November 27, 2010
Filed under: Business Finance — Alan @ 4:31 am
According to recent reports, the UK financial strength core for business is doing better than one might expect. The financial strength core measures a business’s projected possibility of lasting, without insolvency, for the next twelve months.
The recently released pole shows a rise in the financial strength core of UK business. The number of insolvencies in October 2010 was down when compared to those failures in 2009. The overall trend depicts upward movement in financial core strength since May of 2010.
Wales, for one, saw a slight increase in its financial core strength. While all the nations and regions of the UK witnessed a drop in insolvency from 2009 to 2010, Scotland had the best performances with the lowest overall rate of business failures.
The North East and Yorkshire saw the best rate of improvement between 2009 and 2010. The Greater London region was once again the area with the weakest financial core strength. Large companies had the biggest improvement in insolvency rates between the two years, while mid-size businesses experienced the largest increase.
Most of these statistics sound good and seem to be indicative of stronger UK business positions than one might have thought. Experts warn, however, that statistics are subject to interpretation and may indicate that businesses are hoarding cash reserves because of low confidence.
November 26, 2010
Filed under: IT — Alan @ 4:27 am
Business owners will want to insure that their current policies protect them against potential losses from cyber-criminals. Recently, a very successful criminal enterprise has developed which presents itself as an IT security firm offering advanced protective software for business.
In truth, the IT Security Professionals are IT criminal professionals, posing as security experts in order to gain access to company computer records. Soon after paying for the security software and downloading it to their computer, unsuspecting companies find that their digital data has been entirely hacked.
True professional computer security experts recommend that you remain with your current security provider and do any and all updates through them. Don’t trade out a trusted relationship for the promise of better protection and lower prices. Whatever unknown companies are claiming to be able to sell, you can already be provided by your current, trusted computer security expert.
No one company is so far ahead of another that they can give you dramatically better security options than your current provider. If you don’t have a computer security provider, get one. Talk to friends who are in business or local business organizations to determine who they use and who they trust.
Lastly, be certain that your business insurance protects against any costs and/or liability associated with data theft or corruption.
November 23, 2010
Filed under: Small business — Alan @ 10:49 pm
Small businesses are poised to do whatever it takes to save money in light of the government Spending Review, a current study reveals. At least half of the UK’s small businesses, with 10 employees or less, will switch all sorts of suppliers in order to save money. This involves a massive swapping out of almost £2 billion in services and supplies.
More than 80 per cent of the small businesses reported that they have known all along that changing suppliers could save them money, but they haven’t done so in 3 years or more. One expert explains this by saying that small businesses become complacent with their suppliers and don’t want to rock the boat or they get to know many of them on a close basis and, even though they realize they could save by switching, choose the devil they know.
Apparently all bets are now off due to the dwindling economy and the government affect on small business. Somewhere in the 50 per cent range say they intend to shop out all of their suppliers and servers to get the best deals they can. Others have particular areas of spending where they believe they can do better by changing providers.
Some of the areas targeted for change are energy and utility companies, banking, mobile telecoms, fixed telecoms, broadband, accountants, office supplies, and insurance. Authorities warn that this could have a ripple effect because a percentage of these suppliers are small businesses themselves.
It of course remains to be seen what exactly will happen, but some businesses have already begun switching and are reporting substantial savings by doing so. This may drive other small businesses to act on shopping out their accounts even quicker.
November 20, 2010
Filed under: IT — Alan @ 6:50 am
Cloudnet has a new savings program to encourage companies to use VOIP (Voice Over Internet Protocol) phone systems. Right now, if you choose Cloudnet as your Voice Over Internet Protocol provider, you can save £70 to £200 per handset.
Cloudnet will give away Siemens Cordless DECT phones or Grandstream Internet phones. This free handset offer remains in effect pending 1 January 2011. Cloudnet Connect is especially geared for businesses that want to avoid large set up charges. The service starts at about £8.50 each month plus calls.
The system utilizes all of the advanced business telephone utilities such as call recording, voice mail and call divert. All phone calls inside the Cloudnet Network are free, as are branch to branch calls. The system is Plug and Play Voice Over Internet Protocol, so there are no capital expenditures. You get free phones, along with online PBX. The international and national calling charges are low.
Cloudnet representatives say that in comparison to IP phones, their Voice Over Internet Protocol system, with free handsets, offers the best telecommunications options for businesses looking to reduce phone costs. Cloudnet claims to have the most cost-effective and easily installed Voice Over Internet Protocol system for small business applications.
