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5 Steps To Increasing Sales

December 11, 2012, 10:16 am

1. Target the Customer YOU Want

Who are you trying to sell to? Are they the  right fit for your business? Being specific and targeting the right client, such as specialising in a particular sector, can help to increase sales.

 

2. Have a Defined Sales System

Have a system to operate your sales process. Have you a system to manage leads, referrals and sales-in-progress?

 

3. Marketing

Have a clear, defined marketing strategy with clear branding.

 

4. Analyse your Statistics

Maintain a record of sales statistics, analyse them regularly and adjust your strategy where necessary.

 

5. Take Good Care of your customer

After-sales service is vital to ensure that the customer returns to buy from you again. Often companies "forget" about heir client once the sale has been finalised.

 

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Unemployment rate decreases in November

December 5, 2012, 11:45 am

The Irish unemployment rate fell from 14.7% in October to 14.6% in November which is the lowest rate in mid 2011.

The live register, when seasonally adjusted, fell by 1,200 to 432,300.

 

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April 2, 2011, 5:32 pm

Establishing your Business

Introduction

There are 3 basic types of business form, i.e. sole trade, partnership or limited liability companies. Which form you choose depends on a number of factors such as:-

1. Your attitude to risk – a limited liability company limits your personal liability to the capital you commit to the business whereas a sole trade/partnership does not protect you personally.
2. Tax efficiency – Sole trades/partnerships are subject to income tax rates of 20% to 41% whereas limited companies are only subject to 12.5% tax on retained profits.
3. Type of business – some businesses are restricted to only operating through sole trades or partnerships.

Sole Trade

This is the easiest and most basic form of business structure. The advantage of sole trade is that you are not obliged to place any information about the business in the public domain, however the disadvantage is that you are not personally protected in the event of the business failing – no distinction is made between personal and business assets.

Partnership

This is an agreement between two or more people to go into business together. It is recommended that a partnership agreement be drawn up to regulate the operation of the partnership. In a partnership the assets of the business are shared however as with a sole trade there is no protection of personal assets in the event of the business failing.

Limited Liability Company

A company is formed for the business venture with share capital contributed as part or all of the initial finance requirements. A company is a separate legal entity from its shareholders; therefore their liability is limited to the amount of capital they contributed to the company. A limited liability company must file accounts annually with the Companies Registration Office.

Business Names

If you wish to trade through under a name under than your own name (i.e. Brendan Ryan trading as East Clare Consultancy Services) you must register the company name with the Companies Registration Office for a small fee.

How we can help

We can advise you on the business form which best suits your business based mainly on the need for personal protection through limited liability as well as potential taxation savings which may be gained through trading through a limited liability company. If necessary we can form a company for you house or register your business name for you. Visit our website www.simplecompanyformations.ie for up to date and relevant information on this topic or contact us for a free initial consultation.

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The Top 4 Reasons Start-up Companies Fail?

January 6, 2011, 7:28 pm

Poor Market Research

Many businesses flop because they neglected to plan properly. Detailed market research must be undertaken in tandem with preparing a good business plan is key to helping you manage your business right from the start. A good business plan should highlight goals, whilst also putting opportunities in perspective and being pragmatic about the potential of the market in which you operate.

Failure to undertake sufficient market research often leaves businesses with improbable expectations in terms of unattainable turnover and profitability which leads to their inescapable collapse.

 

Bad Debts and Cash Flow Issues

Organising your cash flow effectively is an essential part of sustaining your business. Late payment of debts may be beyond your control, but there are possible solutions such as invoice discounting which allows you to free up money tied up in unpaid invoices to keep your cashflow regulated.

 

Failure to Meet Customer Expectations

The success of your business depends on attaining the all essential turnover. The sale of goods or services to your potential customer requires fulfilling their need. Therefore the product or service offered by your company needs to meet the expectations of the end-user. So in order to generate sales you need to both market and produce a product that will successfully meet your customer’s needs and assure them that your product does just that.

It is important to note that the expectations of your customer will generally vary over time. They will also differ from country, market to and across demographics. Failure to adjust your product to changing times or requirements may lead to falling turnover and declining profitability.

 

 

Lack of Finance

Many entrepreneurs adequately assess the amount of capital they need to establish and maintain their business. This is highly evident now in the advent of the economic collapse and the withdrawal of “easy credit”.

 

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