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Think Business Coach

Being a business owner can be immensely rewarding. But it's also a highly pressurised and stressful position to choose. The business journey can be full of pitfalls and challenges that make it more difficult to meet your goals and turn your business into a success. The good news is that you don't have to travel this road alone. A business coach is your companion on the journey. A coach will help to shoulder some of the load, so you can get where you're going faster and with all the personal...

August 21, 2023

Changing Car Think Tax

Having the use of a company car is a great perk. But are you aware of the tax impact of a company car and how having this vehicle may affect your company benefits? Two of the key tax considerations related to company cars are the benefits in kind (BIK) tax charges incurred by the driver, and the tax deductions which benefit the company. At present, it’s also worth understanding the benefits of running an electric or low-emission vehicle....

August 14, 2023

Spreading your tax costs with Time To Pay

HM Revenue & Customs (HMRC) expects you to pay your taxes on time, and charges penalties and interest on late payments.  But if you’re finding it difficult to pay in full, HMRC can be approached to allow a Time to Pay arrangement, in most cases this will stop the penalties but interest will still be charged. A Time to Pay arrangement will allow you to pay your debt off in pre-agreed instalments, reducing the impact of a large tax bill – and helping you manage your debt and cash...

August 9, 2023

Requesting payment

Cash has always been king but it’s even more important during these times of economic slowdown. The slower the economy, the less cash is available in businesses, and the more likely it will be for some customers to be unable to pay. To protect your business and minimise the risk to your cashflow, follow these six steps to help ensure you get paid. 1. You must continue to enforce your Terms of Trade, however, your approach must change.Do not adjust your expectation to receive what you...

July 17, 2023

Sales levels are too low

It might sound obvious, but it isn’t to many businesses. If current sales levels don’t support the overheads and other cash demands on the business, then your overdraft will keep increasing. This means that your business in its current state is not viable (unless you have ongoing access to new funds from yourself, investors or financiers)....

July 11, 2023

Your Cash Lockup

There’s a massive difference between profit and cashflow. Profit increases when you create an invoice for work you’ve done or goods you’ve sold; cash increases when you bank the money. Your lockup equals the cash that isn’t in your bank account because it’s either in work in progress (you’ve done some work but you haven’t yet billed for it) or you have billed your customer but are waiting to be paid. There are two key processes that need to be improved to reduce the cash ...

July 4, 2023

Profit and Cash

The foundational goal of any business is to make a profit. As a business owner, that’s one of your key financial aims – to make enough sales, at a big enough margin, to generate profit from your work. But how does profit differ from cashflow? And why is cash king?...

June 23, 2023

Take care of yourself, not just your business

When the buck stops with you, it can be easy to let the pressure mount up and to discount your own wellbeing. But taking care of your own mental health is equally as important as taking care of the business – research from MYOB in Australia showed that 53% of business owners suffer from stress and anxiety relating to the running of their business So, what can you do to take care of your own mental health and work mindfulness into your usual routines?...

June 12, 2023

10 ways to improve business performance

Here are ten ways to make sure that you continue to drive through each business quarter with purpose, vision and the courage to super-charge your business....

June 9, 2023

Buy To Let Property Portfolio

Purchasing a buy-to-let property is an increasingly popular way to invest in your future and to give you and your dependents some financial security. But starting a property portfolio and becoming a landlord is something that requires plenty of thought before you dive in. We’ve highlighted four important areas to consider when purchasing a buy-to-let property...

May 30, 2023

Our Business Planning Service

If that is the case then it is time for action. Success is about planning; we want to help you achieve success. It’s essential to take time out from the day-to-day activities in your business to focus on your business; setting goals and establishing strategies to unlock your business potential. At the end of our business planning session, you’ll have a one page Business Plan to act as a guide map to ensure you’re on course for success....

December 5, 2022

Step 3 of Building a Better Business

This crucial step is so often overlooked. But without knowing your starting point, you don't know what your path to success looks like. It sounds obvious, but many business owners plan for the future without fully understanding where they are now....

