Some businesses move from year to year making small adjustments but never stretch themselves for the big achievements. Other more ambitious businesses, and their leaders, try to find a way to achieve leaps forward that at first sight look too hard or possibly foolhardy. Some succeed and others fail. Without setting ambitious goals, taking calculated risks, implementing careful strategic planning and proactive problem solving along the way, the big leaps are rarely made. I would like to draw an analogy with a group of middle aged mountain bikers that I ride with most weekends, typically covering 12-15 miles on local technical trails. There was a collective desire for a more challenging project to stretch us. Various options for a suitable longer trek were discussed at “team meetings” - aka post-ride drinks at the pub. This compares with business strategy meetings where ideas are floated, discussed, filtered, and prioritised. In January 2018 the … [Read more...]
How To Set – and Keep – Your New Year’s Business Resolutions
Make twelve New Year resolutions for business, one for each month! By breaking them down into workable pieces, you’ll actually get them done. Our local Bollywood-style keep-fit class in my local area is led by Nikita, an instructor who has inspired me on more than one occasion. At our recent pre-Christmas dinner celebration, she surprised me with her response when I asked if she had made a New Year Resolution by answering ‘Actually I’ve made twelve!’ It turns out that in 2017, she implemented a different resolution every month. I found myself hanging on to her every word, relishing her answers, and inspired to the core at this extraordinary young woman. As I listened, I got excited thinking about the projects I had let slip and was yearning to get back to. She told me that by having a new resolution each month, it ensured that they actually happened. They didn’t feel onerous. Better yet, she nipped procrastination in the metaphorical bud. She … [Read more...]
Dividends, salaries and pensions for company directors – could you save tax by acting now?
If you are a company owner/director you probably don’t need reminding that we live in a constantly changing world of pension and tax regulations. That said, how confident are you that you have acted to ensure you are managing your personal and business tax affairs efficiently in light of recent changes? Below we have listed a few things to consider when talking to your tax advisors. If you take dividends, you have just a few weeks to save future tax - don’t assume that because the new regime affects the year from 6th April 2016 there is nothing you can do now. Instead take the opportunity to both act now and plan ahead. Regardless of when your company year end is, if you have sufficient funds (after corporation tax liabilities have been considered), award yourself higher dividends before the 31st March and save dividend tax that will be payable next year. New tax on dividends – what does it mean for you as a company owner/director? At the moment … [Read more...]
Auto-enrolment staging dates
Auto enrolment is the statutory requirement to have a pension fund for all your employees who must be enrolled automatically unless they specifically request in writing you to be excluded. There are penalties should you as an employer exerts undue influence on their decision making. The cost is extensive administratively as well as financially. … [Read more...]
Forensic Accounting
Forensic Accounting is a branch of accounting that describes the work of an accountant who investigates and reports on the financial activities of a business or individual with the aim of producing information for the settlement of disputes. Forensic means “suitable for use in a Court of Law.” Some of the uses of Forensic Accounting information are:- Economic damages calculations, losses suffered from a tort or breach of contract. Post Acquisition disputes such as earnouts or breaches of warranties Bankruptcy, insolvency and reorganisations Fraud Business Valuation – Going and gone concern. Computer forensics and discovery. Family disputes for the valuations for divorce etc. A forensic accountant will: Collect all the data. Data preparation and processing Analysis of the information to produce information. Reporting the findings of the investigation. An example of forensic analytics would be to review … [Read more...]
“The Apprentice” Delivers Good Business Lessons
The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company. It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points. Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task. Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up … [Read more...]
"The Apprentice" Delivers Good Business Lessons
The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company. It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points. Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task. Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up … [Read more...]
"The Apprentice" Delivers Good Business Lessons
The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company. It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points. Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task. Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up … [Read more...]
>”The Apprentice” Delivers Good Business Lessons
>The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company.It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points.Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task.Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up with … [Read more...]
>"The Apprentice" Delivers Good Business Lessons
>The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company.It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points.Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task.Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up with … [Read more...]
>"The Apprentice" Delivers Good Business Lessons
>The recent edition of the BBC TV programme "The Apprentice" was good entertainment. But it also provides some interesting insights into running a business whether it was a simple one like selling DVD experiences to the general public or running a large company.It can be fashionable to deride 'business' programmes such as "The Apprentice" but nevertheless close observation can deliver some excellent learning points.Planning. This is the most essential ingredient of any task or business. In the most recent episode the hapless team leader, Sandeesh Samra, failed to plan the task and failed to get her team operating effectively. She even opened her 'store' one hour late losing some potential business which could have won her the task.Sales Strategy. To make up for a lack of sales Sandeesh decided to drop her prices by 25% after only four hours. This is a cardinal sin in sales. She did not look at how the team were selling and she did not encourage the rest of the team to come up with … [Read more...]
>Poor Sales Performance Wrecks Chances at Exhibition
>At a recent exhibition I attended, almost no one manning the booths and stands did a good job. Almost no one asked for my contact details, no one asked me what I was interested in; no one asked me what I did! They would have then gone back to the office and told their colleagues that it was not a very good exhibition.To participate in an industry or sector exhibition, whether national or local, is not a cheap option. If the same amount of money was spent on another part of the marketing mix, the board would want to know why and what was expected from this expenditure. Yet this does not always happen with exhibitions. Often the reason to participate is given as ... well our customers will think we have gone out of business if we don't. With the advent of all the various forms of electronic communication this is arrant nonsense.Once the decision has been made to attend an exhibition a great deal of planning needs to be carried out. The aim is to maximise the benefits of this … [Read more...]
>Poor Sales Performance Wrecks Chances at Exhibition
>At a recent exhibition I attended, almost no one manning the booths and stands did a good job. Almost no one asked for my contact details, no one asked me what I was interested in; no one asked me what I did! They would have then gone back to the office and told their colleagues that it was not a very good exhibition.To participate in an industry or sector exhibition, whether national or local, is not a cheap option. If the same amount of money was spent on another part of the marketing mix, the board would want to know why and what was expected from this expenditure. Yet this does not always happen with exhibitions. Often the reason to participate is given as ... well our customers will think we have gone out of business if we don't. With the advent of all the various forms of electronic communication this is arrant nonsense.Once the decision has been made to attend an exhibition a great deal of planning needs to be carried out. The aim is to maximise the benefits of this … [Read more...]
