The 2024 Budget: What It Means for You and Your Business The UK government has just unveiled its latest budget, and there are some important changes that could impact your personal finances and business operations. Let’s break it down in simple terms: For Your Household: National Insurance cuts: The rate of employee’s NICs has been reduced by another 2% down to 8% now. It was previously reduced from 12% down… Read more
5 Strategies to Maintain Strong Cashflow in Challenging Times Maintaining strong cashflow in your business is one those tasks more easily talked about than actually done. Especially in challenging times, cashflow management becomes not just a financial task, but a survival skill. Everybody has a suggestion on how to manage your cashflow better, but not everybody is able to actually make it happen. This said, here’s my five strategies to… Read more
Can a Franchise Power-Up your Start-Up business? Did you know that franchising could be your shortcut to startup success? It’s not just about big brands; there’s a whole world of franchising out there for you to explore, big and small! Can a Franchise work for you? Franchise businesses often have a significant edge in speed of development compared to traditional startups, primarily due to their established brand recognition and proven… Read more
6 ways to increase your E-commerce Sales For any E-Commerce business, having the right products and doing adequate marketing are essential. However, don’t forget that having a well designed e-com website can also help maximise your transaction value. Site design is also the one thing many e-commerce retailers find the hardest to solve. Product range can be solved easily, agencies can help you with your marketing but having an… Read more
Entrepreneurs are unsung heroes – so should you become one now? Why are Entrepreneurs Unsung Heroes? Entrepreneurs are vital to the success of our society and economy. In my mind, they are unsung heroes. They raise capital, organise resources, produce goods or service and add value to both the economy and their own staff. They are the engine of our economic growth. But why are they unsung heroes? Well, today… Read more
Today, any accountant will have your compliance work sorted (and if not, that’s a real problem!). Long gone are the days where your accountant prepared just your VAT Returns, last year’s accounts and last year’s tax returns. Today, a proactive accountant will also help you with the strategic side of your business. This work is known as ‘Business Development’ (“BD”) work, and is what drives your business forward from a… Read more
When you think of financial planning, you probably imagine ways to increase your wealth, such as making a budget, reviewing what’s coming in and going out, and creating a plan for how to make the most of your money. You may think of investing in stocks or bonds, or of starting a retirement fund. Perhaps you think of saving for a major expense, like a home or education for your… Read more
As prices continue to rise, you’ve likely noticed that your cost of doing business has increased as well. With that in mind, you may be considering raising your prices – as you should. After all, the main point of any business is to make money, and you can’t do that if you’re no longer breaking even. Read on to discover some tips on how to raise your prices, and how… Read more
It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend… Read more
Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax time. As is taking advantage of the many tools and resources out there to support… Read more
When it comes to managing your finances, there are two professions that can help you understand your numbers, and ensure you have a plan to get to where you want to be. Accountants and financial planners can both play an important role in your financial success, but there are some important differences between the two. For any successful business, it’s advisable to have both an accountant and a financial planner… Read more
The working environment of the past 2 years has brought the concept of burnout to the forefront. Unexpected work-from-home situations, juggling the new normal, and mental fatigue have all contributed to the issue. Recognizing employee burnout and having a plan to address it will ensure you retain employees and keep your company healthy. 1. Ensure everyone takes their time off In an attempt to appear as though they can handle… Read more
Financial security, whether that’s for a business or an individual, requires planning. You need to know where you want to be, where you are now, and how to cross the gap between the two places. Having goals and a plan makes it more likely that you’ll achieve financial security–whatever that means to you. Here are some steps to setting your financial goals. 1. Be specific with what you want It’s… Read more
While many small business owners prefer brainstorming new ideas to pouring over financial reports, getting a handle on financial analysis can be remarkably empowering. Taking the time to regularly review financial statements can help you assess and improve current performance, avoid risk and make scalable plans for future growth. Protect your company’s financial health by learning your way around these three financial reports. Cash flow statement The cash flow statement… Read more
Think of your business plan as a roadmap designed to point the way to your current destination, knowing that where you land may not be your ultimate end point. After all, things are constantly changing in a healthy, thriving business. Market fluctuations, new competitors, changes in staffing or your sales figures may nudge you in a direction you wouldn’t have previously dreamed of, requiring new goals and strategies to achieve… Read more
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more… Read more