Communication

Communication

 

“Wisdom cannot be imparted. Wisdom that a wise man attempts to impart always sounds like foolishness to someone else ... Knowledge can be communicated, but not wisdom. One can find it, live it, do wonders through it, but one cannot communicate and teach it.”
― Hermann Hesse, Siddhartha

There is nothing more important in business than effective communication. You may have the most brilliant product in the world but if you can’t make somebody want to buy it then it is as worthless as a bucket of sand to a camel.

Forms of communication

(1)    Words, sentences, stories, descriptions

(2)    Pictures

(3)    Video

(4)    Sounds, music, songs

(5)    Facial expressions a smile, a grin, a growl a grimace

(6)    Body language, facing away, facing towards, crossed arms, pointing

Fundamentals of communication

(1)    Smile, all the rest is for nought if you can’t get someone to trust you and the way to a person’s heartfelt trust is a smile. Not a grin, not a fake laugh just a simple polite smile. If you are telling something sad or bad then a comforting smile. If you are selling your product then an enthusiastic smile.

(2)    Make the individual or group believe they are the only ones who matter to you in the world by giving them your full attention. Listen to their words, replicate their facial expressions, show a full committed interest in them and hold their gaze. Make them feel there is no one else in the world but you and them, this will make them not only hear but absorb what you are saying.

(3)    Language Use the level of language suitable to your audience. If talking to a room of scientists then go ahead and enjoy yourself and talk technical about quarks and atoms, protons and vectors. If you are talking to anyone else then explain things in words which don’t need a degree in micro biology to understand.  

(4)    Assume people know absolutely nothing about your product. You should know everything about it (and if you don’t then be ashamed and go learn it all) but sometimes a high level of knowledge leads to people talking above people’s heads. Explain the simple things and then move on to the complex this allows everyone to follow what you are saying.  

(5)    Use images and sounds not just words. A picture can convey a million words, a song can elicit an emotional response, both images and sounds can cause memories to be formed by association

(6)     Talk clearly and loud enough to be heard and understood

(7)    Embrace your audience with your body language, face them, be open with your arms and hands.

(8)    Enjoy the experience of communicating with others. Humans can sense emotions, if you are happy and sincere they will read this in you.

(9)    Listen to them communicating to you. Remember what your mother told you about having two ears and one mouth. Communication goes two ways, look at their body language, notice their facial expressions, listen to their words, appraise their knowledge, determine what level of technical jargon they understand, notice are the looking at you.  

This is just a very basic article. I hope it helps with your communication skills.

© Frank McGivney 16.06.16

Frank McGIvney & Co, Chartered Management Accountants fmcgivney@live.com 0469293891

Advice for setting up your new business

Frank McGivney & Co. Ltd

Chartered Management Accountants

Useful steps for when you set up your new business

Written by Frank McGivney BA ACMA CGMA

Before you decide to set up your new business

(1)   Market Research Carry out market research and investigate the business you are proposing to start

(2)   Pick the right name which will reflect the service or product you want to sell

(3)   Prepare projections to forecasts to determine whether the business is likely to make money

(4)   Decide what structure is most appropriate, i.e should you operate as  company or  sole trader/ Partnership

When you are setting up business

(1)   incorporate a company with the companies registration office if you have decided to operate as a company

(2)   or register a sole trader business name with the companies registration office if you are going to be a sole trader or partnership

(3)   register with revenue commissioners for relevant taxes such as corporation tax, income tax, vat, paye employer and relevant contract tax

(4)   set up bank account, this may take up to ten days

(5)   advertise and market your product or service to your target market

Once you have set up your business you need to establish

(1)   Sales control this involves having an invoice book , setting up a system for sending out monthly statements, setting credit limits for customers and having a system for collecting money

(2)   Purchase Control: this involves choosing suppliers of goods and services, putting in place payment schedules for paying your bills, setting up direct debits for some bills such as electricity, telephone etc

(3)   Financial management. This involves controlling your finances, you need to ensure you get in all the money that is owed to you in a timely manner and then controlling your spending so that you can pay important bills when they fall due

(4)   Control expenses you need to find the best value for the goods and services you purchase that gives you the quality you need at the best price

(5)   Keep records. You need to establish a system to record purchases and sales. You have to keep all your invoices. You should file your bank statements. Make sure you fill out all your cheque stubs legibly

(6)   Do your tax returns on time. Make sure you meet all relevant deadlines for filing returns and pay all taxes as they fall due

I have more detailed articles on most of these subjects on http://frankmcgivney.blogspot.ie/ or you can ring me Frank McGivney on 0469293891 or email me on fmcgivney@live.com for more detailed advice on any of the above. I offer  full accountancy and tax service. 

