During the natural lifecycle of your business, the financial health of your company may fluctuate to reflect seasons of high trade and low trade, industry trends and consumer demand. Your business may also encounter financial challenges due to changing tax legislation, such as IR35 reform. Trading uncertainty is also a major factor that has the power to decimate income streams, as demonstrated by the coronavirus pandemic.[continue reading…]
There are several crucial aspects and documents for a business to operate smoothly and remain solvent. One of the essential files for your enterprise is an invoice.[continue reading…]
Starting your own business and taking the plunge can be daunting, but help is here. With this setup plan, you will feel equipped and ready to take your idea to the next level. From market research to financing your business, this guide contains six key points to help you start your own business.
Running and maintaining a successful business is incredibly hard work. It doesn’t matter how big or successful you are, a start-up, a big hitter or even if you are dominating the marketplace, things can go wrong at any time. The business plan just might not be right for the market or an unexpected cost could set back your cash flow.
The road to success for any start-up is undoubtedly tough. Couple this with the fact that around 50% of all small businesses fail in the first five years, with the figure rising to an astronomical 90% for tech start-ups, and the picture starts to look somewhat bleak. However this shouldn’t be a discouragement, instead, it should be a call to organise your business operations well from the beginning so that it’s addressing issues before they can cause real problems.
Entrepreneurship is an exciting journey, however, it isn’t a smooth ride. There are challenging speed bumps along the way and you don’t have the luxury of getting a fixed amount of money every month. With all your focus on setting up a successful and profitable business, you might forget about securing your financial future.
Business growth is what every entrepreneur wants to see. But as your fledgeling organisation begins to spread its wings, you will likely find yourself spread ever thinner, spending more of every day distracted by things that have nothing to do with your core business.
For businesses, it’s natural for success to be associated with growth. But while this might mean more turnover, it also means more supplies, more staff, more inventory, more equipment; in other words, growing your business can be expensive.
Jordan Daykin is the latest entrepreneur to feature in our success stories. Jordan is the inventor and owner of GripIt, a plasterboard fixing capable of holding 250kg, as well as the CEO of VPS Group. He invented GripIt with his Grandad at just 13 years of age. He discusses his time on Dragons Den, inventing his product and his plans for the future.
It may seem a bit obvious, but targeted marketing is vital to ensuring that every pound you reserve for marketing is well-spent. Being able to identify exactly who is likely to buy your product, will help you to attract them. But it can be difficult for small businesses to effectively determine their target market.
We are bombarded every day by the lives successful people lead through the media – where do they live, what car do they drive, when do they wake up, what do they eat, etc. But what do we know about the habits that have made them into successful financially successful entrepreneurs? If you’re trying to develop your business into a successful one you know that it’s a tough road to take. It requires a lot of knowledge, drive, and dedication in order to manage your money right and achieve financial security and independence. Of course, it is possible, but it would be much easier with some insight from the people who already achieved that. That’s why Dean Willcocks Advisory have put together a list of financial habits that have taken them to success.
Being in control of your finances is key to keeping your earning model afloat. That’s why it’s so important to stay on top of your books as a contractor or a small business owner as you have multiple income streams to deal with. Effectively managing your finances can do wonders for the process of bookkeeping for your small business.
What started as a way for startups and entrepreneurs to gain access to capital has transformed into a industry worth over $34 billion (£23.9 billion). Most people think of crowdfunding as simply a way of raising funds for projects, but it’s actually much, much more. It’s also a great promotional tool and an effective way to build a community of supporters, so to use crowdfunding as a marketing platform only makes seems natural.
Your new business may have a promising product and high-value clients, but if they don’t pay for your goods and services, then your venture could quickly fail. Therefore managing your small business invoicing is a vital part of running any business. Having a comprehensive understanding of what needs to be included in an invoice and common billing mistakes can also benefit your cash flow.
If you buy an existing small business, it may be easier than starting from scratch and it may be ideal if you’re new to entrepreneurship. However, as with any business, running it is never easy. Being a small business owner comes with its own hurdles, whether you are starting from scratch or buying an already existing enterprise. To make sure that you don’t get yourself into unexpected problems, make sure you consider all options and research fully to make an educated decision.
When you think of New Year’s resolutions, you probably think of failed attempts at getting fit or travelling more. However, New Year’s resolutions can actually be useful and you can even set some that you can achieve. The whole idea of a New Year’s resolution is to make a change that will have a positive impact on you and your business, so why not take the opportunity to do so.
The new Small Business Commissioner, Paul Uppal is driving the change that needs to take place, regarding small businesses being paid late. Larger businesses and companies unfair treatment of small businesses, and the culture that has become a norm can really have detrimental effect on small businesses. Therefore, when the Small Business Commissioner was appointed earlier this year, one of the major issues that he said he would deal with was the late payments problem.
You will need to raise finances to fund your franchise business. It might be possible that you have to deal with hefty start-up costs that will cover the initial franchise fee as well as buying and/or renting the premises. You will also have to deal with ongoing costs that you need to cover, especially at the beginning where you will not be making a great amount of money.
“Take care of the pennies, and the pounds will look after themselves” — advice often given to people looking to grow financially and develop financial security. Being financially prepared is the cornerstone of developing a successful and profitable business, and should be a core priority from the moment you begin developing your business strategy and remain at the heart of your operation throughout your business’ growth.
Finding the right office can be exciting but it is also sometimes a daunting experience. You will need to find the right office space for your small business, whether you are expanding your current business or starting a brand new one. It’s essential to have a tick list to make sure that you are covering all bases in order to find the right office.