I’ve always found the fun side of setting up and running your own business is identifying something people want and then persuading them that your solution is the best one for them. But every business has another side to it, which is equally important in deciding how profitable your enterprise will be – costs. Even if you’re selling the right stuff and selling lots of it, if your business costs are too high then you’re not going to make money. So I reckon that paying close attention to your business costs is as critical to your success as the fun bit.
Jen Sena, Customer Service Director at business energy supplier Opus Energy, shares advice on switching energy suppliers and managing energy for busy business owners.
Despite countless calls for change and the introduction of various codes and charters to address the problem, late payment continues to be one of the biggest issue facing small businesses today. Indeed it seems to be getting worse with a survey from the Federation of Private Businesses showing that 23% of its members reported an increase in late payment over the past year compared with just 3% who reported a decrease.
Almost every businessperson says they want more clients, or they want to sell more products. Either way, we are all looking to build our businesses and make more money.
If you sell goods or services to customers, it’s likely that you’ll also have to invoice those customers for the work you’ve done. But what information are you actually required to include on your invoices – and is there anything you can add that can help you get paid faster?
It’s easy for small firms in the UK to underestimate the significant impact the summer months can have on their cashflow, and this year’s World Cup will only serve to exacerbate the problem.
Recent statistics have outlined that the financial technology sector is one of the strongest sectors in the UK economy, with investment jumping 177 per cent in the first quarter of 2014 compared to last year. It is clear that this is a large growth area for the economy, and why wouldn’t it be?
Emma Cooksley-Lewis, Director of C2It Commercial Collections, has extensive knowledge on how to get SMEs to maximise their potential. Here she looks at how financial management can help guide small businesses to a safer future.
High growth tech startups often need to raise multiple rounds of funding. In a competitive marketplace if you only grow organically by reinvesting your own cash-flow, then you can easily get left behind. Each round of external funding into your company adds much needed cash that can be spent on marketing, R&D and product development.
Here is a simple truth: there would be more jobs if there were a better understanding between banks and the businesses that want to borrow from them. But this appears to be lacking.
C2It Commercial Collections’ Emma Cooksley-Lewis knows how to help SMEs maximise their business potential. Here are her top five tips for staying out of financial trouble.
Organisations are now starting to realise the importance of travel and expense management (T&E) as strategically significant. However, business intelligence specialists, Aberdeen Group suggest many companies cannot establish which expense management system will be most effective for them.