Tag business
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 →
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 →
Nowadays, the success of any business is largely dependant on their marketing campaign. After all, you can have the best product on the market or the best service in your sector, but if no one knows about it, you are not going to get very far. The trouble is that there are so many marketing options to choose from, a lot of which are expensive, and no one wants to spend their money on something if the results aren’t guaranteed. Keeping that in mind, below we have put together some top tips and marketing suggestions for SMEs.
It is always a good idea to team up with other companies that are related to the services you provide, however, are not a direct competitor. You can then discuss and share experiences of sales training courses for your sales team for example. Or you can embark on joint projects together, from promotional giveaways to special events. This means twice as much notice, as you are going to be introduced to all of the other company’s customers, which are no doubt going to be interested in what you have to provide.
The cost of data security breaches in the UK has doubled, causing the government to urge businesses to take action. Nowadays, the average cost of the most serious online breaches is almost one and a half million pounds. When you… Continue Reading →
Project management errors can result in lost money, time, and trust. Errors can pull you further away from attaining your goals, and, unfortunately, mistakes are not uncommon when it comes to project management. After all, project management skills are not… Continue Reading →
The importance of communication when it comes to project management cannot be emphasised enough. If you do not know how to communicate effectively, it is impossible for targets to be reached. This is especially the case when you consider the… 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 →
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