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Working Bank Holidays

Today is a Bank Holiday. It’s usually the last one of the year until Christmas Day and Boxing Day however there is also talk of an extra one-off Bank Holiday in October. A lot of small business owners feel the need to work on Bank Holidays. Depending on your area of business, it might be the right thing to do. Gift shops and tourist attractions would be daft to not open, for example. Other businesses might consider taking the day off to relax in the garden, or simply being on call rather than ...

August 24, 2020

Startup Accounting

When you’re starting up a business, getting your bookkeeping in order is important. You need to know what works, what doesn’t and how much you have in your company bank account. Whilst the product you’re launching or the service you’re offering is important, you mustn’t put your cash flow to the bottom of the list. Here are four fantastic startup accounting tips. Implement From Day One Your finances cannot be an afterthought. You need to set processes in place from day one. Getting a b...

August 17, 2020

Start Paying Yourself

We’ve all been there. As business owners there was a start to your business journey. Day one, that first full week in your work and the initial month running the company. Whether it feels like a lifetime ago or it was actually just a few months, you need to start paying yourself. Otherwise, what are you running your business for? You can sometimes feel like you shouldn’t take any money out of your business to pay yourself. Maybe you think you haven’t earned it yet or the business isn’t d...

August 10, 2020

Common Mistakes When You Do Your Own Bookkeeping

Bringing your business idea to life is exhilarating. It is also quite stressful. There is a lot more that goes into running a business than you realise when you simply look from the outside in. When you are operating things and juggling different parts of your business, you realise it’s much more difficult than expected. With that multitasking and extra stress, mistakes can easily be made. Let’s look at some of the most common errors people make when they do their own bookkeeping. Separating...

August 3, 2020

Small Business Ideas

2020 has been an unusual year, putting it politely. As we edge closer to the end of the furlough scheme and the self-employment payments finishing, maybe you’re considering starting your own business. It could be the case that you’re unemployed or you have lost all your clients. With that in mind, how do you fancy starting your own business? Let’s look at a handful of ideas about what small businesses you could start in the second half of this year. Use The Extra Language If you ...

July 27, 2020

Help For Business Returning To Work

It’s been an odd few months. We’ve all been affected in different ways. We’re all perhaps worried and have underlying concerns about things starting again. As different places begin reopening, what help is there for businesses returning to work? For employees, they should familiarise themselves with their employers return to work procedures. If employees become unwell, they should still self-isolate for 14 days. If you’re a business owner, cleaning processes need to be more fre...

July 20, 2020

Look After Your Mental Health

It’s been a funny old year so far. We’ve been thrown many different curve balls and there’s still quite a few months of 2020 left! It is so important to look after your mental wellbeing during all of this. As business owners we deal with a lot of stress in our daily lives usually but we must give ourselves time to unwind and de-stress. Here are some of the ways you can approach that. Take Time Off Work Sometimes just taking a break from the routine of work helps you unwind and re...

July 13, 2020

SEISS Coronavirus Second Payment

There has been some good news for the self-employed. If you are eligible for the Self Employed Income Support Scheme and managed to successfully apply for the first payment, you’ll be able to apply for a second payment too. According to Money Saving Expert’s Martin Lewis, it was 50/50 on another payment being offered and it seemed less and less likely as the days went on. Eventually though, Chancellor of the Exchequer Rishi Sunak announced that there will be a second payment covering June, J...

July 6, 2020

Working From Home Expenses

So many more of us are working from home right now, due to workplaces being closed. Some companies are stepping up and helping their employees by reimbursing expenses and providing them with the equipment they need to do their job. Some other companies aren’t helping at all. There are two things to discuss here. If you’re an employer, you can pay your employees a homeworking allowance. This will help to cover any additional household expenses which have happened due to working from home...

June 29, 2020

Pay Yourself A Salary

When you worked for someone else, you likely got a monthly salary for your hard work. This was paid routinely, helped you to pay the bills and put food on the table. Now you’re setting up your own business, you’re still going to have those bills to pay, so giving yourself a regular salary from the business is a good practice to keep. Here are some of the reasons to do it.You Need To Live As alluded to above, you need to be able to live. We all need to have cash to put food on the table ...

June 22, 2020

Money Shame Is Real

Many business owners have money shame. It’s something that is real, people have issues with cash for a number of different reasons. These range from simply not understand the numbers to not seeing the reality of those numbers and what effect they are having on the business. It is possible to move forward from money shame and get a handle on those figures. One of the first steps is talking to an actual bookkeeper.Many people who run businesses are creative. They might not see the numbers on the...

June 15, 2020

Become Your Own Boss

Many of us have a dream to become our own boss. That dream is often tricky to turn into reality and it requires a lot of effort and hard graft. It is attainable though and if you follow these top tips, you’ll be able to tell people that you are indeed your own boss.Why Do You Want To Become Your Own Boss One of the first things to question yourself on is why. Why do you want to become your own boss? It’s a far cry from saying it to actually doing it. If you say it as an off the cuff com...

June 8, 2020

Tax Deductions If You're Working From Home

The world is a strange old place right now. Many of us are ill. Keyworkers are continuing to keep the country running. In times of furlough and worrying about finances, lots of us have started working from home in order for businesses to continue. Some good news is that you might be able to claim tax deductions as you settle into this new normal. Let’s take a look at just what you could get.Usually Work Elsewhere? If you usually work elsewhere, out of the house, perhaps at the business pr...

