productive working on your own. Its completely different from working with a lot of people around you. Also, if you’re not going to be working on your own, i.e. if you will be taking on staff, are you up to the responsibility? Do you know what responsibilities you will have as an employer?

2. Are you prepared to take a risk? With lending being so low at the moment, a lot of new business startups are digging into their saving to get them started. You need to ask yourself if you would be prepared to do this, and if the worst came to the worst and things didn’t work out, how would this leave you financially?

3. Research your market. Is there a niche for your product or service? Who are your customers and also who are your competitors? Research is the key to any successful business.

4. Look at your production requirements. Where will the business be located. Is machinery/office equipment required? Will you need staff and if so, will employees require additional training prior to commencing work?

5. Work out your total costs. What costs are involved in the purchase of capital equipment/premises? What will your labour/staffing costs be? It is very important to establish what your fixed costs will be before moving forward as these are essential to the operating and running of your business.

6. Estimate your selling price and plan how you will achieve sales. Taking the factors in point 5 into consideration, estimate what your selling price will be. Do not under estimate as this could be detremental to your business. Also, how will you achieve sales? How will you promote your enterprise and what channels of distribution will be used.

7. Decide the legal framework for your business and check out any legislation that might affect you. So, what business structure will your enterprise use? Sole Trader, Partnership, Limited Company? (go to www.getregistered.ie for more details). Remember as well as registration of the business/company name, registration with the Revenue Commissioners is also compulsory.

8. Check out your sources of materials/supplies, their availability and cost. Where can raw materials be purchased if required? Have you received quotations from a number of potential suppliers?

9. What are your total financial/investment requirements? How will you fund this new business (personal investments, grant aids loans)?

10. Produce a Business Plan. The most important of them all!! Commit all relevant information to paper whilst being realistic and setting targets based on research carried out.

Once these 10 things are taken into careful consideration, then you may well be on the way to starting your own business!

What to do:

• If you are trading under your own individual name e.g. Mary Murphy, you will not need to register your business name with the Companies Registration Office.

• If you are trading under another name apart from your own individual name e.g. XYZ Enterprises, you will then need to register with the Companies Registration Office. Please note that even if the name you require is in use, the Companies Registration Office will still allow you to use this name, as there is no restriction on the amount of times a business name can be registered.

• To open up a bank account, you will need to request a form to open a bank account for a sole trader (not a company). Please note you will need to have your business name registered before you can open a bank account (if you are trading under another name that is not your personal name).

• To register for Income Tax and/or Vat etc with Revenue, you will need to fill out a TR1 form which you can download from www.revenue.ie

• Please note that in order to register for Income Tax and/or Vat, you will have to have your business name registered, and your bank account open as two questions asked on the TR1 form are your business registration number and your business bank account details.

Other Things to Note:

• It is possible at a later date to alter the business format, e.g. if you decide at a later date to register a Limited company, it is possible to do so.

•You do not need to file Accounts with the Companies Registration Office every year but it would be useful to have your accounts prepared because
(a) you will have to file a Return of Income with the Revenue Commissioners under the self assessment scheme every year
(b) If you are looking for (or will be looking for) grant aid or bank finance

• As a sole trader you absorb all the profits…and all the debts and risks of the business.

• Sole Traders do not pay Corporation Tax, but will need to file a Return of Income Tax with the Revenue Commissioners every year.

• The main difference between a Limited Company and a Sole Trader is that a Sole Trader does not have limited liability. This means that the owner of the business is responsible personally for any profits/losses incurred by the business. As a Limited Company, the personal assets of the directors are protected and its only the assets of the Company that become liable should a liable situation arise.

For more information you can visit www.getregistered.ie or call Dineen Company Formations on 045-480448

One method of saving money in your business is to curb your spending on advertising. Obviously this is not possible for everyone, but what is possible is promotion of your business without spending a penny!

That is where Networking comes into it. Networking won’t cost you a cent and the great thing is that you get to meet potential clients personally. At the risk of sounding repetitive, its a well known fact that people prefer to do business with or refer business to people that they have met. No one will have the enthusiasm for promotion of your business like you will, which is why we need to get out there and meet people face to face.

And this is why it has been decided to get all us small to medium sized businessed t0gether, where we can do just that. Initally it will start off with a combined networking group for small to medium sized businesses in Kildare, Carlow, Meath and Kilkenny. Its a great way to get to know each other, build business contacts, pass referrals etc.

At an initial glance, i’ve had a good few people express interest in coming along. I have to stress that this will be the first regional networking group and so would encourage any newbie’s who’ve never attended something similar to come along and get to know people from the offset. Some businesses that have confirmed attendance would be:

Business Support (Tipperary)
Sole Recruitment (Kildare)
Australian Visa Specialists (Kildare)
Feelgood Organic Hampers (Kildare)
Mortgage Advisor
Printing.com @ TMC (Carlow)
OfficeGenie.ie (Kildare)
Anois Property Management (Carlow/Kildare)
Mydreamweddings (Kilkenny)
Smart Sewing (Carlow)
Health & Happiness Coach (Meath)
TheLifeCompany (Kildare)
Health & Safety Essentials (Meath)
TopTeam Consulting (Carlow)
Richards Recruitment (Carlow)
Deycom (Carlow)
Flo Web Design (Meath)
Avicenna Health & Lifestyle Clinic (Carlow)
Amosh Designs (Kildare)
Pedreschi Electrical & Alarms Limited (Kildare)
WhatsWhat.ie (Kildare)

Ark Finance (Kildare)
KlassyDressHire
Buyers Broker (Carlow)
Husse Pet Foods
Bespoke Bookkeeping & Payroll Services
Gardner HRM Ltd (Kildare)
ABC Bookkeeping Solutions
Psych Fusion (Kildare)

If anyone else would be interested in attending, please leave your name and email address in the comments box and i will confirm a date and time in the next day or so.

Geri