Shane Donnelly's Posts

Fifth of Small Business Owners Still Use ‘Shoebox Method’ to Manage Accounts

Fifth of Small Business Owners Still Use ‘Shoebox Method’ to Manage Accounts

16% of UK small businesses still use a ‘shoebox method’ to manage their accounts despite the fact all taxes will be managed online by 2020. According to research by UK200Group, just 35% of smaller firms use online accounting software to manage their accounts while nearly a fifth make no effort whatsoever to record any information prior to submitting tax returns. 23% of those surveyed hold all relevant info in manually complied reports with 27% opting for spreadsheets on their computer. Making Tax Digital Explained Worryingly for businesses still opting for the pen and paper or nothing all, government initiative Making Tax Digital will see the tax system being full digitalised. Richard McNeilly, chair of the UK200Group Digitalisation Taskforce and managing partner of Dains said: “The ‘shoeb... »

Red Tape Holding Back Small Business Growth

Red Tape Holding Back Small Business Growth

UK small businesses are struggling to dedicate time to achieving growth, because red tape and regulations are taking up too much of their time. In a study of 500 small firms by instantprint, respondents were revealed to have spent over 25% of their working week completing admin – instead of looking to expand the business. In contrast, 10% of those surveyed spend less than an hour a week attempting to increase profit, while 8% struggle to find any time whatsoever. When asked about what regulations give business owners the biggest headache, employment law surrounding working hours and holiday allowance was highlighted as significant blight on work efficiency, followed by invoice processing and managing customer service. In terms of solutions, recruitment seems to top the list of small firm o... »

Government Names And Shames Underpaying Businesses

Government Names And Shames Underpaying Businesses

The government has named and shamed underpaying businesses by publishing a list of all firms who fail to pay workers the National Minimum Wage (NMW) and National Living Wage (NLW). The Department for Business, Energy and Industrial Strategy (BEIS) has released a list of 359 businesses who underpaid 15,513 workers a total of £994,685. Offenders include kebab shops, nurseries, retail stores, football clubs and tradesmen with small businesses making up the bulk of the list. As well as recovering arrears for some of the UK’s lowest paid workers, HMRC issued penalties worth around £800,000. By law, adult workers aged 22 and over, except “accredited” trainees and some excluded groups, must be paid a NMW of at least £6.95 an hour – though this will increase from 1 April 2017. For the first time, ... »

3 Years To Go: Businesses MUST Get Smart By 2020, Report Finds

3 Years To Go: Businesses MUST Get Smart By 2020, Report Finds

Small businesses have three years to ‘get smart’ and ensure their offices are prepared for a wave of new connected tech in the ‘Open Economy’, a report by Samsung has revealed. According to the research, there will be an estimated 7.3bn connected Internet of Things (IoT) devices by 2020 and small enterprises will be left behind if they don’t adapt to these changes. A challenge exists for businesses meeting the needs of ‘millennials’, who are fast becoming the default decision makers within organisations – as many have come to expect consumer-driven technologies and ideas in their working lives too; such as virtual and augmented reality and personal artificial intelligences. This ‘Open Economy’ will be characterised by businesses cooperating with freelance workers, routine embedding o... »

Gain Actionable Insight With These 5 Google Analytics Tips

Gain Actionable Insight With These 5 Google Analytics Tips

It’s estimated that 54.6% of websites use Google Analytics. Odds are if you’re reading this, your site has Analytics too. But are you making the most out of all the data you’re being shown? Google Analytics is capable of revealing business critical insights that can help drive your marketing and business investment goals. Here are five tips you can use to gain valuable and actionable insight from Google Analytics to make your website work harder for you. 1. Learn from your site search If you have a search bar on your website, you have the potential to learn exactly what your site users are searching for. This can be valuable in a number of ways: How many people are using the site search? Unless search is a key feature of your site (e.g. you actually ARE a search engine), ... »

61% Of Businesses Believe They’ll Be Victims Of Cybercrime In 2017

61% Of Businesses Believe They’ll Be Victims Of Cybercrime In 2017

61% of UK small businesses believe they’ll be the victim of an attack by cybercriminals in 2017, according to research by Mimecast. The survey of 800 IT decision makers has revealed that business owners’ worst fears are soon being realised, as 57% of UK enterprises have reported a rise in phishing emails in the past three months – with 47% targeted specifically at their organisation or an individual. When it comes to anticipating an attack, 73% believe a malicious attachment in an email will be the most likely way they’ll be infected by ransomware. This news comes just days after the Queen officially launched the National Cyber Security Centre (NCSC) in London. Helping to back a £2bn government effort to fight cybercrime, the centre is part of intelligence agency Government Com... »

Businesses Kiss Goodbye £8.72bn Managing Expenses

Businesses Kiss Goodbye £8.72bn Managing Expenses

UK small businesses kiss goodbye £8.72bn every year by just managing expenses, it’s been revealed on Valentine’s Day. A survey of 1,200 small firms, conducted by Soldo and YouGov, has revealed that employees who work for smaller enterprises spend just over four hours a week completing financial admin, including invoicing, accounting, expenses, budgeting and forecasting. While money can’t buy you love, the resources in real cash terms needed to complete the management of expenses actually equals billions of pounds. When respondents were asked to identify particular struggles, day to day cash flow management was signaled by 15% as being a significant problem – with the smaller the business, the more likely they’d struggle. Just last week, it was revealed that 35% of small firms waste t... »

UK Small Businesses Expect Profits To Increase 4% Year-On-Year

UK Small Businesses Expect Profits To Increase 4% Year-On-Year

50% UK small businesses expect their profits to increase 4% year-on-year, according to a global study of 3,200 small firms. The American Express Global SME Pulse has revealed that a majority of respondents are generally optimistic about the world economy over the next 12 months, with 14% of British-based businesses look forward to revenue growth of at least 8% over the same period. In terms of profitability, 57% of UK small enterprises are forecasting a net profit of 4% per annum over the next three years, while 22% forecast net profit in excess of 8% over the same period. When it came to priority areas of investment for UK respondents, 79% said reacting quickly to changing business demands was their biggest, 63% said it was applying the latest technology, while 60% said it was developing ... »

Small Business Investment Options: A Legal Perspective

Small Business Investment Options: A Legal Perspective

Many businesses need investment to be able to develop their product, launch it to market or expand into new markets. The common route is to get an equity share or bank loan – but whilst these are readily available options, they are not without pitfalls and obstacles. As a leading entrepreneur law firm we have worked with many companies, investors and financial groups looking for investment. This has given us a unique perspective on the risks and benefits of the different options available (from a legal and operational perspective). Our view is that before entering into any form of investment negotiation businesses must be armed with all the facts and options and, at the same time, fully understand their own needs. So what the top options available to you? Below we have outlined six o... »

5 Types of Salespeople Your Business Doesn’t Need

5 Types of Salespeople Your Business Doesn’t Need

If you do a quick Google search for “how to become a more effective salesperson”, you’ll be greeted by hundreds upon hundreds of articles outlining the key habits salespeople should be adopting to ensure they hit their quotas on a consistent basis. Less common are articles exposing the negative habits that many sales professionals fall into: those that aren’t always immediately obvious, but nevertheless serve to hamper performance in the long-term. This is particularly problematic for team leaders, who may already lack visibility into the activities of their salespeople. An immediate solution is to build a deeper understanding of the different types of ineffective salespeople. Here are five of the biggest offenders, and the best ways to turn their bad habits into positive, performance-enha... »

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