In spite of the rise of online sales, the majority of business-to-business transactions are still carried out on credit: goods or services are delivered, an invoice is raised, and payment is made some time afterward. Credit is necessary in any developed economy in order to stimulate growth: using credit as a substitute for cash is essential because very few businesses have sufficient cash to pay “on delivery”. It allows people to acquire goods and services without having to save [...]
DELEGATION OR EMPOWERMENT? AND WHY THE LATTER IS DANGEROUS THING Good business owners/managers have always recognised the value of being able to delegate work to their teams. After all, it makes no sense for the managers to hog all the work for themselves, does it? That just leads to working 60-70 hours a week, for minimal reward, and all sorts of health and social issues. Managers who recruit the right staff with the right skills; who train their people to [...]
I read two articles today which, on the face of it, were totally unrelated. On reflection however it occurred to me that, in fact, they were simply different sides of the same coin. The first, which appeared on the “Construction Enquirer” website, outlined the dangers facing contractors in the construction industry, caused by a massive, and rapid expansion in activity. It referred to a “tidal wave of work”, which the industry is likely to have difficulty dealing with because [...]
I found this great video: http://www.businesszone.co.uk/topic/finances/funding-no-substitute-duff-business-modelvideo/56687. The headline is actually a little misleading because, given the remainder of the content, it could be subtitled: "How to Give your Business the Wow! Factor", or "Could your Business Function without You?" Either way, it is inspirational and an example of how, with even a small initial investment, if you have the drive and organisation, you can build up a profitable business.
A personal liability notice ("PLN") issued by HM Revenue and Customs seeks to make a director personally liable for the company's unpaid PAYE and National Insurance debts; however they may only issue a PLN if it appears to them that the failure of the company to pay its tax liabilities is "attributable to fraud or neglect on the part of one or more individuals who, at the time of the fraud or neglect, were officers" of the company. Directors may [...]
One of the questions business owners often ask us is: “Why is it so important that I should systematise my business?” Our standard reply is: “What would happen if you got into your car after work tonight but never got home?” It usually takes a few seconds for this to sink in, then a little light bulb moment occurs: in most cases, the realisation is that there would no longer be a business. The problem with many SMEs, even larger [...]