End of Year Message from the Bridge Enterprise Centres’ Chair.

This year, there has understandably been much media and pub talk about the cost-of-living, housing affordability, interest rates, energy costs, insurance and so on. Like you, my mind immediately thinks of these challenges as the ‘cost of doing business’ pressures. The repercussions of the cost-of-living increases are that the business expenses are increasing and profit margins for small businesses are squeezed. This inevitably means that the already heavy responsibility of owning and leading a business is added to by the stress and worry of actually staying afloat and of supporting your staff, your own livelihood and your community.

 

In a nutshell – conditions are still tough, although there are some signs of levelling off, while high business costs continue to put pressure on profit margins. We in Bridge Enterprise Centres can see encouraging signs, with more people thinking about starting a business, and many established businesses showing an interest in innovation and growth initiatives.

 

Another heartening signal is small business owners investing more into marketing, business development, planning and hiring. As always, despite the challenging conditions, our SME owners are showing an uplift in optimism with their ‘go for it’ attitude.

 

Throughout this past year we in Bridge Enterprise Centres have been working to improve the business environment for small business and support the best possible opportunities to succeed. We continue to advocate for fairer competition and call for better processes to support SMEs striving to win Government contracts.

 

As 2024 ends, it is time to think of new possibilities as we turn our eyes to the coming year. Next year you will see us advocating for better regulation that is the ‘right size’ for small businesses, tax measures to encourage business formation and expansion and support for businesses in taking risk to innovate and develop. We will also be vigorously advocating for better digital use and opportunities for businesses to capitalise on AI tools.

 

That is next year. For now, I wish you a healthy, profitable and fulfilling end of year. Take a breath, recharge your batteries and get back to profitable business for 2025 … and we in BRIDGE, your local centre of enterprise, will be right there with you! Just a call away, to assist you in your business challenges.

 

Mark Fielding.

Chairperson, Bridge Enterprise Centres.

 

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A Simple Guide to SEO for Irish Small Businesses

By: Richard McKeown, WSI

Search engine optimisation (SEO) is a crucial tool for any Irish small business looking to grow its online presence. With the right strategies, you can make your website more visible, attract more local customers, and drive meaningful traffic to your business.

 

What is SEO and Why Does It Matter?

SEO involves improving your website so that it ranks higher in search engine results. Why is this important? Because:

• Up to 90% of online experiences start with a search engine.
• Over 70% of clicks come from organic (unpaid) search results.

For Irish businesses, this means potential customers might never find you without an SEO-optimised site. A solid SEO strategy ensures your website speaks to both search engines like Google and your audience, helping you be found on Google and compete effectively in a crowded market.

 

Key Areas of SEO for Small Businesses

1. Local SEO: Irish customers searching for businesses often include local terms like “near me” or “Dublin cafes.” Local SEO helps your business appear in region-specific results. Steps to boost your local SEO include:

• Google Business Profile: Set up and optimise your profile with accurate details and opening hours.
• Consistent Contact Information: Ensure your business name, address, and phone number (NAP) are identical across your website and directories.
• Online Directories: Register on platforms like Golden Pages or local listings to enhance visibility

 

2. On-Page SEO: This involves optimising content directly on your site, including keywords, high-quality images, and easy navigation. Irish businesses should focus on:

• Mobile-friendliness—most searches in Ireland are now done on mobile devices.
• Fast load times.
• Clear and relevant content that answers your customers’ questions.

 

3. Content Strategy: Regular, engaging content builds trust and drives traffic. Examples include blogs about your industry, how-to guides, and local event coverage. Use relevant Irish keywords to appeal to local searchers.

 

3. Off-Site SEO: Links from other websites (backlinks) to yours increase your site’s authority. Partner with trusted Irish businesses, bloggers, or news outlets to build links.

 

 

Common SEO Mistakes to Avoid

• Ignoring mobile optimisation: With Ireland’s high smartphone usage, mobile-friendly websites are essential.
• Keyword stuffing: Focus on natural, user-friendly content rather than overloading keywords.
• Inconsistent business information: Ensure your NAP details are the same across all platforms.
• Expecting results overnight, SEO is a long-term strategy that will help you succeed in the longer term.

 

Many small businesses find SEO overwhelming or lack the time to do it effectively. That’s where an SEO expert can help. An expert can:

• Handle the technical side of SEO while you focus on your business.
• Offer faster, more reliable results based on proven strategies.
• Identify and fix issues like slow loading times or broken links.

