Cutting costs in a small business is a key strategy to improve profitability and ensure sustainability, and it might not be as difficult as you think. Here are some ways to cut costs in a small business: Analyse your expenses: Analyse your expenses to identify where your money is going. Look [...]
The list of reasons that businesses fail is long, and many of these are out of the business owners’ control, but sometimes mistakes are made. Here are the top 5 mistakes made by business owners to help you identify and avoid them. Lack of planning: Many business owners fail to create [...]
The latest figures by the UK Insolvency Service reveal there were 22,109 underlying corporate insolvencies in 2022, an increase of 57% from 2021’s statistics. There are several factors contributing to the increase in UK insolvencies: COVID-19 pandemic: The pandemic has had a significant impact on the UK economy, with many businesses facing [...]
They say there are 5 stages of love: Attraction – Curiosity – Crisis – Deep Attachment- Commitment But these don’t just apply to l’amour, they can easily be applied to the relationship that you have with your business as well… Attraction – the honeymoon phase when everything is new and exciting, [...]
With Corporation Tax going up, we have seen an increase in the possibility of using an LLP instead of, or alongside, a Limited Company to mitigate some of these rises. This blog looks at what an LLP is, how it is taxed and considers if using one is worth the effort [...]
The worst thing about running a business is the responsibility you feel for keeping everything on track. This responsibility never goes away - it’s always there - in the good times, it’s kept at a minimum because things are going well, but in the tough times it rears its head and [...]
So, you’ve just made the switch to self-employed life. Amidst finding new clients and getting to grips with doing your taxes, you might not be ready to throw your all at social media just yet. However, social media is a powerful tool, even if you’ve only just launched your small business. [...]
Keeping track of your finances when you run a small business is vital. When you first start your small business, you might find it easier to use your personal bank account for your business. However, there may come a time when a business bank account will be more suitable. But how [...]
The moment your small business grows to accommodate employees is a crucial time. Finding full-time employees and keeping them on the payroll can be costly, so you must ensure they will bring value to your business. In some businesses, particularly if selling is a part of the role, performance rewards can [...]
According to many economists, the UK is experiencing the beginnings of a deep recession, which could worsen in 2023. This won’t be welcome news for small business owners and sole traders, who may be wondering how to secure their finances successfully. In fact, there’s been a stark increase in demand for [...]
