| Home |
About
BPPM |
Services |
Sample Project |
Project Plans |
FAQ's | Contact |
Blogs - Table of Contents
- Galway Races Brexit Factor
- Planning for Brexit
- The 3 Biggest Challenges to Public Sector Projects in 2016
- 3 Contributors to Ireland's Disappearing Fiscal Space in 2016
- The 2 main reasons for failure within Start-ups and In-Company Improvement Projects
- Change of Company Name under new Companies Act 2014
The short term impact to Irish tourism of Brexit has been the sharp weakening of sterling against the euro. There has been a substantial drop in the number of UK visitors to Ireland this year as the post-Brexit fall in sterling has made it more expensive to travel. Outbound travel from Great Britain could see a decline of over 1 million trips because of Brexit and as a result the sport of kings at the Galway Festival will suffer. The number of visitors from the UK has decreased by over 10 per cent this year so far. Last year the Summer Festival attracted 150,000 people and contributed over €50 million to the local economy. The Galway Festivals rely on British visitors to the City and is likely to be impacted more this year as competitiveness weakens. The value of sterling has weakened by more than 15% since the Brexit vote meaning that the British visitor now finds Irish holidays more expensive.
Britain is Ireland’s largest overseas market, and brought in excess of €1.2 billion last year 2016. Two out of every five visitors to Ireland in 2016 were from Britain. British consumers are more concerned with good value for money and competitively priced air and sea fares than visitors from other countries. In 2015 when the pound was relatively strong against the euro, British visitors were the most critical of the expensiveness of holidaying in Ireland. Galway businesses must realize that overseas visitors to Galway festivals will dry up quickly if holiday costs are not competitive. Businesses in the Hospitality sector nationally could face revenue losses in excess of €80 million this year as the impact of Brexit hits the spending power of British tourists.
The Irish racing industry, will suffer further in the medium to long term as the effect of a hard Brexit kick in. For example border controls and checkpoints would end the free movement of racehorses between Ireland and Britain. Racehorses will be impacted with border hold-ups, when travelling from Ireland to the UK. The increased costs associated with transport, tariffs, border delays and weaker sterling will all contribute to a drop in UK entries to Irish races. Sellers or selling races would be impacted with the application of WTO tariffs which would apply to buying and selling geldings back and forth to the UK after a hard Brexit. There are 16 English-trained horses entered in the Guinness Galway Handicap Hurdle in 2017. Time will tell the real impact of Brexit on the Galway racing festival.
Planning for Brexit
The Exchange Rate
1. The Higher prices of imported goods should spell a drop in demand.
2. Exports should see a rise in demand because of the falling value of Sterling.
The impacts may vary dependant on the types of goods and services.
Source: Graph compiled from Central Bank of Ireland Data
Source: Graph compiled from Central Bank of Ireland Data
Business Sector Analysis
The methodology BPPM shall be using to measure potential impacts on sectoral businesses is an econometric model. This model focuses on the behavior of the Irish and UK economies in terms of gross domestic product, product consumption, employment, product imports and product exports using variables such as tarriffs, exchange rates, and interest rates.
The price elasticity of demand for products is the degree to which demand for a good or service varies with its price. Price elasticity of demand varies both within and between sectors dependent on factors such as:
1. - Availability of Substitutes
2. - Definition of Product
3. - Number of Product Uses
The impacts of price changes brought about because of exchange rates and tariffs are examined for good and services within the following sectors.
Irish Exports Classified by Commodity 2014-2016
Changes in Irish Exports to Great Britain and Globally
Source: Chart compiled from Central
Statistics Office Data
Source: Chart compiled from Central Statistics Office Data
Effects of Brexit on the UK and Ireland Economies
The 3 Biggest Challenges to Public Sector Projects in 2016
The
Challenges for Managing Public Sector
Projects valued at €2.84 Billion
- Identification of outcomes. The public sector project environment involves stakeholders with conflicting agendas.
- Determination of the criteria for measuring success. The needs of the users of the final product can be difficult to assess amid varying political influences.
- Competition for
resources. The
public sector project environment is
subject to changing management priorities, particularly in times
of political
instability.
