Small Business Matters

Could an apprenticeship work for your business? Your questions answered

Today kicks off National Apprenticeship Week and the Government is encouraging more businesses, including small firms, to consider taking on an apprentice.

The Chartered Institute of Personnel and Development (CIPD) has published a useful new guide – Apprenticeships That Work: A guide for employers - covering everything that employers will need to know.

The guide includes guidance on workforce planning, choosing a training provider, recruiting and getting buy-in from all staff, as well as lots of other information – it’s well worth downloading.

We’ve pulled out some FAQs to answer some of employers’ most common questions. The following questions have been answered by the CIPD.

QuickBooks Tips and Tricks: Getting around QuickBooks 2012

In this regular QuickBooks Tips and Tricks series we’ll provide lots of information, including video tutorials, expert advice and more, to help you get the most out of your QuickBooks software.  

Want to keep up with regular QuickBooks tips and tricks as well as small business news, features and insights? Why not subscribe to our blog by RSS or email?

Previously we’ve provided an overview of QuickBooks 2012and a handy quick-start guide. Today we’ll look at navigating around the software.

Don’ forget that you can try QuickBooks out for yourself for free.

If there are any QuickBooks tips, tricks or features you’d like us to cover, please let us know and we’ll do our best. Similarly, if you have any tips of your own, please send them in. 

 

Small business news round-up (13/1/12)

We search out key small business news stories each week so you don’t have to, leaving you more time to spend on running your business.

Want to keep up with regular small business news, features and tips, why not subscribe to our blog by RSS or email?

Late payment problems not letting up

New research out recently revealed that small businesses are facing a continued and growing problem with late payments. The research from Bacs found that late payments have reached an “all-time high” and the outstanding amount owed to small firms by larger companies now stands at £33.6 billion.

Are you finding this a growing problem? Read our tips on managing late payments

Small business owners would risk homes to stay afloat

According to a new study, over one in ten small business owners would risk losing their home by putting it up for loan collateral if they were unable to secure finance in the face of financial difficulties such as staff wages or cash flow issues. 

Making the most of the Christmas holidays

'Tis the season to be jolly but if you run a small business, you might find the drop in trade and the disruption that occurs over Christmas a little unsettling. Many small business owners simply can't bear to turn off from their business completely for over a week.

However, the slowdown can provide a chance to recharge your batteries as well as assess some areas of your business that may have gone unnoticed recently. 

If you’re one of those business owners who can’t close the door on business altogether, here are a few ideas that will help you to make the most of the holiday whilst still getting some rest and relaxation.

Business trend predictions for 2012

2011 has been quite a year, both in business and beyond – from the summer riots, to banking fraud, and companies and countries alike going to the wall.

In cheery news, it has been mooted that ‘2012 will be the end of the world’. However, David Bowler and Julia Payne,  co-founders of business consultancy Incisive Edge,  believe it will only be the end of the world for those entrenched businesses which choose to hide.

They comment: “Those businesses which simply work to protect the balance sheet, and fail to invest in growth in a brave new world, will not succeed.”

Here, Payne and Bowler offer their predictions for business trends in 2012:

How to avoid a Christmas cashflow crisis

Sorry to mention the C-word so early but it is December now so we figured it was OK…

While many of us wonder if the run up to Christmas could get any longer, proper preparation can make the period truly relaxing.

This is particularly true for your business's cashflow. Many companies, especially those experiencing their first Christmas period, can be caught completely unaware by the impact that Christmas can have on their cashflow. However, there's still time to ensure this doesn't happen, as long as you start planning now and follow a few simple rules.

Who is taking responsibility?

Financial fitness test finds entrepreneurs are in need of a workout

In lean times, businesses need to be on top of their game, but when testing the financial fitness of 155 entrepreneurs recently, Intuit, the makers of QuickBooks accounting software, found many in dire need of a workout. 

Intuit tested entrepreneurs thinking about starting or already running a business and found many are:

• Without a plan. The research found that 20% of aspiring entrepreneurs and 15% of existing business owners do not have a plan or expect to have one by the time they start their business.
  
  
• Baffled by accounting speak. Entrepreneurs aren’t always financial experts and many find even basic accounting terms confusing. Almost half (47%) do not know the correct definition of gross profit and 31% do not know what turnover means. 19% of respondents do not know what margin means and 16% do not know the correct definition of cash flow.
  
  
• Confused by compliance. Only 61% are aware that the VAT threshold is £73,000 and more than one in five (23%) do not know the correct definition of VAT taxable turnover. Tracking, recording and reporting VAT is one of the biggest headaches for small businesses and getting it wrong can have a negative impact on cash flow and leave a business vulnerable to a penalty from the HMRC.

How to get paid more as a freelancer: Four top tips

Today is National Freelancers Day and one of the key aspects of successful freelancing is setting a rate which is profitable for you but still brings in the work. These tips should help.

The freelance life can be great. Without a boss to answer to or an alarm clock disturbing your sleep pattern, if you’re well organised you can find a real life/work balance – one that’s hopefully weighted to the ‘life’ part of the equation.

However, one thing all freelancers should think about is gauging how much they should charge for the services they provide and how to go about getting more for them.

How to choose an accountant

Last week we looked at some of the essentials for keeping your business financially fit. 

 One of the top tips given by the Intuit experts in their recent financial fitness workshops was ‘get an accountant to support your business’ – even if you’re fastidiously keeping good finance records and getting paid on time, an accountant is still essential and something you shouldn’t skimp on. Accountants know tax inside out and they’ll help you save money, time and stress.

So, how do you find one that’s right for you? Here are some ideas.

Five practical tips for improving your business’s financial fitness

The financial side of running a business can be stressful if you don’t have a good system in place. If you’re constantly forgetting to invoice, running low on cash or finding essential receipts in random pockets, it’s time to take action.

First, why not take our short quiz to find out how financially fit you actually are.

Get your finances in shape

These practical steps will quickly see you go from bronze to gold in terms of your financial fitness.