The is4profit team, Author at Business advice from is4profit | Page 4 of 375's Posts

Selling a Business: What you Need to Know

Selling a Business: What you Need to Know

As a business owner, selling a business can simultaneously be one of the most stressful, liberating, bittersweet and potentially exhilarating experiences of your life. It should not be taken lightly – the process of selling a business is tricky, and introduces all sorts of variables which could scupper the whole process at any point. This article is intended as a step-by-step guide to the sale process for business owners. We cover how to determine whether the time is right to sell, how to increase your business’ value prior to the bidding process, the sale process itself, and how to choose a buyer and complete the deal. Read on to find out more. How do I know whether the time is right to sell? Ask yourself these questions: Have I planned ahead? Selling a business requires careful planning ... »

A Guide to Effective PR for Your Business

A Guide to Effective PR for Your Business

In business, reputation is everything. Unless you have a good image in the eyes of your customers and others, you won’t ever achieve to the extent that you want to. Good public relations (PR) is essential to building and maintaining a good image. Whilst not as immediately an effective a promotional tool as advertising, well done PR is more credible, and its effects can be longer lasting. This guide will help you to not only understand PR, but to plan and create PR opportunities as well as teaching you how to compose press releases and newsworthy stories. How should I plan my PR? The benefits of PR are usually not as immediate or tangible as those of advertising, as it is less likely to generate short-term sales. More commonly, the benefits are seen in the long-term, and may be longer lasti... »

A Small Business Owner Guide to Managing Your Time Effectively

A Small Business Owner Guide to Managing Your Time Effectively

The most precious resource you have, it is crucial you manage your time smartly. Here’s how More than anything else, time is the most precious resource you will deal with as a business owner. Unlike money, you can only make so much of it in a day, so it is crucial you manage your time as effectively as possible. This article will provide you with invaluable tips on how to make time work for you, including how to prioritise and plan your time, which day-to-day tasks can be automated or delegated, and common pitfalls to avoid. How do I prioritise my time? You won’t have the time to deal with everything in your day, so prioritising is essential. Follow these steps to manage your time effectively: Work out your goals: Write down a list of all your goals. Try and spend time on activities that h... »

A Guide to Finance for Non-financial Managers

A Guide to Finance for Non-financial Managers

Learning how to survey and manage your financial position is perhaps the most important part of running a successful business. Whatever your background, you will need to know how to collect figures and use them to establish your performance, your problems, and your opportunities for growth. This guide will help you to manage your profits and losses plus your cashflow and profitability, by carefully preparing balance sheets and realistic budgets. How do I manage my profits and losses? You need to compose a profit and loss statement. This records all the sales, expenses, costs, profits and losses for the previous ‘accounting period’ (commonly one year) , as well as any tax provisions. It gives you a picture of your trading performance, and allows you to identify any growth or problem areas. ... »

How to Move Business Premises Hassle Free

How to Move Business Premises Hassle Free

When moving premises, once you have chosen where you wish to move, the next step is to conduct the move itself. You may have moved house before and be well aware of the stress and cost this entails; when moving office premises, this time-consuming legwork can be increased tenfold. Moving premises will always be a disruptive time. But you can minimise the cost and disruption to your business by meticulously planning the move well in advance. Follow the below guidance to ensure your move goes as smoothly as possible. How do I plan the move? Moving office premises should never be a spur-of-the-moment process. You need to plan well in advance for the move to be a success – ideally, this should be at least half a year in advance or more. To put the groundwork in place for the big move, take the... »

A Small Business Guide to ISO 9000

A Small Business Guide to ISO 9000

ISO 9000, a series of standards for the manufacturing and service industries, can help your business greatly. Not only can you use the industry-wide standards to improve upon your own processes, you can improve your image amongst current and future customers too. If this is the first time you’ve heard of ISO 9000 – or ISO 9001, the standard against which your business will be certified – never fear. In this article we explain exactly what this set of standards is, outline the benefits it could bring to your business, and go through some of the costs entailed in setting up such a system. What is ISO 9000 and what are its benefits? Set up by the International Organisation for Standardisation (ISO), ISO 9000 is by far the most widely recognised set of quality assurance standards in the world,... »

Why Innovation is Crucial for Business Success

Why Innovation is Crucial for Business Success

In today’s fiercely competitive business climate, the importance of continuous innovation cannot be overstated. Quite simply, if you fail to innovate, you stand still – and others will leave you for dust. Innovation need not be a complete overhaul of your business, however; it can take more modest forms, like the refinement of your existing offering. Sometimes, though, it will be necessary to take a complete leap of faith. In this article, we examine the different forms innovation can take, as well as where to find inspiration for change; both within your own business and without. What opportunities for innovation in my business exist? There are always areas in which you can innovate, even if you think you are doing well as a business. Broadly, there are three areas you should look at when... »

How to Create a Pricing Strategy

How to Create a Pricing Strategy

Setting a price for your offerings can be a fraught affair. Pitch them too high, and you can see your sales plummeting; too low, and you can lay waste to your potential profits. You want to achieve the price that, when multiplying your potential sales by your profit margins, yields the largest total possible. But what makes a price optimum depends on a number of different factors. Read on to find out more about what factors affect your pricing, how to plan and structure your pricing strategy – and why your pricing should constantly be reviewed as time goes on. What market factors should determine my prices? To establish what factors affect your pricing, you need to look around to the environment your business operates in. In the first instance, it makes sense to look at your competitors. W... »

Strategic Acquisitions: The Benefits, Risks and How to Decide When Your Business is Ready

Strategic Acquisitions: The Benefits, Risks and How to Decide When Your Business is Ready

Business acquisitions can be very risky with absolutely no guarantee of success. A successful acquisition could see your business blossoming overnight. It may allow you to Move into new areas Avail of larger economies of scale Build a larger and stronger workforce, customer base, or management team However, a poor acquisition may bring many drawbacks and unwanted consequences. You may have to siphon off your capital and your management resources It may cause low morale as staff fear for their jobs A hostile takeover may lead to division among ‘old’ and ‘new’ staff When deciding on a business acquisition, it’s imperative that you establish precisely what benefits it will bring, and what hidden costs it comes saddled with. This guide seeks to help you assess the arguments for making an acqui... »

A Guide to Tax and National Insurance for Small Businesses

A Guide to Tax and National Insurance for Small Businesses

If you’re starting a business, it is essential that you at least know the basics of tax and national insurance and your tax obligations. Tax inspectors will pay just as much attention to the profits and accounts of a small business or sole-trader as they would a large firm. What are the different taxes businesses should be aware of? There are a range of different taxes which depend on the type of business, business formation and how your business operates. Income tax and corporation tax: Income tax applies if you are self-employed or an employee of a business. If you are a limited company then you must pay corporation tax. National Insurance: National Insurance (NI) is a form of tax paid by both employers and individuals. Value Added Tax: Value Added Tax (VAT) is tax on the supplies and sa... »

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