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Business finance can be complicated. Read on as we explain the ins and outs of commercial finance.
What does the Budget mean for small business owners?
Alistair Darling’s Budget has been met by angry criticism from many individuals representing the interests of small business owners across the United Kingdom. One of the first voices of discontent was David Rose, the chief executive of Growthwire. Rose believes that one of the main features of the controversial budget, the 50 per cent tax rate for high earners, is ignorant and will damage the ability of the country to create wealth. Rose pointed out the potentially crippling effects of this new tax rate on small businesses, since “at least half of those in [the] top two per cent of earners are people who risked their own capital and assets, as entrepreneurs, to start new companies and create wealth and employment”.
Time to Gear Up for Recovery?
The economy is no longer in free fall and a recovery next spring is likely, according to a renowned economic think tank. The Ernst & Young ‘Item Club’ has said that stabilising markets and the easing of credit conditions could mean that the worst of the recession is over.
When to use Asset Finance
Specialist Asset finance can be an excellent solution for companies struggling to survive in the current financial turmoil that is threatening the very existence of many businesses throughout the UK. But it should be used very judiciously.
How to maximise the potential of your workforce
Deciding to increase your workforce is a choice which you may have to make if you want your small business to expand in the future. However, these days there are so many different options when it comes to increasing your workforce that it can be confusing to know which route to take. The right choice for you will depend heavily upon the type of business you manage, as well as its size. Although the process of recruiting may take time and involve a significant financial investment, if you spend time carefully researching the process, you may find that it works well for you in the long-term. Before deciding how to recruit, you should think about your reasons for hiring.
Which Businesses to Buy
Buying a business today may make a lot of sense for the far-sighted business person. These are times of opportunity for those businesses that have prepared well for a recession and are well-financed or are asset rich enough to be able to generate finance through expert help.
Tips for Business Planning
The “Business Plan” has taken on almost mythical status for the uninitiated. Anyone starting from scratch can be forgiven for thinking of a business plan as a terribly complicated financial and marketing document that mere mortals couldn’t possibly begin to understand, let alone write for themselves. The good news is that this couldn’t be further from the truth. In fact, the more straightforward and understandable your business plan is, the more likely it is to be both used and to be understood by those who need to be able to follow it most closely – very often the financiers.
Protect against the negative effects of liability
There are few things more stressful, or potentially financially damaging, than being held legally liable for damage to property or to an individual. In cases where the individual pursuing a claim is successful, businesses may have to pay out for personal compensation, medical compensation, and legal compensation. As a small business owner, you may think that such a circumstance could never apply to you but worst case scenarios do sometimes come true, so it is worth planning for them well in advance.
Don’t forget to insure your company premises
Since the credit crunch began in earnest last year, many people have tried to cut down on expenses in any way possible. Unfortunately, too many individuals have decided that insurance is an expense worth cutting back on and this has, in many cases, ended up in more financial pain than gain. Insurance is something which you should always take into account when balancing a budget, even if you feel your business is in financial trouble.
Taking Out a Business Loan
In recent weeks, there have been various glimmers of hope for a future economic recovery. Most commentators agree that it’s far too early to talk about a real recovery and most agree that the worst may yet be still to come, but for the far-sighted business person, the news that recovery isn’t too far away may be the right prompt to action.
Professional Indemnity Insurance - Advice
If you’re running a small business, you may well have been advised to take out professional indemnity insurance. So what is it, do you really need it and how do you go about getting it?