 Frank McGivney & Co. Chartered Management Accountants Kells, Co Meath

10 Hints for success at Jobs Interviews

These are ten things you should do to be successful in an interview
(1) Be prepared technically. You need to prepare for a job interview or a series of interviews the same way you would an exam. You have to be work on your interview technique. This means you have to study up on the job that you are going for and the company that is looking for an employee. Revise all the things that you know about the position that you want to get. So if you are going for a job as an accounting technician then get out your text books and revise how you prepare accounts. You should be able to answer all technical questions with ease.
(2) Be prepared in relation to yourself. Study your Curriculum Vitae and learn the dates you have put down for jobs and experience. Know about the hobbies you put down. Be confident talking about your achievements. Know your CV like the back of your hand because this is the origin of the questions you are going to be asked
(3) Practice interviews. First of all practice in front of a mirror or video. Look at you self, make sure you are sitting up straight that you are neat and confident looking. If you are stumbling practice until you are not stumbling. Then practice with a friend or relative who will be honest with you. Make them adapt different interview styles. So they can be someone soft who is nice to you but who still asks you the hard questions. Then let them be a strict interviewer who is not so nice and asks you hard questions and follows up on your answers and tries to catch you out on your answers. Then listen to what they have to say about your performance
(4) Know in advance where the interview is going to be. So look it up on a map or programme it into a sat nav. Drive there or take the bus to the premises some day before the interview if you can. This way you will make sure you are on time and that you can relax before the interview takes place. There is nothing worse than been rushed or worse late for an interview
(5) Dress appropriately for the interview, you don't necessarily have to be formally dressed but dress in clothes that you would be expected to wear in the job if you got it.
(6) Be confident and assertive. If you have prepared yourself as per above then you should be confident in your answers. Now just be confident in yourself. Believe you are as good as anyone else and portray that in the interview. The big thing employers want is someone who can do the job confidently so you have to convince them that you can do this.
(7) Do not be afraid to admit that you do not know something.Humans are very bad usually at telling lies, even the best liars give away tell tale signs or get caught up in the lie. So just admit you are lacking in knowledge in an area but then come back strong by saying that you are wiling to learn. Every job has a learning curve so you will always have to learn new stuff so the employer is always looking for someone who realizes that you cant know everything but are willing to learn
(8) Make and hold eye contact and give a firm hand shake. This portrays so much to an interviewer. You are reflecting your own self image and asserting yourself. The employer then sees you as your own person and that you can handle yourself in the world
(9) Be proud of and emphasis all the other areas of your life such as sports and hobbies. Tell them about organizations you have been involved in. Employers now a days want people who demonstrate they can add value to their business and you can demonstrate this by showing that you excelled in your sport or that you organized an event for what hobby you are involved in
(10) Relax, take deep breaths and give yourself the reassurance that you can get the job. You need to be relaxed in order to perform to the best of your ability . I mean now relaxation in your mind and body as to your abilities but not so relaxed to the point where you are slumping in the chair and yawning . You have to be prepared to work in the interview but don't get yourself nervous or uptight otherwise your brain will get foggy. Remember there is always another job and that the interview is only a half hour out of your life. Hope these help you in any interview you might have to do.

Author Frank McGivney & Co. Chartered Management Accountant 0469293891 fmcgivney@live.com

Tax Tip 18.02.13 Bus and Bikes to reduce tax for paye workers

One of the ways to reduce the amount of tax that you pay as a PAYE employee is to get your employer to give you a bus or train pass or to buy you a bike in lieu of income you are already receiving. Both of these are exempt from benefit in kind and therefore wlll not incur tax implications and if they are used to replace some of your existing salary then they will reduce your tax bill.
If you approach your employer and ask him can he pay you 500 euro (just an example) less a year through your wages and instead buy you 500 euro of bus passes or train passes then you will end up paying less tax. This is because the 500 bus pass is exempt from tax where as you would be paying tax on the 500 if just paid through your normal wages. See Schedule (1) below for who your employer can get the passes from in order to be eligible for the exemption. Your employer can then claim the cost of the pass as an expense and also saves money on the prsi relating to the amount which would have been paid as wages.
The government have implemented this exemption to encourage people to use public transport.
Potential Pitfalls: Your employer has to pay for the pass, you cant buy it and then pass the bill on to them.

