May 25, 2011
Filed under: Small business — Alan @ 6:11 am
A husband and wife team on North Tyneside have recognised the need for ad hoc workspace for budding entrepreneurs. Helen and Mark Reed, who founded the Newcastle Business Village in Benton, Newcastle in 2009 have just opened the latest development on the village. The Newcastle Business Hub offers flexible office and meeting space for those who don’t have premises of their own.
Helen Reed spoke about the hub, saying that it offered invaluable assistance to those looking to start up a business or run a home based business. They had discovered just how many professionals in North Tyneside were trying to go it alone, and tailored the new business hub to make life easier for them. The hub was officially opened by the mayor of North Tyneside Linda Arkley, who said this kind of centre was vital for fledgling businesses.
She said that there would be times that those who operated from home full-time would benefit from the chance to socialise and meet fellow professional. It also offers the use of traditional office space should they need it. Mayor Arkley went on to at that there was an increasing number of small businesses across Tyneside who were at the stage where they didn’t need permanent office space but would benefit from access to it should they need it.
A former director of the Mills Group, John Porret, is running his ‘Unique Magazines’ subscriptions business from the village and has nothing but praise for it. He started with 4 people in one office 18 months ago, now to the growth in his business, the village has supported the expansion and he has doubled his staff, workshop, office and warehousing space.
April 25, 2011
Filed under: Small business — Alan @ 10:55 pm
HMRC (Her Majesty’s Revenue and Customs) has come under fire from some tax advisors as it starts the trials planned in a new clamp down on the bad records which are being kept by some SME’s, (small and medium sized enterprises).
The HMRC is of the opinion that some small enterprises vastly need to improve on their record keeping and approximately 1200 SME’s are the initial targets in the programme. The aim of this programme is to check the records of 200,000 SME’s over a four-year period, and hopefully raising £600m for the Exchequer at the same time.
The visits had always been scheduled to start in July but HMRC then decided last month to begin what it described as a ‘test and learn’ trial. This was to determine that the criteria tax inspectors are fully versed in what they are looking for in the records to identify errors and spot where tax has been underpaid.
CIOT (Chartered Institute of Taxation) has protested strongly about their lack of consultation over these trials. The protest has been so strong that HMRC has been forced to amend a letter it sent to the targeted enterprises clarifying the basis of the trials.
The Deputy President of CIOT, Anthony Thomas, has publicly accused HMRC of purposefully starting the programme early and of tackling the problem of inaccurate record keeping in completely the wrong way. He is of the opinion that HMRC should have involved tax advisors in the education of SME’s regarding record keeping.
April 16, 2011
Filed under: Business equipment,Small business — admin @ 4:10 pm
If you’re starting up in business or already own a growing venture then office space is always an area where it’s possible to get a better deal, just as long as you know where to look. Thanks to the internet, it’s now quick and easy to use a comparison website in much the same way as you’d go hunting for broadband or mobile phone deals.
What’s on offer?
If you use the services of an online comparison website to look for desk or office space you’ll immediately find that the best thing about it is convenience. Since the recession has been rolling on many existing businesses are looking for ways to maximise the spare space they have available, so it’s very likely that you’ll be able to get something at a great price.
When it comes to the options on offer then there is a wealth of locations and office types to choose from. What’s more, you’ll find that it’s possible to rent everything from a single desk in a shared office right up to renting whole offices. The desk option is a great idea for any one-man band operations or for people who don’t want to work from home.
In addition, by renting a desk in an existing office block you’ll probably get an instantly credible postal address and a possible location in the centre of a town or city. Business parks also have these options available too and generally speaking even the most rudimentary desk space rental will come with the likes of broadband and utilities included. These deals can be cheap and flexible, so if
you’re working to a tight budget then they’re worth investigating.
Bigger and better
If your business is on the up and you need to expand more than that then think about searching deals on shared offices or serviced offices. The serviced route means that you’ll get a lot more included.
