Press release from Meath County Chamber
Meath Business Owners Network meet on Zoom
This Friday the 19th of November, the Meath Business Owners network met over Zoom. As the last call of the year businesses reflected on what was an eventful and sometimes turbulent 12 months. It was fitting then that the theme of this months MBON meeting was “Business Financial Planning and Wellbeing”. The meeting was once again chaired by Raymond Gibbons of BMS accountancy. The Meath Business Owners Network is a partnership between County Meath Chamber and Meath Local Enterprise office and is sponsored by Pinergy and Permanent TSB.
A panel discussion started the meeting featuring Aileen Morrissey, Financial Wellbeing Coach at Bank of Ireland, Michael Wall- financial planner at Lifetime financial planning and Niall Jones- financial wellness specialist at NBFP Private.
Raymond started the discussion by asking Aileen what exactly is financial planning in 2021? “Put simply, with your personal life, it is preparing the groundwork to be able to enjoy your life now and in the future. With your business, it is putting in the groundwork to embed data processes to build business resilience for the future” Something that is very important and relevant in today’s uncertain climate.
When it comes to speaking to a financial advisor some businesses can be nervous or lack the confidence to get in touch with someone. Niall told participants that a financial advisor is there to help educate you on your options and empower you to make the right decision for your business and your personal life. “There are different rules when it comes to planning for retirement with sole traders and shareholders for example” said Michael, “Look at your business structure and get advice on how changing to a limited company from a sole trader model could benefit your future pension plans. Speak to your accountant and put plans in place as soon as possible”
The panel also discussed succession planning and how good conversations now will lead to better decisions in the future. There are tax reliefs in place but there are also tax implications if not set up correctly. Michael stressed that you must have your ducks in a row and all parties must agree with the plan. The panellists also discussed budgeting, tax liabilities and safety nets as part of your financial planning.
Aileen concluded the panel discussion by reiterating that sound professional advice will never be a burden. It’s often free to speak to a financial advisor with your banking institute and you can then enjoy life by knowing there is a plan in place for your future and the future of your business.
In this month’s breakout room, participants had the chance to meet in a smaller group with other members and discuss their top tips for marketing their business on a budget. Lots of ideas were shared as well as tips and advice.
Paula McCaul, CEO of Meath County Chamber, congratulated all the finalists in the Meath Business and Tourism Awards that were held in the Newgrange Hotel on the 5th of November. Finalists included Greenline Plumbing Services, Decoy Country Cottages, Rock Farm, Slane, Nationwide Safety Training Network Ltd, Robo Apply Ltd, CalX Instrumentation Services Ltd, Brogans Butchers, Mother Hubbards Childcare, Our Salon, Causey Farm, Trimfold Envelopes, Dunshaughlin Dance, Martinstown Lodge, Navan Adventure Centre, Saraden Designs, Topline Murtaghs, The Snailbox, Finnegan’s Farm, Core Ireland, Dunderry Fair, Wilkinstown Community Centre, Loughcrew Estate & Gardens, Decoy Country Cottages, Tayto Park, Beewise, Custom Irish Tourism and Sofft Productions. Paula also congratulated Calex who have been nominated for apprenticeship employer of the year from Apprenticeship Ireland.
This months MBON also gave all participants the chance to introduce their business and it also gave new business members the opportunity to introduce their business to the group. The call heard from businesses that were 4 months old to 50 years old- a true reflection of the benefits that every business in Meath can gain from being part of the monthly calls.
Paula finished up the call with announcing the spot prize winner and reminded everyone about the Mí Meath card. A great way to reward your staff this Christmas, keep money circulating in the local economy and taking advantage of the small benefit exemption scheme for employers. Almost 300 businesses have already signed up (and growing) to accept the card from their customers. Keep an eye out for the ‘Spend Here’ window stickers in participating stores or check out ‘Where to Spend’ on www.mimeath.ie for a town-by-town breakdown. For shops/businesses that haven’t signed up to accept the card, you can do so for free at www.mimeath.ie.
The date for the next MBON is yet to be announced. To register, please keep an eye on the County Meath Chamber social media pages or www.countymeathchamber.ie. Pre-registration is necessary. To sign up to accept the Mí Meath Mastercard, claim your free listing on the Meath Business Directory or to become a member just email firstname.lastname@example.org