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Posted by on in Other

Here's an article for every member of every team. 

Problems (or challenges, as we prefer to call them) are a natural offspring of change, and plenty of them are seen in the workplace every day.

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Tagged in: Consultancy Start-ups
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A healthy business demands routine checks and examinations. 

As a business surpasses the initial start-up phase, basic survival is the measure of success.   At this stage, there are still limited systems and employees; there may be a marginal profit; expenses are covered and cash flow can and must be projected.  Failure to thrive can be attributed to owner burnout, lack of vision, insufficient funds and marketplace factors.

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Tagged in: Accounting Budget
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Many small business owners fall into the trap of building a business so entirely dependant on them it would not survive if they were unable to work. 

They have not built a business rather, they've created themselves a job.

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Every great business was once an idea in someone's mind. Of course, that's not all there is to it, but it's the idea that is at the source. And it's the continual stream of ideas that keep a business vibrant and give it a sustainable competitive advantage. 

However, too often you'll hear people say "I don't know what else we could do to improve this business" or "we have tried lots of things and we've found that what we do now is the only way for this business to operate properly."

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Tagged in: Consultancy
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Posted by on in Other

You don't have to be beaten because the economy is tough. You just have to get into fighting shape. Here are some exercises that will make you more fit to deal with tough times. 

  • Tighten up your cash flow muscles. Consider reducing credit periods for customers and if necessary, use all the credit your suppliers give you.
  • Shed excess inventory. Excess slow-selling inventory is unwanted fat. Analyse your inventory and put your money in the bank instead of on shelves.
  • Measure your margins. If your product is selling fast, you may be under priced. Check to see if you are priced appropriately. Also use this opportunity to negotiate with suppliers for better prices.
  • Monitor overhead costs. See if there are any areas that warrant cutting back and also check your standing orders and direct debits. You may be paying for things you no longer need.  
  • Promote, promote, promote. It seems the easiest and fastest way to reduce expenses, but cutting your marketing in tough times may not be wise.
  • Don't take the easy out. The easiest ways to cut costs can end up costing you big time in the long run. Be creative in how you reduce your expenses, such as reducing employees to 4 day work weeks instead of layoffs. Offer employees a percentage of any savings they can create in purchasing and materials etc.  

Research shows that people remember those who keep advertising through a recession, even if they don't patronise the business immediately. And importantly, keep these principles in mind even when trading conditions improve. 

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Tagged in: Consultancy Start-ups
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Posted by on in Other

Here are nine great tips that will help you to sell your product or service.

  • Make sure the market wants what you're selling
  • Target those who value what you're selling most
  • Clearly communicate the benefits of your products
  • Understand how your customers buy
  • Differentiate on value, not price
  • Listen twice as much as you talk—listen hard, sell soft
  • Make it easy for your customer to buy from you
  • Sell to the person, not the company
  • Awesome service equals repeat sales

 

Tagged in: Consultancy Start-ups
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Successful businesses clearly and quickly communicate why their business is the best choice—their Business Value Proposition (BVP). And they never stop promoting the benefits their business offers.

What can you tell your customers about your business or product that will differentiate you from all the rest, and make your business the obvious choice for them?

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Tagged in: Consultancy Start-ups
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Posted by on in Taxation

Following the recent June 2013 G8 meeting, it would appear, Governments are aiming, to improve tax transparency and to bring the international tax system into the modern age.
 
Private enterprise drives growth, reduces poverty, and creates jobs and prosperity for people around the globe. Governments have a responsibility to make proper rules and promote good governance not individuals. Fair taxes, increased transparency and open trade they believe are drivers and ultimately will make a difference by doing the following:
 
1.    Tax authorities across the world should automatically share information to fight tax evasion.
2.    Countries should change rules that let companies shift their profits across borders to avoid taxes, and multinationals should report to tax authorities what tax they pay where.
3.    Companies should know who really owns them and the government tax collectors and law enforcers should be able to obtain this information easily.
4.    Developing countries should have the information and capacity to collect the taxes owed them – other countries have a duty to assist them.
5.    Extractive companies should report payments to all governments - and governments should publish income from such companies.
6.    Minerals should be sourced legitimately.
7.    Land transactions should be transparent, respecting the property rights of local communities.
8.    Governments should roll back protectionism and agree new trade deals to increase jobs and growth worldwide.
9.    Governments should cut wasteful bureaucracy at borders and make it easier and quicker to move goods between developing countries.
10.  Governments should publish information on laws, budgets, spending, national statistics, elections and government contracts in a way that is easy to read and re-use, so that citizens can hold them to account.
 
They do not mention that governments themselves should review their own spending down to a level at least equal to what they receive from the communities they serve. In business this is called breakeven. The deflection from their inadequacies where they can’t manage the countries affairs to the private enterprise does show lack of leadership to the community and possibly double standards.
No doubt those interested and campaigning to have all UK trading businesses, taxed on profits made in the UK, will watch progress on the implementation of these lofty proposals with interest as most transfer pricing arrangements may have already been agreed by the respective government.

©Informanagement
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Posted by on in Taxation

The Government is keen to encourage individuals to save for their retirement and tax relief for contributions to pension schemes is given at the individual’s marginal rate of Income Tax subject to the annual and lifetime allowances. The income and gains which arise as part of a pension scheme are generally exempt from Income Tax and CGT.

The lifetime allowance is the maximum amount of pension and/or lump sum that benefits from tax relief. The charge was introduced as part of the pension tax reforms (known as A-day) in April 2006. The changes introduced an overall cap on the amount of tax relief available for pensions. The current maximum lifetime allowance is £1.5 million and this will reduce to £1.25 million from 2014-15. A transitional 'fixed protection' regime will be introduced for those who believe they may be affected by the reduction in the lifetime allowance.

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Tagged in: Individuals Pension Tax
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New advisory fuel rates took effect from 1 June 2013. Fuel rates are reviewed four times a year with changes taking effect on 1 March, 1 June, 1 September and 1 December. Due to the increased review time, HMRC's previous policy whereby the rate could change if fuel prices fluctuated by 5% or more has been withdrawn.

The rates below apply from 1 June 2013. For one month from the date of change, employers may use either the previous or new current rates, as they choose. Employers may therefore make or require supplementary payments if they so wish, but are under no obligation to do either.

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Tagged in: Fuel Tax
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