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Monthly Archives: September 2016

7 Tips on Keeping Your Limited Company Compliant

Hire a good Accountant

One of your main priorities as a business owner is to oversee your company’s accounting and tax obligations. A good Accountant is worth their weight in gold, and can take a huge burden off your shoulders. They can take care of your company’s annual returns, payroll, VAT returns, CT returns and statutory annual accounts. It is vital that you choose a dependable Accountant to carry out these tasks as mistakes can be costly.

Ensure your company secretary is capable and keep your statutory registers up to date

By law, every Irish company is required to appoint a company secretary. The main duties of a company secretary are to ensure that the company complies with the law, manage the company’s daily administration and any additional duties that company directors may delegate. Whilst there is no qualification requirement for this role, it is important that your company secretary possesses the skillset and knowledge required to keep your company compliant.

The secretary will generally maintain the statutory company registers, which are required to be maintained under the Companies Act. The statutory registers include the register of directors and secretary, members, beneficial owners, transfers, directors and secretary’s interests and debenture holders.

Know your dates and put your company on a ‘watch list’

Once your company has been incorporated, it is good practice to add your company to a ‘watch list’.  A watch list will remind you via email that your company’s Annual Return Date is approaching and it will alert you should any changes be made to the company at the Companies Registration Office. Core.ie provides this service free of charge once you register with them.

Understand your role as a director

Company directors’ have a wide range of responsibilities which can be quite diverse. Company directors have to comply with the Companies Act 2014 and have duties under Common law. If a director is found to have breached company law, he or she can be liable to penalties that can range from a fine up to €500,000 or a maximum jail sentence of 10 years. There are different categories of offences ranging from 1-4 under the Companies Act.

To avoid such circumstances, company directors should become familiar with the responsibilities and duties of the role. Information can be found on both the CRO and ODCE websites.

Know the requirements for company letterheads and websites

One requirement that often gets overlooked is the requirement for Limited companies to list their full legal title on company letterheads. This includes the company name, company number and registered office address. As well as this, the company directors must also be listed by name in the footer. Both forename and surname must be included and the nationality in brackets beside any director who is in not Irish.

Company websites are another location where a company’s details must be displayed. This includes the company name, number and place of registration. This must be located on the website’s homepage or must be on an alternative web page that is to linked to from the homepage which is easily accessible.

If you have a database of customers or potential customers, it is important that you are aware of your requirements under Data Protection legislation.

Keep minutes of meetings and have an AGM

Keeping minutes of directors’ meetings is a requirement under the Companies Act and is prudent to ensure key decisions and matters are noted and dealt with. The Annual General Meeting (AGM) is a meeting of shareholders (and directors) of a company where they have the opportunity to ask questions and get information about the company. Whilst this is no longer a legal requirement for most companies, it is a good idea to ensure this takes place. It is usually the duty of the secretary to call the AGM and give 21 days’ notice to the members.

Know what other legislation is relevant to your business

Depending on what industry you operate in, there may be other legislation that you need to comply with. For example, directors of construction companies need to comply fully with health and safety legislation. Should you have employees, it is very important to have a staff handbook to cover legislation and have policies on dignity and respect at work, whistleblowing, leave, health and safety, internet usage, etc.

Some business types will require a licence to operate. Such businesses include Accountants, Solicitors, Travel Agents, Recruitment Agencies, Betting shops and high value goods dealers. If you are unsure of your specific business obligations, it may be worth consulting a Solicitor.

6 Tips for Choosing a Business Name

Some aspects of selecting a business name are subjective and reflect the personal wishes and preferences of the owner. There are, however, some mistakes that business owners make in naming their establishments that just don’t make good business sense. Avoid these and your business name can serve as a real asset that can help bring many profitable returns.

1. ABC
A business name that comes at the beginning of the alphabet can be a plus since many business listings are alphabetical; however, some businesses have taken this strategy to absurd levels. Using A, B, or C as the first letter of your business name can help, but be sure the name is something that makes sense and is something you like and are really comfortable with.

