The government are wanting to renovate the way we process and submit our taxes through Making Tax Digital (MTD) for VAT. Overall the scheme will allocate every taxpayer with a digital ID, this means that businesses and individuals will be able to manage all their tax activities online, reducing errors and late submissions for a more efficient system.
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For many industries, outsourcing can mean big gains in terms of revenue and can help ease the burden of certain processes along the supply chain. In some cases, outsourcing can save your business big bucks, especially when it comes to labour costs. For example, in information technology, many companies have turned to India and the Middle East regions with highly skilled workforces, relatively weak job markets, and lower costs of living to meet the demand for apt workers who don’t cost as much as workers in the UK or other areas. And we probably don’t have to explain why many companies often look to China and other economies with more affordable labour standards for manufacturing.
Where do you find your motivation, is it by following in the footsteps of your idols, or reading motivational quotes? Words have the power to achieve great things and coming from the right person, have the power to reignite fire in you, and give you the motivation you need.
Opening a restaurant may be a dream – but far too many of them don’t survive long enough to make the dream a reality. According to The Guardian, the number of restaurants closing is up by 20% in 2017. The news is full of ‘restaurant chains in trouble’ stories. However, alongside the demise of the chain, we are seeing the rise of the independent; and the success of Stem + Glory is certainly a testament to that.
If you are the owner of a business, you, of course, want it to have a welcoming reputation when it comes to customers. A business can offer the most fanciful product on the market, but unless it is marketed correctly, no one is going to buy it.
For businesses, it’s natural for success to be associated with growth. But while this might mean more turnover, it also means more supplies, more staff, more inventory, more equipment; in other words, growing your business can be expensive.
If you’ve already followed the standard procedures for recovering an unpaid invoice, you may be considering more drastic actions. Unpaid invoices are a common problem for SMEs and can cause significant financial burdens. Once 38 days have passed since the invoice due date, you have four options for debt recovery given by Sage.
The positive effect of having an online presence and being on multiple different social media platforms cannot be denied. Yet, a majority of SME’s are not taking the advantage of using social media to drive sales for their small businesses. Social media is a cost-effective way of effectively marketing your business, and the presence online is an absolute must in the present day.
Small businesses still have a lot of catching up do with regards to the General Data Protection Regulation (GDPR). With just under a month left until the new legislation goes into effect, the small business community is hoping that the Information Commissioners Office (ICO) will be lenient. Small businesses have struggled with GDPR from the beginning because of the lack of resources that are easily attainable for bigger businesses.
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Some people are comfortable with the routine and regular income that comes from being an employee. If being an employee suits you then that’s great. However, for some people being an employee can feel like an inescapable trap. If you start feeling like that then you should consider starting your own business. You will need certain skills to thrive as a business owner, but most importantly you need to be a leader and be focused in order to be a good entrepreneur.
What is the difference between a good public speaker and a great one? What makes people want to know more about one person, and tune another one out? Although content, of course, has a lot to do with who listens to whom, something else that can make someone particularly successful at public speaking is confidence. Without it, talks can be impersonal, boring, flat, and uninspired, and all because the person giving the talk has no confidence in themselves, and what they are saying. To be a powerful public speaker, confidence is key.
In our latest success story, we discuss the success of Stem + Glory, a vegan restaurant, with the owner Louise Palmer-Masterton. Louise, a yoga instructor turned entrepreneur gives us an insight into her business journey, from discussing future plans to the rise of veganism.
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The gender pay gap has been in the spotlight recently, with the government actually taking action to start tackling the issue. Companies with the more than 250 employees have to report on how much they are paying their staff. Although this only focused on bigger businesses, small business should also start looking at the gender pay gap at their firm. A positive finding was that UK Fast, a hosting firm, had the mean gender pay gap which was just 0.9%.
If you work remotely at home, you will be totally reliant on your broadband connection, so it’s important to make sure that you can always stay connected. Remote and mobile working has become part of modern working life. We all expect to able to work on the move and wherever we might find ourselves. That means staying connected at home and while we travel.
Jordan Daykin is the latest entrepreneur to feature in our success stories. Jordan is the inventor and owner of GripIt, a plasterboard fixing capable of holding 250kg, as well as the CEO of VPS Group. He invented GripIt with his Grandad at just 13 years of age. He discusses his time on Dragons Den, inventing his product and his plans for the future.
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Following on from our previous article on ‘How to attract the millennials‘, it’s interesting to examine this age cohort’s spending attitudes and behaviours by comparing them to those of other generations; Baby Boomers and Generation X.
If you purchase an asset through your company (such as a new PC), the cost of the asset is written off over a period of time, unlike a business expense. So, how are capital assets treated in the company accounts?, and what are capital allowances used for?
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Becoming ‘self-employed’ is the most popular means of starting up a new business. You can become self-employed through becoming a sole trader or forming a partnership. Sole traders make up over 60% of all UK businesses (3.4 million), and partnerships account for another 7% (414,000). Here we look at the basics of what is a sole trader and things you should consider before taking the leap.
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When you are focusing your efforts on developing a fast growth company from the ground up it can be easy to put great customer service on the back burner. With things like fundraising, partnerships, product launches and finances all demanding attention, it can be a challenge to prioritise customer service.
Alex Eid the founder of Homie, a platform to help renters find a home with a help of a personal home finder, is the latest entrepreneur to be featured in our success story. Alex has raised $4 million in seed funding to set up and grow his business. In his story, he discusses workplace culture and advice for any prospective, aspiring entrepreneurs.
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