We asked our founding partner, Rory Finegan, for his three key tips for young businesses. In this short video, Rory outlines what businesses can do to increase their chances of success. (We’ve also included a transcript below for reference.)
1. Plan, plan plan!
The most important thing for business, we think, is to make a plan. And not just a plan in your head, but actually document a plan to work out what the goals of business are and what are the steps to achieving it. it takes the risk and it takes the fear out of making these steps and developing your business. Research is really clear the businesses that make plans achieve better results than people that don’t have formal plans. So that’s our number one recommendation – that people actually make plans for their business. Generally over a three-year period, so know what’s happening next year and you know what you’re going towards over a three-year period.
2. Get the right systems in place
The second thing I would say is to have systems that make it easy for your staff and your customers to deal, to do business. There is a whole breed of new systems today that integrate with each other that allow you to do business in a seamless, integrated way that just makes it easy for your customers. It makes it easy for them to do business with you, to pay you, to see what’s going on – so have good systems.
3. Stay up to date with everything
And lastly, I’d say: keep on top of things! You know, keep on top of your accounts, keep on top of your cash flow, keep on top of you debtors, your taxes… It’s very easy to take your eye off the ball and let things get out of hand; and then it’s just awkward, it’s late, it’s a problem. It’s much easier from the start to keep on top of things, to keep things clean – your accounts clean, your bookkeeping clean, pay your taxes, keep an eye on your debtors and make sure you’ve been paid. It’s very easy for business owners to just concentrate elsewhere and then come back and it’s a problem. And it can be quite a big problem and some businesses don’t survive because it. So they would be the top three things I would look at for a growing business in Ireland.