This could add on things like receptionists, post and IT services. Again, the benefit of going down this route is that the deals will invariably be highly flexible. You’ll probably be able to move in almost instantly and costs are generally included in one simple bill.
Leased space is another option to look at if your business requires offices that can be tailored to suit your branding and the lease will probably allow you to make amendments to thing’s like the décor and furniture. Costs might be higher and you’ll probably have to sign up for a longer contract while you’ll also have to return the office to its original décor when you move out.
Nevertheless, this is a good concept if you have a venture that needs to expand beyond the confines of your current office setup.
About the author: Rob Clymo writes on behalf of Office Genie, the UK’s first proper online marketplace for desk space and shared office space.
April 7, 2011
Filed under: Business Finance,Business Tools,Small business — admin @ 4:03 pm
March has been a volatile month and not just for the financial markets. The continuing unrest in the Middle East, including the UN led intervention in Libya, has had a marked effect on oil prices and many publicly-listed enterprises, which saw their share prices rise or fall considerably during this period. The Japanese earthquake and tsunami also created huge fluctuations in the market, especially due to the rapid appreciation of the Yen against the Dollar and Pound as a result of investor speculation surrounding the carnage wrought by the disaster. As an investor, keeping track of your portfolio during such times can be problematic, but fortunately, reconciliation software is available to ensure that your company is fully aware of the latest trends in the global markets.
Reconciliation software enables bankers, hedge fund managers or any individual with shareholdings of any size to be kept fully aware of the state of the markets and of their investments. A software platform such as UnaVista, which is fully online and automated, allows an investor not only to track how their investments are performing against a pre-defined set of criteria, but it will also highlight any investments that are indicating risk and flag them up in your data.
This allows a manager or business to quickly and easily identify any potential risk and take appropriate action. Global incidents that have occurred in March this year have highlighted the need for such powerful, intuitive and real-time software to enable businesses to understand the impact of such worldwide events on their investments and to respond accordingly. The fully automated system allows the buying and selling of shares quickly and easily, even from home. Once you have received a trade confirmation, post-trade data can be shared near instantaneously via a confirmations portal, allowing businesses to pass on information quickly and easily.
Furthermore, an online service such as UnaVista also has an inbuilt transaction reporting feature that meets all current regulations regarding reporting the information from any given transaction, ensuring that the data is validated, up to date and accurate. This not only complies with the minimum standards enforced by the Financial Services Authority, but also helps your client evaluate performance which serves as an invaluable business tool.
Through the use of UnaVista, it is now much easier to identify areas of risk in your portfolio and take the relevant action and decide whether now is the time to sell, or the time to invest and taking a look at the events of the month of March, it now looks like there could be a silver lining to the tumult.
With key sectors reeling from the fallout of recent world events, this has had a knock on affect in other sectors. As the Yen continues to surge after the events in Japan, this has led to an unstable market where shares that once performed well are now at rock bottom prices. In addition, other shares are now performing very well; especially those linked to any future rebuilding effort and the combination of these factors means that March looks like a wise month to carefully invest by identifying those key markets and by using reconciliation software, doing this successfully becomes much easier.
March 12, 2011
Filed under: Small business — Alan @ 12:41 am
In September of last year, the FSB sent a letter to Eric Pickles, the Communities Secretary, urging the government to make sure local small businesses were properly represented in the eight new Local Enterprise Partnerships that took the place of nine Regional Development Agencies.
Policy Chairman for FSB, Mike Cherry, expressed concern that some of the proposals put forward did not reflect the interests of local businesses, which they called the “driving force” behind economic growth.
In a recent report called “Tourism – a Passport to Growth”, the Federation of Small Businesses has called on the government to re-think its tourism strategy, saying that currently proposed measures are just “tinkering” and not sufficient to “unlock the true economic potential” of the tourism industry in the U.K.
