Profit margins are the be-all and end-all of running a business, and with so many expenses coming from every angle, it can be a huge challenge to keep things cost-effective. 82% of small businesses fail because of cash flow mismanagement, which goes to show just how important it is for a business to maximise their income and minimise their output.
Startups face the unique challenge of translating passions and ideas into repeatable profits. If you want to scale your business successfully, you need systems that support your goals.
Your personal resolve to keep up that workout routine might be fading, but it’s never too late to make achievable resolutions for your small business! Anytime is an excellent time to review your progress in the previous year, and think about what goals you want to achieve in the coming years.
What is Self Assessment and how might it affect you as a business owner? Emily Coltman FCA, chief accountant to award-winning online accounting software provider FreeAgent, explains all.
For a business looking to get the most out of office floorspace, an element of sharing can make perfect sense. After all, why pay to accommodate workstations that are empty for much of the time?
Did you know that 73% of UK employees don’t use up all of their annual leave? That means that only a quarter of us are actually making the most of our time off allowance.
If you’re thinking of structuring your business so that it enjoys the benefits of limited liability, you have a choice of three different options; a company limited by shares, a company limited by guarantee, or a limited liability partnership. Emily Coltman FCA, chief accountant to award-winning online software provider FreeAgent, explores the difference between these three.
If you’re thinking of setting up your own limited company, one concept you’ll need to get to grips with is the whole area of shares. Emily Coltman FCA, chief accountant to award-winning online accounting software provider FreeAgent, gives an overview of the rules around shares in a private limited company.
Whether its clients “forgetting” to pay, stalling for time before settling their bill - or sometimes just deciding not to pay you at all - having to chase up money that’s rightfully yours is frustrating and time-consuming. And the problem of late payment is more widespread than you might think - the UK government estimates that small firms are currently owed around £26bn in late payments, while the process of chasing debts costs these businesses millions of pounds more.
In the first part of our interview Lord Young gave his opinion on what makes a great entrepreneur and his most recent initiative, Start Up Loans - and how it has created opportunities for small businesses which did not exist before. In this week’s post Lord Young gives his views on the possibility of a tech giant emerging from the UK and what he thinks of the EU (amongst various other things).
Lord Young has had a remarkable career in both the business and the political worlds, serving under various conservative governments and acting as the Secretary of State for Employment. He has spearheaded multiple initiatives including Start Up Loans, was an Enterprise Adviser to David Cameron and has written a number or vital reports about the small business landscape in the UK.
James Crowther owns one of Europe’s 20 million SMEs. Utilising his background in finance and fleet management, James’ vehicle brokerage business, Trade Vehicles Direct, finds clients the best deals on cars by sourcing direct from suppliers.