My Business is Starting up

Managing your Business

Business planning

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Business plan.

It is also important to bear in mind that your Business Plan is a living document that requires updating as your business develops and grows. A good starting point to help you prepare your own plan is our Business Plan Template.

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The devil is in the detail.

A Business Plan is a written document that describes a business, its objectives, strategies, the market it operates in and realistic financial forecasts. When writing your Business Plan you should seek professional advice from your accountant and/or solicitor. You can also access support from various business organizations and state agencies such as Enterprise Ireland, your local Enterprise Board, your local chamber, SFA and ISME etc.

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A Critical Document.

A business plan has many important uses from proving the viability of your business, to securing funding measuring success. Your business plan should be continually updated as the business evolves. 

You may need to share your business plan with potential investors, grant providers and business partners.

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Business Plan Guidance

The Business Plan Guidance help sheet has been developed by the four accountancy bodies (CCAB-I) and the Irish Bankers Federation to help SME's develop their business plans.

Importance of Cashflow

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Lifeblood of your business.

Cash is the lifeblood of every business, and managing cashflow is critical to survival and success.

Cashflow projection is simply, a projection of all the cash you expect to flow into and out of the business over a period and is one of the most powerful financial planning tools available to you as a business owner. Preparing cashflow projections should form part of the business budgetary process.

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Projecting your flow of cash.

Cashflow projection enables you to look forward to assess any potential cashflow difficulties, assess future cash and funding requirements, and put appropriate facilities in place to meet cashflow requirements down the line.

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Breakeven Analysis

Another essential financial planning tool is Breakeven Analysis. Every business should know how much it has to sell in order to breakeven.

Calculating breakeven is fairly simple – take your fixed costs and divide them by your unit selling price minus your variable costs – and can be calculated using the following formula:

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Managing Debtors

Managing the customers who buy from you on credit is important. Making the sale is one thing, but collecting payment is ultimately what matters.

You should establish a clear credit policy, incorporating the normal terms of trade, which are set and strictly adhered to. The credit policy and terms of trade should be documented and circulated to all sales and finance staff.

Establish good working practices and be disciplined about implementing them from the outset.

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Managing your cashflow

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    Managing your cashflow

    Cashflow is essential for your start-up business and critical to its survival and success.  A business overdraft can give your start-up business the flexibility to manage short-term cashflow and help your business from day to day.  All business start-ups are eligible to apply for a business overdraft and applications will be assessed subject to normal lending criteria.

    Our Classic Visa Business Card is the ideal payment tool for your day to day expenses.  Features of the card include:

    • Everyday payment tool for regular business use in Ireland
    • Annual fee of €19.05. Government stamp duty of €30 is charged annually per credit card
    • A detailed monthly statement creates efficiency and less paperwork
    • Control your credit limit and employee card access with ease

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    Business Credit Line

    This is a line of credit that works with your current account to give your business seasonal financial support.  It helps Business owners to purchase inputs with cash, avoiding higher cost merchant credit and securing cash purchase discounts with a variable interest rate.

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    When you need to borrow

    Most businesses need a loan at some point of their development, for starting or expanding, buying a premises or investing in equipment.
    When you have a business start-up current account, you can avail of our Start-up Loan  with a competitive interest rate and a discount on our Business Standard Variable Rate Loan.  The Start-up Loan rate applies to loans up to €100,000.

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    Holding Money

    We offer a choice of savings, deposit and investment products to meet your needs for any surplus funds that you may have.  Drop in to any of our branches where you’ll find deposit specialists and Qualified Financial Advisers available to speak with you.

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