Shane Donnelly's Posts

A Brexit Bank Holiday Could Earn Small Businesses An Extra £3bn

A Brexit Bank Holiday Could Earn Small Businesses An Extra £3bn

UK small businesses could earn an extra £3bn this bank holiday weekend, as UK shoppers choose to holiday at home. According to a report by Worldpay, the previous May bank holiday saw in-store card transactions rise 7% – compared to the same time last year. Particularly benefiting the services industry, pub spend was up 25% over a regular weekend, while restaurants (21%), tourist attractions (35%) and hotels (17%) also experienced increased footfall. Not surprisingly, the areas benefiting most from the long weekend are more traditional tourist spots such as Cornwall, Brighton and Edinburgh – where in 2016 spending increased by 11%, 6% and 5% respectively. It’s suggested that in a post-Brexit Britain, a higher cost of foreign travel will cause UK shoppers to holiday domestically.... »

5 Common Mistakes When Networking

5 Common Mistakes When Networking

Believe it or not, the art of networking is a skill. A skill that needs to be honed and polished with time invested in order to get your desired results. That result could be an unpublished job that has your name on it or the deepening of business relationships for future business opportunities or simply you want to surround yourself with like-minded individuals who can help you move forward personally or professionally. Whatever your reason for networking it can certainly work for you. But there are five common mistakes we make when networking which reduces the power of in-person relationship building: 1. No clear focus of what you are trying to achieve Ultimately what is your end goal. What are you trying to achieve? You have to build this into a plan. A plan you can commit to which outl... »

4 Simple Ways To Cut Costs While Boosting Business

4 Simple Ways To Cut Costs While Boosting Business

Every business owner wants to keep costs as low as possible. However, it’s important not to fall into the trap of being penny wise and pound foolish when you’re looking to reduce your overheads. While it’s great to shave a few hundred pounds off your annual expenses, this is totally counterproductive if it’s going to cost you tens of thousands in missed opportunities. However, there are plenty of ways to cut costs in your business without hampering growth. Here, we’ve brought together four of the best — read on to find out how they can help you keep your expenses down and accelerate growth. Become more energy efficient If you’re looking to cut costs in your business, the first place you should look is your energy efficiency. Most business owners don’t realise just how much of an impact thi... »

Lax Recruitment Process Leaving Businesses At Risk

Lax Recruitment Process Leaving Businesses At Risk

UK small businesses are leaving themselves at risk to stunted growth and potential legal action, due to a lax recruitment process – according to a report by Xref. The Xref Referencing and Recruitment Risk Index,which surveyed 1,000 UK employees and job-seekers, has revealed that 23.5% were not asked for either a character or employment reference when they most recently applied for a job – with 23% admitting their referee was never actually contacted. Worryingly, 45% of respondents even confessed they have lied to a potential employer, with the most common embellishments concerning their work experience (36%) and qualifications (28%). An important consideration for businesses, 48% of those surveyed admit they deliberately exploited careless recruitment practices – with 32%... »

Should You Franchise Your Business?

Should You Franchise Your Business?

Simply put, franchising is a business model which looks to expand a business idea and its goodwill by licensing the right to use its trademarks (IP) and brand to an independent entity whilst also providing an operating system and support.  There are many benefits to franchising but what is involved and is it the right option for you? Why would you franchise your business? It can be an effective way to grow your business brand when you do not have the capital or personnel to expand yourself. Accordingly, a franchisor can indirectly invest in its business and spread the financial risk, but share the gains and knowledge of a successful commercial idea. As such franchising can be a very cost-effective route for scaling-up a business, provided that you can demonstrate that your business is succ... »

Accessing and Maximising Entrepreneurs Relief On A Company Sale

Accessing and Maximising Entrepreneurs Relief On A Company Sale

It is often on a disposal of a business where tax considerations can have a considerable impact and with good planning, business owners can achieve a tax efficient exit. Entrepreneurs relief (“ER”) is often the key consideration for shareholders in achieving such a tax efficient exit and this article summarises some of the common tax issues and opportunities that business owners should consider in preparing for an exit. Entrepreneurs relief – what is it? ER provides for a 10% rate of capital gains tax on qualifying disposals up to a lifetime limit of £10m. This is clearly an attractive rate of tax for UK resident individuals and ensuring that this relief can be utilised as well as maximising use of the lifetime limit are key considerations to business owners on an exit. Accessing entrepren... »

Three Weeks Before The General Election, Just 19% of Small Business Owners Support A Hard Brexit

Three Weeks Before The General Election, Just 19% of Small Business Owners Support A Hard Brexit

Less than three weeks before the general election, just 19% of small business owners support a ‘hard Brexit’ – according to a report by Chartered Management Institute (CMI). The survey of over 800 managers has revealed that 43% believe access to the single market and free movement of people across the EU should remain once the UK officially leaves – something the current government has ruled out should they be re-elected. When asked for their top business wishes for the next government, securing trade deals with non-EU countries is a priority for 66% of enterprise owners as businesses begin to ‘think global’. Guaranteeing the rights of existing EU residents (58%), investing in capital infrastructure (53%), maintaining investment in the Apprenticeship Levy (30%) and promoting UK... »

35% of Businesses Owners Spend Most Of Their Day Doing Admin – Though Just 4% Believe It’s a Priority

35% of Businesses Owners Spend Most Of Their Day Doing Admin – Though Just 4% Believe It’s a Priority

35% of UK business owners spend the majority of their day doing admin – though just 4% believe this is a priority task, according to a report by Immervox. Their Management Pressures and Productivity report, which surveyed 144 businesses, has revealed that UK firms are struggling to achieve increased profit because they have to concentrate their efforts on more menial tasks – such as filling in spreadsheets. While small firm owners believe that innovating, planning, and customer service are the three most crucial areas of their business – few can devote any time to them Other barriers to growth include disorganisation (25%), followed poor internal communication (15%), slow internet (12.99%) and more ad hoc tasks (12.99%). For larger enterprises, antiquated IT systems was signalled by over h... »

UK Employers In The Dark About What Their Employees Really Worry About

UK Employers In The Dark About What Their Employees Really Worry About

29% of UK workers are unhappy in their job, but their employers don’t know why – according to a survey by Neyber. Their 2017 DNA of Financial Wellbeing, which surveyed over 10,000 employees and 500 employers, has revealed a disconnect between what UK workers worry about, and what their bosses believe are their main concerns. Of the respondents, 33% of workers said that money problems are their greatest concern, followed by their health (29%) and achieving a good work / life balance (28%). How To Spot The Signs Of Poor Employee Mental Health At Work In stark contest, when bosses were quizzed on what they feel matters to their subordinates 43% believed it was work life balance, 40% believed it was workload, 38% said career development – while just 33% pointed out financial security. Small bu... »

FSB Say Businesses Must Invest In Cyber Security

FSB Say Businesses Must Invest In Cyber Security

UK small businesses have been strongly urged to invest in cyber security, as many of their larger counterparts are still suffering in the wake of last week’s global ransomware attack. The Federation of Small Businesses (fsb), which was briefed by the National Cyber Security Centre on specific small firm concerns, has said businesses should also take out necessary insurance and avail of its expert cyber advice line for more information. Seven million cyber crimes are committed against UK small firms every year, with victims paying an average of £3,000 and 2.2 working days to repair the damage. With these stats equating to 19,000 attacks everyday, the threat is a very real one. Top 10 Essential IT Security Questions You Need To Ask Yourself Dave Stallon, commercial director at fsb, commented... »

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