2. Use a Simple Easy-to-Pronounce Name
The idea is to get people to remember your business name and to be able to understand it, spell it and pronounce it. It should also be short enough to fit on a business card or display on a sign.

3. Allow for Growth
Choose a business name that is wide-ranging enough to give your business growing room. Geographic business names are popular e.g. Arklow Housecleaners. But what happens if your business takes off and you’d like to expand the geographic area you cover? The same goes for naming a business after one product or service. For example, the name “Joe’s Lawnmowers” would need to change if Joe decides to add other related products. Stay away from names that describe current fads or trends: If a new “Millennium Bookshop” opened in 1999, it may have sounded timely – nine years later, it would sound dated.

4. Create Your Identity

A business name should be one or more of the following:

  • Memorable
  • Descriptive
  • Imaginative
  • Distinctive

A good way to start is to write down key words that describe what your business is, what it does, and what pleases you about it. Use a dictionary and thesaurus to find different words that express these things. Also look for famous expressions that might pertain to your business.

So, let’s say Mary has a small business selling her delicious fruit tarts, and she considers herself to be the best at what she does. Mary names her business “Queen of Tarts” because: she loves the play on words, it expresses what her business is and does, and the word “queen” is perfect – she’s female and her thesaurus shows that “queen” also means “person of authority”.

5. Being an island

You’ve thought up 15 business names that are in the final running, and you think they’re all pretty good. Now is the time to get some feedback. Run those names by some close colleagues, family and friends. You might be surprised at the number of things they bring to your attention that you’ve overlooked. A little constructive objectivity goes a long way when choosing a business name.

6. Make Sure You Can Use a Name
Before settling on a final name, you’ll need to ensure that you won’t be violating someone else’s trademark rights to a particular business name. You want to avoid being forced to change your business name in the future and possibly paying damages.

  • Get your solicitor to do a company and trademark search.
  • Type your prospective business name into a few search engines to see if the name comes up.

Invest some time and thoughtful effort to come up with a really good business name. It will pay dividends.

10 Tips for Managing Your Time

Providing both vision and leadership, entrepreneurs know that the success or failure of their businesses depends on them. As a result, many find themselves working a staggering number of hours. They say they will slow down after making it over the next hurdle. But another hurdle always appears. Running at such a fast clip may bring short-term results, but those gains can be lost quickly through ill health or divorce. Learning to use your time more efficiently not only helps you achieve a healthier balance between your business and personal lives but it can also save your business from missed deadlines, overtime wages, lost customers and more. Putting in more hours isn’t the key to success. Managing your time more effectively is. You’ll be more productive in fewer hours and live a happier, healthier life as a result.

1. Work towards larger life goals

The first step in effective time management is to determine where exactly you want to go. Without a clear picture of your destination, you’ll wind up someplace else. Think long-term: What do you want to achieve by the end of your life? Or even at the end of this decade? Write it down and be as specific as possible. Then determine what steps you must take to meet your goals. Write these down too.

Next, keep a time log of everything you do for at least a week, preferably a month. Note the number of hours or minutes you spend on each work project, meeting, phone call or other activity. Log activities as they occur; just doing it a few times a day results in missing important details.

2. Figure out where you are spending your time

Compare your time log to your life goals. The majority of your time should be spent on activities contributing to the realisation of your goals. Make a note of any activities not directed towards this end, and try to eliminate them. It might be better, for example, to discharge a difficult client whose projects stray from your company’s core business, and instead put more effort into marketing and finding new clients. Consider ways to streamline the tasks you are obliged to do: for instance, you can sometimes accomplish just as much with a teleconference as a lunch meeting. Say no to any new endeavours unless they somehow support your goals.