June 1, 2020

What Is The Break-Even Point For Your Business?

Do you know what the breakeven point of your business is? With so much uncertainty in the world at the moment, not to mention the world of business, it’s something you should figure out. This is important because you need to know how much money you need to make in order to be running a profitable business. Making a loss over a number of years will not help your finances and you’ll eat into your own money, or find yourself in more debt. How do you work out your breakeven point?Work Out Your B...

May 25, 2020

How To Save Your Business Money

Every business wants to save money in some way or another. The economic climate is ever changing and ever challenging, particularly at the moment. Small businesses are the ones that feel that pinch and squeeze even more so. How can you save money within your business this year? Here’s a few ideas to be getting on with.Employee Benefits Back in the day people were content with a desk and a salary. That seems to have shifted as the way we work has altered. Now companies tend to recruit the ...

May 11, 2020

Run Your Business Like A Jedi

As it’s May The 4th, let’s take a look at some of the business lessons we can learn from the ultimate mega movie series that is Star Wars. From the mind of George Lucas and then purchased by Disney, you’ll be able to watch it all on the new Disney+ streaming service should you want more inspiration after reading this post.“I find your lack of faith disturbing” Spoken by the menacing Darth Vader in Episode IV, it’s quite a simple phrase but speaks volumes. Without faith in your b...

May 4, 2020

Outsourced Accounting

Your accounts are one of the most important parts of running your business. Without numbers and figures, nothing works and you’ll soon find yourself confused and running the business into the ground. The question is, did you set up a business to do the mundane task of bookkeeping? The answer is no, which is why outsourcing your accounting to a specialist is a positive step in the right direction. Free Up Your Time As mentioned above, you probably didn’t set up your business because...

April 27, 2020

UK Government Financial Help During Coronavirus (COVID-19)

It’s a difficult time for everyone. Businesses have had to stop trading, we’re becoming reliant on community support, no one can get an online delivery slot. We’re all in this together and we’re all hoping for financial help from our government. Whilst some people quality for this, as new announcements come out and schemes are revealed, there are people falling through the net. Why is this and what’s on offer in terms of monetary support? Through The Net One of the main reaso...

April 24, 2020

Coronavirus (COVID-19) and your business

With the spread of coronavirus continuing and it looking likely that Britain will experience an epidemic, how can you ensure the health of your business? Obviously it depends on the type of business you run. Many freelancers are lucky enough to work remotely and from home, without spending hours commuting or in offices. For those, like me, who are in this situation, business continuity or the need to self-isolate should not have much of an impact. However many freelancers run workshops...

April 20, 2020

Step Away From The Laptop

Do you crave a better work life balance? Do you wish you could be less distracted by work and focus on the importance of family and friends at the weekend? Does the lure of a spreadsheet or Google document become all too much on an evening? You need to step away from the laptop. Remember the days where computers were solely desktops? You commuted to the office, sat at your desk and worked on the computer before logging off and leaving it until the next day. People say that smartphones are o...

April 13, 2020

What Business Lessons Can We Learn From An Easter Egg Hunt?

With Easter just around the corner, you might be taking part in seasonal merriment including family roast dinners, community egg rolling and even chocolate Easter egg hunts. With every experience we learn something and that gores for all of us, not just children. What business lessons can we learn from an Easter egg hunt this year? Let’s take a look! Eggs Are Customers Let’s say that there are 50 eggs hidden around the garden. In bushes, in branches, in the arms of garden gnomes. T...

April 6, 2020

Your Reputation Is Only As Good As Your Last Review

Do you ask friends and family for their advice when you need a tradesman for a job at home? Do you find yourself scrolling through sites such as TrustPilot when you’re looking to buy from a certain retailer? In a world which has developed from word of mouth recommendations to online reviews, never forget that your reputation is only as good as your last review. What do we mean by this? A World Of Expectations When we offer a service to customers and clients, what we do is set expecta...

March 30, 2020

Self-employed during coronavirus?

Some very good news for all of you that are self-employed or who have clients that are self-employed:  The House of Commons committee that is overlooking the CV-19 financial support legislation yesterday demanded that ‘the Secretary of State must, by regulation, introduce a scheme of statutory self-employment pay’. It goes on to say that  ‘The scheme must make provision for payments to be made out of public funds to and  individuals who are (a) self-employed ...

March 24, 2020

What You Think You Need vs What You Actually Need

There are some things in life that you think you need. This is also true in business. You think you need this and that but actually our business goggles are clouding our vision. Blocking out what we actually need. As a business owner, do you know what you need, or are you still stuck in the thinking zone? Let’s take a look at what you think you need and what you actually need! What You Think You Need So often, if you’re running a business you think that you need more sales and more...

March 23, 2020

How To Survive Coronavirus (COVID-19)

If you are running a small business you will be worried, scared and anxious about how to survive in the current climate. Not just from a health point of view, but from a financial aspect too.I am far more concerned personally about the lasting financial impact of this crisis than the health implications. Things To DoCut Your Costs This is a biggie. Review your bank accounts, credit cards and PayPal accounts immediately to pinpoint where there are expenditures that you can reduce or can...

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