Advice4business Blog

Traits of ADHD in business

Wed, 10 Sep 2025 10:52:09 GMT

ADHD can be a double-edged sword in business. It fuels creativity, energy, and big-picture thinking, but also brings challenges with organisation, time management, and consistency. With the right strategies and support, those challenges can be managed—turning ADHD into a real advantage for entrepreneurial success.

High energy and drive

Many people with ADHD have above-average energy levels, which can be channelled into passion for their business. This enthusiasm can be contagious and inspiring to teams, customers, and stakeholders.

Creativity and innovation

ADHD minds often think “outside the box.” Entrepreneurs with ADHD may spot opportunities others miss, connect ideas in unconventional ways, and approach problems with fresh solutions.

Hyperfocus

While ADHD can make focus difficult at times, it can also lead to periods of intense concentration on tasks that feel stimulating or important. This “hyperfocus” can allow business owners to power through projects and achieve impressive results in short bursts.

Risk-taking and adaptability

ADHD brains often crave novelty and excitement, which can translate into a greater willingness to take risks. This entrepreneurial mindset can help a business pivot quickly and seize new opportunities.

Strong people skills

Many with ADHD are highly intuitive, empathetic, and engaging making them natural networkers and motivators who can build strong relationships with clients, employees, and partners.

Along with these advantages, it's important to highlight the challenges which may include difficulty with organization. impulse decion making, time management issues, sensitivity to stress and rejection and the ever present risk of burnout.

Attend our joint event with Inspired Minds on October 8th to walk away with practical tools to unlock neurodiverse potential, improve wellbeing, and drive growth.

Harnessing neurodiversity isn’t just inclusive, it’s smart business.

Why WIPO Registration Matters for Commercial Success — And How We Support Your Journey

Thu, 24 Jul 2025 07:33:20 GMT

When taking a new product, service, or innovation to market, it’s not enough to focus on development alone. Protecting what makes your business unique is just as important — especially if you’re planning to scale or export internationally.

As a UK-based business consultancy offering specialist commercialisation support, A4B guides clients through the critical steps that turn good ideas into investable, scalable ventures. One of those key steps? Securing intellectual property (IP) protection through WIPO.

What Is WIPO — and Why Is It Relevant?

The World Intellectual Property Organization (WIPO) is a United Nations agency that enables businesses to register their trade marks, patents, and designs in multiple countries via a single application process.

This is particularly valuable for UK companies looking to operate internationally, giving you protection across borders without the cost and complexity of managing dozens of separate filings.

Why WIPO Registration Adds Value to Your Business

1. Global IP Protection for Growth and Export

Whether you're entering European markets, expanding into the US, or licensing your innovation abroad, WIPO registration ensures your IP is safeguarded — giving you legal clarity and commercial confidence.

2. Stronger Position for Investment and Licensing

Having multi-national trade marks or patents registered through WIPO enhances your business’s credibility. Investors and licensing partners are far more likely to engage when your IP is clearly defined and internationally protected.

3. Fewer Legal Risks, More Focus on Growth

IP issues can derail commercial progress. WIPO simplifies the protection process, reducing the risk of infringement or costly disputes as you expand into new markets.

4. Professionalism and Market Readiness

Protected IP, in all its forms, is a clear signal to the market that your business is serious, compliant, and future-facing. It’s a strategic asset that supports long-term commercial success.

Our Role in Your Commercialisation Strategy

A4B works closely with UK-based entrepreneurs, start-ups, and growing businesses to help commercialise innovation effectively. A4B’s IP-related support includes:

Identifying what should be protected
Supporting IP strategy as part of your growth plan
Referrals to trusted UK-based IP lawyers and attorneys
Guidance through WIPO trade mark and patent registration processes - Being the Madrid Protocol and Patent Cooperation Treaty (PCT) respectively
Using IP to support funding, franchising, or licensing conversations

Whether you're developing a product, building a brand, or entering new markets, A4B will ensure your intellectual property strategy is aligned with your commercial goals.

