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.
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.
Posted on 26th June 2014 in Finance.
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.
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.
There’s little doubt now that the UK economy is on the mend. The CBI’s latest Growth Indicator showed output volumes in the three months to February growing at their fastest pace since records began; the Office for National Statistics (ONS) has confirmed GDP grew strongly in the fourth quarter; and British Chambers of Commerce (BCC) said it expects the economy to finally match its 2008 peak in the second quarter.
Businesses are yet to feel the effect of the lending boom.
Although UK mortgage lending during April was 36 per cent higher than a year previous, net lending to companies has fallen for almost seven consecutive years.