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BP SURVEY Accountants Brendan Jennings, Deloitte companies is to engage early with your financial institution; communication is extremely important. Banks need to support and help those companies that have demonstrated good track records. Cashflow is the lifeblood of any business and it is important that indigenous firms are supported in this regard. Irish businesses have recognised that one of the key ways to achieve sustainable growth is to look at foreign markets. It was encouraging that Budget 2012 included a number of measures to help in this regard, such as the measure to incentivise investment in the BRIC countries. Building the reputation and attractiveness of Ireland internationally, as a location for business, should always be front of mind and a key area for government action. John Glennon Baker Tilly Ryan Glennon Access to cash continues to be a major limiting factor for businesses that are seeking to grow. Our clients tell us that they continue to find banking difficult, with maintenance of existing facilities being their first priority. Stories of attempts by banks to increase margin are commonplace. I think all businesses need to work on their business plans to reinvent their companies for the new environment. As businesses climb out of the recession the focus will be on reinvention and transformation. Then, the really hard question arises: What next Some will attempt to tread water in the hope of surviving until the pick-up. For others though, innovation will be central. However, if the downturn has taken its toll to the extent that you are now trading at a loss, my best advice is to John Glennon, Baker Tilly Ryan Glennon proceed with caution. Calling it a day is the most difficult decision any entrepreneur can make but often one of the wisest. The government is facing a difficult job to reform a country gripped by anger and blame. They are also finding that raising tax rates and raising tax revenues are two different things. I believe that we have reached the tipping point, whereby the burden of taxation has a negative effect on the economic activity in the country. There is a fine balance required to ensure fiscal rectitude and recovery from recession. It seems that perhaps we have got that balance wrong, with an emphasis on taxation rather than a tackling of the fundamental restructuring required. Anne Brady Anne Brady McQuillans DFK Our firm represents a number of information technology companies who are export-driven, and in general they are performing better than companies trading on the domestic market. Our fee income in 2011 was up from the previous year. We fully expect business in 2012 to increase and we are constantly working towards winning new clients, offering a service that is second to none. Conditions for lending are increasing and are more difficult for the business person to agree to. Regarding the Chartered Accountants & Registered Auditors Accountants of Choice Cloud Computing Consultants T: 353 1 4786600 F: 353 1 4750170 E: info@annebrady.ie W: www.annebrady.ie Iveagh Court, Harcourt Road, Dublin 2 62
BP SURVEY Accountants Anne Brady, Anne Brady McQuillans DFK economy, we are certainly not at the bottom yet. However, while business confidence has not yet been restored, over half of Irish business leaders are planning for growth. The ongoing implementation of a robust national recovery plan and public sector reform are top priorities for government if it is to be successful in restoring confidence and stimulating economic growth. Tadhg O’Sullivan OSK The majority of small and medium-sized businesses in Ireland are dependent on the domestic market. Strong export growth over the last number of years has hidden the true challenges facing most domestic firms. Since late 2008, businesses have concentrated on the reduction of overheads to counteract declining income. With costs reduced to the minimum, now the challenge for cash-strapped businesses is return to positive growth. In our opinion, liquidity and credit conditions for SMEs have deteriorated over the past year. Banks have tightened up in relation to the processing of any new applications or renewal of credit facilities. Additionally, the amount and detail of information requested is putting a further burden on businesses. Tadhg O’Sullivan, OSK The usual credit terms of 30 days or 60 days agreed between businesses no longer apply, due to the lack of banking credit available to businesses. The result is that the majority of our clients are operating at the bare minimum in relation to resources. continued on page 64 63
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