Let’s Protect What Makes You Valuable

If you’re developing something innovative, protecting it is not a luxury — it’s a necessity. Let A4B help you take the right steps now, so you can grow with confidence.

*Please note that UK applicants wishing to file via WIPO must have in place either;

• A registered UK Trade Mark or,

• be in the process of filing an application for such with the UK Intellectual Property Office (IPO)

A4B is also a Registered Agent for the UK IPO and can readily support you through your early-stage IP protection process.

Will the New Procurement Act Level the Playing Field?

Mon, 10 Feb 2025 12:30:22 GMT

With less than a month to go until the Procurement Act comes into force on 24th February, the big question is: Will it really open doors for SMEs in public sector contracting?

There’s a lot of promise. The government is making bold claims about simplifying the bidding process, making it easier for small businesses to compete for public sector work. Here are some of the key changes:

Easier Access to Contracts – Less red tape, fewer complex requirements. Will this finally make the process more SME-friendly?

Faster Payments – 30-day payment terms across all contract tiers, meaning subcontractors should see better cash flow. But will this be enforced effectively?

More Transparency – Public bodies will now have to publish procurement pipelines, giving businesses time to plan ahead.

More Contracts Reserved for SMEs – Authorities can prioritise UK-based small businesses and social enterprises. A real opportunity, or just another box-ticking exercise?

More Than Just the Lowest Price – Contracts will now consider value for money, social impact, and innovation, rather than just going for the cheapest option.

One-Stop Supplier Registration – A Single Supplier Registration system will cut duplication, saving time and effort for repeat bidders.

So, Will This Encourage More SMEs to Get Involved?

For many smaller businesses, the public sector has always seemed like a closed shop, dominated by big players with the resources to handle complex bidding processes. This new system could change that—but will it go far enough?

What’s Your Experience?

Have you tendered for public sector contracts before?

Do you think these changes will make a real difference?

Is there enough protection for second-tier contractors and subcontractors?

We’d love to hear your thoughts—drop us a comment

Goals to Shape Your Business Plans in 2025

Wed, 18 Dec 2024 09:34:14 GMT

New habits for the New Year

As Business Owners, time and money are always in short supply. Could these habit changing goals help get you more of both?

Financial Goals

Cashflow

You’ve heard it before: cash is king. It’s the lifeblood of your business and essential to keeping things running smoothly. Well-worn phrases like these hold true for a reason.

Think of it this way: driving is far less enjoyable if you’re constantly worried about breaking down. Similarly, running a business is no fun when you’re chasing overdue payments or stressing about meeting payroll.

Establishing and maintaining effective cashflow management not only reduces stress but also frees up time and energy to focus on growth-driving projects.

Net result: You might even enjoy running your business more!

Budget

When setting a budget, keep it conservative. A budget without realistic, evidence-based foundations is essentially worthless.

Review Your Costs

During the early days of the pandemic, many businesses scrutinised their supplier lists to determine essential expenses and identify negotiable costs. When was the last time you repeated this exercise?

Pricing

Reluctant to increase your prices? You’re not alone. Many business owners are hesitant to implement price hikes.

To overcome this, conduct market research and competitor analysis to determine what price increases your market can sustain.

Credit Control

Take a closer look at your credit control system:

Could it be streamlined?
Are there strategies to speed up payments?

Make time to analyse your figures regularly. Review your profit and loss statements to track progress toward your profit margins and identify anomalies. Use this time to assess your credit control by monitoring debtor days.

Time Goals

Better Time Management

Did you return from holiday vowing to improve your time management? How’s that going? Remember, you can take control of your day—it’s entirely possible.

Here’s how to achieve your time goals:

Have a Plan for the Day

The old adage is true: failing to plan is planning to fail. Set clear targets for the day, and imagine the satisfaction you’ll feel when you look back at a list of completed tasks.

How to do it:

Spend 15 minutes at the end of each day planning for the next.
Review your tasks and rank them in order of urgency and importance.

