Thursday January 10, 2013 at 8:00am
Those in the Midlands service sector might well be starting the year with a smile. The Birmingham Chamber of Commerce Group’s last quarterly economic survey for 2012 issued last week showed the region’s service sector export sales had risen to 40 per cent, compared with 30 per cent in the previous quarter. This is quite an achievement when media reports elsewhere suggest that UK service sector activity as a whole fell for the first time in two years in December.
It wasn’t such....
Thursday October 25, 2012 at 2:28pm
Owners of small businesses are feeling the pinch as operating costs continue to rise, according to a survey last week from the Forum of Private Business. Out of the Forum members questioned, 95 per cent said their overall business costs had increased, with the main areas of concern being the costs of energy, transport, marketing and raw materials/stock. And in a challenging economic climate it’s proving difficult to pass those costs on to customers or get financial help from banks to help ....
Thursday October 4, 2012 at 9:00am
In demanding economic times, cost management is never far from the minds of many small business owners and just a few simple steps can help avoid wasting valuable profit. Here are six tips to both reduce costs and bring in additional income.
Energy efficiency - according to a recent E.on survey, few SMEs take energy efficiency seriously. Have you reviewed your energy consumption lately? Turning off lights in unoccupied spaces, switching off unused office equipment and only using the heating....
Thursday August 23, 2012 at 10:00am
Readers of my blog will know that I often bang the drum about the need for a healthy cash flow to ensure business security.
The majority of businesses, no matter how big and successful they become, will in their life time have ups and downs.
After hearing that Coventry City Football Club had been in court for rent arrears after relegation depleted their income, it seemed timely for me to blog again about the importance of forecasting cash flow and having something set aside for the inevitabl....
Thursday May 3, 2012 at 9:00am
Credit agency Graydon and the Forum of Private Business (FPB) published the findings of research into the impact of late payment on small business owners. Such was the severity of the report that it was discussed by a House of Commons summit attended by some of the leading lights of the UK’s financial world. They included the business department, the Labour Party, the Institute of Credit Management, Lloyds, and the Association of Certified Chartered Accountants.
The research revealed:&nb....
Thursday April 12, 2012 at 9:00am
The 2012 Budget saw George Osborne present a shiny new present for small businesses: cash-based accounting. From April 2013, very small businesses with a turnover up to £77,000 (the 2013 VAT threshold) will be able to submit their accounts on the basis of cash passing through the business.
The principle behind this move is one which drives many Government policies – simplification. Cash-based accounting removes a great deal of complexity from the business of preparing tax returns.....
Friday January 13, 2012 at 1:21pm
With Christmas out of the way and as we rapidly approach the end of the tax year it’s a good time for every small business owner to take a look at their financial management and accounting practices. Small business owners often make seemingly simple accounting mistakes which at their most extreme could mean the difference between a good and bad fiscal year.
Here are three common financial mistakes we encounter and how to avoid them.
Not discussing costs and payment terms in advance. Co....
Thursday November 10, 2011 at 9:00am
I read recently that late payments to small businesses exceed £33 billion. And more often than not it's large businesses who are failing to pay up on time.
Bacs (Bankers’ Automated Clearing Services) say that around 860,000 companies are experiencing late payments with each SME on average owed £39,000 and left waiting two months to get it.
With bank lending at an all time low in my opinion there’s little hope of overdraft or loan facilities to fund this shortfall....
Thursday September 9, 2010 at 9:24pm
No doubt you have realised that times are tough at the moment. Customers are scarcer and they want to spend less or want more product or service for less money. The banks aren’t lending at the suggestion that you can easily borrow elsewhere if they say no. Their balance sheets are undercapitalised and lending targets have certainly shrunk regardless of what they say in public.
In such an environment it makes sense to move away from the seat of the pants approach to decision making. Gone ....
Wednesday September 8, 2010 at 9:53pm
Well it is a fair question that most of us would like to say yes to, but when put on the spot we find we stumble and don’t have all the answers. Some of the more common questions asked by the Dragons are: “how can you convince me there is a market for your product”, “what sales have you made this year so far”, “what is your forecast profit this year and next”, “who would buy this product” and “how much profit do you make on each sale&rd....
Tuesday July 27, 2010 at 12:41pm
Cash - you can never have too much, but you can often have too little. Staying on top of cash flow is critical for every business. These 10 tips will help you boost cash flow.
Invoice as soon as possible. It’s far better, from a cash flow point of view, to bill throughout the month than stick rigidly to one billing day, often at the end of the month.
Give it focus. Cash flow is the most important element of your business. Don’t delegate the task and ignore progress.....