The thought of starting a new business can be an exciting prospect for some.  For others, it can cause apprehension especially if it's come about as a result of a necessity rather than a desire to become self-employed. In any case, there are a number of key priorities that you will need to focus on to successfully get your business off the ground. At TaxAssist Accountants, we have extensive experience helping companies in a similar position.  The summary below sets out the advice that we give to Start Ups, in a logical step-by-step way.  By adopting  and following a structured approach from the outset, there is a much greater likelihood that your business will realise and achieve its potential.  

1. Have a Viable Business Proposition

This may sound like an obvious question to ask yourself but it's one that is fundamental to how well your business will grow and develop.  The idea of running your own business might be something that you have always aspired to do however it will still need to be profitable in order to generate revenue.  It's important to be very honest with yourself; for example, do you have the necessary skillset, or can you upskill?  What are and will your costs be therefore how much money do you realistically need to make in order to cover such costs?

2. Create a Business Plan

Once your clear that your business idea has the potential to capture opportunities, the next stage should be to prepare a Business Plan.  It should be a working document that also contains financial projections.  Not only will it provide structure to your planning process but will also give something to monitor your progress.  This can be done by yourself but if numbers aren't your forte then consult a professional with financial expertise who can compile this accurately for you .

3. Determine Your Budget

It takes time to start a new business and to be in a position whereby you are in a position of real earning power. In the meantime you will still have your usual living expenses as well as needing a level of investment to promote and develop your brand.  Starting a business can be a time consuming exercise and it can be a while before you are in a position of real earning power.  While this is happening, you will still have living expenses as well as work expenses to consider therefore it's extremely important how these can be covered, for example, savings, redundancy package, existing job, spouse's income, Short Term Enterprise Allowance, Credit Union Loan, Bank Loan etc.  

4. It's a Family Affair

This point is critical to your emotional well being as much as it is practical.  Getting your family support behind you is motivating in itself and it also avoids getting distracted by ongoing concerns, leaving you with a clear head to focus on setting up your business.

5. Name Your Business

Choosing an appropriate business name is critical as this is essentially the label for your brand.  It has to be able to resonate with your potential customers and generate a meaningful as well as a positive association between your product or service and your market.

6. Legal Structure

Once you have selected your business name you will need to register your details either as an individual, limited or corporate business name;a company; or alimited partnership with the Companies Registration Office. It can be confusing deciding which is the best choice for you.  For example, a 'limited status' can protect your personal assets if something happens but on the other hand it has additional costs attached initially and requires further responsibilities.If you are unsure, contact a professional that can advise you appropriately. 

8. The Revenue Commissioner

You will obviously have to fulfil your financial obligations to the treasury which means completing any number of returns from VAT, PAYE and Corporate Tax etc.  Registration for using and submitting the necessary documents can be completed through the Revenue Online Services.  Alternatively, help is also available though TaxAssist Accountants to make the filing process easier.  

9. Get a Licence...to Trade

Professional qualifications provide credibility so it might be worthwhile checking if it's in your interest to update your skills.

About Us

TaxAssist Accountants Wicklow provides a wide range of accountancy services including tax returns, annual accounts, payroll and bookkeeping. TaxAssist Accountants in Wicklow are a part of the largest network of accountants who offer a wealth of experience and expertise to over 6,000 small businesses right across Ireland.

Like the translation of the gemstone Emerald meaning ‘green’, the word Ruby is derived from Latin word 'ruber' which means red.  Ruby is reputed to be the stone that is most associated with love – congratulations to everyone fortunate to have been born in the month of July then.  Apart from the diamond, it is harder than any other gemstone which makes a perfect choice for an engagement, wedding or eternity ring.  The ruby is said to encourage imagination and help promote health, wisdom and wealth as well as success in love.

How do I know if it’s a quality Ruby?

The first thing you should look for is the colour, ideally the ruby should be a medium or medium dark vivid red or one that has a slight hint of purple in it.  Large rubies are also much harder to find than diamonds, emeralds or sapphires therefore a ruby’s value in terms of size increases much more than other gemstones.

Where are Rubies sourced?

The best and rarest examples of Rubies are from the Mogok Valley of Upper Burma.  These rubies are described locally as ‘pigeon’s blood’ because of their deep red colour.  Thailand is another main source of Rubies and produce darker, red rubies that are created with an injection of brown.  Both regions prize the stones so much that they are their national stone.

The Meaning of the Ruby

The Ruby has a wonderful and interesting story particularly in Oriental history.  Ancient Eastern legends believed that rubies contained the spark of life, ‘a deep drop of the heart’s blood of Mother Earth’ – wow! The ruby has appeared in Asian storytelling where it seems to a self-luminous quality and has been called a ‘glowing stone’ or ‘lamp stone’.  Some stories have said that the Emperor of China used a large Ruby to light up his room because it glowed as bright as day.  Others suggest that the highest caste of Hindu priests believed that the homes of gods were lit huge emeralds and rubies.  Greek legend also reports that a female stork brought a Ruby to Heraclea to light up her room by way of thanking her for a kindness. 