Eat Your Greens

Your most important and urgent task might not be your favourite. Tackle it first. Like eating your vegetables, it may not be fun, but it’s good for you—and you’ll feel great once it’s done.

What About Tasks That Keep Rolling Over?

Here’s a tip: for any task you postpone, mark it with a star (*). If it gets to nine stars, it’s probably never going to get done. Either delegate it or drop it.

Stop Spinning Plates

Business owners often juggle multiple responsibilities—operations, accounts, marketing—which can leave jobs half-finished.

Do you complicate things by allowing distractions? How often do you check your phone or let email notifications interrupt you?

Try this:

Leave your phone in another room.
Let your team know you’re unavailable for a set time, equipping them to handle queries.

Done Is Better Than Perfect

As Benjamin Franklin wisely said, “Well done is better than well said.” Mark Zuckerberg’s success stems, in part, from embracing the mantra “Done is better than perfect.”

Perfectionism often leads to wasted time and energy as you repeatedly revisit tasks. How productive can you be if you’re always chasing perfection?

Visualise Success

You’re more likely to achieve your goals if you visualise them.

To help, we’ve created a downloadable Goal-Setting sheet to kick-start your planning.

Want to see how Business Plan Fundamentals

Have a great start to 2025!

12 Habits to improve your work/life balance

Fri, 26 Jan 2024 00:33:18 GMT

Improve your time management in an hour

Mornings turn into days, which turn into weeks, which in turn into months and another year has gone. Have you come back from your holiday keen to develop better time management habits? Have your time management habits meant that you didn’t get a holiday?

We have prepared 12 5-minute time management exercises to help you get more from your day. Invest an hour with these suggestions to see if they could help you achieve more, feel less stressed and get that perfect work/life balance.

1) Have a plan for the day

As the old chestnut goes, failing to plan is planning to fail. Don’t potter. Have definite targets for the day. Imagine the sense of accomplishment that you’re feel when you look back at a list of completed tasks.

How to do it? Spend 15 minutes at the end of your day planning your next day. Review your tasks and number them in order of urgency and importance.

2) Eat your greens

Your most urgent, and possibly most important task might not be your favourite. Tackle it first. Just like eating your greens, it may not be the most enjoyable of experiences, but it will do you good. As before imagining how relived/satisfied you will feel when you complete it.

What if you have got tasks that carry over? Try a test. Every time you review these tasks, draw a star (or type *). If you get up to nine stars there is every chance that you will never complete that task.

Which leads us to

3) Pass the torch/delegate

Remember this is delegation not abdication. Before you delegate you need to know the parameters of the task; what skills are involved, possible time allocation of task. Who will you choose to take on the task? You also need to bear in mind if you need to train any aspects of the task. If you do decide to do in-house training, the initial investment will be worth-it in the end.

4) Stop plate spinning

As a business owner/manager you have many responsibilities. As you flit between operations, accounts, marketing it’s possible to leave lots of half-finished jobs.

Do you make your life more difficult than it needs to be by distracting yourself unnecessarily? How often do you look at your phone? Do you have Outlook open the whole time, so that you can see emails ghosting in front of your eyes; haunting your day?

To completely focus on a project could you leave your phone in a different room. If you have staff could you ensure that they know that you are not to be disturbed and even equip them to field any queries that come up so that you don’t face an avalanche of issues when you resurface.

5) Change your schedule: Tweak it out

If you’re reading this article, then it’s obviously because you want to discover some useful time. If you’re struggling with time management, the solution may be as simple as changing your schedule around and analysing your activity patterns; that counts at home as much as it does at work.

Please note we are not talking about wholesale change – just little tweaks.

6) Leave a buffer between meetings to avoid getting punch drunk

Jumping immediately from one task or meeting to the next may seem like a good use of your time, but it has the opposite effect. We need time to clear our minds and recharge by going for a walk, meditating, or just daydreaming. After all, the human brain can only focus for about 90-minutes at a time.