November 19, 2010
Filed under: Business Advice,Business Finance — admin @ 10:44 am
MBNA has announced that it is going to provide all its customers across the UK with the option of using contactless credit cards, enabling the purchase of goods in retailers around the country to become more time-efficient. The announcement came as MBNA, the leading credit card lender in Europe, tries to enhance its offerings to the public and businesses, whilst all the while maintaining high standards of credit card security and protection.
Contactless credit cards are going to hold more influence during the next two years, and 10 million cards with contactless technology are already in use. When combined with the credit cards used by MBNA customers for personal finance, over five million MBNA contactless cards will be introduced to the market. As this new exciting phase of purchasing begins, businesses need to ensure they have the correct technology, such as readers, for these contactless cards to be used successfully in their stores; allowing more customers to be served in a quicker timeframe.
When a retailer adopts contactless technology, compatible credit cards can be used for transactions up to the value of £15. As identity fraud is still an issue, the reader requests PIN numbers for purchases at random from a consumer, allowing for the identity of the customer to be verified at random. For businesses, this also enhances the use of credit cards as a payment method, as some prior machines requested a minimum transaction value for cards to be used. Meanwhile, whereas other machines accepted card transactions of all amounts, a surcharge may have been levied for low-value purchases. It is hoped this new technology will make businesses more accessible to consumers who prefer to use card over cash.
Businesses benefit from the traditional credit cards deals of their consumers by making sure they have the technology to accept payments. Now, retailers need to ensure that contactless credit cards in their kiosks, particularly after data collected by MBNA found that 75 per cent of survey respondents said contactless technology would reduce the waiting time they experience in queues, and two-thirds said that it would simplify using credit. Through satisfying the wishes of their customers, a survey of 1,000 people also found that businesses would benefit too, as four-fifths of companies believe that it will make the transactions they have with customers more productive.
One frequently-asked question, was whether or not payments can be charged to a card twice accidentally. However, just like with chip and PIN, businesses need to input the payment into their cashiers before the contactless card is required. This means that, for companies, using contactless technology is no more difficult than conventional credit card machines, which will still be required after the switchover.
Similarly to traditional credit cards, accounts using contactless technology still operate from the same MBNA Visa and Mastercard systems, allowing clients to shop in the same retailers as they normally do. For smaller transactions, there is no disputing that contactless cards will enhance the purchasing experience, as payment is accepted after placing the card over a contactless reader. By eliminating swiping and card insertion, as well as inputting a PIN number for all purchases, businesses will be able to improve their productivity and complete transactions far more quickly in the future. Many retailers are beginning to realise the merit of contactless technology, as the Co-operative, Little Chef, coffee shops like Caffe Nero and Pret a Manger and convenience stores like Boots and Spar are starting to roll out the latest readers across their branches. In the immediate future, plenty of other influential retailers and businesses are likely to follow.
November 18, 2010
Filed under: Small business — Alan @ 4:07 am
In the constant struggle for small businesses to secure funds from their banks it has been suggested that switching banks might be a good idea. However, upon further investigation it seems that switching banks for a small business can be as much if not more of a nightmare than being tied to one with reluctant purse strings.
The FSB has suggested that changing some of the current rules might be helpful. It is looking for faster, cleaner methods of switching that should take no longer than three days. Right now, a small business enterprise looking to make a banking switch can find itself stuck in financial limbo for as long as 10 business days.
Recent surveys of banks operating on the Internet have found no great relief there either. The best performer is said to be Santander, with its recent takeovers of several other institutions.
In a poll conducted by eBay, Santander scored highest among banks in the areas of new finance and customer satisfaction. Only 20 per cent of their customers said that they had problems securing new loans and less than 20 per cent were compelled to rely on overdraft measures.
Compare this to Nat West, who touts itself as Britain’s “most helpful bank” when some 50 per cent of its customers say it has been anything but obliging since the recession. Add to that the fact that nearly 40 per cent of RBS customers (including Nat West) say that they have been unable to obtain new financing. Running right on the cheap heels of RBS and Nat West is HSBC who has denied financing to about 40 per cent of its own small business customers.
November 16, 2010
Filed under: Business Advice,Business Books — admin @ 12:37 pm
Brilliant Email is a new book from email expert, Dr Monica Seeley, which shows you how to save time and be more productive with email. The result is less stress and up to an extra hour every day which most people would use to have a ‘real’ lunch or take some exercise.
