Contract Negotiations: What Small Business Owners Need to Know

Contract Negotiations: What Small Business Owners Need to Know

Ensuring that contracts between a business and its suppliers are legally water tight is important for a company of any size but especially so for small enterprises and start-ups as costly and time-consuming legal battles could quickly result in closure for cashflow-restricted small firms. Negotiating the business and legal terms of a contract can be tricky and yet it’s essential that it is carried out to protect both parties involved and it’s vital that the people involved know how to deal with all aspects of the process. Here I have put together seven guiding steps to help you understand who and what is involved when setting up a contract with a supplier to help you avoid any potentially fatal legal fights. Confidentiality and your business-supplier contract For negotiations that need to ... »

Almost Quarter of Entrepreneurs Still Rely on “Gut Instinct” Despite Power of Data

UK business owners who align their firm’s strategy to data state it gives them a competitive edge Only 23% of UK businesses use data technology to make effective business decisions, despite 44% of entrepreneurs considering it to be an important influence in giving their firm a competitive edge, according to a recent survey. The survey, which featured 600 businesses, found that although nearly half of the respondents are aware of the potential in utilising data, only 40% believe that their business is effectively doing so. The research also shed light on what were the main barriers to businesses owners’ adaptation of data analytics; lack of knowledge in the area and an inability to distinguish what was important due to excessive sources and types was named as the biggest challenge, followed... »

Three Quarters of Small Business Owners Will Work through Christmas

One in five small and mid-sized business entrepreneurs will have no break during the holidays Research has revealed the majority (76%) of small business owners resolve to work throughout the holidays with 17% planning to take no time off at all. The findings, which come from a survey of 500 small and mid-sized firms, found that over half of the respondents plan to work at least three hours a day with 15% stating they will work more than half a day. Younger business owners seem better at balancing work and home life, with just 17% feeling they need to improve it compared to 42% of business owners aged 55 and over. The disparity between older and younger generation business owners appears to be primarily due to a focus on bottom lines, as 71% of older business owners believe it will directly... »

A Third of Small Business Owners Find Workload “Exhausting”

62% business owners say running a business is a “a constant challenge” but many struggle to pass responsibility on to staff A new survey has revealed over a third of small business owners find running their own business “exhausting”, with 38% admitting that being an entrepreneur is harder than they had expected. The research, conducted by YouGov, found that although business owners are struggling with workloads – 62% of entrepreneurs find running a business a “constant challenge – they are failing to share the responsibilities with their staff. 37% of respondents stated that they struggled to leave employees in control to take time off and 56% worry that staff will make errors in their absence. The main areas of difficulty for small business owners were also revealed with 32% struggling wi... »

Start Up Britain Summer Bus Tour hits the Road

A double-decker bus full of entrepreneurs and business experts will be touring England and Wales from today to give on-the-spot help to would-be business owners. The Start Up Britain summer bus tour will be calling at 14 locations between 22 August and 23 September, including Bristol, Cardiff, Birmingham, Nottingham, Sunderland, London then Sheffield, where it will feature in the MADE: The Entrepreneur Festival. On board the bus will be well-known national and local entrepreneurs, including Start Up Britain founders and the likes of Rob Law, the founder of Trunki. Representatives of major companies that supply small firms as well as local media editors will also be on hand to speak to new and prospective entrepreneurs about the many aspects of running a small business, from opening a bank ... »

Consumption Trumps Consumerism for High Street Entrepreneurs

A third of independent high street shops are now cafes, pubs, restaurants and takeaways Independent clothes retailers and newsagents in decline Hairdressers and beauty salons thriving Independent and start-up hospitality businesses, such as restaurants, pubs and cafes, are trumping independent retail stores on the high street, according to research by Simply Business, the largest business insurance provider in the UK. A study of 75,000high street businesses quoted by Simply Business since 2008 shows that last year 31% were restaurants, pubs or cafes, an increase of two per cent since 2008. In contrast, the number of independent clothes shops has declined, making up only five per cent of high street businesses in 2010, compared to six per cent two years ago. The results suggest that indepen... »

Ambitious Mums Unlock the Entrepreneur Spirit

Over a third of mumpreneurs set up their business to be their own boss A lack of career options for working mums is inspiring a new breed of mumpreneurs, a survey for Intuit, makers of QuickBooks financial management software for small businesses, has found. Despite improved working conditions for mums over the years, more than two in five mumpreneurs (43%) say they struggled to get back into work after having children because of the limited career opportunities available to them. Nearly half of mumpreneurs (48%) surveyed say they returned to work after having children however 47% of those found it hard to adjust. Finding it difficult to juggle work and children was also cited as one of the main reasons (48%), while more than 40% of mumpreneurs who struggled when they returned to work clai... »

Richard Branson Still Top Inspiration

Poll of over 1,000 global entrepreneurs puts Virgin boss on top Women role models still thin on the ground In a recent blur Group survey of more than 1,000 entrepreneurs from 75 countries in its Innovatrs Crowd, Richard Branson topped the list of inspirational entrepreneurs. Branson took a staggering 27.5% of the votes, with people citing his constant innovation of new products and ideas as the reason for his selection. Steve Jobs took second place with 16.8%, and Bill Gates came in third with 12%. Other interesting entries include Oprah Winfrey with 1.1% – which puts her on a par with Lord Alan Sugar. Sugar’s ‘The Apprentice’ US counterpart Donald Trump received 3.8% putting him in 5th place behind Warren Buffett with 4.8%. “Even though these entrepreneurs are building businesses ar... »

Entrepreneurs Revealed as UK’s Happiest Workers

Self-employed Brits are the happiest workers in the country, a new report revealed yesterday. Being your own boss, the flexibility and having more control over working hours saw more than six out of ten entrepreneurial Brits say they are ‘happy’ or ‘very happy’ with their work life. But in comparison, just over half of those employed by someone else said the same according to a study by DYMO. Almost a quarter even said they are ‘unhappy’ with their current career – almost double the 13% of self-employed Brits who said the same. The Future of Entrepreneurship report,  which outlines how working life will change over the next decade, has also uncovered that despite the impending gloom of a double dip recession, entrepreneurship and the number of people setting up their own businesses has bee... »

Entrepreneurs Adopt Innovative Work Methods to Survive

Almost 90% of small-business owners have adopted new ways of working to help their firm through recent tough trading periods, research from the Entrepreneur Country (EC) has revealed. The EC survey of 576 small businesses in June 2010 found that 85% have introduced new working methods and 94% are using free or low-cost technology and services. “Although we live in straightened times, those building businesses in this environment are adopting new technologies, services and ways of working as a way to survive and thrive,” said Entrepreneur Country founder and Online Dragon, Julie Meyer. The research also highlighted that one in five businesses now operate without an office, as they are happy for staff to work from home or on the move. “This confirms everything we are seeing,” added Ente... »

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