Famous Rubies

It is extremely rare to find a very large Ruby but one famous book from the 13th century relates the travels of Marco Polo.  In it, he tells the tale of a truly magnificent Ruby which was considered to be nine inches long and ‘as thick as a man’s arm’.  This Ruby belonged to the King of Ceylon but the Emperor of China (who also happened to be Kublai Khan) was infatuated with the Ruby. He offered to give an entire city to the King if he could have the treasured gem.  Alas, the King said no, replying that ‘he would never part with his prize for all the treasures in the world’. 

The best advice that can be offered is to make sure that you buy your engagement ring from a reputable source, determine what your ideal spend is and work with them to ensure that you make the right choice.  Good luck!

All diamonds come with their own GIA certification offering exceptional quality

Diamonds are sourced directly so that they can be purchased at wholesale prices

See Also:

Michael K Diamonds    

If you were born in June you are very lucky indeed as this month is symbolised by, not one, but three birthstones which are Alexandrite, Pearl and Moonstone.  Alexandrite is an extremely rare gemstone and radiates colour variations under different kinds of light.  On the other hand, the colour of the moonstone is considered to reflect the various phases of lunar activity hence the name.  The pearl however is widely known for its more subtle and natural beauty.  It is for this reason, that the pearl is given centre stage on this occasion.

History of the Pearl

The Romans were particularly fond of pearls and used them in many jewellery pieces.  In the 1500s, the Tudor period in England was described as the ‘pearl age’ because of their popularity. 

It is more common now for pearls to be produced commercially rather than harvested from their normal environment.  This method began in the 1900s and by the 1920s cultured pearls have all but replaced natural, saltwater pearls in the market. 

Where do Pearls Come From?

Under natural conditions, life for the pearl begins within an oyster or clam.  They are created when an external fragment manages to get inside the shellfish.  It reacts by covering this material with many layers of shell.   Pearls that are formed within the mollusc itself are the most valuable as they are either the shape of a sphere or a pear.  Pearls are the only gems that don’t need to be polished or faceted as they originate from oysters and nature does this work beautifully for us. 

The pearl has a distinctive lustre and translucence and this makes them one of the most prized gemstones.  The type of mollusc and its environment has an influence on the colour it becomes. 

The most common colour is white however cultured pearls can also be produced in black.  These types of pearls are from the Gulf of Mexico and a few select islands in the Pacific Ocean.  The cream variety are called Orientals and they come from the Persian Gulf and Sri Lanka.  Other colours that pearls feature in are grey, blue, yellow, lavender, green and mauve while locations also include Indonesia, Gulf of California, Pacific Coast of Mexico, The Mississippi River and the streams of Bavaria in Germany.

The country most famous for producing cultured pearls is Japan.  They are responsible for the Mikimoto pearls that are named after the founder of the industry there.  They use oysters that are aged 2-3 years to make their pearls, these are fed for up to nine years before the pearls are finally harvested.

Mirror, Mirror on the Wall – Who is the Fairest Pearl of all?

The biggest pearl in the world is considered to be the ‘Pearl of Asia’ and was a present from Shah Jahan of India to his favourite wife, Mumtaz - who incidentally also dedicated the Taj Mahal to her.  The pearl is approx. 3 inches long, two inches wide and weighs a third of a pound. 

Could you be… the most beautiful pearl in the world?!

The most beautiful and natural Pearl is claimed as ‘La Peregrina’ which translates as ‘The Wanderer’.  Legend suggests that it was first found by a slave in Panama during the 1950s and who later offered it in exchange for his freedom.  This pearl has had a colourful past and mixed in very exclusive circles.  It is believed to have been sent to King Philip II of Spain, owned by Mary I of England and Prince Louis Napolean of France.  He then sold it on to British Marquis of Abercorn and it remained in the family until 1969.  It was auctioned at Sotheby’s at this time and bought by Richard Burton for Elizabeth Taylor.  Not only did Elizabeth Taylor have the iconic emerald necklace but also the La Peregrina in her jewellery collection. 

According to South Asian mythology, pearls are described as dewdrops from heaven that have fallen into the sea.  When there is a full moon, the shellfish catch these drops just as the sun begins to rise and they become pearls.  Indian warriors encrusted their swords with pearls to symbolise the tears and sorrow that war brings.

Until the 17th Century, pearls were commonly used in medicine across Europe.  Arabs and Persians considered pearls to have healing powers for many illnesses including insanity while Chinese history associate pearls with wealth, power and longevity, they are still used today. 

