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.
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Readers question: If I have three separate Limited company businesses, can I pay myself a salary/management fee from each one or only the one?
[continue reading…]Investing in one’s own business comes with a high risk of not achieving the expected results. The level of competition in the UK’s market is high: since 2015, more than 500,000 start-ups have been launched every year. In the first six months of 2018, more than 300,000 new companies have been registered.
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.
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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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.
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.
The late payment culture in the UK has been plaguing the livelihood of small businesses and causing severe financial strains. The federation of small business (FSB) is urging for more effective policies from the Prompt Payment Code (PPC) which has failed small businesses in the past. The demise of Carillion has effected thousands of people and many businesses that it owed money to.
There may be a time that you have to say goodbye to your small business, whether it’s because you’re a serial entrepreneur and want to make money from your successful business or you simply want to get rid of your struggling business. The key to successfully selling your business is to devise an exit strategy. An exit strategy will help you decide how much money you can make from a profitable business or how much of your initial investment you can retain from a struggling business.
Once again, Contractors sat yesterday with baited breath to see how the secrets of Philip Hammond’s red box and the Autumn Budget 2017 would affect them. In his first Budget since the government lost their majority in the general election, it was good to hear the Chancellor affirm his commitment to small businesses, recognising them as the backbone of our economy and praising them for their “vibrancy and resilience”.
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The first ever Autumn Budget 2017 was revealed by the Chancellor Philip Hammond at the houses of Parliament yesterday. The Budget focused on the finances of the country, and how it will affect the citizens of the country, from small business owners to millennials. The budget has mostly had a positive response, especially from the small business community.
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With a new Budget around the corner and just a few months since the last one, 2017 has been a bumper year for Budgets. Following on from the Spring Budget in March, Wednesday the 22nd of November will see the first ever Autumn Budget; but why has the date of the Budget changed and how will it impact your business?
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A business plan is a vital part of any business, it describes your entire business on paper. The business plan should cover objectives, strategies, sales, marketing and financial forecasts. These will help you make a great business plan, which can be used for internal use or to attract investors.
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