Rebuilding your business can seem daunting, but with a well-equipped business plan, you can be sure to bounce back stronger than ever before, says Siobhan McCreesh.In business, it is often said that the comeback is stronger than the setback.While the last six months have been difficult, lockdown has shown what businesses can achieve when they take control of a situation. Already, the world around us is adapting to the ‘new normal’. Health, wellbeing, physical, emotional and mental fitness have all come to the fore in the fight against COVID-19 and more people than ever are working remotely.Many of the changes forced on us are here to stay. Many of us are looking at further restrictions of our movements and businesses. As businesses plan their road to recovery, none will be too big or too small to respond smarter, rebound stronger and reflect clearer in the months ahead.Focus on the positiveWhile overcoming road-blocks on the path to recovery will test emotional and mental fitness, it is important to prepare for this and avoid being consumed by the challenges that arise. As each challenge emerges, try to ‘flip’ it by switching your focus from what you have lost to what you need to do to survive. Focus on identifying and planning how you can:diversify and rebuild; deploy staff into new, exciting roles; and source new opportunities for customers, suppliers and markets.Stay true to your ‘why’When plotting your road ahead, it is crucial to remain true to your business’s reason for being – your ‘why’. Keeping this why at the core of the business recovery plan will help established businesses refocus on their original purpose and give younger businesses a clear path to follow. Communication is also important. If you allow your ‘why’ to be miscommunicated, this can isolate loyal staff, customers and suppliers which, in turn, can have a damaging ripple effect across your business.Be realisticYour recovery plan needs to be achievable, focusing both on your personal goals and your business aspirations. It also needs to be flexible so that it can adapt quickly to the rapidly changing environment we are in. Bill Gates famously said most people overestimate what they can do in one year and underestimate what they can do in ten years. Make sure that your projections are realistic and that your recovery plan is split out into measurable phases. Short-term goals are important but mid- and long-term goals also need to be accommodated.Remember to ensure that you have the correct staff mix, systems, processes and financial resources in place to drive your business forward. Currently, various supports are available to help businesses recover from the impact of the COVID-19 pandemic.As lockdown restrictions come and go, and businesses adapt to the reality of trading with COVID-19, this is the time to make the connections you need to help your business, recover, survive and thrive. Siobhan McCreesh is an Associate Director at PKF FPM.

The average salary package (including such elements as base salary, pension scheme, health insurance) for a Chartered Accountant in Leinster remains steady at €109,989, a marginal decrease from €112,582 last year. The survey of more than 1,000 Chartered Accountants, published today by Chartered Accountants Leinster Society in partnership with Barden, Ireland’s leading partner led expert recruitment firm, and in association with Coyne Research provides the most up-to-date guide to Chartered Accountant salaries and employment prospects in the Leinster region.While overall salary packages have remained steady for the majority, the survey, conducted during August, reveals some evidence of pay cuts among employees – just over 1 in 10 claim to have had their salary reduced as a result of COVID-19, over half of whom had their salary reduced by more than 10%. Almost 4 in 5 say they their employers have been “good” or “very good” in adapting to working from home arrangements. At the same time, many employees working from home have felt an increase in workload, with almost 1 in 2 reporting working longer hours than when they were office-based.  Overall, the resilience of the profession comes across among respondents, demonstrating the importance of a strong accountancy function in organisations at a time of such uncertainty. Only 18% of respondents are “quite” or “very” concerned about job security at the moment. The annual survey also highlights the importance of other types of remuneration to members. Over half of respondents (51%) say they had the ability to work from home before COVID-19, while 49% say they could avail of flexible working arrangements (including flexitime and time in lieu). 85% report having a pension scheme and, of those, employers contribute to 91% of them. Just over half receive health insurance as an employment benefit. Key findings include:84% of respondents place value on work / life balance or flexible working arrangements, and would sacrifice between 5% and 10% of their wages for a better work life balance or to have flexible working arrangements.  (86% in 2019.)56% of respondents say they are satisfied or very satisfied with their work / life balance. (62% in 2019.)82% of Chartered Accountants have received a salary increase within the last three years (85% in 2019), with 3 in 10 of members obtaining an increase of over 25%. 51% of respondents have been promoted in the last three years. (51% in 2019.)22% have moved to a new job in the last 12 months, on par with last year.  25% believe the market for Chartered Accountants is buoyant (85% in 2019). 36% believe the market is contracting (5% in 2019).  Commenting on the findings, Áine Crotty, Chairman of Chartered Accountants Leinster Society, said: “The 2020 Leinster Society salary survey shows that pay remains consistent for Chartered Accountants in this unprecedented and challenging time. It is reassuring to see that many members are satisfied in how their employers shifted to remote working and flexible working arrangements, which is key as we head into the future and deal with the realities of COVID-19.“This survey gives employer firms, recruiters and those who may be considering a career in Chartered Accountancy a reliable insight into the profession. Chartered Accountants Ireland offers a range of flexible entry-routes into the profession so that students can work and learn in a way that best meets their individual needs, which is increasingly important in the current environment.”Elaine Brady, Managing Partner, Barden, said: “We are delighted to partner once again with the Chartered Accountants Ireland Leinster Society annual salary survey. For us in Barden it’s absolutely critical for us to be able to provide our clients with cutting edge insights on reward so that they in turn can make informed strategic decisions on talent attraction and retention and managing their teams.