Winning a major deal with a large organisation can be a landmark moment for a small growing business. Securing and running that first big contract is often one of the top reasons why entrepreneurs set up in the first place. Yet, it can be blessing and a curse. While the deal might have been won due to a compatibility of ideas and a strong desire to work together, the SME has to bend over backwards in adhering to the strict payment and procurement terms of these enterprises. This, unsurprisingly, can impact profitability, morale and the desire to take on additional larger clients.
The UK tech sector recorded the best growth performance for almost a decade in the last quarter of 2013, according to the Tech Monitor UK report by KPMG and Markit. This means it has never been a more exciting time to be part of the UK tech start-up scene. This growth is great news for budding entrepreneurs that are keen to take their own ideas to create a business.
With extensive reform programs in place, and strong growth on the horizon, Typhoon Yolanda has hardly made a dent on the Philippine economy
So you have just received the dreaded brown envelope from HM Revenue & Customs (HMRC) announcing that it has some concerns about your tax return. Don’t panic, as Wolters Kluwer’s CCH tax expert, Neil Tipping, has some practical advice for Fresh Business Thinking readers.
Numerous businesses across the country rely on company cars, not only for their operational function but as an important component to an attractive reward scheme to entice and retain employees. Consequently, it is crucial for organisations to keep abreast of new policy developments and tax changes that will financially affect fleets and company cars.
There’s a bit of a driverless car ‘Space Race’ on at the moment, with the likes of Google, Audi, Volvo, BMW all working hard to develop and demonstrate driverless cars in action.
Jean Miller, CEO of InvestingZone, the equity crowdfunding platform, explains why the UK economy needs to be rebalanced towards business investment in SMEs.
Commercial finance can be a confusing area for accountants and business owners to navigate. An online search for accounting terms can often lead to glossaries packed with over 1000 entries – and many of these are almost impossible to understand.
So, we’ve compiled a list of the most important accounting terms related to credits, debits, finance and cashflow, as these form the lifeblood of any SME. We’ve tried to explain them in a way that will make the most sense to company directors.
Access to cash is vital to small business operations. Disappointingly more than a quarter (29%) of SMEs told us they are not able to grow because of a lack of access to cash . Whether it’s to cover invoices that are paid late, or a desire to take advantage of discounted stock prices, access to cash is critical to small businesses. However, over half (51%) of those we asked think traditional lenders aren’t interested in lending to them . Something clearly isn’t working with the current system and small businesses are suffering as a result.
Intellectual Property, or IP for short, is something that is overlooked by many business owners. It’s often considered to be the preserve of businesses producing ground-breaking innovations, but in fact IP is something that all business owners should consider.
Selling your business can be one of the most exciting things you will ever do in your working life; a turning point for you to change your career, start a completely new business, take up a hobby more seriously, or simply have more time to devote to your family. Equally, it could turn out to be one of the most disastrous, as the path to freedom is strewn with pitfalls. Before you groan in despair, take the time to read my tips, not all of them obvious, which should help you towards a successful sale.