See also:

In terms of identifying the quality of a diamond, the cut has less to do with whether it is a Round Brilliant, Marquise, Pear, Princess or Cushion.  Since these are descriptions that we tend to be more familiar with unsurprisingly diamond shape is very often confused with how a diamond is cut.  It is important to know that no matter what the shape is, the facets or faces of it are always polished in such a way to make sure that it ‘shines’.  The real test to determine the level of quality begins long before the polishing stage and this involves making sure that the diamond is cut correctly at the exact angles.  This means that the cut can't be too shallow or indeed too deep as the light coming in escapes easily through the bottom and doesn’t maximise the diamond’s natural beauty.

A good finish grade or shine reflects the workmanship of a diamond polisher and helps to show off the symmetry of the diamond facets (faces) and their overall finish or polished look.  As the table above suggests, the best cut diamonds have to have the right proportions between the different parts of the diamond.  If these proportions aren’t optimal, the fire and the brilliancy are affected, and undesirable visual effects can happen.  Apart from the most popular ‘round brilliant’ shape, there are a range of other frequently used shapes as well as other that are referred to as ‘fancy cut’ diamonds.  Higher quality cuts make the diamonds appear more ‘brilliant’, as well as appear larger than other stones that have the same carat weight.  In summary, the correct proportions or angles and finish grade of a diamond establish a good quality of a good cut irrespective of shape. 

As always, when you're buying an engagement ring or indeed a ring of any kind make sure that you choose someone who has a good reputation as this will pay dividends.  Happy shopping!

All diamonds come with their own GIA certification offering exceptional quality

Diamonds are sourced directly so that they can be purchased at wholesale prices

See Also:

It is extremely rare to find an absolutely pure diamond when purchasing a diamond for an engagement ring and the vast majority will have even a tiny amount of impurities or what are known as ‘inclusions’.  These are minute traces of material that forms inside while the stone grows.  When the diamond is cut and polished, many of these inclusions are removed.  Naturally, the less impurities a diamond has, the more it increases its value.

Proper grading is carried out by professional diamond experts and each engagement ring should come with its own official GIA report certifying the diamonds, if sourced correctly.  At the very top of this league are ‘loupe clean’ or ‘internally flawless’ diamonds.  The following list describes what each abbreviation means:

FL – Flawless

This is used to define a clear stone that has been examined under a (10x magnification) microscope and is free of all flaws.  Understandably this is the best and most expensive grade of clarity.

IF – Internally Flawless

This has a minor imperfection on the external finish but there are no visible internal imperfections.

VVS 1 – Very, Very Slight Inclusion 1

This implies that there are extremely small inclusions that are very hard to find even under magnification and it tends to be just one.

VVS 2 – Very, Very Slight Inclusion 2

Very small inclusions that can only be detected through powerful magnification and a trained professional.

VS 1 – Very Slight Inclusion 1

Very tiny inclusion that can only be detected by magnifying the diamond.

VS 2 – Very Slight Inclusion 2

Some minor inclusions identified but these would be challenging to find.

SI 1 – Slight Inclusions 1

These would be described as ‘eye clean’ as any inclusions would only be visible under intense magnification.

SI 2 – Slight Inclusions 2

Slight inclusions that can’t be perceived by the naked eye.

SI 3 – Slight Inclusions 3

A trained observer’s naked eye might notice some of these inclusions.

P 1 – Included 1 (Not listed in MichaelK Diamonds)

Inclusions and imperfections that can be noticed by the naked eye.

P 2 – Included 2 (Not listed in MichaelK Diamonds)

Obvious imperfections that also deter from the diamond’s brilliance. 

P 3 – Included 3 (Not listed in MichaelK Diamonds)

Clear visible imperfections that compromise the diamond’s structure and brilliance.     

The best advice that can be offered is to make sure that you buy your engagement ring from a reputable source, determine what your ideal spend is and work with them to ensure that you make the right choice.  Good luck!

All diamonds come with their own GIA certification offering exceptional quality

Diamonds are sourced directly so that they can be purchased at wholesale prices

See also:

Emerald is a member of the Beryl family of gemstones which also includes Aquamarine, Bixbite, Goshenite, Heliodor and Morganite.  The Emerald is obviously recognised as a vivid green however the colour of the stone can range from a pastel shade to a more intense green with hints of brown, blue and yellow which are created by different elements in its composition.

How do I know if I’m buying a quality Emerald?

Choosing the best emerald for you is an important decision and there are four key things to remember which will help to make this easier.  These include:

Purity of ColourTransparencyClarityBrilliance (brightness)

Colour variations will also have an impact on the overall green shade, for example, a tint of yellow (up to 15%) will enhance a pure green Emerald particularly in a darker environment such as candlelight.  Whereas adding blue will inject warmth, richness and depth into the emerald.

