SMEs generally need the capability to juggle many different tasks at any given moment. If you’re a new SME business your focus might be on finding suitable premises, financing your operation, strengthening your team or simply staying afloat. With a plethora of moving parts to consider, digital risk management can get left by the wayside. The risks, however, can be severe and are more prevalent in smaller businesses than they are in larger ones.
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It’s very easy for businesses to fall into the “just-in-case” trap. They keep paperwork (or its digital counterpart) to the extent that they are legally permitted “just in case” and as a result, bit by bit, they become overwhelmed by (digital) “stuff”, which is not really needed and certainly not wanted.
Reader’s question: As the sole director of my own company, if I pay myself £200 per week does this mean my corporation tax will be less? And what amount of dividends can I take?
Social media can play a huge role in increasing the reach of your brand and business. Businesses of all sizes have taken advantage of what social media can offer, which is the direct connection with consumers worldwide. Social media is a prominent part of today’s society, it is widely used and most people use social media platforms on a daily basis, from tweeting about the latest political turmoil to posting a picture of an aesthetically pleasing hot chocolate on Instagram.
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Readers question: I own a limited company that is solvent and, due to medical issues, I wish to close it. My question is, as the MD of the company, can I close it and receive a tax-free redundancy payment of £30,000?
Going to court is not something any business owner savours. It can also be a costly exercise, which can hit a small business hard.
The idea of collecting loyalty points and getting rewards continues to be popular with customers. This is demonstrated by the fact that in the UK 77% of the population are members of a loyalty programme of some kind. Nearly half believe that loyalty programmes encourage their brand loyalty.
Whether you are a small business or a big one, business trade shows are the perfect opportunity for your company to showcase what they do best. However, a lot of work needs to be put into making your trade show attendance successful for your business.
With the rise of e-commerce, the retail industry, and in particular the high-street retailers, has suffered hugely. Coupled with this, running a business always requires some risk, and the economic uncertainty only makes it tougher.
Sophie Hainsworth, Co-founder of LoyalFree, features in our latest success story to discuss everything from the inspiration for their app business to the process of developing it.
You’re not a designer. You’re not a psychologist. But you started a small catering company, or you have decided to become a professional gardener or pet groomer. And like most small business owners, you don’t have the resources (yet) to hire an all-out professional design company to create the perfect brand identity, or to analyse the market for you. You have to make do.
Let’s face it. Small businesses don’t have big budgets to work with (unless you’re lucky enough to secure an angel investor – keep those fingers crossed!). For the rest of us, we need to find ways of streamlining business processes and promoting growth with limited capital. The good news is, these days it’s completely possible to grow your business on a limited budget. How? Harnessing the power of technology.
If you are running a small business, you might have some employees that work for you on a remote basis. This new generations of employees expect more from their work and employers. They expect their employer to care about their work-life balance and offer them flexibility through remote working. So if you are one of those employers, then it is essential that you regularly communicate with remote employees for several reasons.
Affiliate marketing refers to a marketing channel wherein partnerships are built to promote a product, a store, or a service. Moreover, affiliate marketing involves offering revenue on a profit-sharing basis. Affiliate management, on the other hand, refers to the process of making the affiliate channel work.
There’s no denying that running a restaurant is no small feat. In actuality, it can be a colossal endeavour that, if tackled lightly, won’t yield the desired returns. After all, not only is the industry rife with competition, but it can be more than just a little challenging for a dining establishment to maintain a consistently high level of productivity without spending more than it needs.
Technology is not just something to enjoy in your free time. It has a lot to offer to people who are looking to expand their companies, as well. So if you’re running a small business, make sure to carefully consider how much you have to gain. Modern solutions can completely transform the way your business operates and make it a lot more profitable.
Has your business, or a business you know, suffered from a cybercrime? As 43% of cyber-attacks are targeted at small businesses, you need to take action to protect your business now and on an on-going basis.
Readers question: I have a limited company and I have taken 1% dividend for my grandchildren to pay for their school fees. I have opened a trust account where this 1% will be put into so let’s say the cost of the fees is £17,000 per annum, how much money do I need to transfer into this trust fund? Also how much corporation tax do I need to pay on this transfer?
Every summer, millions of us will put down our tools and find somewhere sunny for a well-earned break, but for small businesses, the summer holidays can cause a whole lot of stress. Staff are away, business is slow and revenue slows down. By the time everything is back up to speed, they often find themselves running short of cash.
For many of us, travel for business is a part of our job. Although travel can be stressful and exhausting, it can also open you up to new business opportunities. As well, it can present you with some wonderful experiences in locations around the world you might not have a chance to visit otherwise.
