business finance

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... »

Pension Freedom: A Source of Business Finance?

Pension Freedom: A Source of Business Finance?

Since the 6th April 2015, anyone over the age of 55 can use accumulated pension fund in any way they wish, including taking their entire pension pot out in a single lump sum. Small business owners looking for funding to support or grow their companies have been weighing-up the potential benefits that pension freedom might bring. However, the practicalities may prove less attractive. The new rules do not alter the fact that only 25% of an accumulated, untouched, pension fund is available tax-free. Any further withdrawals are subject to income tax in the year they are taken. For most small and medium-sized enterprise directors that will probably mean hitting the higher rate tax band of 40% or 45%. As with any type of funding, there are also other influencing factors to consider beyond the pe... »

Cost Cutting Tips for Your Small Business

Cost Cutting Tips for Your Small Business

Regardless of whether a company is growing successfully or beginning to decline, businesses will always look to cut costs to help boost turnover and drive up revenues. And though a streamlined business that cuts down on wastage and unnecessary costs is one more likely to be successful; doing so without compromising on productivity can be a challenge. Getting your staff on board to help is fundamental to this as slashing costs without explaining why will create a disgruntled workforce and hinder your ability to introduce cost effective measures. That said it is likely you will have to make some ruthless decisions in order to save money. Key areas in which to cut costs and questions you need to ask as a business owner include: Business travel and accommodation: Limit staff business trips and... »

A Third of Small Businesses Have Never Changed Finance Provider

Firms that do switch are turning to alternative lending, with two fifths believing it to be cheaper A third (37%) of small and medium-sized firms have never changed finance provider, according to a new survey, so are potentially missing out on better rates and alternative offerings due to complacency. The research, provided by Close Brothers Invoice Finance (CBIF), revealed that of the small and medium enterprises that have switched, a third have chosen to go with an alternative finance provider rather than a traditional lender – with the CBIF revealing that invoice finance is the most popular choice. Two fifths of the companies that switched believed alternative lenders would be cheaper and 37% of firms felt they were more flexible. For the companies failing to switch, the main reasons be... »

Small Business Finance: Making the Right Choice

By Lloyds TSB Commercial If you are looking to take advantage of new opportunities and grow your company, funding is often the key. The best place to start is with your business plan. Spend some time creating a clear, strong plan with financial forecasts, clearly thought out for the next three to five years. Anticipate issues which may require additional finance and take factors such as industry regulation into account. This will give you – and your bank – a clearer view of which options will meet your business’ needs in the short, medium and long-term. At Lloyds TSB Commercial, we will help you explore a variety of funding options and help you make a choice that is right for your business – we have outlined some of these below. Factoring and invoice discounting all... »