Although transparency and clarity are two distinct factors, they are inter-related.  Emeralds grow extremely slowly in metamorphic rocks.  In other words, rocks that have experienced high levels of physical change caused by heat or pressure.  This inevitably causes what are commonly known as natural visible inclusions in the stone.  If an Emerald only has a few larger visible inclusions, it is considered to be more transparent or ‘lively’ and this can increase its value significantly.  

Where does the Emerald come from?

The stone was originally sourced from Egypt as far back as 3500 BC, in mines that were based in the desert region.  Today, the most prized emeralds are reputed to be found in Columbia.  This is because of their exceptional quality (insert link to relevant content) and history which dates back to the 16th century.  They supply approx. 60% of the world’s output and 80% of the highest quality that are currently available on the market.  The emeralds are mined from ‘Muzo’, based 171kms from Botoga, North of the capital.  After Columbia, Zambia has the next largest deposit of emeralds.  Other countries include Afghanistan, Brazil, Pakistan, Russia and Zimbabwe.

Learn More About Emeralds:

Having an #EngagementRing, #WeddingRing, #EternityRing or any other #Ring designed is a very personal experience.  Your jewellery should be made to last a lifetime so choose someone that offers you that peace of mind.  MichaelKDiamonds offers you assurance, customised service with exceptional quality as well as value, in a relaxed and individual way.  Contact us today and have the experience of a lifetime.

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Emerald is a member of the Beryl family of gemstones which also includes Aquamarine, Bixbite, Goshenite, Heliodor and Morganite.  The Emerald is obviously recognised as a vivid green however the colour of the stone can range from a pastel shade to a more intense green with hints of brown, blue and yellow which are created by different elements in its composition.

How do I know if I’m buying a quality Emerald?

Choosing the best emerald for you is an important decision and there are four key things to remember which will help to make this easier.  These include:

Purity of ColourTransparencyClarityBrilliance (brightness)

Colour variations will also have an impact on the overall green shade, for example, a tint of yellow (up to 15%) will enhance a pure green Emerald particularly in a darker environment such as candlelight.  Whereas adding blue will inject warmth, richness and depth into the emerald.

Although transparency and clarity are two distinct factors, they are inter-related.  Emeralds grow extremely slowly in metamorphic rocks.  In other words, rocks that have experienced high levels of physical change caused by heat or pressure.  This inevitably causes what are commonly known as natural visible inclusions in the stone.  If an Emerald only has a few larger visible inclusions, it is considered to be more transparent or ‘lively’ and this can increase its value significantly.  

Where does the Emerald come from?

The stone was originally sourced from Egypt as far back as 3500 BC, in mines that were based in the desert region.  Today, the most prized emeralds are reputed to be found in Columbia.  This is because of their exceptional quality (insert link to relevant content) and history which dates back to the 16th century.  They supply approx. 60% of the world’s output and 80% of the highest quality that are currently available on the market.  The emeralds are mined from ‘Muzo’, based 171kms from Botoga, North of the capital.  After Columbia, Zambia has the next largest deposit of emeralds.  Other countries include Afghanistan, Brazil, Pakistan, Russia and Zimbabwe.

Learn More About Emeralds:

Having an #EngagementRing, #WeddingRing, #EternityRing or any other #Ring designed is a very personal experience.  Your jewellery should be made to last a lifetime so choose someone that offers you that peace of mind.  MichaelKDiamonds offers you assurance, customised service with exceptional quality as well as value, in a relaxed and individual way.  Contact us today and have the experience of a lifetime.

Like many people, I was listening to the news the other day when one of the articles featured the latest #foodscare.  The only lasting words I was left with at that moment were, ‘sausages and bacon cause cancer’.  Oops, I thought, the kids have had sausages for dinner last night and my daughter has been eating ham sandwiches for lunch…have I inadvertently been responsible for damaging their health?! 

I know it can't be compared in the same sense but it did remind me loosely of what happened in 1998 with the MMR vaccine controversy whereby parents were left in turmoil when the news broke claiming that colitis and autism were inextricably linked to receiving the vaccine.  It was so compelling that people communicated with their actions and rates of vaccinations significantly declined in the UK and Ireland.  This, in turn, led to a significant increase in the incidence of measles and mumps.  Now I’m not in any way suggesting that the report published by IARC is fraudulent or can be accused of breaking ethical codes as the Andrew Wakefield research was later found to be guilty of.  What I am saying though is that careful consideration of the entire research needs to be explored otherwise important details are severely compromised for the sake of sensationalism (again) or other alternative agendas.  The ripple effect of this can be far reaching not only in creating panic among the consuming public but equally it can have critical repercussions for the livelihood of small and medium food producers whose business philosophy strives to emphasise #quality #foodsafety and #fresh.

