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Inefficiencies can creep into any business. If they are allowed to continue they can seriously impact profits and growth potential. Customers don’t feel they are getting good value, the company struggles to make a profit, and frustrated employees jump ship.

The highly anticipated Budget 2020 has been revealed by the new Chancellor of Exchequer, Rishi Sunak. There was some welcoming news for the small business community as the Chancellor announced the suspension of business rates for SME’s, a Coronavirus Business Interruption Loan Scheme coming into effect and that the Government will be covering the Statutory Sick Pay for SME’s.

For small businesses running payroll can be a headache and fear of making mistakes means it can be very stressful. Unfortunately, Payroll is difficult, and errors can be expensive. This is why there is a professional body for payroll professionals (CIPP) which has exams which are tough to pass.

Working from home is an ideal situation for many, however, in some cases, it is simply not possible, for example, if you are a heart surgeon you can of course only really work at the hospital! Whether you are a home-based small business owner full time, or you balance your time between working from home and at the office, you will know there are many pros and cons of both.

In a recent study by Purbeck Insurance Services, it was found that just under half of women (46%) entrepreneurs found it difficult to switch off from work compared to the 38% of men entrepreneurs. With the International Women’s Day falling on Sunday the 8^th of March this year, it is recommended female entrepreneurs take the day to celebrate and take time off to switch off.

It costs more money for businesses to gain new customers, in comparison to retaining loyal clients. When developing a customer retention plan, you should use some of the following tips. These strategies could keep your clients engaged and coming back for more products and services.

When you have formed a limited company, one of your first tasks will be to choose the best bank account for your new business.

In October of last year, the University of Bristol released a report that revealed some rather sobering statistics. From a sample size of over 3,500 new parents, fewer than 30 per cent of women were still working self-employed or full-time — even three years after childbirth. At the same time, nearly 90 per cent of men of new fathers carried on with business as normal. 

During the last decade, we have become increasingly aware of the need to protect the world around us, which has led to more businesses concentrating on their sustainability efforts. 

If you are thinking of starting a business and don’t have huge investment funds then there are still plenty of startup business ideas for you to consider. There are certain elements that come into play when starting a small business that could reduce the costs of starting up significantly. From working at home to needing minimal equipment, it doesn’t have to cost large sums of money to get started.

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If you love baking and are good at it then you really could turn your hobby into a profitable small business. The key ingredients for a successful baking business, aside from the essential baking skills, are passion and love for what you do. Throw in some business skills too and you have an entrepreneur baker and business owner in the making. Are people asking you about recipes or requesting for you to make cakes for their special occasions? If the answer is yes, then you are already well on your way to making a business out of your hobby.
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Making sure your business is safe and secure is vital for all business owners. Having good security systems is essential but it can also be costly. It is now possible to rent a complete, permanent security system designed for your specific needs, without having to buy a system and then replace them when they get outdated. In this guide, we cover how you can get the latest security system without buying any equipment for your small business.

For your business to do well you need motivated, engaged employees. Research by Gallup shows that businesses with engaged employees outperform others by 202%. In addition, the study showed that businesses in the highest quartile of employee engagement ratings outperform those in the bottom quartile in customer ratings, productivity, and profitability.

Over the past decade, we’ve heard a lot about corporate social responsibility (CSR). Take Starbucks for example. Their initiative to donate unsold food to those in need aims to combat hunger and food waste. Toms one-for-one campaign is another example of social responsibility in action — for every pair of shoes you buy, a pair is donated to a child in a developing country.

Which matters more: recruitment or retention? Many employers struggle to answer this easy question. Every organisation is powered by its people, and hiring the right people starts with strong recruitment. Typically, employers believe that finding talented, motivated, experienced, and high-potential applicants to fill open positions is the best way to ensure a prosperous future of growth and innovation. But how much is that talent worth if it walks out the door after a year or two? Retaining existing employees means building institutional knowledge in your workforce and generating more stability.

Leadership is an amazing experience. It gives you the opportunity to shape and influence an organisation and, perhaps more nobly, to turn a vision and a dream into reality. That said, leadership can be hard, and people often harbour unrealistic expectations about what is involved.

Readers questions: Can I be a limited company if I am a not a UK tax resident? I left the UK 7 years ago and live in Spain. I have been asked by an agency who I will be working overseas for, to supply invoices for work done. Can I issue an invoice to this agency without being registered as a limited company?

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You’ll be aware that HMRC is bringing in new, stricter rules around using contractors and consultants, known as IR35 effective April 2020.  These new rules are intended to stop contractors, freelancers and consultants being used as “disguised employees” to avoid paying tax and benefits.

If you are a small business owner who supplies goods direct to consumers, you undoubtedly pride yourself in the quality of the products you provide. However, it’s inevitable that some people will want to return the items they have bought (or been given). But what rights do they have?