The benefits to starting your own business are certainly attractive, but research by the Telegraph newspaper found that a third of small businesses fail within the first year. Time and time again, new business owners fall prey to the same common pitfalls. It’s important to be aware of the money traps that small businesses frequently […]
It’s always worrying when you notice that your small business’ bank account is running on money. Whether you’re scaling up or simply going through a quiet period, negative cash flow can take a significant toll on the financial health of your business. Hard times don’t have to spell the end for your enterprise, however. It’s […]
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Whenever most people hear the word pension, they think of free bus passes, zimmer frames and slippers… (just saying!). But a pension offers very attractive tax breaks, and you don’t need to be retiring to make use of them all. Before we start it’s worth noting that the tax benefits of pensions are one thing, but prudent retirement planning is quite another. So if you’re about to leap into the world of pensions you might want to speak to a specialist.
Launching a new business certainly doesn’t come cheap, and every penny really does count during the start-up stage. Creating a business budget is one thing; sticking to it is quite another. Running out of money is one of the biggest reasons that start-ups fail, so we’ve compiled a list of useful money saving tips to […]
In order to grow your business, you need to understand how you’re faring. Financial numbers provide you with an accurate picture of your performance, but as a busy business owner it’s unlikely that you have the time or the inclination to spend hours pouring over complex numbers. However, ignoring your financial numbers is likely to […]
Every business owner must know where the money in their company comes from and where it goes. That’s why financial management is one of the most important things to keep in mind. What is a business budget? Simply put, it’s a financial plan that gives a company relevant information on revenue, expenditure, and capital. Business […]
Imposter syndrome, unbeknownst to many, is a common condition found in high achievers, including the creative types, entrepreneurs, and more. Business owners suffering from imposter syndrome may have it worst of all. Because if left unchecked, this is a problem that can bury a business deep in the ground. But how do you deal with a […]
Most small business owners are familiar with the idea of a traditional on-site bookkeeper, but could your business benefit from hiring a virtual one instead? There are many benefits to hiring a virtual bookkeeper, since you will receive all of the same services but without the limitations imposed by location and set office hours. Let’s […]
It’s the age-old debate: cash flow vs profit? Whilst the two are undoubtedly related, they are certainly not the same thing and business owners must often sacrifice one at the expense of the other. In the long term, a business needs both positive cash flow and profits to continue operation, but which one should entrepreneurs be prioritising? Some say that “cash is king” whilst others argue that “profit is everything,” but what is the truth? Let’s take a closer look and find out.
Many small business owners have been using spreadsheets to do their accounting for years now. Whilst spreadsheets may seem like a convenient and cost-effective way of managing your finances, advances in cloud accounting software mean that your business could most likely benefit from an upgrade. Let’s take a look at why you should swap your […]
The fear of the unknown is the most common reason that many of us don’t do a lot of things. And the same goes for business. What if I’ve made the wrong choice? What if this or that happens? Would it really be so bad if I just carried on doing the same thing…? Many […]
Every sale starts with a lead, so as a small business owner you naturally want to generate more of them in order to fill your sales funnel. We have five straightforward strategies to help you leverage your online presence to generate more leads for your small business and convert them into sales. Pay Attention to […]