According to the World Health Organisation, ‘Eating Bacon, Ham and Sausages Can Cause Bowel Cancer’, (Irish Times, 26 Oct 2015).  Red meat, including beef, lamb and pork, has also been classed as a ‘probable’ carcinogen and are present in the 2A group because they contain ingredients such as glyphosate (an active ingredient in weed killer).  To demonstrate a little of what the classifications refer to, the following table provides a brief example of some Agents Classified by the IARC Monographs, Volumes 1-112.

Interestingly caprolactam is classified above in group 4 because, according to the Monograph criteria, it is considered to be comparatively low risk in terms of being a carcinogenic agent.   However, it has been associated in the past with irritation and burning of the eyes, nose and throat as well as causing headaches through inhalation (United States Environmental Protection Agency).

While I am not a scientific expert, I am part of the consuming public and I believe it to be important to highlight some of the alternative FACTS surrounding the IARC report on red meat research:

Red meat that is excessively browned or burned on the outside contributes to the production of carcinogenic chemicals.  Therefore, it is recommended that only un-tenderised cuts of meat such as lamb or beef steaks can be cooked according to individual preferences.  Otherwise, meat should be cooked to a minimum of 75°C to destroy bacteria.When individuals eat normal amounts of processed meat, there is still only a SMALL risk of developing colorectal (bowel) cancer.Therefore, the research suggests that an increased risk of developing colorectal cancer is directly related to a higher intake of meat per individual (Dr Kurt Straif, Head of the IARC Monographs Programme). The amount of risk however is more difficult to quantify and the level ranged from 7 to 17%.Other similar research into the potential link between red meat consumption and bowel cancer has been carried out in the past.  In 2010, Dr Elizabeth Lund at the British Institute of Food Research found 3 additional cases of the illness in the developed world within a sample of 100,000 individuals.  This represented 0.003% of the study that could be attributed to red meat consumption.Red meat contains good ‘gems’, in particular, iron which promotes positive cognitive function.

What now...?

 “The classification system indicates the weight of the evidence as to whether an agent is capable of causing cancer.  However, it does not measure the likelihood that cancer will occur as a result of exposure (i.e. the level of risk) so it is not an indication of how potent the agent is as a carcinogen”

(Food Safety Authority Ireland).

I fully acknowledge and support that it is in the interest of consumers to carry out research of this kind.  After all there are few, if any families, that have been unscathed by the dark hand of cancer and I personally would welcome any information that would help to address such a serious health risk.  I also understand that it is necessary to grab people’s attention.  My concern is that the way in which the research was immediately portrayed with the sole purpose to shock rather than inform.  In my view, this was misleading and had the potential to do more harm than good.  Furthermore, it only exacerbates the perception that key health messages are often confusing.  The main advice from industry professionals is that an independent review should be carried out to dispel any misconceptions.  In the meantime, they are suggesting a more sensible approach to how we interpret this latest food research which is to continue to follow a healthy, varied and balanced diet as well as exercising regularly.  The Food Safety Authority Ireland advises that a maximum of 300g of red meat, in portion sizes of 100g up to three times on a weekly basis.  It is up to us as consumers to continue to show an interest in where our food comes from, how it is produced and consult food labelling to form comprehensive and educated food purchasing decisions.

For further resources see:

If you would like to share your thoughts please emailor get social @360MarketingIE.

The importance of Small to Medium sized businesses to the Irish economy is widely acknowledged and indeed have been referred to as ‘the backbone of European economies’.  SMEs represent 95% of the business market and are responsible for more than 70% of the employment.  All in all, they are a pretty formidable force that offer diversity as well as challenging roles. 

The rationale behind the desire to become self-employed can stem from a range of reasons whether it’s as a result of the impact of the on-going financial climate and/or simply that there has always been an overwhelmingly aspiration to have that kind of individual autonomy - let’s face it some of us are not that comfortable with being told what to do! Whatever the reason and I speak from my own experience, the prospect of ‘going it alone’ can be pretty daunting in the beginning.

The following information has been prepared with the entrepreneur in mind, to provide the basic steps needed to get you started and avoid wasting a lot of time browsing when you could be getting on with developing your business.

Registering a Company

The first thing that you are required to do is to confirm the type of company that your business is.  This means that you would apply to be either a sole trader, partnership or a limited company.  The decision is based largely on whom you would be trading with and also has implications for the level of possible risk involved, for

Taxation

Tax Registration

Again, the process of tax registration depends on the type of company that you registered as, for example, sole trader or limited partnership etc.

Employee Related Tax - PAYE

When recruiting new members of staff, an employer is obliged to calculate and deduct any income tax that is due as part of the PAYE scheme, each time the employee is paid.  In addition, any PRSI (see below) is deducted in the same way by completing the relevant application form.

