What are the pros and cons of having investors?
Before talking about potential sources of finance, there is one thing that needs to be mentioned. This is to make sure that you have a proper, rock-solid business plan.
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Finance
My bank won’t finance my business – now what?
This would be a useful guide to read even before approaching your own bank for a request as they are not always the best option for you.
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The advantages of having your tax return filed early
While the new tax year may have only just begun, did you know you can file your self-assessment tax return any time after 6th April 2021?
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Are we heading for an economic cliff?
How prepared are you for when the COVID-19 related financial support and other interim measures fall away?
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Navigating your way around business insurance
The only sure-fire thing you can count on during the tumultuous beginning stages of your business or later in its development is the protection offered by commercial insurance.
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How a virtual financial director can boost your business growth
Running an SME is a full on roller coaster of a ride. As time ticks, you’re thrown in all sorts of directions and can even feel as though you’re in free fall going backwards sometimes.
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Give yourself a financial MOT
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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Navigating the hardening insurance market
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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Money matters for business and life
I guess if you’re like most people, you have your investments handled by your financial adviser? And I’m guessing you entrust that person to invest wisely and optimise the return on those investments.
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Essential tips for credit control
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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Tax planning in its simplest form
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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Reducing costs in your business
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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The tortoise versus the hare!
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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How do I work out my break even point and does it even matter?
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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What the hell are balance sheets and profit and loss accounts?
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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The impact the Government loan schemes will have on business finance
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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Micawbering and insolvency – why you shouldn’t trust your break even point
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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Why should you have a bookkeeper?
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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How to choose your accountant
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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5 steps to exterminate the virus of late payment
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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