To find out what men and women would do with an extra hour, Monica, also known as the EmailDoctor, is running a survey. The most popular is to go for a ‘proper lunch’ with a colleague, friend or client. Close second is exercise such as a brisk walk, a jog/run or improving their golf handicap; and third is to chat to a colleague in person/make time to talk to staff and listen more. Other answers include going home on time; spending more time with family; reading one of 20 novels waiting to be read and finishing a patchwork quilt started when pregnant for the ‘baby’ who is now three years old.
Most of us suffer email overload and addiction to our inboxes. Much of it, according to Monica’s research for Brilliant Email, is caused by ineffective and inappropriate use of email. This includes the big time stealers like; over use of cc’d email, dealing with unnecessary email or emails which should never have been sent because a conversation or instant message would have been more effective. Writing the book, she explains, was her way of sharing the expertise and the many short-cuts to more productive email she has developed while working with a broad range of companies and individuals over the years. 
Using many ‘real-life’ examples, Brilliant Email, is easy to dip in and out of and is packed with useful tips and hints. It has already been described by leading management expert, Professor Cary Cooper as ‘a must for overloaded emailers’. And by well-known business author, Mike Southon as ‘a jargon-free, pragmatic and effective approach to communicating brilliantly using email’.
Dr Monica Seeley, comments; “The fact that most people, if they could get an extra hour in their working day, would spend it getting out of the office for lunch, taking exercise or a chat – reflects the overload that everyone is feeling. The virtual world of communication is very exciting but we have to balance it with time for face to face relationships. It’s not too grand a claim to say that better email management will not just save time, decrease stress and increase productivity, but it will also enhance the quality and effectiveness of our lives.”
November 13, 2010
Filed under: Small business — Alan @ 8:38 am
Small business owners are getting ready to take another hit from the government, it has been reported. The new government pension rules will affect many small business operations to the tune of about £2,550 annually.
A typical small business employing four workers with average earnings of at least £25,000 will have to find the extra money because of workers automatic enrolment in pension.
The new rules, set to go into effect by 2012, force enrolment of anyone earning £7,475 who is employed by the same company for 90 days running into the company’s pension scheme. The worker will contribute 4 per cent of his or her earnings, while the company must contribute 3 per cent.
Small business spokespeople say that while small businesses recognize the need to save for everyone’s future, the automatic pension enrolment rules will force many businesses out at present.
This is just another difficulty being brought upon small business, which already carries a disproportionate share of the national economy on its back. By 2017 all businesses must be invested in the pension scheme.
November 11, 2010
Filed under: Small business — Alan @ 4:44 am
To further prove the detachment the small business community feels from government these days, a Forum of Private Business study has revealed that a majority (89 per cent) of small businesses believe that the coalition government does not understand its impact upon the small business community.
This was revealed as small business owners and operators were asked if they think that this government will do anything to reduce red tape in the conduct of small business operations. Most, obviously, said not.
This is to some extent contrary to what you would have expected from small business owners, who have traditionally been supporters of the Conservative Party.It is indicative, say experts, of the government’s failure when it comes to helping small businesses and the small business community’s growing lack of confidence in any legislation.
November 7, 2010
Filed under: Loans — Alan @ 1:17 am
In a move that defies the banking system, the British people have decided to fund viable small businesses throughout the country. Within 10 weeks of its origin, the social lending site Funding Circle @ www.fundingcircle.com is a declared success.
Funding Circle’s purpose is to finance small business directly at rates more affordable than currently offered by the banking community.
More than thirty businesses have taken on loans from Funding Circle, including a t-shirt printer from London and a water treatment business in Scotland. The average interest rate charged by Funding Circle is right around 8 per cent, which is considerably lower than the current bank rate of 12 per cent.
The average size of a loan is £30K. Lender/investors range in age from 18 to 80.
Borrowers can obtain a loan of £5,000 to £50,000 that are for a duration of one to three years. The loans are repaid via monthly instalments. The money is sourced from many different investors who compete in order to provide the borrower the best possible rates.
The lenders set their own interest rates and the borrowers accept the lowest rate. To date, investors have earned an average of just above 8 per cent on their investments, which is considerably higher than letting the money sit in a regular or savings account.
Borrowers are thoroughly researched by experienced underwriters, just like at a bank. Only proven credit worthy businesses are allowed to participate in the process. Borrowers are then divided into risk groups so investor/lenders know exactly what they are taking on in funding any particular business. With the middleman cut out, both investor and borrower do better than they would with any bank.
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