Lucy Wayment, Author at Business advice to help you run your business's Posts

How to Boost Your Business Profits by Simplifying Your Inventory Management

How to Boost Your Business Profits by Simplifying Your Inventory Management

Inventory management is probably the most tedious job in a business that deals with a large amount of stock. Noting the stock levels and constantly checking them is key to making profits in a business. A competent inventory management software simplifies this to a great extent. It aligns and integrates with all your business processes that interfere with the stock levels and provides you a simple and more efficient solution that you can rely upon. Here are the top eight benefits you get when you automate the inventory management system in your business. Real-time stock levels anytime at your fingertips This is definitely the most important advantage of having a competent inventory management system. Since all your business processes that handle stock levels are automated, your software rep... »

How to Manage Export Finance

How to Manage Export Finance

Exporting tends to be more financially demanding than selling in the UK as consignments are usually larger, lead times are longer and the risks are more difficult to control. Negotiating an export sale involves balancing the risks and the costs to you and your customer. At the same time, you may need to take into account the problems of handling payment in foreign currencies. This guide will explain how to negotiate the payment method, choose the right financing option and deal with foreign currency. First steps to exporting The terms of an export sale must satisfy both you and your customer. You should agree to the ‘terms of delivery’, covering the division of responsibility for transport costs and for the risk of loss or damage in transit (Standard international terms are set... »

A Guide to Car Finance for Business Owners

A Guide to Car Finance for Business Owners

Generally, it’s not difficult for you to obtain finance when looking to acquire cars for your business – a cash deposit and reasonable credit score should be enough to satisfy most dealers. However, the number of options available can be overwhelming and choosing the type that best suits your business is vital. Mistakes could mean years of headaches and mounting bills. This article covers: How to find the right car finance for you How to navigate the dealership process What kinds of finance are available How do I work out what car finance I want? Your first step should be working out what kind of finance you need. Being clear about the kind of car you need and its purpose will be a major factor in how good the eventual deal is. When considering what kind of car you want, primarily your con... »

How to Manage Business Overdrafts and Bank Loans

How to Manage Business Overdrafts and Bank Loans

Overdrafts and bank loans are the most common way for businesses to obtain external finance – but they have to be used properly. While carefully managed debt finance offers a flexible and cost-effective way of investing in your business and keeping on top of cashflow, poor debt finance decisions can cause major problems and eventually failure. How do I decide what kind of finance I need? First of all, you need to work out what ‘gearing’ you want your business to have, meaning the proportion of your finance you have in the form of debt as opposed to investment. To establish this you should consider your cashflow, less available cash might mean you struggle with repayment, as well as your risk profile – more risk isn’t always bad. If your investors are prepared to accept higher risk in the e... »

Outdated Government Services Cost UK Firms 33 Days a Year

Outdated Government Services Cost UK Firms 33 Days a Year

Britain’s small and medium businesses claim to lose an average of 33 days a year due to insufficient government online services. 62% of firms surveyed commented that they lack the “ease of use and features commonplace” of other everyday apps, according to a new report by global technology company EMC. Online tax services was revealed to be the most used area of the government site, but was also voted as the “most in need of drastic improvement” by 31% of businesses, with additional digital services also called for in terms of business support and health and safety updates. Businesses also requested a number of new features to be implemented over the next two years, including: a one-stop online directory for business tax grants/breaks (50%), updates to changes in legislation (41%), and a se... »

Majority of Small Businesses Have Never Met Regular Customers

Majority of Small Businesses Have Never Met Regular Customers

The ‘virtual economy’ has changed the UK’s business relationship landscape according to a report by BT Business. 62% of firms were revealed to have regular clients that they have never met in person – with more than half only ever conducting business via email. When suppliers were added into the mix, numbers rose to 85% of businesses that work with people they’ve not met face-to-face. Social media appears to be the driving force behind this shift; 73% of business owners using LinkedIn admitted to accepting connections from people they had never had contact with, and 54% from people they have never met in person. Despite this more virtual connection, 39% reported new business opportunities and 31% a new business partnership. While digital communication is becoming increasingly commonplace, ... »

Current UK Employment Inhibiting Small Business Growth

Current UK Employment Inhibiting Small Business Growth

Employment law could be negatively affecting small business, according to research by Citrus HR. Simplifying employment law would encourage 39% of businesses to hire more staff and was a factor in making such decisions, the survey found. A lack of understanding is leaving companies at risk of making serious errors that could result in financial penalties, with just 25% of respondents saying employment law is acceptable in its current state. It was also discovered that up to 30% of those surveyed don’t know what the National Minimum Wage levels are, putting them at risk of fines as high as £20,000. Close to a fifth of owners questioned said they are not aware of countries make up the EU. This could mean that appropriate checks have not been carried out to confirm new workers’ eligibility to... »

Female Led Businesses Less Likely to Fail

Female Led Businesses Less Likely to Fail

Female entrepreneurs are more likely to set up a successful business than their male counterparts, despite coming up against greater challenges, according to research by YouGov and banking group Kleinwort Benson. Only 11% of female entrepreneurs confessed their company had failed – compared to 17% of male business owners. The research found that while 42% of the female business owners had encountered obstacles when setting up, only 32% of male entrepreneurs had. Despite this track record of success women still feared business failure more than men, 40% compared to 36%. Other findings highlighted in the report – which featured 500 businesses – included regional disparities, with more small business owners in the Midlands and Wales confessing they had failed than those in the North and Scotl... »