Money makes the world go round, or so they say. It’s certainly important and whether you like it or not, its something you can’t avoid. Some people bury their head in the sand at the thought of dealing with their personal and family finances, but ignore it at your peril.
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The state of the insurance industry continues to fluctuate. This can be confusing for business owners trying to forecast future insurance costs while industry experts monitor the market and try to project whether insurance premiums will rise and by how much.
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I became one of the first-ever Independent Financial Advisers in 1986 when that title was first created. Now, I am no longer a financial adviser, but a financial educator and commentator, a teacher, coach and mentor in things financial.
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Credit control can be described as the process of ensuring customers pay their invoices on time, and the system in place to resolve the issue if they don’t. Cash flow has been covered in another chapter of this book. Credit control is a vital part of controlling that cash flow.
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Nearly everyone who has their business up and running will want to make sure they’re claiming expenses to reduce their tax bill. However, there are a number of rules that need to be followed.
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Before we look at “how?”, let’s start with “why?”. Should costs be a priority, or is the most important thing increasing the sales line?
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Over recent years the commercial finance brokerage market has seen the rise of the ‘on-line’ brokerage models. These are aimed at providing ‘all market coverage’ and focusing on ‘speed of delivery’ to service the ‘need’ they believe SME businesses have.
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In its simplest terms, a break even point is reached when your total revenue matches your business costs and your business is not making either a profit or a loss. Anything generated above this point is a profit.
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If you run a business you may know that a balance sheet and profit and loss account form part of your year end accounts…to many people, they are just numbers on a piece of paper!
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There is little doubt that the Government loan schemes have been the dominant force in commercial lending since their introduction in March 2020.
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I assume you have already worked out your break even point (BEP). If not, you really should because it would be ill advised to run any business without knowing it. If you haven’t done it, go and do it now. Actually, more sensibly, read this article first and then go and do it.
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Over the years I have spoken to a great many business owners, some of which don’t have a bookkeeper preferring instead to do their own books. Each have their own personal reasons for this, all of which I can empathize with. I thought I would share with you some of those concerns I have heard and dispel a few of the myths.
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Whether you are relatively new to the world of business or have been trading for many years, it’s important to make sure you have a good accountant in place to advise and support you. But there are a lot of accountants out there, so how do you know which one is right for you?
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Struggling with cash flow? Many SMEs are. Maybe cash flow is so slow that you’re not able to pay your staff or yourself a wage – 32% of business owners can’t. If you’re struggling to pay staff on time and can’t pay yourself a decent wage, that’s scary.
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Equity Release a way for homeowners over the age of 55 to unlock some of the money (the equity) that is within the value of your home. You don’t need to have fully paid off your mortgage to do this, but you will need to repay any existing mortgage from the money released.
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You wouldn’t believe the number of business owners we meet who misunderstand the concept of cashflow. They often confuse it with turnover. Surely, if your business is busy and you’re sending out loads of invoices, then your cashflow will be great. That money will just flow in. Hmmm … are you sure?
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COVID-19 has taken a terrible toll and will leave a very deep and lasting impact on us, but I am optimistic it will also lead to many positives. Perhaps we are getting a glimpse of the shape of things to come as the world moves towards a sustainable economic future.
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As a business owner, a Self Assessment Tax Return is something that you will be required to complete each tax year to declare your income (and pay over any tax owed) to HMRC. Many individuals and business owners prepare and submit their own tax returns directly to HMRC.
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Invisibility? Being able to fly? Teleportation?
Or how about being able to re-write the law to suit yourself and ensure you are always on the right side?
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As a business owner I’m sure you’re always looking for ways to make more money and in particular profit. One recognized and basic way to do this is of course to focus on increasing your sales and decreasing your costs as what you’re left with is profit.
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