Minimum contribution rates under automatic enrolment are due to rise from 3% to 5% for employees and 2% to 3% for employers from 6 April 2019. The Department for Work and Pensions (DWP) says its research suggests saving behaviour is sticking: the first increase in minimum contributions which took place last year has not prompted […]
If the UK leaves the EU on 29 March 2019 without a deal this could have an impact on any EU Intellectual Property or Trademarks held by a business. At this point in time it is not clear if EU trademarks would be applicable in the UK post Brexit. If you own intellectual property rights […]
If the UK leaves the EU on 29 March 2019 without a deal the there may be considerations needed for your current and future workforce You may need to:. 1. Review all EU employees currently working in your business and ascertain whether they are applying for “Settled status” by 31 December 2020. See the Employer […]
If the UK leaves the EU on 29 March 2019 without a deal, the government’s aim will be to keep VAT procedures as close as possible to what they are now, providing continuity and certainty for businesses. However, there will be some specific changes to the VAT rules and procedures that apply to transactions between […]
Uber has lost a landmark case over worker rights, entitling UK drivers to minimum wage and sick leave. The Court of Appeal upheld a 2016 ruling, refuting the ride-hailing app’s claim that its drivers are self-employed. Earlier this week, the government said that it would look into workplace policies to help preserve gig economy jobs. […]
A savings scheme to help lceland staff save for Christmas could end up costing the supermarket at least £21m, after it was accused of breaching minimum wage rules.The scheme allows low-paid staff to have a sum deducted from their weekly paypacket and placed into a separate account, to be returned on demand, usually at Christmas. HM Revenue […]
Having a good memory or a strong command of maths may have once rated high on your list of professional skills. But now that devices handle those tasks, the World Economic Forum is urging workers to skill up for the future. Analytical thinking, initiative and ideation will overtake manual dexterity, time management and speaking abilities. Managers may […]
In December 2018 HMRC published guidance on the taxation of cryptoassets. HMRC confirms that: Most investors will be subject to Capital Gains Tax on gains and losses.. It will be rare for investment in cryptoassets to be regarded as trading, although ‘mining’ is likely to indicate a trading activity. A capital loss may be claimed […]
A third of all energy generated in the UK last year was from renewable sources, according to climate research and news site Carbon Brief. Drawn from UK government data, the analysis found electricity generated from fossil fuels fell to a record low. The UK has cut its carbon emissions by more than 43% since 1990, but is still not […]
Business magnate Richard Branson, founder of the Virgin Group, believes that employers should put their employees before their clients. “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients. Most businesses put customers first while employees are just secondary. Employees are the branches […]
Open plan offices and the use of messaging apps have encouraged always-on, constant collaboration at work. But research from Harvard’s Ethan Bernstein suggests that we develop more, and better, solutions to problems when we take occasional breaks from the group so we can ponder on our own. Such intermittent collaboration strikes an ideal balance between […]
With August 1 marking Earth Overshoot Day, the point during the year that we will have consumed the ecological resources and services that Earth can regenerate in one year, it is clear that something has to change. The circular economy requires a significant shift in mindset, starting with the design process, which must ensure that […]
Lack of clarity around the Brexit process is hitting preparations for business after the UK leaves the EU, with only a third of finance professionals in large businesses reporting their organisation has started scenario planning and just 20% of those in small organisations, according to a poll. Around eight out of 10 of the respondents […]
HMRC have updated guidance on how to allocate the apprenticeship levy allowance across multiple PAYE schemes and/or connected companies and charities. Pay Apprenticeship Levy explains when the apprenticeship levy needs to be paid and how to report payments. The guidance has been updated at the section about ‘how to allocate your allowance’. The apprenticeship levy […]
The most successful entrepreneurs focus on their mental and physical fitness. The two are inextricably linked. Most IronMan triathletes are senior business people and successful entrepreneurs. A good workout helps to clear your mind and prepares you to face the daily challenges of your business.