This exercise is particularly useful when you analyse and record the actions that you may have picked up from each meeting. There’s nothing worse than when meetings bleed into one another or you cannot properly recall what you’ve volunteered for until you see your initials against them at the next meeting!

7) Stop being perfect: Done is better than Perfect

Benjamin Franklin said, “Well done is better than well said.” Mark Zuckerberg has built an empire on the maxim that Done is better than Perfect.

Do then review and analyse. If you don’t start you guarantee you will not finish. If you are begin, you don’t know where you’ll end up.

When you’re a perfectionist, nothing will ever be good enough. That means you’ll keep going back to same task repeatedly. How productive do you think your day will be as a result?

8) Just say “No.”

Stop being everyone’s friend by saying “yes”. Be realistic with yourself regarding your time and other commitments. You’re not helping anybody (particularly yourself) if you monkey collect, stress yourself out and let people down. This mindset can lead to a downward spiral in performance and mood.

9) Don’t waste time waiting: Make every second count

Even in the most organised of days you can find yourself with pockets of time. Business contacts will run late, you will have suppliers that keep you waiting. Have some tasks in mind that you can do to make the most of these “gifts” in time.

10) Find inspiration: Keep the fire burning

Even if you are doing a job you love life can become a trudge. Make sure you can give yourself a chance to get above this by recharging your motivation. Tune into a TED Talk or read a biography of a thought changer. It will give you the energy to think around issues.

11) Batch similar task together.

When you have related work, batch them together. For example, don’t answer your emails and phone calls throughout the day. Schedule a specific time to handle these tasks. By doing this you can educate people in how you work; they will not expect to receive an email response straight away for instance.

Different tasks demand different types of thinking. By batching related tasks together, your brain isn’t switching gears - which means you cut out that time reorienting.

12) Do less: don’t do the headless chicken

Don’t punch the air. So much energy gets wasted by running around and plate spinning. By slowing down you can be aware of what needs to be done and concentrate on those things.

Make sure you use a task list for the week and evaluate it daily. By doing this you can increase your chance of improving your work/life balance.

Imagine if all your invoices were paid on time

Fri, 12 Jan 2024 11:28:04 GMT

Imagine if all your invoices were paid on time. How would life be for you? How much easier would business planning be?

Try out these tried and tested techniques, highlighted by Xero, to get your invoices paid faster

1) Invoice straight away

So many business owners we meet say they haven’t got time to send invoices. You need to send invoices to get paid; like it or not it’s what you’re in business for

Don’t make setting up and sending invoices an arduous process. In these days of user-friendly cloud-based accountancy software you can send invoices from your phone; on the move.

Remember clients are more open to paying bills when they've just received the goods or services that you delivered. Cash in on the goodwill.

2) Send clean invoices

Is there any ambiguity, misinformation (or wrong information) on your invoice? Remove it! Take away any potential blocks to your client paying up.

Details on your invoice should include description of the work or product, the date it was delivered, and any client requirements (such as a purchase order number).

Some clients have very specific requirements so ask what they need to see on the invoice. Could you ascertain this information prior to you doing the work?

Make the due date clear, too.

3) Ask for prompt payment

You are not a bank; you don’t need to give credit.

More than a third of businesses now request payment within a week. Consider doing the same. Your client may want to negotiate for more time – and you should try to be flexible – but starting off at seven days will help set an expectation of prompt payment.

4) Make on-time payment worthwhile

How clear are the terms and conditions on your invoice? Putting thought into how you operate this policy pays dividends. You operate from a position of strength.

Have you considered charging fees for late payment? If you charge include a line something like: “Late fees are assessed after the due date, at the rate of 1.5 percent per month.”

A more positive approach is to offer a discount for prompt payment. The lure of saving money is a powerful motivator, even if it’s just a few percent discount it gives you, or your credit control person/department an extra chase date.

5) Be easy to pay

Customers will pay faster if they can use their preferred method. Offer them a variety of options.