SEO is an investment in your business’s future, helping you attract more customers and grow your brand. If you’re unsure where to start or want a free SEO audit, get in touch today.

 

Richard McKeown, WSI

 

See more news & updates here.

End of Year Financial Planning

It is hard to believe that it’s nearly Christmas again. The last year seems to have gone by so quickly. It’s a good opportunity to take a look at what you are doing in terms of financial planning – because no doubt 2025 will go by just as fast, and before you know it we will be here at Christmas 2025 and no further on.

 

What changes are you going to make for 2025? There are so many small changes that you can make which will make a significant difference to your financial wellbeing. We have listed a few below and even if you implement a few of them, you will be better off.

 

1. Energy: Switch your electricity/gas bill – so easy to do and you can save a lot of money. Go to one of the switcher sites like bonkers.ie and it does it all for you. With prices dropping there are better deals.
2. Subscriptions: Review the subscriptions you are paying for. Do you really need 4x Netflix logins, Disney+, Amazon Prime, Audible, Kindle Unlimited, NowTV and Sky? When did you last use them? €10 per month doesn’t sound like much but that’s €120 per year. If you haven’t tried to cancel your Sky subscription lately you could be seriously overpaying for it, just call them and they will give you a better deal. Download your bank transactions for two months and isolate all the subscriptions you are paying for to decide if you really need them. Otherwise you are just throwing away money.
3. Phone: Same for your mobile phone bill or broadband – loads of people are overpaying for plans they don’t need. Look at 48.ie or www.gomo.ie – cheap monthly SIM only plans; you could save €30+ per month if you already have a handset and an out of contract plan.
4. Gym memberships: Don’t sign up unless you are definitely going to use it. There are lots of pay as you go options, and walking and running only cost a pair of shoes.
5. Pension: Prop up your pension! It is really important to have a good pension plan in place and to be saving towards it regularly. If you are paying tax at 40% you can save €40 tax on every €100 you put in to your pension. Have a plan for when you want to retire and how much you will need to live on, go and see your financial broker and find out how much you need to fund – it may be less than you think.
6. Protection: Please also review your life assurance and income protection – it is upsetting how many people with dependents don’t have adequate cover considering how inexpensive it can be (less than the aforementioned TV subscription). It is very straightforward to get a policy set up with your financial broker.
7. Mortgage: Switch your mortgage – if you are in the fortunate position to own your home, with mortgage rates dropping it is well worth checking if there are savings to be made. You might think 0.5% of a rate difference isn’t a lot – but it makes a massive difference to the amount you will pay back in the end. Also if you can afford it, a lump sum repayment will seriously reduce your total interest bill. If you want a simple spreadsheet to illustrate this, email blewis@lewisco.ie and I’ll send it to you – I was amazed at the difference it made.
8. Car finance: Is Santa bringing you a new car in 2025? Look out for 0% finance deals from the garages. Buy second hand/ex demo to reduce the impact of new car depreciation. Buy an electric car through your company – BIK tax free if it originally cost less than €50,000.
9. Voucher: Pay yourself a voucher of up to €1,000 if you are an employer – do it before the year end. You’ve earned it!
10. Save: Set yourself a savings target of at least €200 per month if you can afford it – set it to go out by standing order just after your salary lands. By the end of the year you’ll have nearly €2,500 accumulated.
11. Eat: If you are in the office, try to spend less on your office lunches and takeaway coffees which can add up to a lot of money – €10 per day 4 days/week is €1,800 per working year (after tax money).

 

So set a target over Christmas to implement at least a few of the above, your wallet will thank you. Wishing you a very happy Christmas and best wishes for 2025.

Ben Lewis, Lewis & Co Chartered Accountants, www.lewisco.ie 01-2110000

 

See more news & updates here.

Mediation Service Launched for Motor Liability Claims

The Injuries Resolution Board has expanded its mediation services to include motor liability personal injury claims, effective December 12, 2024.

Announced by Minister Peter Burke, this extension builds on the Board’s existing mediation offerings for employer and public liability claims introduced earlier this year. The initiative is part of the Government’s “Action Plan for Insurance Reform,” aimed at enhancing the efficiency of personal injury claim resolution while reducing costs, stress, and time for all parties involved.