It is long established that training costs learning new skills is not tax deductible for self-employed. This is because costs of learning new skills is deemed by HMRC to be capital not revenue expense. The government are now consulting on extending the scope of tax relief currently available for work-related training costs. As with all […]
Good governance is not about making the right decisions but about ensuring there is a good decision-making process used in the business. In a large enterprise, the management board will have a team who are charged with ensuring the firm adheres to the principles of good corporate governance as is expected of a large organisation. […]
Your business may benefit from convening a focus group. This will require you to gather a group of customers together in order to discuss your business. Here’s how it works: 1. Schedule a meeting at a desirable location, such as a restaurant or a hotel, with either lunch or dinner provided 2. Contact a group […]
The 80/20 rule (also known as the Pareto Principle) says that 20% of your activities generate 80% of your results. From this, we derive principles such as 20% of your customers generate 80% of your revenue. Do an analysis – group your customers together by “family” and related entities and see how closely this applies […]
If your customers have complaints that are appropriately resolved, they can become better customers than those who haven’t complained. Authorise your people to fix problems without any “run around”, just as they do at Ritz Carlton Hotels. Give your people the authority to send a customer a bottle of wine, flowers or whatever is appropriate […]
Undertaking a survey of your customers should go beyond the issue of customer satisfaction. You want to enhance your understanding of your customers’ needs and wants, recognise your weaknesses and identify new opportunities to expand your business. Some customers may be reluctant to give you their real, unbiased opinions if you conduct your own survey, […]
More and more businesses are outsourcing various functions in order to focus on their main areas of expertise. Ask yourself these questions: What are we doing that is not one of our core proficiencies? What do we do that we don’t do well? What could we potentially outsource? As an example, many companies have outsourced […]
Technology is a major driver of business profits. Here is a list of innovations you may want to implement in your business: 1. Document management systems (going paperless) 2. Electronic workflow 3. Multiple monitors 4. Portals 5. “Cloud” computing 6. Customer relationship management (CRM) software There are significant benefits to going paperless: Increase in productivity […]
Theodore W. Garrison (1998) notes in his article “The Magic of a Marketing System”: “Have you wondered how Ray Kroc managed to get teenagers in California, Illinois, Florida, and Maine to produce the exact same fry? It is really quite simple; McDonald’s starts with the same kind of potato. Each potato is cut into fries […]
Key performance indicators (KPIs) are the statistics you track to determine how well your business is doing. If you’ve been running your business for a long time, you will probably have developed your own KPIs, even if only on an informal basis. We think there’s merit in formalising your KPIs and setting up a system […]
Once you have a business plan, move on to setting targets for the short and medium term. Do this together with your team, making sure everyone understands them and how they will be achieved. Then make sure everyone agrees that they are achievable. If your team isn’t willing to agree on this, go back to […]
Planning is a key element to running a successful business. To get where you want to go, you’ll need a business plan. Most businesses don’t have any kind of plan. So, start with a simple plan that pinpoints what you want to achieve. A business plan is used to get backing. This can be as […]
Before you design your logo or write a clever slogan, you need to identify your USP. This is what gives you an advantage over your competitors as it differentiates you from them. So what constitutes an effective USP? A winning USP: Makes a proposition to the customer that you will provide a specific benefit to […]
The Porter Generic Strategy Model suggests that businesses are most successful when they target one area of the market only. Rolls Royce, for example, goes after a niche market with a high degree of differentiation. Asda, on the other hand, goes after a total market using a low price strategy. Where is your business on […]
The most profitable small businesses all have one thing in common: The owners’ personal objectives are congruent with their business strategies. Our third tip in our Grow Your Business series is to look at what really matters to you. You can then keep these priorities in mind as you plan your business. As a prompt […]
If Part 1 of this new series was the all time most obvious business growth tips, part 2 is one of the oldest. A worthwhile thought process nonetheless. DO A SWOT ANALYSIS As part of your business planning process, conduct a SWOT analysis to help you identify your company’s: Strengths Weaknesses Opportunities Threats Use this […]