26/01/2012 by Geoff.
Don’t write off that old brand. Our current lifestyle has lead to recession retro can bring fun to customers and success to the re-inventor. The pre-requisite is that the original product needs to have been good and in demand. One possible route to success can be considering packaging and the space the retailer needs to promote the product. Restoring a heritage brand can be cheaper and quicker than creating a new one. The brand cycle is getting ever quicker – from emerging to dominant to residual and the on to retro-emerging.In all of this positive thinking consider intellectual property rights and trademarks.
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26/01/2012 by Geoff.
With more competition out there – sometimes adopting ruthless tactics – you need to find innovative ways to beat them without cutting your margins.It’s not impossible for retail companies perhaps consider pop up shops – see our blog on the subject. Other ideas are deals, reducing delivery times and of course excellent customer service.It is possible – just think outside the box.
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16/01/2012 by Geoff.
From the 1st February 2012, the limits which apply to Tribunal awards and other amounts payable under employment legislation will increase. The maximum amount of a ‘week’s pay’ will increase from £400 to £430 and the maximum compensatory award for unfair dismissal from £68,400 to £72,300.
Simone Greasley
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16/01/2012 by Geoff.
In April 2012 the weekly rates for statutory maternity, paternity and adoption leave pay will increase from £128.73 to £135.45.
Statutory sick pay rate will also increase from £81.60 to £85.85.
Simone Greasley
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08/01/2012 by Geoff.
We always bang on about doing your marketing in order to make a success of your venture - but it will cost a fortune I hear you say.
Maybe not.
If you have a good product or service you stand a chance of harnessing the power of your existing customers - word of mouth recommendations. They’re very powerful and mean that new clients feel confident in your business and feel less on edge. Search for ways to make it easy for your clients to recomend you.
Whilst “word of mouth” marketing has been arround a long time it has recently had the advantage of online social media. But beware it’s not for all companies (not new start ups) you need a mature product or service.
Another point to remember in the words of “Crosby” it is no longer to offer a good product or service it needs to be exceptional giving your clients something to shout about for you.
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08/01/2012 by Geoff.
If you are using the Flat Rate Scheme for VAT then you will be aware that you cannot reclaim input VAT on your purchases unless they are a single purchase of a capital nature and in excess of £2,000 inclusive of VAT.
However the rules state that purchases of a capital nature made at the same time from the same supplier on the same invoice are deemed to be a single purchase for VAT Flat Rate Scheme purposes.
For example if you purchase a computer package comprising a computer, a printer, external hard drive, digital camera and speaker systems which costs more than £2,000 (incl. VAT) then the VAT can be reclaimed. If these are all purchased from the same store on the same day and are shown on the same invoice if the total cost of these items is in excess of £2,000 (incl. VAT) then you can reclaim the VAT.
So if you use the Flat Rate Scheme for accounting for VAT and are looking to purchase some new assets then you should take the time to shop around to see if you can get the items you require from the same supplier and include them all as one purchase. This could save you a large amount of input VAT you would otherwise not be able to reclaim from HMRC.
Simone Greasley
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20/12/2011 by Geoff.
As you may be aware HMRC introduced penalties for late-paid PAYE and related liabilities back in April 2010 but due to the way that the penalties are calculated the penalties have only started to be levied now.
Unfortunately it is not yet clear how this penalty regime will be applied and this may remain the case until the Real Time Information system is implemented. This is because HMRC’s system does not flag up that a penalty situation has occurred until after the last payment has been made and the year end reports have been filed.
It is only at this point that HMRC will be able to calculate if a penalty is due and the rate at which that penalty should be levied. The penalties will be levied as follows:
· First default – attracts no penalty if it is the only late payment in the year
· 2, 3 or 4 defaults in the year – the penalty levied will be 1% of the total amount defaulted (including the first default)
· 5, 6 or 7 defaults in the year – the penalty levied will be 2% of the total defaults (again including the first one)
· 8, 9 or 10 defaults in the year – the penalty levied will be 3% of the total defaults (including the first one)
· 11 or more defaults – the penalty levied will be 4% of the total defaults (including the first one)
On top of this any amounts that remain unpaid after more than 6 months after the penalty date will be liable to a further 5% penalty with a further 5% penalty applying after 12 months.
As you can see the late payment of PAYE and related liabilities could very quickly become an expensive problem, but is one that can easily be avoided if payments are made on time.
Simone Greasley
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20/12/2011 by Geoff.
Many entrepreneurs first venture fails. Rather than stop you trying again see it as an opportunity to learn. This can lead to finding a more efficient way of doing things and hence early failure can often breed later success. In the States entrepreneurs that have failed are seen to have a badge of honour!
You’ll have your own lessons to learn but common reasons for failure are:
· Poor marketing – do your market research and know who the players are
· Poor brand strategy – make everything you do attractive
· Weak cash flow – know when you’re going to get paid – strong cash flow is a priority
· Uncontrolled growth – know the balance between revenue and costs
Should you still fail it pays to wind up a business legally treating staff and investors with respect.
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13/12/2011 by Geoff.
Whilst companies are trying to reduce costs in the gloom there aim is helped by a growing market for flexible support services.
It might be a specific project or just that they can’t afford to take anyone on fulltime. The opportunity is to tap in to experience that’s out there and don’t be worried about geography - technology now allows people to supply their services to anywhere in the World.
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13/12/2011 by Geoff.
Whilst the selling of large companies is severely affected by the financial markets, sale of smaller businesses are not.
The owner driver, entrepreneur, may have children but they’re probably reluctant to take the reins of the business. This leaves the owner with a potential millstone round his or her neck. Normally their desire is not to make lots of money more they just want to make enough money every year to pay themselves a decent salary.
Selling is an option but like a lot of things it’s a numbers game, it’s all about letting people know about the business. Some entrepreneurs don’t realise how good their businesses are. If you are considering selling your business then we would recommend using an agent. Let them know about your business the accounts don’t tell the full story.
Don’t forget buying an established business is usually easier than starting one from scratch.
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