White Collar Consultants Limited

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Five resets for your business

07/04/2018

I recently read the below article in the FSB Voice West Midlands edition and I thought it good important not to share;

“Small business owners tend to have something in common: they’re busy people. But it’s important to make time to look at whether you’re making the most of your finances. Dave Stallon, a small business owner and board member at the Federation of Small Businesses, looks at five financial re-sets you could consider:

  1. Don’t pay too much to access financethe big, traditional banks still dominate when it comes to lending to small businesses. But there are more ways than ever to find business finance, so it’s worth having a look at smaller lenders and alternative funding platforms. Independent websites like the British Banking Insight can be a good place to start.
  2. Do your best to avoid being paid late:When agreeing contracts, always make sure your payment terms are clear. If selling to another business, it’s reasonable for you to expect that client to pay you for what you’ve provided within 30 days. Where payments are late, act promptly to recover the debt. If reminders aren’t being responded to, you may need to send a solicitor’s letter. Usually that is enough to make the customer settle the debt.
  3. Don’t pay too much tax to your council:If your business is in England and you suffered a big jump in your Business Rates bill last year, you might not have to pay as much as you think for 2017/18. The government set up a £300m relief fund for the worst affected small businesses, to be distributed by local authorities. Yet a big chunk of that relief still hasn’t been allocated to businesses. If you think you might be entitled to help, contact your local council and ask if you’re eligible.
  4. Shop around for insurance and utilities:While switching supplier can be a chore, it will pay off if it saves you hundreds of pounds a year. There are lots of newer, smaller insurance or energy providers as well as the better-known ones, so it’s worth checking whether there’s a better deal out there.
  5.  Re-assess your business plan: While most small businesses think a lot about their business plan at the outset, it is healthy to assess and refresh it along the way to make sure the direction of travel for your business is still clear. Look again at your Key Performance Indicators, especially your financial ones, and also think about mapping your digital business profile. Where things aren’t working well, don’t ignore it. “

If your business falls fowl of some or even all of the above and you need help, please contact us to arrange a meeting to discuss how we can help.

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