Pay Related Social Insurance (PRSI)

Resources:

Tax Returns

The Revenue Commission has an online facility (as discussed), the Revenue Online Service or ROS is there for tax registration, paying tax liabilities, filing tax returns and claiming repayments.  There are a limited number of users that are permitted to submit their registration applications on paper and there are certain restrictions on who qualifies and when these need to be submitted.

Quick Links for Further Information

The above information identifies the formal and legal obligations that you are expected to comply with.  It is also an important exercise to determine what you believe your company to be within the context of your own circumstances.  The following links to the relevant third party agencies for reference and to provide more comprehensive information. 

General

Registration

Tax

Revenue Commissioners are responsible for Irish tax and customs offering guidance on business and self-assessment, tax duties and other online services including PAYE anytime and Revenue Online Services

360 Marketing Consultancy

360 Marketing Consultancy is based in Ireland and offers customised marketing services including market planning, insight and strategic solutions to small and medium sized businesses.  The company was established by Nicola Donnelly who has worked alongside SMEs for nearly 15 years and acutely aware of both the challenges and rewards that each new business faces.  This not only applies to getting started in the first place but achieving the next level and continuing to grow.  Make use of some professional #SMEresources and 

contact or email 360 Marketing Consultancy.  For SMALL Businesses, Thinking BIG!

 (Source: Shutterstock)

Every entrepreneur knows that starting a business is a challenging process to begin with but it takes passion and hard work to make it into something that’s sustainable.  For some, it’s quite enough to keep operating activity small.   Others, however, dream of making it big.  Achieving this requires a huge leap which can be daunting along with the daily running of a company but, in order to be successful, it’s absolutely essential to ensure that you have a clear strategy.

In terms of building your own personal strategy, you need to define what your objectives are from the very beginning so that you have a clear vision shaping how your strategy will be implemented and delivered.  For example,

- Are you hoping to improve your market share locally?

- Are you investigating the potential to supply to international markets?

- Are you interested in introducing a new product into your existing range?   

The next part of this process involves the development of responses to a number of key questions.  While this list is not exclusive, the idea is to really focus on the specifics of your business and highlight the information that is appropriate and relevant.  Therefore,

1. How well do you know audience?

2. How do you define your business?

3. What makes you unique?

4. Who are your competitors?

5. Where is your differentiation?

The questions outlined above aren’t in any way extraordinary, but finding the right answers that are particular to your business can be enlightening.  Not only will it provide you with your own valuable market insight, it has the advantage of making sure that all of your subsequent marketing activity is synchronised with this information.  It will also be beneficial when creating content, generating awareness and communicating with your target market.

Target Your Audience 

Understanding exactly who your customers are surely has to be the starting point of any marketing strategy.  After all, they are the calling cards in terms of making crucial purchasing decisions – to buy or not to buy.  Furthermore, this type of research requires really defining who your customers are.  No-one has 100% share of the market so it is essential to ‘define and refine’ your customer base consistent with your objectives so that you can develop more effective marketing.  The less is more analogy is appropriate rather than having a blanket approach whereby you can focus specifically on sources that are likely to be the most profitable. 

To Grow Your Business You Need to Know Your Business

Ok, imagine you have a blank page….how would you describe your business…concisely?  If you don’t focus on determining the category that you’re in, it can lead to confusing and conflicting messages.  This is even more important with the wealth of information that is so readily accessible today.  In Ireland, technology is being embraced at a phenomenal rate and is a normal part of daily routines.  More than 1.2 million are estimated to own a tablet and there are in excess of 1.6 million smartphone users (Eircom Household Sentiment Survey).  With information at people’s fingertips it’s essential to stand out, be clear about who you are and what you offer.

Be Unique, Be Yourself

Every business has its own identity, whether that’s its provenance and/or distinct product/service characteristics.  Be loud, be proud about yours.  Again, this involves being precise about what you can offer and implies determining a few (at most) primary benefits.  If you’re unclear then it’s a perfect opportunity to engage with your audience and produce some market research.  SMEs have an incredible advantage of having proximity to their customers market (‘Why Bigger isn’t Necessarily Better'?) which means access to valuable information that can be used subsequently to inform your communication and marketing strategy. By understanding their needs and motivations you are more likely to be able to satisfy demand efficiently, have streamlined marketing and implement an effective strategy.

Competitor Analysis

As we are all aware, the commercial world is a competitive place and consumers have understandably become ultra-savvy when it comes to spending their cash.  Furthermore, access and convenience to technology has facilitated the purchasing process in ways that have never been experienced before.  Subsequently, every business must establish who their competitors are as consumers will weigh up the alternatives and compare these against each other.  Comprehending the competitive landscape will assist with developing key messages around your company’s services and products while producing differentiation for you. 

