Connect with us
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Business

SMEs and Shoestring Budgets: How to Get Through the Startup Years

Published

on

Deepak Tailor

Deepak Tailor

Did you know that only four out of every 100 SMEs make it through the first 10 years of business? That figure might seem unbelievably low, but when you think of all the things that a new business has to contend with, it’s hardly surprising.

The good idea is the easy bit; then you have the problem of turning it from a concept into a reality, finding a customer base, building a reputation, establishing yourself technically, building a web-presence, delivering on your promises, finding suitable employees, oh, and budgeting for the lot of it. Just a small matter that last one…

If you’ve got the skills you can quite easily get started on your own, on a laptop, in your bedroom, building websites, making plans, thinking you’ve got it all sorted. That’s is exactly what I did.

The problem is – stating the obvious here – everything costs money. Sure, you can buy a domain name for £1.99 a year (if you don’t mind an obscure extension: .world may be available, but ask the man or woman on the street and most of them will still be looking for .com and .co.uk).

And sure, you might have the ability to build a killer website on your own (I thought that, but how are your copywriting skills?). But that’s just the start. What about creating your product, if you have one? What about copyright? What about marketing? You even have to think about financing your finances – tax returns aren’t always that easy, if you don’t know what you’re doing.

So, my point is, unless you’re planning to find backing on Dragon’s Den, or land yourself a £250,000 investment from Lord Sugar, money is going to be your biggest stumbling block on the road to success. Well, that and motivation. Motivation, you either have that or you don’t  – but, when it comes to money, there are a few things that you can do.

How to Manage a Startup Budget

  1. Start out simple. I mentioned accountants just now, and you probably will need one at some stage to guide you through your first tax return, but you don’t need an accountant or an expensive advisory service to establish your business. To officially launch your business you need to register with Companies House, and you can do that yourself. Don’t be duped into paying unnecessary middlemen.
  2. Manage your cashflow. It sounds obvious, but when you’re caught up in the excitement of product launches and new customers, it’s easy to forget about cashflow. The best way to avoid nasty monetary surprises is to review your cashflow every day. Tedious? Maybe. But it could be the thing that keeps you afloat.
  3. Keep bookkeeping costs down. If you have a small amount of know-how, there’s not much that you can’t do with a good old-fashioned spreadsheet. If you need a bit more guidance, then online packages, such as QuickBooks and Xero are a cost-effective and easy-to-use alternative.
  4. Get online. If you’re not au fait with the world of the web, you can quickly, easily and cheaply find a domain name for your business with 123 Reg, or have your hand held through the site creation process with the likes of Weebly, which provides endless templates to guide you through.
  5. Use freelancers. With the best will in the world, you can’t do everything on your own, but hiring staff can be expensive. Until you absolutely have to have full-time help, using freelancers can be a fantastic alternative. They don’t bring the overheads of a traditional employee – no holidays, no sick pay, no pension contributions, no facilities – but they do bring almost every skill that your business could require, and only for the time that you need them. Sites such as Freelancer, PeoplePerHour and UpWork can deliver the talent you need, when you need it.
  6. Use social media. Marketing will probably be one of the biggest drains on your finances throughout the life of your business. And if you want to succeed, there’s really no avoiding it. However, you can supplement it through clever use of social media. Engaging with your customers will keep them loyal. Creating content that people want to share will get your name seen by potential customers you’d otherwise miss. And paid for marketing on social media allows you to precisely target your particular demographic far more accurately than almost any other form. It’s a priceless tool, and one you’d be foolish not to use.
  7. Measure your performance. You can keep throwing what money you have at your business, but unless you know what’s working you could just be throwing that money away. Measuring your performance against specific objectives provides you with an overview of what’s working and what’s not. This allows you to plan and progress, rather than find yourself constantly putting out fires.
  8. Your contacts could become your saviours, Network your contacts. By networking you are meeting people who could potentially help you, mentor you, or employ your services. You are building your profile and getting seen. All of these things will add to your success. But, most importantly, you are exposing yourself to potential investors.
  9. Customer first. And finally, in all the excitement of starting up and moving forward, never forget to keep a weather eye on your customers. Without your customers, your business will fail. End of. If you listen to what your customers want, learn from what they’re telling you, and work to deliver the best possible service at all times, then you will foster loyalty and encourage word-of-mouth marketing. This, more than anything else, will ensure that your revenue stream continues to flow and grow.

