Businesses and individuals are facing unprecedented challenges and uncertain times due to the COVID-19 emergency. Our support page link is at the end of this newsflash. Like you, we are feeling the impact to our work, families and friends. UK Business Advisors (UKBA) have contingency plans in place and are we already remote working and communicating via phone and video calls to support our clients. As premier advisors to UK Small and Medium sized businesses, we are ready to play our part to help our clients and the wider business community during these difficult times. We remain confident that businesses that show decisive leadership can survive and bounce back. UK Business Advisors have activated our nationwide network of experienced advisors to help business owners and directors plan what is needed. Even with government grants, business rates relief or emergency loan support there will be difficult decisions to be made quickly. We can provide initial support and share our … [Read more...]
5 essential traits for Business Developers
Every business needs to make sales. From responding to leads to actively selling, you must ensure you have the right person in place to secure those essential business wins. LGBA’s international business development expert Lesley Rubenstein outlines the top traits you should look for when hiring for this crucial business role. Trait One - Outgoing Personality – on and off the phone. Having an outgoing personality is probably the no. 1 trait required to be a great business developer. No shrinking violets need apply! Why? Think about it! You will need to contact businesses you may never have been in contact with before, either on behalf of your own company, or someone else’s. You have very little time to convince that business to spend time with you to determine why they should do business with you. Basically, you need to excel at sales pitches – but what are you selling? This is a bit different from selling a product per se – it’s more about why the business you are contacting … [Read more...]
Why your numbers matter
Why keeping your accounts up to date could mean all the difference between running a successful business, limping along, or failing. Would you fly a plane while wearing a blindfold? I ask new clients ‘Would you fly a plane while wearing a blindfold?’. They look at me confused, and always reply ‘No, of course not!’. At this point they are probably wondering why they hired me. Stupid question, right? Wrong! Here’s why: A significant proportion of my clients proffer similar responses when I start to investigate their bookkeeping and accounting methodology. They invariably tell me that they hand over receipts to their bookkeeper and once a year the accounts are resolved and sent to HMRC, usually at the last minute. Many then look confused again when I don’t look happy with their response. Why am I not happy? Because their accounts are typically 17 months out of date or worse. They have been led to believe that the accounts are for tax purposes, rather than as a managerial tool. This … [Read more...]
Boost your exports – Tips for SMEs
One of the biggest assets to grow your exports is free - THE U.K. FLAG – are you making the most of it? 500 years ago, if a ship arrived offshore, would you run for the hills or fire up a feast? It's pretty likely you'd make a snap judgement based upon the flag you saw flying - and how fast you could run. A similar scenario still plays out if your product or brand is unknown when it reaches an export market for the first time. A customer will look for your flag. If your brand is relatively unknown and the perception of the U.K. as the 'Country of Origin' is positive in your target market, then leverage it. Not just a 'MADE IN THE U.K....' (or DESIGNED IN THE U.K.) on pack, but print the U.K. flag on packaging, build it into presentations and leverage iconic images from the U.K. on social. Landscapes, buildings, celebrities, you name it. It works. I’ve seen the boost it can make to a company’s sales many times. ‘MADE IN THE U.K.' not only plays an important role in first … [Read more...]
HMRC taxing Contractors deemed as Employees (IR35)
IR35 in the Public Sector How could this affect your business? Introduction IR35 is a piece of legislation that allows HMRC to collect additional payment where a contractor is an employee in all but name. If a contractor is operating through an intermediary, such as a limited company, and but for that intermediary they would be an employee of their client, IR35 applies. New rules for IR35 will apply from the 1st of April 2020 in the Private Sector as they have been applied in the Public Sector for the last two years. Each business needs to assess the Risk and implications of these new rules and make the necessary changes to procedures before early April 2020. Who will be affected in the Private Sector? Medium and Large Companies will be the initial target of the IR35 rules and they will follow the rules that now apply in the Public Sector. Small businesses do not have a definition for IR35 but the definition will probably follow the criteria in Companies Act 2006. How … [Read more...]