You can also get your employer to buy you a bike and safety equipment up to 1000euro per year and this is also exempt. This is a really good scheme.
Of course these are only of benefit if you want to use public transport or ride a bike to work. But if you are on the high rate of tax and you get 1000 euros worth of income from bus passes then you are saving your self at least 410euro in tax



Schedule (1)
 The bus or train pass must be issued by either:
•
CIE or any of its subsidiaries (e.g. Bus Eireann, Iarnrod Eireann, Bus Atha Cliath); or
•
A private bus operator holding a passenger licence under Section 7 of the Road Transport Act 1932; or
•
A person who provides a passenger transport service under an arrangement entered into by CIE in accordance with Section 13(1) of the Transport Act 1950.
•
A person who has entered into an arrangement with the Railway Procurement Agency, in accordance with section 43(6) of the Transport (Railway Infrastructure) Act 2001 to operate a light railway or metro
•
A person who provides a ferry service within the state, operating a vessel which holds a current valid –
(i)
passenger ship safety certificate,
(ii)
passenger boat licence, or
(iii)
high-speed craft safety certificate,
issued by the Minister for Communications, Marine and Natural Resources.

If you have any queries contact Frank McGivney & Co. Ltd Chartered Management accountants, fmcgivney@live.com 0469293891

Summary of income tax rates in Ireland 2012/2013

Just a quick summary of the prevailing Income tax rates in Ireland
(1) Income Tax
(a)Exempt
If you are 65years of age or older then any Income below 18000 for a single person and below 36000 for a married couple is exempt from Income tax but you may be liable to the Universal service charge (details in next article). These are  increased by 575 for your first and second child and 830 for every other child
(b) 20% This is charged on your income up to
         32800 for single person
         36800 for one parent family
         41800 for married couple this can be increased up to 65600 based on the lower of the two incomes
(c) 41% which is applied to all income above the bands for the 20% rate

I will go through the other tax rates and how to actually calculate your income tax in next blog posts


 If you are in business and need a way to collect customer payments with a credit card then click here

Improving the cash flow of you business

I have dealt with many small businesses over the years and the main factor in determing if the business will succeed is their ablity to get paid for their goods or services. To begin you have to have a good business plan and a good product or service to sell but at the end of the day all the sales in the world means nothing if you can not get paid for your sales. This might seem obvious but it is in fact one of the main reasons for a business to fail. This is a mistake I see repeated constantly by new set up businesses.
When you set up in business you have to realize that you are no longer a mechanic or a sales man or an accountant. In fact you are now a business owner so you have to be all these things rolled into one. Of course as the business builds you delegate some of these functions but ultimately you have to retain some control over all the functions of the business.
Typically what happens is the new business goes out and implements their business plan with a lot of vigor and produce a large amount of sales, however how do you get paid for these sales. Sales or debtors control should focus on the following
(1) Ideally get paid at point of sale, so that when you provide the service or goods that the customer pays you for the sale.
(2) Part payments in advance and final payment on completion. If a sale involves a large outlay by you on parts and products then you should insist on part payment in advance . at least enough to cover the cost of the materials you have to buy for the product . Remember if the customer is going to pay you then they will have the money at start of project to pay if they don't then do you really have a hope of getting paid later on
(3) Credit: Often in business to business transactions you have to give credit. If you do this then do it in a controlled and systematic manner
     (a) Make them fill out a credit application form with all their contact details and phone numbers and defining exactly the terms off credit, such as the length of credit , payment method, state that the ownership of products only pass when payment is made, contact me on fmcgivney@live.com for a standard form we can provide to you for this for a one of fee.
      (b) Send out invoices to customer at the point at which they receive the good or service so that the term of credit starts as early as possible
       (c) Every month send out a statement to each debtor showing them how much they owe and how old is the debt
       (d) Ring the debtor for payment. Do not be afraid to do this. You have done the work and you deserve to be paid so ensure you ask for payment
(4) Have your payment methods clearly set out On you invoice show details for bank transfers, have your bank account to lodge cash and cheques. A major problem up until now is taking credit card payments. Hover a new company  allows you to take worldwide payments from credit cards using your iphone or smart phone contact to set this up  Sumup Credit Card Reader for Smart Phones
(5) Once you have the money in implement sound financial control so that you have enough money to kep the business operating into the future. So be wise in what you buy.

If you have any queries contact Frank McGivney , Frank McGivney & Co. Chartered Management Accountants, 38 Cherryhill Court, Kells, Co Meath Ireland fmcgivney@live.com