Be aware that some customers would like to pay using credit card or an automated clearing house (like PayPal). Could you set up an iZettle card reader to take credit card payments?

Our research shows you'll get paid 20 days sooner if you offer these options. Learn more about online payment services.

If you are shepherding your clients towards paying via bank electronic transfer, then make sure you include your business bank account number and sort code number on the invoice.

6) Chase payments

Have you got a credit control process?

You'll need to follow up with the client to make sure it's being processed. Online invoicing makes this a lot simpler.

When you send online invoices, you can see when it's been opened and when it's been paid. If the due date is approaching and it hasn't been paid, send a reminder. You can set your software up so that the reminder email is sent automatically. If the invoice goes past due, it's time to make a phone call.

Remember there are several legitimate reasons why an invoice doesn’t get paid. Don’t always think the worst. Try and establish what the reason is and then maintain communication with your client. This really helps with your cashflow planning.

What goals should you set for your business in 2024?

Wed, 03 Jan 2024 13:19:46 GMT

What goals should you set for your business in 2024?

We have put together a 3 minute read that could help inspire you to develop your business goals in 2024.

Financial goals

Cashflow. I’m sure you’ve heard it all before. Cash is king. Cash is the oil in the engine of your business. Well worn phrases but they are true.

Driving is a lot less enjoyable if you fear you’ll breakdown at any moment and in the same way it’s no fun waiting to be chased for money or wondering how you will cover staff wages.

Setting up and maintaining an effective cash control means you can conserve time and energy. Divert the time and energy that you would spend worrying about how you will cover all bases and concentrate on projects that will deliver growth.

Net result: You may enjoy running your business more!

Budget. Make the budget conservative. If you’re not being realistic, or have some basis of fact, then the exercise is worthless.

Review your costs. In the early days of the pandemic, I’m sure you went through your supplier list to ascertain what costs were operationally essential and what could be (reasonably) negotiated. Have you repeated this exercise recently?

Pricing. Are you reluctant to increase your prices? You’re not alone. From our extensive experience business owners themselves are the ones that are most reticent at putting in place price increases.

Conduct testbed research and competitor surveys to see what price increase the market could stand.

Credit control. How effective is your credit control system? Could it be improved? Could you explore techniques to get your money in faster?

Finally analyse your figures regularly. Buy out the time to look through your profit and loss sheet. Use this opportunity to check your progress on reaching your targeted profit margin. Looking through these figures can also highlight any anomalies.

See how well your credit control is working by tracking your debtor days.

Time goals

Did you come back from your holiday keen to develop better time management habits? How’s it going?

Remember it is possible you can control your day.

How to achieve your time goals?

Have a plan for the day. As the old chestnut goes, failing to plan is planning to fail. Have definite targets for the day. Imagine the sense of accomplishment that you’re feel when you look back at a list of completed tasks.

How to do it? Spend 15 minutes at the end of your day planning your next day. Review your tasks and number them in order of urgency and importance.

Eat your greens. Your most urgent, and most important task might not be your favourite. Tackle it first. Just like eating your greens, it may not be the most enjoyable of experiences, but it will do you good. As before imagining how good/satisfied you will feel when you complete it.

What if you have tasks that carry over? Try a test. Every time you review these tasks, draw a star (or type *). If you get up to nine stars there is every chance that you will never complete that task.

Stop plate spinning. As a business owner/manager you have many responsibilities. As you flit between operations, accounts, marketing it’s possible to leave lots of half-finished jobs.

To completely focus on a project could you leave your phone in a different room. If you have staff, could you ensure that they know that you are not to be disturbed and equip them to field any queries that come up so that you don’t face an avalanche of issues when you resurface.

Stop being perfect: Done is better than Perfect.

Benjamin Franklin said, “Well done is better than well said.” Mark Zuckerberg has built an empire on the maxim that Done is better than Perfect.

When you’re a perfectionist, nothing will ever be good enough. That means you’ll keep going back to same task repeatedly. How productive do you think your day will be as a result?

