Many business owners don’t consider their contract’s terms and conditions as a priority. Some would even copy from their competitors or use templates without understanding its contents. However, doing so may expose your business to some legal complications later on.
Disgruntled creditors get desperate, and when all approaches to recover a debt have failed, they may send a winding-up petition to the beleaguered company as a last resort to get paid. It’s an extremely serious move and not one that should be taken lightly as it’s typically preceded by a statutory demand. In the UK, HMRC is the most common business creditor and is normally aggressive in its pursuit of tax liabilities. The majority (60%) of all winding up petitions are served by HMRC.
A lot of businesses now choose to trade internationally to help their business grow and succeed worldwide. Trading internationally can not only be a great step for your business but can also help you to build your brand awareness and reach more customers. If your business is moving towards international trading then it is important that you know how to reduce your costs to help you save money in the future.
Cash flow is the term for the money that flows in and out of your business. From petty cash to business capital, cash is what keeps small businesses alive. While it is usually measured monthly, quarterly or annually, your cash flow should always be at the forefront of your mind.
According to the latest research from the Federation of Small Businesses (FSB), it was found that small businesses are unprepared for some of the biggest disruptions a business could face. The issues that could arise from cyber crime to staff losses or severe weather, can have a huge impact on small businesses. Therefore, small businesses need to get prepared and have a contingency plan in place.
There are millions of apps, varying in purpose and function, whether they are for entertainment or to keep your business organised. When you’re a small business owner you will need to wear multiple hats, and therefore need to make sure to take advantage of all the resources available to you. The best thing about some apps is that they are free or give the option of a free trial, therefore they can give you the opportunity to try before you buy.
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.