July 1st – new vat rate of 9% on a broad selection of  of services connected to the hospitality and tourism sectors. The rate drops from 13.5% to 9% as part of the Jobs Initiative and the Government hopes it will help to stimulate the struggling sectors.

There is pressure on businesses to pass this reduction immediately on to the customer. I’m suggesting that businesses should hold on to this saving and use it to grow their business as follows:

  1. It will give them an opportunity to improve service levels which will improve business.
  2. It will give businesses an opportunity to reduce debt
  3. It will give businesses an opportunity to invest more in marketing
  4. It will give businesses an opportunity to invest more in training
  5. It will give business an opportunity to gain a firmer footing – too many businesses are on the brink.

Passing on price reductions to the consumer is populist and while it would be better to be for the consumer to buy cheaper – it would be better long term if businesses stay in operation in a profitable way – It has to be ok for businesses to make a profit. Its not a crime and for too many years now, some businesses have not been in a position to do this.

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About the author,

Hi I’m Derek O’Dwyer. I have been an ActionCOACH for the last 18 years. I live in Clare and work with businesses around Ireland to take their business to the next level. I am passionate about business and providing help and advice. In the past 18 years I have worked with over 400 business owners helping them and their business. I adapt my coaching depending on what you and your business need. I find that each coaching relationship is different but as long as we understand that we have a common objective with timescales, positive things happen quickly. I am a firm believer i the concept of “what you can measure you can manage” and “what you measure you can improve”. Key performance indicators and accountability form the bedrock of my coaching platforms. If making more money from your business, working less hours in your business and having a great team running your business then it’s worth having a discussion with me. If you are willing to implement changes I will be there to help every step of the way. In terms of personal accolades and recognition I have been awarded ActionCOACH of the year in Ireland every year for the last ten years In 2019 I was inducted into the ActionCOACH Global Hall Of Fame I was global Rookie Coach of The Year in 2002 having achieved remarkable success as the first ActionCOACH in Europe. Many of my clients have also received awards from their peers for their business improvements.