The is4profit team, Author at Business advice from is4profit | Page 7 of 375's Posts

Small Businesses Now Rely on Flexible Workers to Fill Skills Gap

Small Businesses Now Rely on Flexible Workers to Fill Skills Gap

The majority of the UK’s small businesses now depend on flexible workers, including freelancers, project and part-time staff, to counter the UK’s skills shortage. According to research by Indeed, which featured 250 small and medium businesses, small business owners are also hiring flexible staff to help scale their business and expand – 44% of those surveyed see freelancers as a route to scale-up. Business owners are using freelance staff in order to compete with larger firms for talent as 39% said that giving the staff the option to work flexibly had helped them to attract skilled talent. However, the number of firms using flexible staff did vary according to region, with only 25% of companies in London using freelance staff – a stark contrast to 93% of small firms in the North West – sug... »

UK Small Businesses Contribute £157bn to Global ‘After-Hours’ Economy

UK Small Businesses Contribute £157bn to Global ‘After-Hours’ Economy

The UK’s small and medium-sized enterprises are driving international growth, contributing over £157bn to the global after-hours economy, however they are sacrificing their personal life in order to do so. The research, published in a global survey of 2,621 firms (303 UK businesses) by Sage, revealed that over a third of UK business owners have admitted to putting their company above their personal relationships with 48% having missed a family event for work. However the majority (60%) said this sacrifice has been worth it, citing the ‘sense of achievement’ (38%), love for what they do (31%) and creating or maintaining a family business (22%) as the reason for this satisfaction. Despite the long hours worked by UK business owners in the UK, entrepreneurs still maintain a better work/life b... »

How to Set Up a Filing and Records System for Your Business

How to Set Up a Filing and Records System for Your Business

When you started out in business, it probably wasn’t the prospect of reams of paperwork that excited you. Nevertheless, a good record-keeping system is a vital part of any business; access to information can give you a competitive edge over rivals, whilst cutting out wasted time looking for misfiled and misplaced information delivers an obvious benefit. In this article, we examine all you need to know about the basics of record keeping, including how to organise your records, how to keep them secure, and how long specific types of record must be kept. What is ‘family tree’ filing and how can it benefit my business? Most good filing and records systems are built around what is known as a ‘family tree’ system; a unified system based on a graduated hierarchy of files. A family tree filing sys... »

UK Skills Gap Continues to Cause Small Business Headaches

UK Skills Gap Continues to Cause Small Business Headaches

The UK’s skills gap continues to cause small businesses problems with 31% admitting that at least one of their current employee doesn’t have the skills their business needs, the latest Close Brothers Business Barometer (CBBB) has found. Looking to future growth55% of the businesses surveyed have predicted that they won’t be able to find suitable employees because of a skills shortage in their industry (43%) or region (12%). Despite this concern, of the small firms looking to take on staff in 206, only 5% plan to take on an apprentice. Furthermore, 75% of small businesses were found to not have an apprentice programme in place and over half (52%) don’t plan on launching one. According to the CBBB, which interviewed900 small and medium-sized business owners, the top reason for no... »

Small Firms Fail to Protect Themselves Against Losing Key Employees

Small Firms Fail to Protect Themselves Against Losing Key Employees

The majority of small businesses in the UK think that losing a key person within their business would not affect them, yet a new report from Legal & General Business Protection shows that 40% of firms would close in less than a year if a key employee suddenly left. The research found that 63% of companies think the loss of an integral employee t would have no effect on their brand, another 58% said it would not affect their relationship with financers and 47% believed that it would not affect their cashflow. Contrary to these perceptions, the research revealed that 63% of sole traders would cease trading immediately if a key person left as would 46% of businesses that are less than two years-old. Furthermore, 40% of small and medium-sized companies would also close within a year if a k... »

Call for More Small Business Support As UK Productivity Flatlines

Call for More Small Business Support As UK Productivity Flatlines

Increasing support for small and medium business exports and innovation could be the answer to Britain’s low productivity levels, research by the Enterprise Research Centre (ERC) and the British Business Bank (BBB) has found. According to the report, entitled Unlocking UK Productivity, if an estimated 110,000 small and medium-sized firms had the support to expand overseas they could add £1.15bn in Gross Value Added (GVA) to the economy. The findings from the report follow recent news about Britain’s ‘productivity gap’; whereby Britain’s productivity levels have almost ceased to grow since 2008 causing the UK to fall 6% behind other G8 economies. The government published a 15-point plan in July to try to tackle the productivity issue, however, the ERC’s report said boosting small businesses... »

A Small Business Guide to Remuneration

A Small Business Guide to Remuneration

The remuneration package is what binds you and your employees together – fail to pitch and fine-tune it correctly, and you will find yourself unable to attract or keep the standard of workers you want and need (no matter how rewarding you think the job is in itself). If you want to employ and maintain the best possible workforce, you must be able to sell the package properly and tailor the rewards to ensure employees stay with you. This guide will help you to calculate what wage to offer, keep in line with minimum wage regulations, organise pay reviews and rewards, and more. How do I know what to pay? Any remuneration package needs to comply with the basic levels of pay set by law – national minimum wage (NMW). NMW currently stands at £3.87 for workers aged 16-17, £5.30 for workers aged 18... »

Basic Bookkeeping for Your Small Business

Basic Bookkeeping for Your Small Business

As a small business owner, it can be tempting to dispense with time-consuming bookkeeping, and work on an ad-hoc basis to save time. However, this will almost inevitably turn into a complicated, confusing nightmare in the future as receipts are lost, invoices go unpaid, and the taxman wonders where all the money went. This article breaks down the basics of a good bookkeeping system, and should be a useful starting point for business owners looking to get their accounts in order. What do I need for a simple bookkeeping system? Essentially, a good bookkeeping system will record all the money coming into and out of your business. This is useful for a business owner as they have to keep on top of costs and provide the HMRC with proper records. In particular, a good bookkeeping system will incl... »

How to Float Your Company

How to Float Your Company

Unlike floating on a lilo there’s little relaxation to be had when floating your business. The process can be simultaneously exhilarating and terrifying, and unless you get it right, could see you spending vast amounts of time and money. You should always seek professional advice when planning a float. However, it doesn’t hurt to understand the basics. This guide will help you decide whether floating is a good option, choose a market, appoint advisers and manage the process. What are the benefits to floating my company? There are a number of different benefits that come with floating a company. One of the main reasons for floating your business is to raise capital. Floatation often involves the creation of new shares, the purchase of which can bring in much needed cashflow, and help offset... »

Job Satisfaction Soaring Amongst UK Freelancers

Job Satisfaction Soaring Amongst UK Freelancers

The majority of Britain’s freelancers say they are “very satisfied” with the way they work, according to a new report released by industry body IPSE in association with National Freelancers Day. The research found that 65% of freelancers intend to continue being self-employed for the foreseeable future, compared to just 2% who plan to go back to work as a full-time employee within an organisation. When asked why they turned to freelancing, 79% of self-employed workers said it was because they wanted to “be their own boss” and 69% believed it would provide a greater work/life balance. IPSE chief executive, Chris Bryce, commented on the findings: “It’s great to see so many people love working as a freelancer…National Freelancers Day celebrates freelancers’ vital role in the UK’s flexible lab... »

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