“The insights gained from this survey, especially at this challenging and uncertain time for Irish business, will help to drive key decisions especially when it comes to businesses and their teams. It is very positive to see that in the main remuneration remains consistent, however at this stage it is difficult to see the true impact of this pandemic on Irish business. Another positive outcome of the survey is the excellent flexibility amongst employers, who in the main have been quick to adapt and facilitate their teams working remotely, which no doubt will shape the future of how we work.”Bernadette Coyne, Managing Director at Coyne Research, said: “This survey highlights the fact that the average pay has remained similar to last year’s survey, however we see some members having their pay cut since the onset of COVID-19. While most members say their company transitioned well to working from home arrangements, this has to be taken in the context of many having to work more hours at home than they would have in the office.” Where Chartered Accountants WorkThe survey highlights the wide range of industries and sectors that Chartered Accountants work in. Of the 15% of respondents employed in practice, 47% work in a Big 4 practice and 53% in a Non-Big 4 practice. 83% of those working in practice are in a Manager or Director role.The majority of those who do not work in practice are currently working in financial services at 25%. Respondents also work in IT & Telco (14%), Government and Public Sector / Education (9%), Construction and Property (7%), and many other sectors including manufacturing, not-for-profit / charities, food industry and more. Of those not employed in practice, 37% work for companies that are a subsidiary of a foreign-owned multinational compared to a private Irish company (28%) or the business unit of an Irish plc (12%). Most respondents surveyed work in Dublin (82%).  ENDS Notes to editorsThis survey of more than 1,000 Chartered Accountants was conducted by Coyne Research on behalf of Chartered Accountants Leinster Society and Barden between 12 August – 27 August 2020.  Chartered Accountants Leinster Society is a district society of Chartered Accountants Ireland, representing 13,586 Chartered Accountants throughout Leinster.  Barden is a partner led expert recruitment firm consumed with supporting companies that really know the value of their people. Barden’s expertise covers Accounting, Finance, Tax, Legal and Financial Services recruitment. Our people are trained/qualified in their specialist areas, and our approach is consultative not transactional. Barden has proudly partnered with the Chartered Accountants Ireland Leinster Society, for the last 3 years, to bring you the annual salary survey. Over the next 3 years Barden will also be working closely with Chartered Accountants Student Society of Ireland (CASSI) to make sure their members get access to the right information, at the right time so when they qualify they can make the right decisions about their professional future.

Innovation is high on the government’s agenda. But how can companies invest in R&D given the current economic conditions? Establishing an innovative culture in your organisation is the key to success, says Barrie Dowsett.When it comes to innovative research and development, it is easy to picture a lab – one in which a large technology company is working on something amazing, like a robotic arm. You’re likely to think of pharmaceuticals as well, especially given that Ireland is renowned for its thriving medicine industry.But, actually, innovation is happening all around us.Research and development (R&D) is simply about seeking a scientific or technological advancement or overcoming a challenge that could not easily be solved by a professional in the field. From developing new products, services, or processes from scratch, to improving those which already exist, R&D is likely to occur in your business more often than you think.The state of R&D in IrelandThere has been a significant rise in the amount of investment in R&D from Irish businesses in recent years and that has coupled nicely with the fact that innovation is high on the government’s agenda.Recent data released by the Central Statistics Office show that the total expenditure on innovation projects in Ireland totalled almost €5.5 billion in 2018, an increase of 18.2% just two years prior. The main reason behind this leap is the 39.4% increase in expenditure for in-house R&D, totalling €3 billion in 2018 up from €2.2 billion in 2016.This information from CSO goes deeper too and shows that in 2018 the acquisition of machinery, software, and equipment represented 20.7% of the total spend at €1.1 billion. Embracing an innovative cultureAll businesses will approach R&D differently. Some have an innovative culture in place from the start. Others, however, take time to instil it. There are other variants to consider as well, like company structure, size, and ability to claim.Take size as an example. Businesses looking to create brand new products and services tend to be larger, more established, and better able to meet the demands of extensive market research and production. However, small- and medium-sized enterprises are more likely to work on improving existing products rather than creating new ones, as a development from scratch can be prohibitively expensive. Some companies will be able to set up their own R&D department, while others will outsource their efforts to gain the skills and knowledge required. Furthermore, with the effects of COVID-19 being acutely felt across the Irish economy, many companies simply feel unable to give R&D priority at the moment, with statistics showing that 85% of Irish businesses have scaled their operations back or even shut their doors entirely.R&D and the Irish economyHaving a well-defined and funded R&D strategy isn’t just about showing off amazing products, it’s also about staying ahead of the game. Marketplaces are becoming more competitive and companies are in direct competition with each other to offer something bigger and better to retain their customer base. Although investing in R&D often requires some generous financial outlay, the rewards can also be significant.Another big benefit of investment in R&D lies in the ability to claim R&D tax credits, with the government recognising the benefits it brings to the wider economy through job creation and growth. The incentive is lucrative too, covering up to 25% of R&D expenditure over and above the standard rate of 12.5%, meaning Irish companies can obtain as much as 37.5% of R&D costs back, either as a corporation tax reduction or as a cash lump sum. Creating or developing products and services, both for commercial purposes and within a company, can lead to great pay-offs. But innovation can’t happen without some element of risk, and for many companies meeting the costs involved can be daunting.However, there is a range of national and EU schemes available to help mitigate the costs in addition to R&D tax credits, like Enterprise Ireland funding supports, Horizon 2020, EUREKA Eurostars, and more. Whatever size and sector the company is in, a well-executed and funded R&D strategy is essential to survive and thrive.Barrie Dowsett is the CEO and owner of Myriad Associates.