Mediation now allows the Board to handle cases involving disputed liability, a significant milestone in its operations. Over its 20-year history, the Board has resolved over 180,000 cases, saving approximately €1 billion compared to litigation. This expanded service represents a pivotal step in making Ireland’s personal injury claims system more accessible and effective, with nearly 40% of claimants already expressing willingness to mediate workplace accident claims.

 

Read the Press Release in full HERE.

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Year-End Checklist: Preparing For Your Audit – A Guide For SMEs

As the year draws to a close, small and medium-sized enterprises (SMEs) across Ireland are gearing up to close their books and prepare for the possibility of an audit. For Irish SMEs, audits are not just a statutory obligation but an opportunity to showcase financial transparency and build trust with stakeholders. To help your business prepare, we’ve outlined a comprehensive year-end checklist to make the audit process smoother and less stressful.

1. Understand Your Audit Requirements

Not all SMEs in Ireland are legally required to undergo an audit and many can actually avail of audit exemptions if they meet specific criteria under the Companies Act, and the EU recently increased the size thresholds for companies and groups which can avail of an exemption. Refer to this article to see if you are exempt. However, even if exempt, some SMEs may still choose to conduct voluntary audits to reassure investors or secure funding. Knowing your company’s requirements is the first step in preparing.

2. Reconcile Your Financial Records

One of the key areas auditors focus on is the accuracy of your financial records. Ensure that:

• Bank accounts are reconciled with statements.
• Debtors and creditors ledgers match with the general ledger.
• All transactions are accurately recorded and backed by supporting documents like invoices, receipts, and contracts

Reconciling your accounts regularly can prevent last-minute surprises.

3. Organise Supporting Documentation

Auditors require detailed documentation to verify your financial statements. Commonly requested records include:

• Sales and purchase invoices
• Bank statements
• Payroll records
• VAT and tax compliance filings
• Fixed asset register

Ensure all these documents are complete, well-organised, and easily accessible. Digital tools like accounting software can be invaluable for tracking and storing this information.

4. Review Compliance with Tax Obligations

You may need to adhere to several tax obligations, including Corporation Tax, VAT, PAYE/PRSI, and Local Property Tax (if applicable). Check that all taxes are filed and paid on time. Any discrepancies can attract penalties and trigger red flags during the audit.
Consider consulting with a tax advisor to review your tax compliance, especially for complex areas like R&D tax credits or cross-border transactions.

5. Assess Internal Controls and Processes

Auditors often evaluate internal controls to determine the risk of fraud or error. Ensure your business has robust systems in place, such as:

• Segregation of duties to avoid conflicts of interest.
• Clear procedures for authorising payments and approving expenses.
• Regular stock counts if your business holds inventory.

Well-documented processes not only aid compliance but also demonstrate professionalism.

6. Prepare Management Accounts

Management accounts, including a profit and loss statement, balance sheet, and cash flow statement, provide a snapshot of your company’s financial health. They also form the basis of your audited financial statements. Review these documents for accuracy and completeness, and address any inconsistencies before submitting them to your auditor.

7. Communicate with Your Auditor Early

Engaging with your auditor in advance can save significant time and effort. Share a draft of your financial statements and discuss any potential issues they might raise. This collaborative approach ensures smoother communication and faster resolution of queries.

8. Plan for the Audit Timeline

Audits can be time-intensive, often taking several weeks depending on the complexity of your business. Plan ahead to allocate sufficient time and resources for the process. Inform your team about deadlines and their roles in providing information to auditors.

9. Stay Updated on Regulatory Changes

Irish SMEs must stay abreast of changes in accounting standards and company law. Ensure your financial statements comply with the latest regulations to avoid complications during the audit.

10. Learn from Previous Audits

If your business has undergone audits in the past, review the findings to identify recurring issues or areas for improvement. Implementing lessons learned can enhance your preparedness and reduce audit risks this year.

Final Thoughts

While preparing for an audit might seem daunting, it’s an essential exercise if you’re aiming to build credibility and financial resilience. By ticking off the steps in this year-end checklist, you can reduce stress, avoid penalties, and foster a culture of accountability within your business.

Start early, stay organised, and embrace the process as an opportunity to refine your operations and set your business up for success in the coming year.

 

As always, consult your Accountant/Auditor for professional advice. 

 

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