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accounting & finances

Mar 30

The 7 Deadly Sins Of Bad Elevator Pitches

By New Frontiers blog
You may have a fantastic startup idea, but unless you can effectively communicate it to investors that is all it might ever be – an idea. The good news is that even the most terrible elevator pitches can be polished and honed until they sing. If you’re looking for secrets to pitching success, then it starts with knowing what not to do… 1.     You’ve forgotten that you’re pitching to a human being This is a very common mistake entrepreneurs make when they first start pitching. Rather than recognising that investors can be persuaded to be as passionate and excited about your startup as you are, it is easy to fall into the trap of treating them like the inscrutable sphinx....
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Feb 18
Top tips for dealing with late-paying clients - New Frontiers programme

Top tips for dealing with late-paying clients

By New Frontiers blog
We're not pointing any fingers, but you know who we're talking about! When it comes to late-paying clients, there are always a few stragglers. Although it's not personal and usually just an indicator of clunky business processes, if you're a small business trying to grow it is hard to be sympathetic. However, if most of your late-paying clients also happen to be your biggest clients, your problem is a bit more of a challenge. According to ISME, the Irish SME Association, 55% of companies experience payment delays of two months or more (Q2, 2019). CEO Neil McDonnell points out that: “Smaller businesses do not have working capital to wait for payment as long as big businesses. 36% of multinationals are...
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May 30
How to decide whether to outsource or keep everything in-house - New Frontiers

How to decide whether to outsource or keep everything in-house

By New Frontiers blog
Growing your business beyond the startup phase means making some big changes with regard to how your company operates. In a startup, it’s an all-hands-on-deck situation for the close-knit team; communication is a breeze because the company isn’t a sprawling organisation yet and at any given moment you, the founder, can be found jumping between roles, keeping tight control over everything. However, as you scale up, it quickly becomes apparent that the advantages that made you a startup success could now be the very things that are holding you back. The small team needs to grow so you can keep up with demand and remain competitive, it’s no longer efficient for you to be the last one to sign off...
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Apr 28

Financing: alternatives to business bank loans

By New Frontiers blog
The latest figures from the Central Statistics Office examining access to credit for small and medium sized businesses reveal how reliant Irish firms are on bank lending. It is by far the most popular form of financing for SMEs around the country. Bank loans are not an option for every business, however. One in five Irish SMEs are finding their applications for loans rejected by banks, with no reason given. Alternatives to bank loans for business finance do exist, however, and are growing in popularity. Here is a run through of some alternatives you might like to try if your startup has been turned down for a bank loan. Peer-to-peer business loans Peer-to-peer business lending involves an online marketplace which...
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Dec 03

Getting paid on time: advice and guidelines

By New Frontiers blog
Getting paid on time is a never-ending concern for small businesses. An SFA surveys show that, on average, it takes 62 days to get paid, even though the majority of payment terms are 30 days. This causes serious cash flow problems, requires firms to extend overdraft facilities, and consumes a great deal of management time. The European Payment Report 2015 found that half of Irish companies say that late payments threaten their survival. So, what can you do to get paid on time? How can you protect your company against the scourge of late payers and bad debts? Dealing with late payments is a question of the policies and practices of individual businesses, but also of the broader payments culture in...
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Aug 17

Goals & milestones for growth-focused businesses

By New Frontiers blog
I recently delivered a one day workshop as part of IT Tralee’s New Frontiers Phase 2 programme entitled, ‘Goals & Milestones for Growth-Focused Businesses’. The aim of the session was to discuss goals for each of the participant business and to help them identify milestones to be prioritized among the many competing demands for their time and attention. Sessions such as this assist participants to communicate both their progress to date and the potential of their business to Enterprise Ireland and other potential investors. These are some of the key points we covered. Starting point: hitting milestones is extremely important for early-stage investors The calibre of the team driving a new business is very important in determining an investment decision. This...
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Nov 20

Bootstrapping too far: the dangers of overtrading

By New Frontiers blog
As entrepreneurs, it can be tempting to take every piece of work or contract we are offered. It's exciting to see sales growing and growing each month, or week; but sometimes this can be a bad thing. Often, companies that are experiencing rapid growth can be at risk of overtrading. Before I started my own company, I spent five years dealing with businesses in financial difficulty. There were a few successful turnarounds, but more often than not I saw promising business in the position of having taken on far too much work that they just couldn’t handle. In spite everyone's best efforts, they usually ended up in liquidation. Overtrading means carrying out too large a volume of trading in relation...
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Oct 23

Managing your cashflow: funding your startup after the programme

By New Frontiers blog
Startups need cash to keep going – it’s a simple case of having money so that you can make money. Most entrepreneurs get preoccupied with finding sources for large scale funding, rather than concentrating on how to make the money they have go as far as possible. By accurately identifying how your money can best be utilised, you can plan how much funding you actually need and improve your chances of raising capital. Money is the lifeblood of any bootstrapping entrepreneur and usually the thing in shortest supply when starting up. In fact, many startup failures can be attributed to poor cashflow, so getting your financial planning and management right is crucial to success. Thinking ahead is the way to...
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