Differentiation

The next logical step is to focus on determining the differentiating factors that make you distinct from your competitors.  Creating a list will allow you to measure your company and use this to create competitive advantage.  The selection should be refined on the basis of those that are considered to be most important to your customers.  Again, there is an opportunity to develop your own personal and individual market insight by conducting some research with your audience.  The value of this information has a wealth of uses including your online presence and promotional material.

If you would like support with developing your marketing strategy please contact 360 Marketing Consultancy or keep in touch @360MarketingIE

The landscape for locally produced food purchases seems to have been undergoing a strong revival over the last number of years; reflecting patterns that are reminiscent of previous times when local was king (or queen)!  Of course, then, it could be argued that this was based on a lack of choice as exposure to more exotic products was extremely limited for most.  Now, however, consumers are actively making decisions based on better information not only in terms of the benefits buying local offers but also the support it provides to local businesses and thus the home economy. 

This could well be just wishful thinking but the statistics speak volumes.  The value of consumer sales generated by more than 350 of the small, local and speciality food businesses in Ireland is €472.5 million (an average of nearly €1.36million each).  According to the Department of Agriculture, Food and the Marine, this translates into total revenue of €1.01 billion that is circulated back into local companies throughout the country.  According to industry sources, 68% of consumers in Ireland consciously purchase local food to support the economy (Grant Thornton) while 92% of Good Food Approved Providers have increased their purchases of Irish food over the last few years (Grant Thornton).

(Source: Bord Bia)

As the information above exemplifies, buying Irish products and shopping locally is becoming increasingly important.  It equally highlights that there are more opportunities for local producers to grow their audience.

In 2006, recorded numbers of farmers markets were estimated to be around 100 (Bord Bia).  Today, information suggests that there are closer to 150 operational and serving customers across Ireland (‘Guide to Food Markets in Ireland’).  If consumers think with their feet then this number demonstrates that there is a definite increase in the demand for local. 

The more specific reasons behind this growth can be understood in part by the unquestioning trust that consumers had in their food sources previously.  When the #horsegate scandal emerged and the sheer extent of it became clear, this trust was tested and subsequently broken for many (Food Safety Authority Ireland).  For some consumers, it would appear that the food source itself was the issue however, for the majority the biggest transgression was the deceit involved and the message this sent regarding how the companies viewed and treated their customers.

It is no surprise therefore that the main motivations behind the increase in local purchases tend to be attributed to trust, quality and transparency.  79% of consumers believe that food produced locally is of a higher quality while 77% insist that there is increased food safety with local food production (‘The Irish Consumer: Attitudes to Eating & Cooking’ and ‘Irish Consumers and Their Food’).  There are a number of additional factors that inform the consumer purchasing process.

This is great news for producers as they tend to have these characteristics in abundance.  It is also an opportunity for niche players to really bring their provenance to life and respond to consumer demand.  Consumers are becoming increasingly ultra-savvy about their purchases; this means that they can be price sensitive too.  While they are prepared to pay more of a premium because of the above benefits, the challenge for producers is making sure that products provide value for money as well.  Every company is unique, the key is to identify exactly what makes you different and convey that to your audience.  

For further information on how to develop your story and grow your audience contact 360 Marketing Consultancy or stay in touch @360MarketingIE, LinkedIn, +360MarketingConsultancy.

For a business to run and indeed grow it’s inevitable that expenses need to be incurred to make this happen but getting the most out of your investment generates good business sense.  In the same way that you would like to communicate with your audience, it’s essential to ensure that you target your budget to maximise your return.  Here, I would like to share a few tips in relation to a specific resource that I have found to be beneficial for creating my own company logo

Corporate and Brand Identity

When you’re starting out or else you’re considering a re-branding exercise there are a number of important stepping stones.  The first is to make sure that you define your company specifically i.e. who you are, what you’re doing and which customers are you speaking to?  You can’t be all things to all people so it’s necessary to refine, refine, refine!  This will make it easier to develop your own persona and strategy around it.  In terms of building your brand designing a logo is often the next logical step.  While researching potential suppliers I encountered the usual response when I contacted some of the design companies, once they heard my conservative numbers they didn’t want to know.  I was however, in contact with a local company, Attik Designs based in Co Mayo, while I didn’t choose them as the preferred supplier (for reasons I will explain) I have to note that they were extremely attentive, professional and displayed a high level of customer care.  They also have a more flexible arrangement for spreading costs and they offer additional services such as arranging ‘Google Hangouts’ which are used to discuss more particular needs such as custom programming, design, admin systems, custom Customer Management Systems and a newsletter service.