You can increase your chance of achieving your goals through visualisation. With that in mind we have produced a goal setting sheet for you to download.

Have a great start to 2024!

Why having a vision for your business is so important

Wed, 06 Dec 2023 09:09:00 GMT

How are your business plans for 2024 going?

You may feel that it’s not easy to make a workable business plan. We still have the aftershocks from the pandemic, rising costs from inflation and interest rates; plus, we have the uncertainties brought about by entering an election year.

Over the next 4 weeks we are putting together some information to help you with formulating a robust plan.

We start with the overall vision for your business.

When was the last time you reflected on the vision for your business, your mission statement?

Why invest the time doing it?

A well-crafted business vision gives a business direction and a sense of purpose for the future.

It goes beyond short-term goals and day-to-day operations, includes the broader aspirations, and impact that the company aims to achieve.

How does this help?

Helps retain staff

This long-term perspective helps those leading the business and employees make decisions that are in harmony with the overarching vision, fostering cohesion and unity within the team.

It instils a sense of pride and commitment among team members, as they can see their individual contributions as integral parts of a larger, meaningful journey.

Helps attract new talent

A compelling vision can be a powerful tool for attracting and retaining talent. Employees are often drawn to businesses with a clear sense of purpose and a vision that goes beyond mere profit-making.

Helps build customer loyalty and investment.

Externally, a well-communicated vision can be a magnet for customers and clients who share similar values.

It creates a connection beyond the transactional, building brand loyalty and trust. Investors and partners are also more likely to align with a company that has a defined and ambitious vision, as it signals stability, commitment, and growth potential.

Having a vision or a mission statement, serves as a constant reference point for strategic planning, helping the organisation adapt to changes while staying true to its core identity and goals.

Ultimately, a strong business vision transforms the company from a mere profit-making entity into a purpose-driven force with a lasting impact on its industry and society.

A4B NE launches Innovate2Profit - Complete Commercialisation Support

Tue, 24 Oct 2023 10:39:07 GMT

Innovate2Profit -Complete Commercialisation Support

Support during the commercialisation phase of a business venture is essential for several reasons:

Complexity of the Process: Commercialisation involves taking a product or service from the development stage to the market. It is a multifaceted process that includes tasks such as market research, product refinement, manufacturing, marketing, sales, and distribution. Support is necessary because navigating all these aspects can be challenging and requires expertise.
Resource Allocation: To successfully commercialise a product or service, you need to allocate resources effectively. This includes financial resources, human capital, and time. Support from experts can help you make informed decisions about where and how to allocate these resources for maximum impact.
Market Understanding: Understanding the target market is critical. Support can provide insights into customer preferences, market trends, competition, and regulatory requirements. Without this understanding, you may develop a product or service that doesn't resonate with customers or doesn't meet market needs.
Risk Mitigation: Commercialisation is associated with risks, such as market risk, financial risk, and operational risk. Support can help you identify and mitigate these risks, increasing the chances of a successful launch.
Strategic Planning: Developing a clear commercialisation strategy is essential. Support can assist in creating a roadmap, setting goals, and identifying key milestones. This strategic planning helps keep the team focused and aligned with the overall objectives.
Access to Networks and Resources: Support networks can provide access to valuable resources, such as investors, mentors, suppliers, and potential partners. These connections can help you secure funding, find talent, and establish distribution channels.
Compliance and Regulations: Depending on your industry, there may be various regulations and compliance requirements to meet. Support can guide you through these complexities, ensuring that your product or service complies with all relevant laws and standards.
Marketing and Branding: Successfully bringing a product or service to market involves creating a strong brand and marketing it effectively. Support in this area can help you craft compelling messaging, design marketing campaigns, and build brand awareness.
Adaptation and Flexibility: The commercialisation process may require adjustments and adaptations along the way. Support can provide guidance on when and how to pivot or refine your approach based on market feedback and changing circumstances.
Monitoring and Evaluation: Continuous monitoring and evaluation of your commercialisation efforts are necessary to assess progress and make informed decisions. Support can help you set up metrics and key performance indicators (KPIs) and provide insights into how to improve your strategy based on data.