BPPM shall be providing updates on these projects on an individual basis in line with BPPM’s Templates.
____________________
3 Contributors to Ireland's Disappearing Fiscal Space in 2016
1.
Corporate
inversion is a term for the
relocation of a corporation's legal domicile to a country with a lower
rate of corporation tax. Continued
measures by the US treasury to stem the flow of inversions will
adversely
affect the Irish Economy’s Fiscal Space. The impact will be felt as a
gradual
process over the next decade.
2.
Immigration will impact on the Irish
economy both directly and indirectly.
Directly
as immigrants are
integrated into our economy - initial welfare payments and social
housing
provided will far outweigh tax contributions from migrants.
Indirectly
as the fiscal space of
other EU countries contracts due to initial costs of immigrant
integration. The
initial slowdown will
have a short term effect on Irish exports.
3.
The recession in China will also have an
indirect effect on our exports as it will impact all countries who
supply them
with goods and services.
Disappearing Fiscal Space will lead to
Disappearing Public Sector Projects. To help prevent Public Sector
Projects with
these challenges Boyle Practical Project Management (BPPM) has started monitoring
public projects to
enable the transparent tracking of progress
in a practical fashion in the public interest.
BPPM shall be providing updates on these projects on an individual basis in line withBPPM’s Templates.
The
2 main reasons for failure within
Start-ups and In-Company Improvement Projects
1. Quite often, people who become expert in
their technical and operational roles are given project management
responsibility. In many cases major issues arise on projects managed by
competent technical individuals who do not possess the complimentary
project
management skills.
2. Almost nine out of ten
start-ups fail. The major
reason for these failures is that the original idea was not thought
through
properly.
To
deal with these issues Boyle Practical
Project Management have designed an on-line project management course
covering
every area of effective project management planning. This project
management
course is for anyone who is currently working on or about to commence
work on a
project or engaged with a Start-up. The course is an assignment based
production of your project plan. Each section of project plan shall be
explained within the course material, starting with project definition
and
ending with project closeout.
For
entry to this course it is desirable
that applicants be:
•
Planning
to lead a project or be part of a project team and have a project plan
to
complete.
•
Proficient
in English which is the language of the course and have access to the
internet.
•
Knowledgeable
of the basics in word and spread-sheet applications.
•
Open to learning about project information processing
packages.
•
Prepared to allocate between 6 – 10
hours
per week to the course content and assignments.
What
you get:
Eight
lessons covering end-to-end Project
Management Planning and Control.
Assignments aligned to your chosen project.
Access to course content on-line anywhere anytime.
Change of
Company Name under new Companies Act 2014
The Companies Act 2014 requires that
each company type be included as part of the company name. For some types of
company this will require an alteration to be made to its name. The companies
most affected are companies converting to or re-registering as Designated
Activity Companies or Private Guarantee Companies.Boyle Practical Project Management is
currently assisting Limited companies to come to grips with the Companies Act following
the transition deadline of 30th November. BPPM give the steps for companies to
make the transition themselves in the form of a detailed
implementation plan.
Boyle Practical Project Management is
now also assisting Designated Activity Companies (DAC) and Companies Limited by
Guarantee (CLG) to come to grips with the Companies Act. The Implementation of
the Act for DAC.’s and CLG.’s is somewhat more precarious than for Ltd.’s
because of the name change requirement.
The Companies Act 2014 provides that
company names must include the company type suffix at the end of its name,
unless exempted. The Companies
Registration Office (CRO) has issued a number of Information Leaflets relating
to the Act.
The Legislation
See Information
Leaflets No 35 for information on re-registrations. A company can change
their name by filing a Change of Company Name Special Resolution G1Q, amended
the Constitution and submit fee of €50 if filed on line/€100 on paper.
The types of companies directly
affected are Private Guarantee Companies and Companies Limited by Guarantee
(CLG). Private guarantee companies are deemed to be Designated Activity
Companies (DAC). These companies do not need to convert to DAC status but must
make an adjustment to their company names. All Designated Activity Companies,
which are limited by guarantee, must have the words “Designated Activity
Company” or “Cuideachta Ghníomhaíochta Ainmnithe” at the end of their name
unless exempted.
