The document provides 10 tips for successfully growing a business. Tip 1 discusses optimal business structure. Tip 2 covers minimizing taxes through tax planning strategies like putting a spouse on payroll or claiming mileage deductions. Tip 3 stresses understanding client needs and wants, using examples of inefficient keyboard designs. Tip 4 recommends developing relationships and building a team. Tip 5 outlines how to claim research and development tax credits. The remaining tips cover strategic planning, management information, adequate funding, legal obligations, and maintaining curiosity.
6. Tip #2 Minimise your taxes (cont’d) Simple tax planning Put spouse on payroll Consider BIK vs mileage Recruit long term unemployed Pension contributions
8. 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)
12. 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
13. Tip# 6 Strategic Planning Simplify things by focusing on 7 simple steps: A Firm Strategic plan – having a blueprint rolling plan for your firm Marketing Strategy – being clear on your growth strategies Client Retention – creating focused client care programmes Increased Spend – having plans to increase client annual average spend Targeted Referrals – focusing on the best way to grow your client base Low Cost Marketing – creating plans for effective and prioritised marketing activities Business Development – knowing how to professionally gain ‘yeses
15. Tip #7 Management Information (cont’d) Financial Management accounts Budgets Forecasts Commercial Market share Market penetration Facilitate Commercial decisions
16. 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
17. Tip# 9 Know Your Law Employment law Employee rights Employer obligations Business Law Contracts Passing off Taxation PAYE VAT
18. Tip# 10 Be Curious Keep up to date Know what your competitors are doing Ask for advice Demand answers Keep learning
