Is this the end of the traditional office?

Businesses have adapted the way they work more so over the past few months than they ever have before. Previously, working from home was a rarity; a luxury in many cases, however, it has now become a common way of working. But what does this mean for the traditional...

Bake a difference for Cancer Research Wales

Pic Credit: SuppliedEvery 30 minutes, someone in Wales is diagnosed with cancer. Cancer Research Wales is an independent Welsh charity dedicated to funding world-class cancer research for the benefit of people in Wales. Unfortunately, cancer won’t stop for COVID, and...

Severn Office Partners with Against Breast Cancer

Pic Credit: SuppliedDuring Lockdown this has been a very difficult time for many businesses like Severn Office Solutions, so they looked at various ways they could offer different services, diversify, and help their customers. Cancer has affected us in so many ways so...

Goodsheds bringing the good times to Barry

Pic Credit: @properlushh on InstagramWe all know lockdown has had a massive impact on businesses, not least the local high street, but as lockdown restrictions have been eased, the brand new sustainable urban high street has emerged in the form of Goodsheds in Barry. ...

So you don’t think IP is relevant to you?

Intellectual Property (IP) is often referred to as “creations of the mind”.  It’s there to give you protection for your innovation and creativity – the stuff that makes you stand out from your competitors.  IP is used as an umbrella term for a bundle of different...

We know finances are a massive worry for a lot of people right now, but as business owners there are things you can do to try and save money during this time.

REVIEW YOUR PURCHASE STRATEGIES

Review your purchase strategies to see whether they are needed and whether they will add value to your business. By reviewing your purchases, you may identify you have no further need for some products such as specific insurance policies, support packages, software or marketing activities. For example, marketing done correctly can break you out of a rut, lead to sales and help with cashflow. However, it’s important to revisit your marketing strategy to identify if you aren’t getting positive returns for your money

REVIEW THE PRICES THAT YOU PAY

Review the prices that you pay by getting into the habit of getting quotes, shopping
around for better deals and always asking for discounts. Also always look at comparisons for energy suppliers. You could save a fortune by switching.

MANAGE STOCK LEVELS

Keep your stock levels as low as possible to save on tied-up cash and storage costs

SAVE ON LARGER ANNUAL BILLS

Make regular payments to accountants etc. to save on larger annual bills and ensure
that you know and diarise your larger liabilities such as payroll, taxes or other expenses.

ENSURE YOU ARE ON THE BEST VAT SCHEME

Ensure that you are on the best VAT scheme that suits your business needs. Usually, the amount of VAT you pay to HMRC is the difference between the VAT on your sales invoices and purchase invoices. You report these figures and pay money to HMRC even if you haven’t been paid for all the invoices you have raised. With the Cash Accounting Scheme, you pay VAT on your sales when your customers pay you and you reclaim VAT on your purchases when you have paid your supplier. Not all businesses are able to do this so you will need to speak with your accountant or HMRC for advice.

CONVEY THE IMPORTANCE OF CASHLOW TO YOUR EMPLOYEES

Communicate how important cashflow is to your employees. Sales staff should ensure
that sales invoices are paid in full and on time and project workers should ensure that projects are completed within budget and within the necessary parameters to avoid any late penalties.

HAVE A LINE OF CREDIT ON STANDBY

Having a line of credit on standby with banks or other financiers can help you boost your cash flow which can be a lifeline for small businesses looking to bridge the gap between ‘ticking along’ and ‘high growth’. You could look at securing a business loan or getting yourself a business credit card and using it responsibly. Whilst this can boost your cash flow it may also help you build an all-important business credit rating