When you start a business you need to be aware of the risks you are taking. Government statistics show that 97% of new start-up businesses fail within 3 years. To prevent this from happening to your business you need to understand RISK. By understanding Risk you can apply yourself to the areas of the business which are really important for the survival of the business. Risk Management is a process of analysing what can go wrong with the business and what can be done to alleviate the problem in a cost-effective manner. Entrepreneurs need to be familiar with the likely occurrence of a risk and the consequences of such risks if they happen. Please see the diagram below: Quadrant 1 risks have the least impact and the least consequences to the business, whereas Quadrant 4 risks have the most damaging consequences and the highest likelihood of occurring. Therefore all risks need to be mitigated if the business is to be successful. Let’s discuss the four … [Read more...]
Should we do more to repatriate jobs to the UK
Are we missing a trick? Last week saw the US approving legislation to bring jobs back to America that had previously been outsourced to lower-cost economies. The measure is aimed at reducing America's 9% unemployment, and with the economic case for outsourcing no longer as compelling as it was 10 years ago this seems like a good idea. This begs the question - should we be doing more to repatriate jobs to the UK, to tackle our own unemployment? Bringing jobs back to America Congressman Frank Wolf reports that "legislation approved yesterday in both the House and Senate requires the Commerce Department to immediately set up a task force to examine what needs to be done to encourage U.S. companies to bring their manufacturing and research and development activities back to America’s shores. " "The department also must develop a list of “best practices” for states and communities to follow to help foster the repatriation of jobs that have moved abroad." Is this not happening already in … [Read more...]
Should we do more to repatriate jobs to the UK
Are we missing a trick? Last week saw the US approving legislation to bring jobs back to America that had previously been outsourced to lower-cost economies. The measure is aimed at reducing America's 9% unemployment, and with the economic case for outsourcing no longer as compelling as it was 10 years ago this seems like a good idea. This begs the question - should we be doing more to repatriate jobs to the UK, to tackle our own unemployment? Bringing jobs back to America Congressman Frank Wolf reports that "legislation approved yesterday in both the House and Senate requires the Commerce Department to immediately set up a task force to examine what needs to be done to encourage U.S. companies to bring their manufacturing and research and development activities back to America’s shores. " "The department also must develop a list of “best practices” for states and communities to follow to help foster the repatriation of jobs that have moved abroad." Is this not happening already in … [Read more...]
Should we do more to repatriate jobs to the UK
Are we missing a trick? Last week saw the US approving legislation to bring jobs back to America that had previously been outsourced to lower-cost economies. The measure is aimed at reducing America's 9% unemployment, and with the economic case for outsourcing no longer as compelling as it was 10 years ago this seems like a good idea. This begs the question - should we be doing more to repatriate jobs to the UK, to tackle our own unemployment? Bringing jobs back to America Congressman Frank Wolf reports that "legislation approved yesterday in both the House and Senate requires the Commerce Department to immediately set up a task force to examine what needs to be done to encourage U.S. companies to bring their manufacturing and research and development activities back to America’s shores. " "The department also must develop a list of “best practices” for states and communities to follow to help foster the repatriation of jobs that have moved abroad." Is this not happening already in … [Read more...]
Should we do more to repatriate jobs to the UK
Are we missing a trick? Last week saw the US approving legislation to bring jobs back to America that had previously been outsourced to lower-cost economies. The measure is aimed at reducing America's 9% unemployment, and with the economic case for outsourcing no longer as compelling as it was 10 years ago this seems like a good idea. This begs the question - should we be doing more to repatriate jobs to the UK, to tackle our own unemployment? Bringing jobs back to America Congressman Frank Wolf reports that "legislation approved yesterday in both the House and Senate requires the Commerce Department to immediately set up a task force to examine what needs to be done to encourage U.S. companies to bring their manufacturing and research and development activities back to America’s shores. " "The department also must develop a list of “best practices” for states and communities to follow to help foster the repatriation of jobs that have moved abroad." Is this not happening already in … [Read more...]
Bank or pawnbroker?
There was a time when as a small business owner you could go to your bank with a reasonable business plan and you would get a modest overdraft. But not now: what has happened to make the banks so dislike overdrafts? Are banks now behaving more like pawnbrokers than old fashioned banks? Banks don't like unused overdrafts I was at a talk last week by a senior manager from a national bank, and he explained that his bank requires that an overdraft has to be covered by a capital reserve. And this is the case even if the overdraft is secured by the borrower. And fundamentally, what the bank doesn't like is unused overdrafts - they have a capital reserve for funds that have not gone out of the bank! This is why, if you go in to talk about a long term facility, they move you towards a loan. Short term support However, the presenter did say that many clients make the mistake of asking for a long term overdraft facility when what they really need is short term help. Especially for … [Read more...]
