Blogs

Getting to Grips with Pricing

Pricing should not be overlooked when planning for Brexit, says Feargal McCormack.   Prices affect profitability. Most successful business owners understand this and many have mastered the art of pricing. However, in uncertain times such as we are experiencing at present, it is difficult to predict where markets are heading. Consequently, it is important to review your pricing strategy, taking into consideration what a hard Brexit might ...

Optimising Working Capital

The healthier your working capital, the easier it is to pay staff wages and business debts. Companies with strong working capital may also be able to obtain discounts and/or avoid penalties by promptly settling their bills, explains Feargal McCormack. Business owners can often improve efficiency, profitability and cashflow when they focus on optimising working capital. The first step in getting to grips with working capital is ...

Could your business benefit from R&D tax relief?

Many businesses miss out on potential tax savings through lack of understanding of R&D tax relief, says Feargal McCormack. More businesses than ever are seeking to adapt operations and business models as they prepare to cope with technological developments, competitive pressures and the changes that Brexit will bring. For many, innovation will be part of the solution. Yet official statistics show that fewer NI businesses avail ...

Protecting your business from cyber crime

While many businesses are aware of the risks of cyber crime, the rapid pace of technological change makes keeping up to speed increasingly complex and challenging, says Feargal McCormack.   A mistake some businesses make is thinking that they are too small to be of interest to cyber criminals. However, as we heard at the PKF-FPM cyber crime seminar last year, two-thirds of businesses have been hit ...

Easing the Payroll Burden

The introduction of real time information has led more small businesses to outsource payroll, says Feargal McCormack. Every business that employs staff has to make sure its employees are paid correctly and on time. Managing your payroll involves calculating the hours individual staff members have worked, deducting tax and pension payments, adding any statutory payments or overtime that the employee may be entitled to, processing bonuses, ...

GDPR planning will be ongoing

Businesses, charities, sports clubs, government departments and voluntary organisations are continuing to prepare for GDPR, says Feargal McCormack.   With only weeks to go until the General Data Protection Regulation comes into force (25 May 2018), PKF-FPM clients are reviewing and updating their data protection policies and procedures.  What is clear from this exercise is that compliance is not a question of meeting a once-off deadline. Rather, ...

How to get people to buy into your vision

Following last week’s PKF-FPM Annual Leadership talk, Feargal McCormack reflects on leadership and how to get people to buy into your vision.   Last week, we were honoured to have Padraig McManus as the keynote speaker at the PKF-FPM Annual Leadership Talk. A former CEO of the ESB, Padraig has extensive experience of leading large and diverse teams and managing change in challenging circumstances. His achievements include ...

How to improve business resilience

Across the island of Ireland, improving business resilience has never been more important, says Feargal McCormack.   The concept of business resilience is attracting a lot of attention at the moment. One of the best definitions is by BSI, the UK national standards body. It describes resilience is ‘the ability of an organisation to anticipate, prepare for, respond and adapt to incremental change and sudden disruptions in ...

Making 2018 your best year yet

Goal setting should not be a once a year activity. Feargal McCormack shares practical tips on how to make 2018 your best year yet. In January, most of us think about what we want to achieve over the coming twelve months. We set goals for ourselves and our teams, often investing a lot of time in the process. However, unless these goals are meaningful, everyone quickly ...

Setting Meaningful Goals for Your Team

When setting goals for your team, be clear about what you want to achieve, advises Feargal McCormack.   At the start of the new year, many business owners set goals for their business, their teams and themselves. When properly implemented, this process improves focus and helps everyone achieve better results. But goal setting will only add value to your business if goals are aligned with your overall ...