Starting a new business is hard work. But, it’s also really exciting. And if you do what you can to keep control of your cash, then there’s no reason why that excitement shouldn’t continue into the first 10 years and well beyond.

Deepak Tailor is founder of LatestFreeStuff, the UK’s largest freebie website.

The online platform provides freebies, competitions and deals from the leading brands all in one place.

Deepak is also author of the bestselling book ‘ How To Live For Free.’ which achieved bestseller on Amazon within 4 days of release.

Business

Staff training crucial for SME recovery post-COVID

Published

on

Staff training crucial for SME recovery post-COVID 1
  • 47% of UK’s top performing SMEs provide regular, formalised training for all staff
  • Despite this, 15% of small businesses report to never training staff
  • New findings come as part of an independent, holistic study into small business success, commissioned by Allica Bank to support British businesses

A new study, commissioned by business bank, Allica Bank, shows that the practice of regular training correlates strongly with high performance in SMEs and will be vital to businesses’ prospects of a swift recovery post-COVID. The study analysed data from over 1,000 companies and ranked their success on a scale that evaluated factors including productivity, growth, consistency and outlook.

Post-pandemic, many businesses will be focussing on day-to-day survival; it might be easy to forget long-term planning, of which staff training is a key component. Allica Bank’s findings indicate that small businesses should incorporate training programmes into their recovery strategy to ensure long-term viability. Training will improve morale, retention and boost the company’s credibility.

The study showed that routine staff training is a common characteristic among the most successful SMEs. 47% of the 100 highest scorers on the SME Performance Index provided training for employees at least on a quarterly basis. However, nearly half of all small businesses (46%) only provide training once a year or less, inadvertently hindering their growth and success prospects.

Frequency of training also differed across sectors. 34% of legal businesses provide training for staff once a month compared to just 6% in the hospitality and leisure sector. Whilst there will always be sector-specific disparities, firms in all industries can benefit from boosting and improving their training programmes.

Chris Weller, Chief Commercial Officer, Allica Bank, said:

With so many concerns and barriers for small businesses to navigate in the immediate term, it can be difficult for managers to focus on the training and development of their teams. However, if COVID has taught us anything, it is that adaptability and resilience are invaluable.

“The provision of regular training not only builds these characteristics into teams but serves to maintain a sense of value and togetherness that will boost morale, aide retention and improve performance – all of which contribute to the ongoing success of a business.”

“There is no one-size-fits-all approach to training, but it’s vital for business longevity that staff are supported with a formalised programme of some description. Customers will respond well to a company whose employees demonstrate enthusiasm and competence. Employees also need to feel that their skills are constantly being improved and expanding. These skills will contribute to the success of a company and this will feed through to the bottom line.”

Allica Bank’s SME Guide to Success identified six ‘rules to success’ that were more likely to be displayed by top-performing SMEs compared to their counterparts. The full report contains a wealth of additional data and insight into each of these topics.

As part of its mission to empower small businesses, Allica Bank is making the findings freely available and running a series of free online workshops with relevant partner organisations for businesses to attend.

Aliya Vigor-Robertson, CEO, JourneyHR, the expert partner for Allica Bank’s training workshop, adds:

Staff need direction and the knowledge that they are advancing in their career to stay motivated and engaged at work. An unmotivated, disengaged team is no recipe for long-term success and will ultimately hamper a business. Team members that lack tangible support from above are less likely to identify with their role and its duties, which is a completely natural reaction.

“Regular staff training is a key component of tangible support and will make the team feel secure in their career development. A happy team with purpose and direction will contribute to a thriving business”

Continue Reading

Business

What Is Globalization

Published

on

What Is Globalization 2

What is globalization? Globalization, or inter-connectedness, is the ever-growing process of integration and interaction among countries, individuals, businesses, and even governments all over the world. Globalization has rapidly accelerated in recent years because of advances in communication and transportation technology. This allows us to be able to get from one country to another quickly and easily. This also allows us to communicate freely use the Internet to connect with our friends and families around the world.