Since my objective was to create a new logo, I chose what I considered to be quite an innovative and novel concept.  99 Designs offers a range of packages to suit your budget and basically involves setting up a contest and inviting a range of designers to submit related examples ultimately competing for the prize money.  The process is really straightforward whereby you complete a series of questions that will inform and become your brief.  You can indicate if there are any logo types that you prefer.  In order to provide assistance, an explanation of colours and their associated symbolism is provided.  As discussed, it is essential at this stage to be clear about your business and audience so that your branding scheme reflects this.  This supplier offers 4 different packages to choose from:

The above relates to logo design only and the basic package offers a range of benefits at an affordable price.  Since I was at the beginning of the branding journey I wanted to be able to have access to a range of designers in order to explore my options and to see what kind of examples they would suggest.  Once the brief has been finalised, and it is advisable to create an eye-catching title, the contest is advertised on your behalf.  You can either wait to hear from prospective candidates or alternatively personally invite those of interest.  At this stage, there is still no guarantee placed on the prize money therefore if you aren’t happy with any of the designs, you can opt out without any obligation.  You are encouraged to provide feedback and direction to designer based on what is submitted.  After four days, a decision has to be made about whether there are finalists that you would like to see more from and, if so, the financial incentive is secured.  The final round runs over three days and once this is completed the decision regarding a winner has to be made within two weeks.  In all I received over 190 entries from 46 individual designers.  The only point that I would like to raise is that due to the naturally competitive nature of the process, designers invariably are critical of other entries and will often accuse each other of copying designs from elsewhere.  I do think at times there can be a degree of replication but if you are in any doubt about the originality, you can contact the administrative side of 99 designs and they can verify it.  Alternatively, if your budget allows, you can always choose one of the packages that is more geared towards expert designers and it would probably eliminate some of this.  There are other providers out there including fiverr, the key is to be clear about what you want and decide which can represent you best to achieve your objectives.  Good luck!        

SMEs can sometimes suffer from the ‘he/she is bigger than me!’ syndrome but, trust me, there are a range of benefits to be exploited from being smaller.  Think of your company as a finely-toned athlete with more agility and velocity than your muscle-pumped power house counterparts.  Here, the phrases ‘good things come in small packages’ as well as 'so does poison' has never been more true.  Both statements are extremely valid and demonstrate that SMEs can really have a potent influence in the marketing and business environment.

Rapid response

By their very definition, SMEs have a smaller company size which means that response times to customers are potentially shorter.  They also tend to be more efficient due to the presence of less complicated systems and processes for handling potential complaints and addressing issues.  The ability to respond effectively to market changes is a key asset which offers advantages in relation to the development of positioning, innovation, the capacity to evolve and consistently satisfy market demands.

Explore and experiment 

It is pretty clear that digital media has such a pivotal and important role these days as regards customer relationship management, both existing and new, as well as brand development.  The new technology channels present SMEs with an opportunity to trial and develop individual and innovative strategies by getting ‘up close and personal’ with their target audience.  In addition, they provide the means to engage with their customers and ‘ask the audience’ what they really want through reciprocal interaction.  This also allows smaller companies to build their portfolio around matching and satisfying those needs.

Selective resourcing

Typically, SMEs are challenged by their resources whether that is (additional) staff, time, finances or a combination of all three.   While this is acknowledged, it can equally be viewed as a benefit when recruiting external skills to deliver individual projects.  This can be done as and when it is required without the commitment of an employee on a full-time or part-time basis.  You have a choice of individuals and companies competing to supply those business services therefore there is more choice and opportunity to select one that is consistent with and closely aligned to your own objectives.

New Generation Media Ally

Social media does not need to be your nemesis but can offer a plethora of opportunities to research and document customer responses to your brand and as a way of generating targeted information that is specific to them.  This contemporary form of communication can subsequently help to define strategies that are unique and innovative as long as the content produced is finely tuned and appropriate to the audience.  Within the small business environment, a digital marketing plan can be implemented with relative ease not least because it doesn’t require permission from the higher echelons of a company nor do you have to spend time convincing each and every department of the merits for doing so.

Come Closer to the Market

Having proximity to customers means that SMEs are better positioned to identify important market information such as particular needs, motivations and preferences as well as changing trends within their customer base.  This, in turn, can help with the positive development of services and products in addition to being able to evolve competitively.

Up Close and Personal Service

Again, as a result of potentially having a close relationship with the market, SMEs are able to deliver a personalised customer service based on one-to-one contact rather than communicating with an automated programme or a remote individual.  You are the company and vice versa!  It is also possible to provide training to ensure that the service provided is of a consistently high quality and is standardised.

Less Hierarchy – Who’s Up There?

A shorter decision making process is generally symptomatic of smaller companies and without tedious bureaucracy impeding progress; SMEs can seize the moment and the opportunities as they present themselves.  In relation to employee engagement, it can also increase their involvement and participation through the process of knowledge transfer.

To all of the smaller companies out there, I applaud your individuality.  Keep being unique, you have a lot to be proud of!