The words “designated activity
company” may be abbreviated to “d.a.c.” or “dac” (including either such
abbreviation in capitalised form) in any usage after the company’s registration
by any person including the DAC. The words “cuideachta ghníomhaíochta
ainmnithe” may be abbreviated to “c.g.a.” or “cga” (including either such
abbreviation in capitalised form) in any usage after the company’s registration
by any person including the DAC.
Companies which are limited by
guarantee and do not have a share capital are deemed to be Companies Limited by
Guarantee (CLG) under section 1189. There is a requirement for Companies
Limited by Guarantee to have the company type added to the end of the company
name. All newly incorporated Companies
Limited by Guarantee will have the company type at the end of their name from
1st June 2015, unless exemption is granted under section 1180. “Company Limited by Guarantee” or “Cuideachta
faoi theorainn Ráthaíochta” must form the end of the company name. Companies
limited by guarantee are governed by Part 18 of the new Companies Act.
Nobody Likes To See This
If a company does not change the name
of the company and submit an amended constitution using Form N3 during the
transition period, the will change the name of the company and issue a new
certificate of incorporation (unless the company already has an
exemption). In certain circumstance
companies may be left with unnecessarily complex name, where they have been
changed by Registrar of Companies. These are some samples:
THE SAMPLE INSURANCE
COMPANY DESIGNATED ACTIVITY COMPANY
SAMPLE NAME FINANCIAL
SERVICES HOLDING COMPANY DESIGNATED ACTIVITY COMPANY
THE SAMPLE LIFE ASSURANCE COMPANY DESIGNATED ACTIVITY COMPANY
Other Implications
Changes to the company name will
affect company letterheads, stationery and signage. Any documentation submitted
to the CRO after the end of the transition period (30th November 2016) which
bears the incorrect name will be refused.
The Act provides that the correct
company name must be displayed on all websites. Directors must ensure that they
are prepared for a change in company name. Your business name has changed and
you may want your domain to reflect this to maintain consistent branding. Every company that has a website is also
required to display either on its homepage or to be identified on its homepage,
a readily accessible webpage on which the following appear:
(a)
the name and legal form of the company
(b)
place of registration of the company and the number with which it is registered
(c)
address of the registered office of the company
(d)
in the case of a company exempt from the obligation to use the company type as
part of its name, the fact that it is such a company type (applies to
Designated Activity Companies and Companies Limited by Guarantee only)
(e)
in the case of a company which is being wound up, the fact that it is being
wound up
(f)
if the share capital of a company is mentioned on the website, the reference
must be to the issued share capital
There are a number of issues which Directors must consider in circumstances where the company name is about to change. It is advisable to try and identify the relevant issues and to put plans in place to avoid any difficulties before the company name changes (whether voluntarily by converting or by the name change being applied by the CRO). Implementation of a company name change is normally phased in to ensure cost-effectiveness, beginning with regulatory compliance, continuing with updating on-line materials stationary and signage with the subsequent amendments to 3rd party databases.
What Needs To Be Done
The work schedule for Boyle Practical
Project Management Project Implementation Plans for the
Companies Act 2014 looks like this:
The
hidden danger for companies active on social media platforms is with changing
their company page names, business page names, verified business accounts,
handles etc., on the various social media platforms. It may not be straightforward to change
company names on these sites without losing followers, likes etc.
Project Delivery
What
the Project Implementation Plans for the Companies Act 2014 contain:
1. These are practical workable plans to
enable Companies to make the transition to the
new company type in a structured
way.
2. Plans are streamlined to deal with specific
company types, either Designated Activity
Company, Limited Company or Company Limited by
Guarantee.
3. Gives the objectives for converting and
provides windows of opportunity to expand
the scope to take advantage of the
changes.
4. Examines some general risks associated
with the conversion.
5. The plans outline the criteria for
choosing the appropriate structure to be adopted.
6. Provides the process for gaining members
agreement or otherwise.
7. Provides a fully resourced, costed (in
hours) and time-lined activity schedule.
9. Indicates the resource inputs to enable
delegation of activities to named individuals.
10. Highlights the section numbers of the Act under which the actions are required.
The Way Forward