Important employment law changes coming in April 2020
As the New Year dawns, some changes to the detail of your employment contracts, leave arrangements and holiday pay will need to be made in April. Furthermore you will need to start to think about how you are going to resource your business with changes in how ‘temps’ are paid and, further down the line, how your company is going to employ contractors. Employment contracts Two changes may be necessary depending on your current contracts and your process for issuing them to new starters after April 6th 2020. Firstly, all new starters (including employees, zero hours’ workers, casual and seasonal workers) after this date need to be issued with a written statement on or before the first day of employment (rather than within the first 8 weeks of employment as is currently the case) Secondly, for new employment contracts issued after 6th April 2020, the mandatory information that needs to be included has been extended to include the following: normal hours of work, days … [Read more...]
Preparing for BREXIT if you export to the EU
Start with an EORI number Do you currently export with all or some of your international sales focused upon the EU? If that is the case, then after the UK leaves the EU, those firms that trade with the EU will need an economic operator registration and identification (EORI) number to comply with customs rules. A lot of EU-focused exporters have yet to apply for their EORI - so now's a good time to prepare for the future. Here’s a link to double-check if you’re all set, or guidance on applying for your EORI – a good thing to get sorted so you can get back to growing your exports. https://www.gov.uk/eori How BREXIT might affect you The Office for Budget Responsibility (OBR) has predicted that BREXIT could lead to tariffs of 4% being imposed on goods traded with the EU - up from zero currently - and that higher trade barriers with the EU would "weigh on exports". The OBR added this was "not necessarily the most likely outcome" but also "by no means the worst case scenario." (They … [Read more...]
Are you ready to put your STAMP on 2020?
Strategy Targets Accounts Marketing People However you voted in December, and whatever your preferred outcome, we know the UK will be leaving the EU on 31st January. The clock starts on the transition period… but don’t worry, this is not a Brexit rant! The start of every New Year is the perfect time to restock your thought-bank, recharge your batteries and do some planning. Here’s how you can put your STAMP on your business in 2020 by focusing on these 5 important areas: Strategy Most small businesses do not have an up-to-date business plan, which means they tend to focus only on shorter-term outcomes. And as the Cheshire Cat in Alice’s Adventures in Wonderland once said, “If you don’t know where you are going, any road can take you there.” The classic result is an initial feeling that you are responding to the market and widening the range of services you provide, but this soon develops into a business spread so wide that it’s impossible for potential customers to define what … [Read more...]
How can your business become HR ready for expansion?
Expansion brings excitement, challenge, innovation, change to list but a few words. It might mean more product, wider and deeper services, perhaps greater specialisation to attack niche markets. It might mean expansion outside traditional markets. Whatever type of expansion you are looking at, one thing is for certain. You will need to bring new people on board. But more than that, you will need to put strategies and systems in place that will help you manage your expanding team to best effect. This article focuses on the people aspects of expansion and offers advice to MDs looking to improve their team expansion management skills. Building a picture of the future First off, it’s essential to map out your future team needs. Start by creating an organisation chart for your future business. At this point don’t include named individuals. Focus on the roles you perceive are needed to enable this expansion to take place. Taking names out of the equation for the time being frees you … [Read more...]
6 Good Reasons Why You Should Consider Exporting In Your Next Strategic Review
Quarter 4, planning the office party, trying to bring in orders before the second week of December. Oh…..and BREXIT and a General Election. Right now, thinking about a strategic review and thinking about growing your business through exporting maybe about as much a priority as a choice between parsnips or sprouts. You feel like you’ve got enough on your plate. But imagine selling your product or service to a whole new audience, imagine adding 10%, 20% to your bottom-line, imagine how it would feel to have a global brand. When businesses go global not only can revenues rise, but there are a host of benefits that can accelerate your growth that you may not be aware of, not forgetting the impact upon potential exit values. So is it really a good time to add ‘start exporting’ to your 2020 ‘wish-list?’ BBC News reported recently that despite US v CHINA and JAPAN v SOUTH KOREA trade disputes (and in the UK, the ‘B-word’) - global trade has grown at 3% this year. It's a really good … [Read more...]
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