In a recent study carried out by Paymentsense, it was found that female entrepreneurs were better at handling stress than their males counterparts. The research which looked at over 1,000 small business in the UK showed that women are good at handling business stress as well as men and sometimes even better. This should be encouraging to any aspiring female entrepreneurs, who want to take on the rewarding challenge of starting their own business.
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Printer manufacturers provide us with the opportunity to buy their hardware at ludicrously low prices, but then more than make up for it with the price of consumables. However, with some clever thinking, you can come out on top. Here are some simple ways to reduce your ink or toner consumption.
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Affiliate marketing in the UK is growing every year. In fact, in 2017 the sector topped £550 million and it is expected to get even bigger by the end of 2018 and beyond. This is great news for both affiliates and businesses alike. Small business owners in the UK are being boosted by this rise in affiliate marketing. It means that small and medium-sized businesses can set up an affiliate program and make sales without the big marketing budget – all it takes in return is a commission to the affiliate for their efforts.
Mental health issues plague the workplace as working conditions can sometimes lead to stress and anxiety. Although there is continuous progress being made to destigmatise talking about mental health, there is still a lot of work to do. Small businesses need to actively talk about mental health in the workplace, so employees can feel like it’s okay to talk about how they are feeling. Small business owners need to be the leaders and open up about the challenges and stress that comes with being in the workplace.
Many small business owners are reluctant to move banking providers, even if they can get a better deal elsewhere. The perceived ‘hassle’ associated with a switch is the main reason. However, since 2013, the major banks have all guaranteed to complete a business bank account switch within 7 days.
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Cash flow is the beating heart of a business, so it is absolutely vital that you keep on top it. Without a good cash flow, a business’ chance of survival decreases immensely. Whether you are self-employed or run a small business, having a decent flow of cash will keep your business alive. Forecasting your cash flow can be hugely beneficial to small businesses, as it helps you give you a good idea of your finances. It can be a time-consuming process, however it is essential.
Are you aware there isn’t long left until Making Tax Digital for VAT comes into force? From April 2019 VAT registered businesses with a turnover over £85,000 will need to ensure that all VAT returns are submitted digitally using the HMRC new platform known as Making Tax Digital (MTD). Around 40% of businesses that will be affected by MTD when it comes into effect are still unaware. Therefore, HMRC has recently started an awareness campaign to get businesses prepared before the date.
Leasing office space is a big cost for a small business. Securing a favourable lease is vital, as this can save you money that can be used in other areas of the company, such as recruiting talent or developing your product.
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The chancellor has delivered his most small business friendly Budget to date. The Budget has bought in good news for the anxious small businesses. There is always a nervous environment pre-Budget, and small business owners can now breathe a sigh of relief. From the VAT threshold being kept at £85,000 to the fuel duty to be frozen for the ninth year running, the chancellor has been praised by the small business community.
The last Budget before the UK leaves the EU was revealed by Chancellor Philip Hammond at the Houses of Parliament today. With the country edging close to Brexit, and no deal in place, the small business community is facing an uncertain time. The chancellor has tried to immunise the community from the uncertainty surrounding Brexit and give a well-needed boost to high street businesses.
There are many benefits to working remotely, both for the employee and employer. Flexible hours in the environment of your choosing sounds ideal to any employee whose dream is to work from home in their pyjamas, but there can be some major drawbacks as well. Keep your remote workers invested in the company by taking extra measures to ensure they are informed, feel valued, and continue working hard.
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Misuse of alcohol or drugs can impair an individual’s ability to perform both socially and in the workplace. Drug and alcohol abuse can have a serious impact on employers and will affect an organisation’s productivity and profitability through staff sickness, overtime costs and recruitment.
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If you’ve started a micro-business recently and you’re feeling like it’s time to leave the shed then you’ll no doubt be bewildered by the sheer range of options on offer. There’s hot-desking, leased offices, short-term rentals and shared spaces, all of different sizes and arrangements.
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Recently, the World Economic Forum forecasted that the trend for flexible working, including remote working and virtual teams, was set to become one of the biggest drivers for transformation worldwide. This trend has been embraced by companies and governmental bodies of all kinds. While trail-blazing tech companies such as Github, Basecamp and Microsoft all offer remote working, cornerstones of British life such as the Civil Service and Transport for London are praised by employees for their flexible working options. All of this means that it is well worth considering what these options could mean for your business, even if you’re operating on a much smaller scale.
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Cash flow is the term for the money that flows in and out of your business. From petty cash to business capital, cash is what keeps small businesses alive. While it is usually measured monthly, quarterly or annually, your cash flow should always be at the forefront of your mind.
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Procrastination can plague workplaces and have a huge impact on the productivity of the business. Therefore, it’s essential to tackle the issue, whether it’s yourself as the business owner or your employees. Procrastination is putting something off that needs to be done, to deal with at a later time. You might procrastinate by focusing on exciting things. However, if you are ignoring dealing with business taxes because you’re working on a new product, this could lead to serious problems.
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As an employer, you’ll face many trials and challenges when it comes to managing your staff. One of those challenges may be the issue of workplace bullying. In a survey by the Workplace Bullying Institute, 19% of respondents revealed that they had suffered from being bullied in the workplace. This is an alarming amount given that there should be a zero tolerance on workplace bullying across all businesses. So, what defines workplace bullying? And how can you, as an employer, deal with it?
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Raising money for your small business is a time-consuming endeavour. And you are unlikely to have time or resource to waste on activities that are at best ineffective, at worst actively putting investors off the idea of funding your business.
Working with family means mixing business and personal life, which can be quite a difficult thing to get right. It has both its benefits and disadvantages, you just need to make sure that you are prepared for it. If you are considering hiring family or having family members as partners in your business, you need to consider how well you could work with them. Working with family can be great as well as challenging, you may bring the best out in each other or you could bring out the worst.
Failing in business at some point is not only inevitable but essential. Failure is the biggest teacher, therefore there is always a lesson to be learnt. Failing at anything can be horrible and it can definitely knock your confidence, however, it’s vital that you get back up. As the small business owner and decision maker, you are allowed to fail, however, it’s your recovery that says everything about you as a leader. You need to make sure that you are leading by example and showing your team how to recover from a failure in business.