So what is globalization and why is it important? Globalization will benefit many people around the world who are looking to travel more freely, save money on their monthly expenditure, be able to meet new friends and relatives from different parts of the world, learn more about a new culture, and take part in trade and commerce.

Globalization will benefit all of us because there will be more opportunities for everyone to participate in global markets. People in different countries have access to resources, information, and products they wouldn’t have otherwise been able to afford. There are also many opportunities for people to work at home.

Globalization is not just an economic boon, but it can also benefit all of us in other ways. As globalization continues, the boundaries between individuals, states, and countries will become less porous. There will be fewer political conflicts in the world, less violence, and a greater sense of cooperation, tolerance, and peace. These are all positive impacts of globalization.

However, globalization has also created some negative effects as well. It has caused people from one country to move to another to take advantage of globalization. This is also leading to some negative consequences such as a reduction of jobs in some countries. The effects of globalization also include increased competition and unemployment in many countries. Due to this decrease in jobs, wages are dropping.

The only way we can stop globalization is to make sure that we know what it is and what its benefits are. We must understand globalization and its impact on our lives and make sure we are ready to accept the changes that it may bring. if it is inevitable in the future.

The key is to be educated about globalization. There are plenty of books, websites, and television shows that explain how globalization is impacting us and the rest of the world. Globalization is not always bad, but we must be careful not to lose sight of its positives.

In the end, globalization is here to stay, so we must learn to live with it and embrace its benefits. We cannot fight it and try to fight it off, but we must learn to deal with it. And we can do that by educating ourselves. Globalization is here to stay for the long term but we must learn to adapt to it and learn how to live with it.

Globalization can be beneficial for all of us, but it has also caused many problems in the past. There were many cases of unfair trade practices and there was the rise of unfair labor practices. Some people argue that globalization has also reduced the pay of most Americans. So while globalization is definitely not all bad, we should understand that the benefits of globalization are not unlimited. and that we must be willing to give it some limitations and accept some sacrifices.

The biggest benefit of globalization is the ability for all of us to communicate with each other easily. The ability to connect with other people across borders makes it possible to share ideas, information, and knowledge. Since we can communicate with each other, the chances of getting a good price for our goods or services goes up dramatically. and it also allows us to save money by buying in bulk. This also translates to more savings on our end.

As mentioned earlier, globalization has brought about a change in the way people work and live because people are no longer tied down by jobs. They now have the freedom to travel and do what they enjoy.

As globalization continues, there will always be some people who are unhappy with globalization and are afraid to open their eyes to new opportunities that are available to them. But that is okay; this is part of the process of globalization.

Continue Reading

Business

What Is Microsoft Teams

Published

on

What Is Microsoft Teams 3

Microsoft Teams is an application and web-based collaboration tool that combines chat, videos, online collaboration, document storage, and collaboration with other applications. The service integrates well with the Microsoft Office 365 business solution and features numerous extensions that can integrate well with other non-Microsoft products, like SharePoint. There are many different versions of Microsoft Teams but here are some of the basic functions that all versions offer.

Teams also offers a variety of options for people to create and customize their own groups. This feature provides a way for people to organize their teams within Microsoft Teams. For example, there may be teams for business projects and then another group for personal tasks or social tasks. There are also different types of teams which include teams for social, personal and business.

Microsoft Teams allows users to make lists of files and documents and view them from different perspectives such as in the document viewer or from another Microsoft Teams project. This feature is called “project pane”, and it shows a summary of each of the files in the project. There are also sections for all files in the project that you can see in the “Files” pane.

Microsoft Teams gives users the ability to share information and collaborate on these shared items. A user can create a document that has other people add comments or attach files and then save the document to a list so that other people can view the document in a Microsoft Teams document viewer.

Another feature of Teams is the ability for you to invite other team members to work with you. A user can join a team and then invite other team members to collaborate with the team members who join the team. You can also invite team members to join a new team. When a team member joins a new team, they will be automatically added to your existing teams and the teams will merge together.