FSB said that proposals to move the Bank Holiday from May to autumn and instigate a “double summer” are woefully inadequate. They have called on the government to reinstate funding that went to the RDA’s and seems to have disappeared just when communities represented by LEP’s need it the most. They also requested that responsibility for the tourism sector be switched from the Department for Culture to the Department for Business, Innovation and Skills, giving it more “clout” where it counts.
Easing tax and regulations on the tourism sector and allowing local authorities to keep part of the revenue from business rates to reinvest in promoting their tourist economy could have a significant positive impact on overall economic growth, according to FSB. Such measures would help promote job creation and regeneration, especially in the more rural areas.
March 6, 2011
Filed under: Small business — Alan @ 6:35 am
UK mobile phone giant T-Mobile just announced that they are bringing out 4 four new monthly payment plans targeted at small businesses. They will also be the only UK network to offer six month business contracts with a free phone.
The other new plans are one which lasts for 18 months with the benefits of a 24 month contract, a flexible 24 month contract and a new month by month plan on SIM only.
Martin Lyne, the director of SME Marketing at T-Mobile tells us that their business customers were apprehensive about entering into long term contracts in the current economic climate, and these plans give them the flexibility they need when they need it.
Geraldine Brooks, a customer of T-Mobile and a small business owner welcomes the new plans. As she puts it- a small business these days can’t predict how well it will be performing in a years time.
There is also talk of a competition running alongside where a new small business customer can win £2000. Entries close on April 1st.
February 24, 2011
Filed under: Small business — Alan @ 3:14 am
The Time to Train program promoted by the government may not be beneficial for workers of the medium or small businesses (SME’s).
If a company has had more than 250 employees as of April 2010 those working for these companies have had the legal right to ask for training. Yet this has not be enacted for the private sector fully yet.
Ministers are dragging their heels even longer trying to predict the full implications of applying the same policies to SME workers. The minister of further education, skills, and lifelong learning, John Hayes, said “This is critical to people and our economy that each person have training available. However, there is a fine line between putting too many restrictions on SME’s and providing for training. We are hesitating only so we can more fully study the ramifications of these new regulations being expanded to SME’s.”
Not everyone is happy with the decision to wait. The Trades Union Congress has criticised the government for thinking twice about opening the door to SME’s for Time to Train. Brendan Barber, general-secretary said, “Our skills focused approach is being undermined with this hesitation.” He indicated that the program was needed because only a third of companies ask their employees to train for new skills and SME’s try not to think about it at all.
The Time to Train program promoted by the government may not be beneficial for workers of the medium or small businesses (SME’s).
If a company has had more than 250 employees as of April 2010 those working for these companies have had the legal right to ask for training. Yet this has not be enacted for the private sector fully yet.
Ministers are dragging their heels even longer trying to predict the full implications of applying the same policies to SME workers. The minister of further education, skills, and lifelong learning, John Hayes, said “This is critical to people and our economy that each person have training available. However, there is a fine line between putting too many restrictions on SME’s and providing for training. We are hesitating only so we can more fully study the ramifications of these new regulations being expanded to SME’s.”
Not everyone is happy with the decision to wait. The Trades Union Congress has criticised the government for thinking twice about opening the door to SME’s for Time to Train. Brendan Barber, general-secretary said, “Our skills focused approach is being undermined with this hesitation.” He indicated that the program was needed because only a third of companies ask their employees to train for new skills and SME’s try not to think about it at all.
February 20, 2011
Filed under: Small business — Alan @ 3:54 am
Business Continuity Planning should be the focus for SME’s in 2011, according to one of the biggest insurance groups in the world, Aviva. The research was an outflow of the Bi-annual SME Pulse of Aviva and conducted Online. The survey involved 500 business owners and focused on methods used by SME’s to operate their businesses.
One of the main areas of questioning involved Business Continuity and Disaster Recovery Planning. The research in this area was shocking. 50% admitted to having no plan whatsoever. 28% said they had indeed developed one, and 16% claimed it was unnecessary for their kind of business.
The results are especially telling for data loss disasters. There have been many studies revealing that businesses quickly close up shop following data loss disasters. This means that business owners are taking the risks far too lightly.
