Category Finance
If you want to give your new business a good, solid, financial base, then the right start-up finance is vital. You need to ensure you have enough funding to cover your needs in the short term so you can make… Continue Reading →
Taxes… they are never ending. National Insurance is basically just another tax. National Insurance Contributions (NICs) were set up in order to fund a number of state benefits, including the state pension, the NHS and additional welfare schemes. Your contributions… Continue Reading →
Tax mistakes can be extremely costly, especially for small businesses. From forgetting employee benefits to submitting the tax return late, here a group of accountants in London take a look at some of the common errors made. Tax… Continue Reading →
As a small business, it is easy to get carried away with the day to day running of your business. This could mean you take your eye off the paperwork. Here we take a look at why keeping records is so… Continue Reading →
VAT and the rules regarding registration may seem a little confusing but they don’t need to be. Read on as we look at what the small business needs to do about registering for VAT. When should you register? If your… Continue Reading →
Any small business owner will tell you that success lies in getting customers to settle their bills on time, and it can be infuriating when this doesn’t happen. Sending out constant reminders is time and resource consuming, and the longer… Continue Reading →
This is a worrying and confusing time for small businesses up and down the country with business owners perhaps not clear on where they stand with obligations to employees or whether help is available to access. Hopefully, our guide will… Continue Reading →
Did you know that the average company loses roughly 20 per cent of their customers on a yearly basis because they do not attend to customer relationships? In fact, in some industries, this can rise to as much as 80… Continue Reading →
Running a small business will always have its ups and downs and whilst the failure rate is high – for instance in the UK 40% of all small businesses fail within the first 5 years the actual number of small businesses is high. With over 5 million SMEs in the UK the success rate means there are at least 3 million businesses running successfully.
Small business owners experience many challenges while building a business from scratch. Every action they take reflects on the business’s progress. This begins with selecting the right small business idea, setting up the right infrastructure, hiring talented staff members and making sure that the management of staff goes well. Anything can go wrong with any one of these tasks and it is unlikely the business owner will have experience in all these areas.
Increasingly too businesses are using freelancers and other self-employed personnel for critical business functions. That is nothing new and has worked well in many organisations over the years, whether on a temporary basis, for example agency staff in care homes to fill staffing gaps or on an introductory basis where a live-in care company introduces live-in carers to prospective clients but then the contract is between carer and client (see liveincarehub.co.uk)
So businesses can be successful, and one success factor is providing the right environment for the employees or those who work on a freelance/self-employed basis. This is why, we have produced a guide that will help you hire the best team members and manage them effectively for your business project.
If there is one thing that most business owners can agree on; it is the fact that they hate taxes. Of course, no one likes feeling like they are giving money away. However, this is not the only problem. Company… Continue Reading →
When just starting up your business, it is not uncommon for mistakes to be made, especially if this is your first company. After all, you are on somewhat of a learning adventure. If you make a mistake, you simply need to acknowledge where you have gone wrong and do your best to rectify the problem. Nevertheless, there are some common start-up errors that can cause huge problems for your business. These are the types of problems that you really need to try and avoid altogether. With that being said, read on to discover some of the common start-up errors that could kill your business.
Selecting an unsuitable investor
You may discover a decrease in your cash reserves once your business begins to gain some traction. When in growth mode, you may need to apply for a loan or raise outside capital. There is one important rule to keep in mind, and this is the fact that not all cash is equal. There are a whole range of different types of loans available and other ways to raise funds and all have advantages and disadvantages so scrutinise all potential deals to make sure they are 100 per cent suitable for your situation.
Choosing the wrong premises
For some businesses it is essential to have a certain type of premises in the right location. For instance a high-end retail outlet is unlikely to be successful on an industrial estate, similarly the clients of a high value services company would expect to be able to visit suitable upmarket offices. But many businesses do not require these sorts of expensive premises and could save money by using self-storage units instead of expensive warehouses or be based in a business hub rather than committing to a long term rental of dedicated office space. There will be plenty of time for smart locations once your business is a success so don’t waste money now where you don’t need to.
While there are many benefits associated with running a family business, this type of firm also has its unique set of problems and challenges. People often like doing business with family firms, as they feel they get a more personal… Continue Reading →
Are your sales figures consistently below your forecasts? Do you feel there’s something else you should be doing to improve you company’s bottom line? Effective marketing strategies are at the heart of every successful business, but not all marketing techniques… Continue Reading →
If there is one thing that all businesses hate, it is paying tax! But, unfortunately, we all need to do so. Nevertheless, this does not mean that you cannot cut your tax bill. There are many companies that are paying… Continue Reading →
It does not matter what type of business you run, one thing you need to keep on top of is your accounts. Financial mistakes can be extremely costly. Keeping that in mind, read on to discover some of the most… Continue Reading →
For small businesses and start-ups, unpaid invoices can spell serious trouble. They can cause a halt to cashflow, which can cause problems when it comes to paying suppliers and such like. If you are having trouble with unpaid invoices, read… Continue Reading →
The official tax year has just ended, which means you have from now until the end of January to submit your Self Assessment, if you are doing so online. For most people, the words ‘Self Assessment’ bring about instant stress…. Continue Reading →
Updated 9 November 2016 No matter how much experience you have had, nothing can prepare you for the unique challenges running your own small business can bring. Many small business owners skip the planning stage and jump straight in with… Continue Reading →
Many small business owners can start up and function for a while with just the directors and maybe some occasional help from friends or family but eventually, if you want your business to grow you will need to consider taking… Continue Reading →
Whilst professional training can provide highly valuable information for those starting a business, there are some key elements of running a business that can only be learnt through experience. There are 5 little secrets that you will probably discover for… Continue Reading →
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