Finance

From tips on handling cashflow to obtaining government grants and setting up a credit control system; our finance section contains everything you need to know about raising investment and managing your small business money.

Solving Your Cashflow Problems and Keeping Your Business Out of Trouble

Solving Your Cashflow Problems and Keeping Your Business Out of Trouble

Most companies at one time or another will experience a bump along the financial road – those that deal with it best are those that tend to look beyond just next month’s salaries and actively manage future cash requirements by having a good understanding of how the next few month’s trading will impact cashflow. The best and most obvious way of doing this, is by producing cashflow forecasts and regularly updating them. Not too many directors/owner managers are qualified in the art of producing such information, but everyone in business should have some basic understanding of the monthly costs being incurred. How to produce a cashflow forecast With this basic information and knowing roughly what the likely sales will be over the next three months, it is extremely simple to put together a bas... »

How to Manage Tax Efficiently: 5 Simple Steps

How to Manage Tax Efficiently: 5 Simple Steps

Small businesses face many challenges; however, finance can be one of the hardest to get to grips with. It can be a major distraction from the day-to-day ‘doing’, and many businesses simply don’t have time to keep abreast of ever-changing tax rules and regulations. This often results in a lack of confidence in how to manage the business in the most tax efficient way. However, a sound financial footing is the bedrock for any successful business which is why it’s crucial to have a firm understanding on matters including taxation, storage of accurate business records and regulatory compliance – right from the start. Communication with HMRC Although dealing with the tax man may seem daunting, it is crucial that you remain in contact with HMRC, and especially HMRC advice when it comes to paying... »

How to Deal with Late Payments As a Small Business

How to Deal with Late Payments As a Small Business

It’s a fact that can be a little hard to swallow at times, but there will come a point within your time of owning a business where payments will be late. It starts as business as normal; the brief was set, the work was completed, the invoice was sent – then……nothing. The time has come when you need to chase the payment, but let’s be honest, it’s not the most desirable part of the job – especially for us painted smile and gritted teeth super polite British folk. A survey conducted last year suggests that the average small to medium businesses in the UK are owed £40,857 in unpaid invoices, with more than 50% of the total being overdue. 1,000 businesses were surveyed, and 23% of them said that these late payments have put them at risk of closing. Chasing a late payment can be one of the most ... »

How Alternative Finance Could Accelerate Your Business Growth

How Alternative Finance Could Accelerate Your Business Growth

So you’ve survived the early stage of your business and you’ve decided that it’s time to take the next step. There are many avenues you can invest your time and money in, and alternative finance can be an ideal way to fund projects aimed at expanding your business. Alternative finance is the internet’s answer to traditional bank loans and options can include peer to peer (P2P) lending, crowdfunding and unsecured business loans – you can even get business loans with bad credit much more readily than in the past. Here are five ways you can utilise alternative finance to take your business to the next level: Upgrade your online presence Sixty-four percent of all in-store sales were influenced by the internet in 2015, making it more important than ever to elevate your online visibility. From y... »

5 Ways You Can Exit Your Small Business

5 Ways You Can Exit Your Small Business

For many entrepreneurs and business owners, deciding to exit your business is one of the most critical decisions you could make in your professional career. After tirelessly dedicating years to ensuring the growth of your company, winning new clients and hiring new staff, you’ve finally decided now is the time for you to leave your legacy in someone else’s hands. Once you have made this significant decision, you then need to think of the best exit strategy for your circumstances. Whether this be handing the business over to a family member or a straightforward sale to a third party, navigating the labyrinth of exit strategies is a decision that requires careful consideration. So what are the key options? Handing over to a family member Transferring ownership of your company to a relative a... »

5 Ways Your Business Will Never Run Out of Cash

5 Ways Your Business Will Never Run Out of Cash

Access to finance is an ongoing challenge for many small businesses. Traditional routes for raising capital are often less flexible and some finance options, such as overdraft facilities, are dwindling in their availability. To ensure their own survival and growth, small businesses need to put in place processes that manage their cashflows better than ever before. Credit control – seeing red Outstanding customer invoices, if allowed to accumulate, can ruin a small company that relies on regular income to cover operating costs. A robust credit management system that monitors overdue payments and follows proper processes to recover the debt, can mitigate this risk and is simple to implement. Outbound credit communications, for example a standard monthly statement and letter, can help y... »

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... »

Financing New Equipment: What You Need to Know

Financing New Equipment: What You Need to Know

The capital outlay required to purchase new equipment can be intimidating – especially for a new business. Equipment finance allows you to spread the burden out over a period of weeks, months or years, gaining access to the equipment in the meantime instead of paying upfront. Technically, this can work out as the more expensive option but as long as you choose the right deal it could benefit your business in the long run. However, the wrong agreement could see you burdened with a long-term contract that makes little financial sense. This article includes: How to find the right financing deal for your business The benefits of equipment finance The different forms of arrangement available Where to get further help and advice What are the benefits of equipment finance? There are many benefits... »

How to Manage Subsidised Loans as a Small Business

How to Manage Subsidised Loans as a Small Business

Obtaining a loan as a small business is notoriously tricky as many don’t have the valuable assets needed to provide security for a bank. Subsidised loan schemes like the government’s Enterprise Finance Guarantee (EFG) scheme could provide just the lifeline you need to obtain finance when it is difficult to come by elsewhere. This guide includes: A guide to the subsidised and guaranteed loan schemes available in the UK Information about the Enterprise Finance Guarantee scheme How you can find a local or bank-supported loan guarantee scheme elsewhere Tips on how to boost your eligibility for a subsidised loan Where to go for further help and advice What is the Enterprise Finance Guarantee scheme and does my business qualify? The Enterprise Finance Guarantee (EFG) scheme is delivered by the B... »

Managing Your Money and Your Business: A Guide

Managing Your Money and Your Business: A Guide

For anyone striking out as an entrepreneur for the first time, the stakes are often high. Owning and managing a small/medium sized business means that your own personal financial affairs are likely to be tied up in those of the business. It’s crucial that you always consider how your business is affecting your financial situation – whether you have been running it for two weeks or 20 years. This guide aims to help you control the flow of personal finances into and out of your business – how to manage the investments you put into the company and the income/profits it provides you with in return. Furthermore, it will help you choose the business structure that benefits you most financially, learn about tax advantages, how to withdraw profits and make investments, how to manage an exit, and m... »

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