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Enterprise Ireland's High Potential Start-up Programme aimed to help support and develop start-up businesses and today's news has shown the programme has been a success. The 443 jobs are to be created this year and further jobs are due to be created over the next 2-3 years. The jobs are in indigenous businesses in the following sectors: clean technology, life sciences, financial services and information and communications technology.

With over 300 new jobs announced in the first quarter of this year, this programme has been a success.

This good news comes after this week's good news that Paypal are to recruit 200 more employees in Ireland to support their online payment system.

If you are in business or thinking of starting a business and need support and advice, call Patrick Cunningham on 04784955 or email patrick@amatino.ie

The changes to the Vat rate on the 1st July 2011 has caused a stir in the press and confusion among the public with many consumers unaware of the Vat rate change. The reason for the amendment to certain item's Vat rate is to stimulate spending in certain sectors.

The new 9% rate applies to:

• The supply of food and drink (excluding alcohol and soft drinks) in the course of catering or by means of a vending machine.
• Hot take-away food and hot drinks
• Hotel lettings, including guest houses, caravan parks, camping sites etc
• Admission to cinema, theatres, certain musical performances, museums, art gallery exhibitions
• The provision of facilities for sporting activities by a person other than a non-profit making organisation
• Printed matter - newspapers, brochures, leaflets, programmes, maps, catalogues, printed music (excluding books)
• Hairdressing services
• Amusement services - fairground or amusement park services

Goods & Services remaining at the 13.5% rate

• Bakery products, excluding bread
• Residential property & Non-residential property
• Goods used for agricultural production of bio-fuel
• Building services related to residential property, including installation
• Children's car safety seats
• Fuel - coal, peat, timber, electricity, gas (other than auto LPG), heating oil
• Tour Guide Services
• Minor repairs - bicycles, shoes, leather goods, clothes, household linen
• Routine cleaning of residential property
• Non-oral contraception products
• Short term hire of cars, boats, mobile homes, caravans, tents or trailers
• Repair & maintenance of cars, vehicles, vessels and aircraft
• Jockey services
• Photographic services including photographic prints
• Veterinary Services
• Certain works of art, antiques, literary manuscripts
• Concrete
• Services consisting of the care of the human body
• Animal insemination services & livestock semen
• Waste acceptance & disposal
• Agricultural services
• Greyhound feeding stuff and live poultry or ostriches

If you are in business and have any queries on the Vat rate you should be charging, contact either of our offices - Amatino Partners Monaghan 047 84955 or Amatino Partners Cavan 049 4371211 or simply email info@amatino.ie

We will be holding our next Business Roadshow in the Bailie Hotel in Bailieborough, Co Cavan on Wednesday the 20th of July from 2-7pm. On the day, we will have accountants, business advisors, tax and marketing consultants available to all businesses, farmers and individuals who are interested in a FREE one hour meeting.

So if you have any business queries about costing, debt management, marketing your business or any other queries, book your place now by calling Grainne Brady on 047 84955. Limited Places Available.

Writing a business plan is a crucial first step when setting up a business. A business plan is the blueprints for your business it can help you navigate and manage your company while also helping potential investors, partners, and lenders understand your business strategy and your chances at success. It can help you describe your product or service, detail your marketing strategy, and lay out your sales and operational forecasts, including the ever important cash-flow projection so as to keep your business on track for profits.

Patrick Cunningham discussed some key issues around the importance of controlling cash flow within businesses while on the Joe Finnegan radio show on Northern Sound this morning. Here is a summary of the tips he mentioned:

• Poor cash flow management can ruin a business.
A business with plenty of work on hand can face ruin due to insufficient cash.
A full order book does not necessarily equate to healthy bank balance.

• You won’t have a business if you don’t have basic control in place to safeguard your hard earned monies.