November 23, 2022

Now, where, how

For any sort of planning, whether it’s your Strategic Plan, Business Plan, Route Plan, or Personal Development Plan, you must first know your starting point to plan your journey to where you want to go. The Now, Where, How mindset helps us recognise where we are now, then clarify where we want to be in the future, and determine how we’re going to get there....

November 14, 2022

3 Essential Tools

Business owners often feel like they're not in control of their business. The number of hours they're working starts creeping up, they start experiencing more stress, and it starts affecting their personal life. So, how do you regain that much needed control? How do we gain more financial, time and mind freedom? There are three essential tools all businesses must have: An annual Business Plan.An annual forecast.Ongoing reporting and accountability. ...

November 3, 2022

Profits or cashflow?

Making a profit is at the heart of running any successful company. But should profits be the only financial focus if you're looking to create a stable, long-term business? Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can't cover your overheads, you can't pay your team and you can't run your day-to-day operations – let alone think about expanding and growing the business. So, what’s needed is a healthy cashflow position AND...

October 17, 2022

How's the forecast looking for your business?

Whenever we're going on holiday or have plans for the weekend, we always check the weather forecast so we can plan accordingly. It’s no different in business. The forecast tells us if there’s bad weather (poor cashflow) in store based on the direction we’re heading....

October 10, 2022

Understanding your working capital to maintain business success

If cashflow is the lifeblood of your business, then working capital is the health check you should regularly undertake to keep your business alive. Knowing your working capital will play an essential part in maintaining business success during these times of greater economic insecurity....

October 3, 2022

Mini Budget or fiscal disaster? What the Chancellor announced

The new Chancellor of the Exchequer, Kwasi Kwarteng, now known as Kami Kwasi, delivered his first major fiscal announcement to parliament on Friday 23 September. Billed as a mini budget in the press, what was actually introduced was ‘The Growth Plan’, a raft of sweeping cuts and changes to legislation. The new measures have already been widely criticised – by both sides of the Houses of Parliament and by economic commentators across the political spectrum. Depending on your viewpoint, this...

September 27, 2022

Economic Threats

The Bank of England is predicting that the UK will dip into recession at some point in 2022, driven by multiple factors that are causing the economy to stall and falter. It is important to understand what  these key economic threats are? And how are they likely to affect your business in the coming months?After all you don't want your business to run out of cash....

September 14, 2022

The Five A's of Change

We've spent more than the past year responding to things outside of our control. Everyone has experienced huge change, a lot of it while in crisis mode. Upon reflection, some of the changes were inevitable. If we think about digital transformation and flexible working conditions, these were simply accelerated by Covid. With the commencement of another booster campaign we can hope that the worst has passed. However,  it’s important to pause and reflect on the changes you’ve made to your ...

September 5, 2022

Want to spend more time doing what you love?

That was probably a big draw when you started out. Chances are, you planned to spend less time in your business and more time with your friends and family. Then reality kicked in and you found yourself coming in earlier, staying later, and taking work home with you on the weekend. This probably wasn’t the life you'd imagined....

August 30, 2022

Need More Time - top tips

We all have the same 1,440 minutes each day, but some of us achieve so much more than others. We cannot create more time but what we can do is free up time to help lead a better business and ultimately achieve a happier life. How can we do this? by eliminating the top 10 time wasters....

August 23, 2022

Embrace Automation and Free Up Time

Did you know that small and medium-sized businesses are spending on average 120 hours a year on admin tasks, according to recent research. That is over three weeks! If your team are spending 120 hours wading through tedious and unproductive admin, that’s bad for the business and for your overall efficiency. Fortunately, technology and software automation can go a long way towards automating  low-level admin tasks which will free up time for more productive work or more time away from work...

August 15, 2022

The Achiever Matrix

Many of the fires being tackled can be put out by concentrating on doing the right things at the right time.The achiever matrix is a great tool to help you work on the right things.The Achiever Matrix is made up of four quadrants and helps you prioritise tasks based on their importance; allowing you to manage your time better and achieve more....

August 9, 2022

Understanding Your Profit and Loss Statement

Are you using all the information available to run your business or are you leaving it to chance? Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the P&L shows transactions over a specific period of time. This can be a month, quarter, financial year or any other period, and it can be a s...

July 29, 2022 Posts 1-25 of 74 | Page next
 

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