Having a budget – fully aligned with operational targets – is important, but it’s of limited use unless you update it regularly to reflect what’s happened so far as well as new emerging challenges or opportunities. By Dave Hickey F.C.A. I’ve recently being working with a small business which established a budgeting and financial reporting …
Why You Need Monthly Accounting By Dave Hickey F.C.A. Moving from an annual set of accounts and tax returns to a monthly process can look daunting (twelve times the work?!) and many business leaders may consider it more trouble than it’s worth. There are real benefits to knowing your profitability, cashflow and financial position throughout …
INCLUDE FINANCIAL MEASURES IN YOUR MONTHLY KPI’S Read More »
SMALLER BUSINESSES SHOULD BE CRYSTAL CLEAR ABOUT THEIR CREDIT TERMS, MONITOR COMPLIANCE AND DON’T LET LATE PAYMENTS DRIFT… By Dave Hickey F.C.A. Any owner or leader of a small or medium business will confirm that providing a product or service to a customer and getting paid for it are two different things. Economic uncertainty as …
By Dave Hickey FCA The fastest and most effective way for a company to maximise profit is to get its pricing right. The right price can boost profit faster than increasing volume will; the wrong price can shrink it just as quickly. Yet many otherwise tough-minded managers shy away from initiatives to improve price for …
By Dave Hickey F.C.A. Business planning is pointless wishful thinking. Planning is rigid, slow and bureaucratic. The pace of technological change and industry disruption make planning redundant. Few, if any, of us foresaw the length and depth of the pandemic restrictions in Ireland or globally. The impact of the invasion of Ukraine or the re-emergence …
By Dave Hickey, F.C.A. Cost management is always important but it’s vital in tough times. It’s tempting to slash any costs you can, but this can be counter productive. A sudden change in projected or actual income – compared to your plans or prior periods – can trigger an immediate call for cost cutting from …
By Dave Hickey As a leader of a growing or mature business your focus needs to be on developing new products or markets, improving efficiency or service and encouraging the team around you to use their expertise to meet today’s, as well as tomorrow’s, challenges. You know you can’t do everything, but it’s difficult to …
OUTSOURCING CAN GIVE BUSINESS LEADERS THE TIME TO FOCUS ON WHAT THEY DO BEST Read More »
By Dave Hickey I’ve written before on how I have ‘returned to my roots’ at DHKN after a gap of 38 years. I didn’t realise that a part of me physically remained here until DHKN’s Robert Lohan, Director of Tax Planning, came into my office looking for an old tax reference book. It turns out …
By Dave Hickey When energy costs are increasing by 80% in a quarter, making small adjustments to your energy consumption may feel like a futile exercise – the proverbial Sisyphean* task. While we have little influence on the price we’re charged for energy we can control how much of it we use. Controlling usage There …
SMALL SAVINGS MAY HELP TO KEEP YOUR BUSINESS’ LIGHTS ON Read More »
By Dave Hickey Every business should have a business plan. Unfortunately, despite the fact that many of the underlying businesses are viable, the vast majority of plans are hardly worth the paper they’re printed on. Most “bad” business plans share one or more of the problems outlined in previous post here (1-5) or below (6-10): …