Microsoft Teams provides a number of different ways for you to collaborate with others and see the files and documents of others. These include groups and threads in the main document viewer. You can search your files using the search box in the document viewer and you can share your documents with others by email.

Microsoft Teams provides users with a variety of different tools to help you organize and manage your teams. You can assign members to specific teams, assign permissions to members, create custom groups, organize tasks and events, and organize files and documents into groups.

Microsoft Teams can help you build a team and create a collaboration culture that you want to create at your organization. You can use this tool to build effective teams and increase productivity and improve your relationships within the organization. Microsoft Teams offers a variety of options to help you get started and become more productive quickly and easily.

Teams are created easily. If you have several departments within your organization and need to create a team for each department you can do this easily. Teams are made easy and you can get your teams up and running quickly.

One of the best features of Microsoft Teams is the ability to invite people from around the world and let them work with the same documents and projects. You can have the documents and projects organized and shared in the same way throughout the entire organization, regardless of what country they were created in. You can create a similar project in the same language that they were created in and share it with other employees in the organization.

One of the most amazing features of Microsoft Teams is the ability to have multiple team members edit and view the documents and files in the same way. With Microsoft Teams you can have a document and have people edit the same document at the same time without any problems. The changes that you make can also be seen by other team members and can be modified by them without ever needing to send the document again.

Microsoft Teams is the perfect tool for building a powerful and effective collaboration culture. You can share documents and files in the same way that the rest of the organization can view the information.

Continue Reading

Call For Entries

Global Banking and Finance Review Awards Nominations 2020
2020 Global Banking & Finance Awards now open. Click Here

Latest Articles

Return to Work Doesn’t Mean Business as Usual When it Comes to Travel and Expense 4 Return to Work Doesn’t Mean Business as Usual When it Comes to Travel and Expense 5
Top Stories3 days ago

Return to Work Doesn’t Mean Business as Usual When it Comes to Travel and Expense

By Rob Harrison, MD UK & Ireland, SAP Concur The last few months have been an exercise in adaptability for...

Why technology is key to the future of auditing 6 Why technology is key to the future of auditing 7
Technology3 days ago

Why technology is key to the future of auditing

By Piers Wilson, Head of Product Management at Huntsman Security The Financial Reporting Council (FRC), which is responsible for corporate governance,...

Staff training crucial for SME recovery post-COVID 8 Staff training crucial for SME recovery post-COVID 9
Business4 days ago

Staff training crucial for SME recovery post-COVID

47% of UK’s top performing SMEs provide regular, formalised training for all staff Despite this, 15% of small businesses report to...

What Is Globalization 10 What Is Globalization 11
Business4 days ago

What Is Globalization

What is globalization? Globalization, or inter-connectedness, is the ever-growing process of integration and interaction among countries, individuals, businesses, and even...

What Is Microsoft Teams 12 What Is Microsoft Teams 13
Business4 days ago

What Is Microsoft Teams

Microsoft Teams is an application and web-based collaboration tool that combines chat, videos, online collaboration, document storage, and collaboration with...

What Is Capitalism 14 What Is Capitalism 15
Business4 days ago

What Is Capitalism

What is capitalism? Is it a great economic system or just another economic system that is not so great? Well,...

How To Start A Youtube Channel 16 How To Start A Youtube Channel 17
Business4 days ago

How To Start A Youtube Channel

How to Start a YouTube Channel For Your Business: Do you have a blog or website? If you do, it’s...

What is URL 18 What is URL 19
Business4 days ago

What is URL

A Uniform Resource Locater, colloquially known as a URL, is an identification to a certain web resource, a directory or...

What Is Seo 20 What Is Seo 21
Business4 days ago

What Is Seo

Search engine optimization, also known as SEO, is the process of increasing the quantity and quality of site traffic from...

How Much Rent Can I Afford. 22 How Much Rent Can I Afford. 23
Business4 days ago

How Much Rent Can I Afford.

How much rent is too much to pay? Sometimes, apartment complexes look at an annual income that’s over forty times...

Newsletters with Secrets & Analysis. Subscribe Now