3. Delegate

Don’t hesitate, as many entrepreneurs do, to delegate some of your tasks. One print shop owner, who was putting in 90 hours a week, was so discouraged he was ready to close down his business. He couldn’t give additional responsibility to his employees, he said, because they were not experienced enough. Then a health crisis kept him out of the shop for several weeks. In his absence, those same employees performed extremely well.

4. Use an organisational system

Organise the information you use most frequently, such as appointment dates, telephone numbers, action lists, mileage and so on. There are many fine organisational systems available. If you are a procrastinator, make a concerted effort to cure yourself. Consider whether your tendency to procrastinate is caused by a lack of enthusiasm for your projects. If this is the case, it may be that they do not support your life goals. If you’re a slow starter or consistently underestimate how long a project will take, schedule frequent project reviews to hold yourself accountable or set false deadlines so you are not frantic when the actual deadline arrives.

5. Commit to better time management

Each week, set aside time for personal planning. Review your goals as well as your schedule for the coming week to make sure they are mutually supportive. Remember, the most important thing is to make a strong commitment to managing your time. If you don’t, time will control you.

6. Clean off your desk.

Use folders to contain all documents relating to the same project and keep all work-in-progress folders in one place. Toss aging industry journals or create a corporate library. Don’t leave a cluttered desk at night.

7. Group similar tasks

Time is often wasted changing from one task to another. Do all of your writing, emailing and telephoning at one time. Take this step further: group similar types of email. All good email programmes have filtering functions so that all email with the words “Project: Destroy Them” can be grouped, and all email from a particular address can be coloured in blue, and so on. In other words, let technology make less work for you.

8. Break large tasks into smaller steps

Estimate the amount of time needed to complete each step rather than the entire project. Monitor your progress along the way.

9. Create a written agenda and set a time limit for each meeting

Insist that discussion items be placed on the agenda before the meeting.

10. Review your life goals annually to make sure they are still valid

Things change. Accept that and tweak your life goals accordingly.

Build a Relationship

 What do we mean by relationship-building?

When we talk about the competency of relationship-building in the world of business, we are referring to building strong relationships with partners and clients – about using interpersonal skills to network in an effective way.

What does a competent relationship-builder do?

Somebody who is competent at relationship-building focuses on understanding the needs of the client and getting the best possible results. This competency promotes an ethic of client service and so an understanding and anticipation of a client’s changing needs is essential. Stress and conflict are other issues that a competent relationship-builder will manage – keeping composed and acting as mediator when conflicts arise.

How can I start to develop the competency of relationship-building?

First identify the business plan goals of your department and decide what your role is going to be in helping to achieve those goals. You will need to study the business plan and learn as much as possible about your clients’ activities, interests and needs. This information might be available in their own annual reports or in client surveys conducted by your company. Talking to your clients about how you can best meet their needs is also a sensible first step to take.

Seven steps to becoming an effective relationship-builder:

  1. Draw up a plan of what you need to do in order to give your clients what they want. Discuss your ideas with your line manager and then do what is necessary to implement the plan.
  2. When the plan has been set in motion, schedule regular meetings with your line manager to review the progress that you are making and make any necessary adjustments.
  3. When you are working as part of a team or group within a department or a company it is important to assess your contribution to the group’s work. Think about how your efforts help or hinder progress.
  4. Make a weekly analysis of your commitments. Set yourself a goal for each week so that you follow them through. Make an effort to do what you say you are going to do – and also, to do it by the time that you say it will be done. If you get into the habit of doing this it will become like second nature.
  5. Build up a file of contacts and classify them in a way that is meaningful for your particular work context. Then you will know exactly who to call with any queries or when you need information.
  6. Don’t just wait for feedback to come to you, request it from a variety of sources – from your line manager but also from colleagues, clients and people who you supervise. Listen to what they have to say and act accordingly.
  7. Build informal relationships with the people who are working around you. Make a point of greeting people who you normally don’t speak to. Ask them about their interests and make it a goal to practise small talk with them. Listen to what they say and remember so that you can ask about a particular interest the next time you meet.