Tweak Your Biz » Finance

When you are setting up your new business it is understandable that a number of suppliers might be worried that you will not be able to pay them if things go wrong.  Consequently, they may ask you for a personal guarantee against any loss. The most common time for such guarantees are those where there is little recourse by the supplier if things go wrong. What I mean by this is where you may rent a machine/car  or even a rent a premises.  In effect, this is where you are being loaned the…

Companies run into debt problems all the time. You gamble on an investment of time and money, and every so often you lose out. Startup businesses have to gamble capital and debt in the hope of generating an income – not all succeed on the slippery pole. The worst thing you can do in these circumstances is hide from the creditor, and the best thing you can do is talk to them. Hiding your head in the sand? About the worst thing to do in these circumstances is to try to hide from the creditors.…

Brought to you by Spark Business from Capital One The risks of becoming an entrepreneur can be great, but so can the rewards. For Jason Fritton, President and Co-Founder of Patch of Land, a real estate crowd funding company, owning his own business has given him the opportunity to take control of his own life and create something that has never existed before. While the journey for Jason has been frustrating, infuriating and stressful, it has also been amazingly exciting and the most fun…

A winding up petition is a petition presented to the court seeking an order that a company is placed into compulsory liquidation.  A petition is usually a last resort for a creditor when their customer has not paid and they will likely have tried many other options to recover their funds before issuing the petition.  As well as being an expensive procedure (at the time of writing the court fees and petition come to around £1,500) the creditor must also prove to the court that the debt cannot…

Small businesses are a fundamental part of the world of commerce. They see an opportunity and act on it, providing indispensable and valuable goods and services, creating employment and sustaining communities at the same time. There are a number of benefits to be recognised as an owner of a small business. As a small business, it is easier to build personal relationships with customers, suppliers and employees. Such strong relationships can ensure the longevity of a small business. Flexibility…

For many small or medium-sized enterprise directors, personal guarantees will often seem well worth providing if they make the difference in the pursuit of increased funding. However, the provision of personal guarantees to secure business finance can be something which individual directors come to regret when their company’s financial situation changes significantly for the worse. Starting with the upsides, here’s a look at the key pros and cons of providing personal guarantees: Easier…

Running a business can be tough, particularly if you’re running a small business and juggling 100 things at once. It’s understandable how some small business owners allow themselves to fall behind when it comes to filing and payment of taxes. These simple, easy to follow tips will ensure that you keep on top of things. #1. File on Time Ensure that you file VAT and PAYE/PRSI/USC returns accurately and on time. Tax returns filed late can lead the Revenue Commissioners to select your…

A lot of the help out there is for Limited companies or for individuals in financial difficulty.  What happens though if your business is not within a company and it is not personal but partnership debt you are concerned about?  Who can be turned to for help?  Perhaps you are a partnership where the partners are concerned about increasing tax arrears or inability to meet debts as they fall due?  How do you save the business? Could you use a Company Voluntary Arrangement? Why are…

Routinely using an overdraft can seem like an unavoidable option as far as many small businesses are concerned. However, there are alternatives if you’re worried by the costs or potential consequences associated with an overdraft. Here’s 4 of the best: #1. Asset finance Rather than dipping into an overdraft facility to cover payments associated with large purchases, small businesses can establish structured repayment plans to secure access to assets they need. The process is not unlike…

Cash flow concerns keep many a company director awake at night and the process of juggling payments can put huge pressure on any financial situation. There are of course many different methods of solving these issues but it’s no secret that traditional routes to finance have in large part dried up entirely for small businesses in recent years. As a result, alternative finance providers have seen demand for their services rising sharply as companies look to find new ways of accessing the funds…