Finance Seminar - 17.02.10 PDF Print E-mail
Thursday, 06 May 2010 14:16

This Finance seminar took place in the Maldron Hotel in Portlaoise on 17th February 2010. The timing was 10am to 1.30pm. This seminar was part of the Channel Clusters Programme*.  

*The Channel Clusters project was made possible through a financial contribution from the European Regional Development Fund Ireland Wales (INTEREG 4A) Programme 2007 - 2013. This article reflects the views of the author only and not those of the Programme Authorities. 

The speakers and themes were as follows:

Noel Delaney, Director, South Leinster Office, Grant Thornton gave a presentation entitled ‘A Practical Guide to Managing Your Business in a Downturn’. 

The key themes that Noel covered were: • Helping your business come out the other side. • The big questions for your business. • Key priorities for management. • Breaking through the funding barriers. • Cash is the oxygen of your business. • Keeping your profits healthy. • Becoming leaner and keener. • Making yourself completely clear. • Working smarter, not longer. • Focussing on your business future. • Looking up when things are looking down.

Sasha Kerins, Tax Manager, Grant Thornton advised the audience on various ways to be smart with tax.

Niall Haughey of Blue FX Markets followed with a presentation on ‘Managing Currency Risk with a focus on Sterling’. Blue FX Markets are an Irish foreign exchange provider for SMEs. Niall spoke on the subject of spot buying and forward buying of currency. He also gave his view of where he believed the Euro / St£ exchange rate was heading in the next 6 months to a year. He stated that the UK election on May 6th may lead to further uncertainty with a hung parliament a distinct possibility.  This could push the rate over 90p in Quarter 3 2010.  However, the rate should settle between 77 and 75p by the first half of 2011 as the new government tackles the budget deficit and the UK returns to growth.

Pascal Walsh of CMO Cashflow Fulfillment spoke on the subject of Credit Risk Management. CMO is an Irish owned business with 30 years experience providing ‘cash flow fulfillment’ services to businesses that are experiencing difficulty in obtaining payment from their credit customers.

These services include: • Irish and international commercial debt collection. • Debtor litigation. • Customer tracing services.

Finally, Paul Farrar of Affinity Insurance gave a presentation on the subject of export credit insurance. Paul said there was huge dissatisfaction in the market with credit insurance. He stated that 40% of exposure has been cancelled with no warnings given and premium rates going up with only half the coverage. He said that insolvency of customers could put you out of business. The typical cost is .5% of turnover so if your turnover of €1m, it’s €5K. If you’re looking for cover on 1 customer in Iraq, the insurer won’t cover you or if you’re selective against one entity, they’ll double the price. Also it’s the one you don’t insure that will often be the issue. The best thing is to select 5 or 6 top customers and insure them.

 

This project was made possible through a financial contribution from the European Regional Development Fund Ireland Wales (INTEREG 4A) Programme 2007 - 2013. This article reflects the views of the author only and not those of the Programme Authorities.

 

 

 

 

 

 

 

The Channel Clusters project was made possible through a financial contribution from the European Regional Development Fund Ireland Wales (INTERREG 4A) Programme 2007-2013. This project was part funded by Bord Bia and Enterprise Ireland.

Last Updated on Wednesday, 17 November 2010 12:43