• Cash does not flow on its own accord any more – it must be planned and implemented

• Don’t rely on bank overdraft going forward
- Expensive – 12% +
- If turnover is dropping the overdraft will also be curtailed by bank
- No guarantee that overdraft facilities will be renewed

• Two sides to proper cash flow management

Customer receipts

Implement and enforce firm but fair policies and procedures

1. Customer Receipts

 Check them out.

1. Good Reasons to Start a Business in Recessionary Times

• Lower Costs
• Labour is cheaper
• Rents Cheaper
• Using the latest technologies in your business – cost advantage
• People are shopping around looking for better value – this creates opportunities for the starters.
• Cost base will be lower – therefore better able to compete with more established business.
• SME are corner stone of employment in local economy
• SME are flexible and adaptable.
• Think like a large business from the start

2. Financials - Know your numbers

• Enough Cash to get started and keep your business financed until it starts making profits – usually after year 1
• Big failure of start up business – insufficient cash
• Work out the set up costs + running costs
• Project your sales figures
• Tendency to under estimate the costs and over estimate the sales income = ,Leads to early problems
• Sources of finance
Own Savings – be prepared to put your money on the line
Bank Finance = Straight Loans, Leasing (Motors certain Plant) bank Overdraft
Relative Costs of Finances
• Essential to have a well tested business plan.

Tune in to Northern Sound today for Coverage of Budget 2011  at 3.30pm with Des Lowry. Click here to listen live.

The Work Placement Programme facilitates your business to take on a person for a work experience placement for a maximum of nine months. While the person is gaining valuable work experience they are also contributing to your business. You have the opportunity to see how they work and if you are in a position to recruit you will have had ample opportunity to determine if they are suitable.

Payment of Participants is not a requirement of the programme.

It is important to research the markets you wish to export to. This may be the success or failure of your exporting expansion.

The following factors need to be researched to access the viability of your export project:

• Background of the market including political and economic stability, foreign exchange problems,
• Consumer market being targeted – culture, attitudes to foreign products, language, consumer spending power, need for product or service.
• Distribution channels – does the target market have the necessary networks in place to deliver your products/services.
• Competition – who your competitors are and their background information such as current product offering, prices, number of years established.
• Target Markets Legislation/ Customs & Excises – Does your target market impose additional tariffs on foreign goods or import restrictions, level of duties, packaging & labeling requirements.

Market research is the only method of answering all your questions before the decision is taken to export, so if you require any assistance in assessing potential export markets, please contact Amatino Partners www.amatino.ie or Patrick Cunningham on 047 84955.

Any submission in advance of the release will be treated as an Intent to Apply only, rather than an official application.

The timing of project window will be quite tight, this advance notice is intended to initially inform you of the scheme but also to maximise project time window should you intend to proceed with a grant application.

Please see link below for Guideline document and scheme description.

Energy Efficiency Retrofit Fund link:  http://www.seai.ie/Grants/Retrofit/

Here are the key points

•             Open to Public and Private sectors

•             Support is available for buildings, services and facilities upgrades

•             Projects to focus mainly on thermal and electrical energy use in buildings (but facilities, processes and transport are eligible)

•             Grant 35% funding available to private sector, with a grant range greater than €20K and less than €500K, e.g. €100K granted projects are encouraged

•             Usual qualifying costs, external labour, materials, hardware etc, however no internal staff costs included, or costs incurred prior to grant approval

•             The project must be completed and final documentation submitted by 1/12/10

•             An assessment by SEAI to qualify should take 4 weeks

•             Projects must include a effective system of savings verification

•             Generally SEAI are looking for exemplar,  innovative and projects that can be replicated

•             Speak with the programme contacts before submitting an application

•             Applications cannot be taken just yet, but the strong advice is to get them prepared

Applications should be made, in electronic format, using the EERF Application Form. They should be sent to: eerf@seai.ie, and a hard copy (with all relevant signatures) should be posted to: The Grants Administrator, SEAI, Wilton Park House, Wilton Place, Dublin 2.