The estimates of how long SME’s can recover and return to normal trading were troubling as well, though it is business type dependent. A third of SME owners believed they would be back to normal daily business inside of a week. 31% thought it might take them a full month. Less than a fifth claimed they were completely covered by insurance and had a full plan in place. The survey uncovers the grim fact that most SME’s lie open to disaster and grave losses.
If an SME will plan, backup data, and meet continuity requirements, losses from downtime will be low. Many businesses would be devastated being out of action for a week, or a month. Losing long-term clients would ruin their reputation and destroy their business.
January 29, 2011
Filed under: Small business — Alan @ 4:01 pm
CEO of Ounces2Pounds the gold party organizers Krista Waddell stated that almost two thirds of all new businesses start small from one’s own home. She added that out of those most of the new businesses are born from mothers attempting to start a career that allows them to stay at home with their kids.
Enterprise Nation reported in a new analysis that every week about 1,400 new home small businesses are started which makes home businesses more popular than any other type of start-up business.
Waddell explained that even with the advances of women in the workplace there is still a great deal of pressure for moms to stay at home and raise their children which is why they often look for a solution that allows them to avoid nursery care but still stay successful in their own right.
Stay-at-home mums are responsible for setting up the most home-businesses followed by young people and the over 50s.
“The home-business is a route is an excellent way to bring people into employment who might otherwise not contribute to the economy,” said Ms Waddell, whose company is included in The Guardian’s top 50 good ideas for home-working.
Ounces2Pounds and cosmetics giants Avon and Body Shop are all reporting a huge up take the numbers of stay-at-home mums who are offering the services as party organisers and home-workers.
Ounces2Pounds are active supporters of Enterprise Nation (the UK’s resource for home-workers) which advises government of small and home enterprises.
“We are proud to sponsor this year’s Home Business category of the Enterprise Nation awards for £3, 000,” said Ms Waddell. “Ounces2Pounds has seen a huge increase in the number of stay-at-home mums who are applying to be party hostesses.”
Almost one third of the UK workforce is employed by home businesses (28%) and they produce a combined turnover of over £364 billion.
Karren Brady has recently joined Avon Cosmetics to mentor their part-time female home-workers. The vice-chairperson of West Ham United FC has taken on the role because she wants to be able to motivate self-employed women.
“One of the key messages for all women is that you don’t have to have an ambition to run a global bank and you don’t have to be at home just running a family,” said Ms Brady.
“There is a combination between the two things; there are other opportunities out there to find that combination.“
Founded in 2006 by Emma Jones Enterprise Nation has grown to become the largest community of home-workers in the UK. Their website contains invaluable information about home business, lifestyle and technology as well as videos, competitions and a community forum.
January 21, 2011
Filed under: Small business — Alan @ 6:11 am
The biggest banks in the country will be lending less than expected to small and medium-sized enterprises this year, at the same time as former bosses of Barclays, HSBC and Lloyds could be earning more than £3million in pay and benefits, the Sunday Times reports.
The widely-reported lack of bank lending, prompting fears of a ‘double-dip’ recession, led to “Project Merlin”, involving discussions between the Government and the ‘big five’ banks in Britain – Barclays, HSBC, Lloyds, Santander and RBS. According to the Bank of England, these five, plus Nationwide, account for around 65% of lending to business.
Discussions are nearing a close and agreement, according to Treasury Minister Danny Alexander on Sunday. Alexander, speaking to the BBC, said, “We are trying to have a settlement with the banks that enables the economy to move forward. The most important things are to secure additional lending for the economy, particularly for small business, and for the banks to show some responsibility about pay and remuneration to reflect the justifiable public anger.”
The likely agreed lending figure will be somewhere between £160-180million, compared to the £200million envisaged by the Government. A pay deal has not yet been agreed for current employees, by contrast to their former managers.
It remains to be seen whether Project Merlin will be able to pull a rabbit out of the hat and spark a strong economic recovery.
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