Every business would benefit from having more leads coming in and making more sales, and of course the best way to do this by improving your marketing. Too many businesses focus on one or two different marketing channels without ever thinking about what they could find elsewhere. So if you are interested in finding new outlets for sales, here Select Base give you four marketing methods that you should embrace in 2018.
Do you know that there are thousands of uninsured business vehicles driven on the UK roads? In the majority of cases this is simply because many people are still unsure of what counts as business use. As a new business owner, it can be tricky to choose which type of policy is best for your particular needs, especially if it’s your first time taking out a specific kind of policy.
As a small business owner it can feel like you don’t have enough hours in the day to get everything accomplished that you need to. Time management is key in being able to carry out all the required daily tasks. One of the biggest time killers is emails as you have to constantly deal with a stream of incoming communication. As email is the most preferred form of communication when it comes to businesses, it’s essential to make it as quick and efficient to deal with as possible.
If you are thinking about getting private healthcare insurance for yourself and your family, you can pay for it in two ways. You can either pay for your private healthcare insurance through your limited company or do it from your personal accounts. Depending on various factors, the tax efficiency of both methods will vary. Therefore, it’s always a good idea to get an opinion of an accountant to help you find the best option.
Many business owners, including contractors, may have found it difficult to secure a competitive mortgage in the past. However, more enlightened lenders are happy to lend to limited company directors, who may find it hard to prove income on a ‘traditional’ basis.
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Flowers are timeless and have been used for centuries to express emotions. They play a role in all occasions, from expressing sympathy, to celebrating the birth of a new baby or showing love on Valentine’s Day. Flowers being closely related to emotions and occasions is perhaps the reason why the florist industry has been thriving for decades and why the need remains strong. The fresh cut flowers and plant industry is currently worth £2.2 billion in the UK, and to give some perspective that is £0.2 billion more than the music industry in the UK. The florist business industry is huge and comes with the vast opportunity to start a successful company.
Criticism is a part of life and you can’t impress and please everyone, especially when it comes to business. You may think your business is perfect but there will always be people who will think the food at your restaurant is too expensive, or your flower shop doesn’t sell enough exotic flowers. It’s human nature to complain, however when it’s about your business then bad reviews, complaints and negative feedback can have a serious effect.
It’s no secret that half of the start-ups started in the UK fail within the first five years of operating. Small businesses should consider surpassing the five year mark as a real accomplishment, as that is the point they are out of the danger zone. So, what are the reasons behind the failure of these start-ups?
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Whether you work for yourself or run a small business, the most difficult thing to manage is cash flow. So, what can you do if you are owed money and the person is ignoring all your phone calls and letters? Firstly, don’t panic! Late payments has become part of the small business culture, but there may be some who try to evade making payments. This is when you will need to look at the debt collection, and really take what is yours.
Starting a part-time small business is ideal if you want the security of employment whilst investing in a side business. Starting a business can come with great risks, and one of the main reasons that potential entrepreneurs are held back is for fear of their business failing. However with a combination of business skills and the right product, you can make your business a success. When running a part-time small business you also don’t have the life changing risk of failing hanging over your head, as you still have a steady income through your day job.
It may be an obvious statement but businesses need to regularly keep tabs on their expenditure. If you feel you are spending too much in certain areas then this article may help you cut business costs. QCR give you tips on how you can improve by cutting costs and lowering your expenditure.
As a business owner you should have an exit strategy in place for your small business. It can vary from selling, to retiring, to moving onto another business idea, to even passing your business down to your children. You can keep your options open when it comes to deciding what you want to do with your business in the long term, however it is highly advisable to have an exit strategy in place. This can help you prepare for the future of your business ensuring that you choose the most beneficial and profitable option for you.
Here are the main tax rates and allowances for 2017/18, that are most relevant to small businesses.
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In the past five years, crowdfunding has skyrocketed in popularity as a way to bring innovations to life and has become a great contender to more traditional methods of funding. It has given entrepreneurs access to capital through the people who are most excited about their idea, and want to help it become a reality. This real-time interaction with ‘the crowd’ provides invaluable insights into the market for a given product, and allows entrepreneurs to tweak their products to better fit their customers’ needs. There’s no denying that there are are some major crowdfunding mistakes which can be made, however they can be easily avoided.
It’s no secret that the survival of small business can be challenging for entrepreneurs in the UK — only four in ten businesses survive past the five year mark of running the business. Businesses fail from making continuous mistakes which lead to the collapse of their business, so knowing the causes of business failure is key to eluding those factors and focusing on success. A plan to survive should therefore be accompanied by short and long term goals and objectives to keep you on track.
In the latest report by the FSB (Federation of Small Business) it was found that a large number of small businesses are still unprepared for GDPR (General Data Protection Regulation). Over half of the respondents either had not yet started preparing for the legislation to go into effect or were only at the early stages of compliance. To combat the lack of compliance, the FSB has launched a campaign to get small businesses compliant before the deadline. The countdown has begun, and the GDPR deadline is well under a 100 days away.
When it comes to running a business, you should always be striving to grow and improve, and there will normally come a point when your business is ready to expand. This will usually occur when your business has been up and running for some time and you are making a steady increase in the business profits. At this point in your business venture you will need to look ahead and shift your focus on expanding your business. A profitable business should not remain stagnant as this can cause problems and can even lead to failure, therefore always strive to do more and expand your horizons.
Paper is costing businesses thousands per employee from its day-to-day use in the workplace. From a study conducted by WorkMobile of 1,000 workers, it was found that 67% of UK businesses are spending over £2,000 on paper annually per employee. This just goes to show the significant role that paper still plays in the daily activities of more than half of the businesses that took part in the study.
The current VAT threshold in the UK stands at £85,000. Any business that has an annual turnover of that value must register for VAT with HMRC, and when they do this they will receive a VAT number. Before you work with another business, you normally want to find out all you can about them and you can easily do this through a Google search. However, something you might not consider looking at is their VAT number, and this is actually something that you should definitely be verifying.