More of your customers than ever before are using smartphones and tablets to research a product or service. Your business can't afford to ignore this trend and be left behind. So how do you keep up to date with the latest mobile technology trends?
Smartphones And Tablets Are Changing Everything
You probably own a portable device, such as a smartphone or a tablet – or perhaps both. Just like billions of people around the world, you use your mobile device every day, looking at products and services online.
This represents a great opportunity for your business to generate new sales. It also offers easier ways of managing your day-to-day operations.
Sometimes it can seem like the odds are stacked against small retail businesses. Large retailers have buying power, big budgets and visible main street presence. Here's how you can level the playing field.
CHOOSING THE BEST RETAIL STRATEGY
Competing with big retailers can be a daunting task, especially if you're new to business. Your competitors already have an established customer base, solid marketing campaigns, good store locations and well-trained staff.
How can you compete with all of that? Well, there are two main options when it comes to competing with bigger businesses – you can try to emulate what they do, or you can do things differently.
A business line of credit is a cross between a credit card and a standard term loan, and can be a useful tool for small businesses. Learn what they are, when they’re most commonly used, and how to get one.
How does a line of credit work?
A business line of credit works like a credit card. It gives your business access to a pool of funds, up to a limit.
You can withdraw funds when needed and you only have to pay interest on that amount, not the total amount available. Some lines of credit expire after a set time, while others can be revolving. With a revolving line of credit, you can reuse the funds once you’ve repaid them, all without having to reapply.
If your business employs people then you'll need to come to terms with payroll. It can seem daunting at first, but the right approach and the right software will help make the payroll process fast and easy.
What is payroll?
Payroll is a word with two possible meanings. It can mean the accounting process of paying your staff – including the amounts for each person and the overall total. It can also mean the list of your paid employees. We'll look at both meanings in this guide, because understanding payroll is all about understanding the accounting regulations that cover how and when to pay your employees.
Payroll is an important part of business accounti...
As businesses emerge from Covid-19 restrictions, for many ‘Business as Usual’ has become ‘Business Unusual’. So, how do we navigate our way towards a sustainable new normal?
During lockdown, we focused on crisis management, activating relevant Government support packages and doing our best to build cash war chests.
Now we enter the recovery phase on the way to establishing the new normal. We’ve all learnt lockdown lessons. We’ve discovered risks in our business model that we may not have appreciated before, as well as opportunities that are there for the taking.
Now is the ideal time to document a clear Business Recovery Plan:
A business bank account is an essential requirement for any business. But with so many banking providers out there, how do you know which business account to choose?
The key is to know what you require from a bank account, and to choose a bank that understands the banking, financial and funding needs of your business.
Choosing an account that fits your business needs whether you’re a new sole trader or an established limited company, it’s advisable to maintain a clear divide between your personal and business money. So it’s vital to open a business bank account, giving you a separate account to handle your business transactions.
Small and medium-sized businesses are spending on average of 120 hours a year on admin tasks, according to recent research into productivity at UK SMBs.
If your people are spending 120 hours wading through tedious and unproductive admin, that is bad for the business and your overall efficiency. Fortunately, technology and software automation can go a long way towards automating the low-level administrative tasks.
Better productivity through automation
Automation is an important way to ease your business workload, with a host of different business apps and cloud solutions offering ways to automate your admin. With ‘smart business tools’ increasing in numbe...
Once your business gets to a certain size and turnover, there's real value in assessing the company structure and how to make things more tax-efficient.
Setting up a holding company is one way to start creating an ordered and effective group structure. And by moving any surplus cash up from your trading company to your new holding company, you protect your profits and can, potentially, reduce your tax liabilities.
Separating Your Trading And Investments
When all your surplus cash, profits and personal shares are wrapped up in one single company, that can often cause problems further down the line. With all you...
Accountants do more than you think. They can give you strategic advice and come up with clever ways to save money or boost revenue. They’ll also remove or automate administrative tasks that distract you from your core business. Get an accountant and you’ll run your business with more clarity and confidence.
So what does an accountant do? The question is what don’t they do.
1. Launch a startup
Starting a new business can be exhilarating, but it takes more than a good idea. You need to know it will make money – and you need to convince investors and lenders of the same thing. An accountant can do that for you.
They’ll help test your idea, identify your star...
Research by Kotter International found that more than 70% of change projects within a business fail. Why is this?
The research findings show that employee engagement is the biggest factor. Whether it is a small change to one or two processes, or a company-wide change, it is common for staff to feel intimidated by it. So what can you do for successful implementation of change?
Here are the principals from Kotter’s 8-Step Program:
1. Get the team onboard
Build support and create momentum behind the changes you are making by communicating the benefits with the whole company early on. Start honest discussions with your team and give dynamic and convincin...