BP SURVEY

TONY CAREY
COONEY CAREY

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..

Tony Carey's background is in

business development, business and
project evaluation, restructuring and
funding. He is Business Advisory
partner in thefirm, which has
worked on 40bn debt restructuring
or management cases.

ACCOUNTANCY

'We have made 60m in bank

loan applications over the last
three months'

ACTIVITY There is a move from waiting to

see what happens next in the economy to
investing in the business's future. This has
had a knock-on effect in our advisory
services, and we have made 60m in bank
loan applications over the last three months.
Clients are planning ahead and are eagerly
looking for data to assist them.
With our help, projections have become the
key tool, rather than historic accounts. We
have been heavily involved in this area and
have produced a software package to
aid accurate and timely projection
information. Apart from business advisory
services, we have a focus on specialist
areas that are growing, such as mediation,
Revenue Audit management and due
diligence.
CONFIDENCE There is certainly more
business confidence, along with the macro
issues of an improving economy that has
become more competitive. The availability
of finance has improved and the three
remaining key banks are investing in their
own structures to distribute more money,
. although there is a bit to go in terms of
empowering their officials to make credit
decisions at a face-to-face level.
AIB and Bank of Ireland have managed
their problem accounts resolution

efficiently. In our experience, they have

processed agreements for over 80% of
their business customers, thereby giving
these customers certainty. These businesses
know what they have to do to succeed and
can now get on with doing so. This has
generated energy and forward-looking
decision making. One caveat is that many
loan portfolios have been sold, and the
approach of these new 'lenders' has not
yet been felt in the market. The hope is
that they will behave in a manner that
will preserve business and encourage
their new customers.
TIP FROM THE TOP TUesaying 'It
wasn't raining when Noah built the ark' is
indicative of the fact that the need to plan
has been prominent for a very long time.
It is still very surprising to see that a
large proportion of businesses do not plan
adequately. Does the business have a rolling
plan for profitability, cashflow, use of funds
and balance sheet position? Does the
business have a clear sales development plan
i.e, how to win new customers and maybe
introduce old customers to new products?
Does the business have an understanding
of how overheads behave and what ones can
be reduced or increased quickly in line with
activity? Does the business understand the
cash resources required to finance growth?
If the answer to any of these questions is No,
then that business has failed to adequately
plan for its future.

OVER 100 CLIENTS

AND CONTACTS
HAVE GIVEN US
TESTIMONIALS
Discover why they're happy with our service.
linkedin.com/inl arcarey

eooneycarey.

76

BUS I N ESSP

L US

MAR C H20

15

T +353 (0)1 677 9000

E info@cooneycarey.ie
W www.cooneycarey.ie