Support during commercialisation is essential because it helps businesses navigate the complexities of bringing a product or service to market, minimises risks, ensures strategic alignment, and maximises the chances of success in a competitive business landscape.

That is why we have launched Innovate2Profit

Want to talk to an expert? To see if you qualify for a free discovery meeting

Why invest in Your Company’s Intellectual Property

Fri, 29 Sep 2023 09:39:08 GMT

Developing a strong intellectual property (IP) strategy can be a critical component of a company's success. Here's why:

1. Protection of Innovation

Preserve Competitive Advantage: IP protection safeguards your unique innovations and ideas, preventing competitors from using or replicating them without permission.

Attract Investors and Partners: A strong IP portfolio can make your company more attractive to investors and potential partners, as it demonstrates a commitment to innovation and a competitive edge.

2. Revenue Generation

Licensing and Royalties: You can monetize your IP by licensing it to other companies or individuals in exchange for royalties or fees.

Increased Valuation: An IP-rich company is often valued higher in the eyes of investors, potential acquirers, or during an IPO.

3. Brand Recognition and Protection

Trademark Protection: Registering trademarks protects your brand identity, preventing others from using similar names or logos that could confuse consumers.

Reputation Management: IP protection helps you maintain the quality and reputation associated with your brand, preventing counterfeit products and potential damage to your image.

4. Legal Recourse

Enforcement: With IP rights in place, you have the legal means to take action against those who infringe on your IP, potentially leading to damages, injunctions, or settlements.

5. Competitive Edge

Market Position: Strong IP can help you establish a dominant position in the market by preventing competitors from imitating your products or services.

Barriers to Entry: High IP barriers make it more challenging for new entrants to compete in your industry, giving you a sustainable advantage.

6. Innovation and Research Funding

Access to Grants and Funding: Government agencies and private organizations often provide grants and funding opportunities to companies with innovative IP.

7. Risk Mitigation

Protect Against IP Challenges: Having a robust IP strategy can help protect your company against IP challenges from competitors or patent trolls.

8. Employee Retention and Attraction

Incentives: Offering employees a stake in IP-related successes, such as stock options tied to patent development, can attract top talent and encourage innovation.

9. Global Expansion

International Protection: IP protection can be extended globally, allowing you to expand into new markets without the fear of IP theft.

10. Compliance and Due Diligence

Ensure Compliance: Properly managing IP assets ensures compliance with legal requirements and industry standards.

11. Long-Term Strategy

Sustainable Growth: An IP strategy is part of a long-term growth plan, contributing to the sustainability and resilience of your business.

So, an effective IP strategy can drive innovation, protect your brand, generate revenue, and enhance your company's overall value. It's essential to assess the specific needs and goals of your business and tailor your IP strategy accordingly. Whether you are a start-up or an established corporation, intellectual property can play a pivotal role in your success. body content of your post goes here. To edit this text, click on it and delete this default text and start typing your own or paste your own from a different source.

Advice4Business North East wins Excellence Award in Business Consultancy 2023

alistairmoore@advice4businessne.com (Alistair Moore) — Wed, 23 Aug 2023 13:25:28 GMT

A4B NE are honoured to receive the prestigious Wealth and Finance "Excellence Award in Business Consultancy 2023"

This recognition in the Management Consulting Awards 2023 is a testament to our dedication, expertise, and unwavering commitment to providing exceptional consulting services.

Our hard work and innovative approaches have not only set a high standard in the industry but have also positively impacted the businesses we serve. Congratulations on this well-deserved achievement to the team that showcases our leadership and excellence in the field of management consulting.

It is gratifying for the team to be nominated by our clients and for the judging panel to deep dive into the case studies and publicly recognise what we have achieved.

Wealth & Finance provide current data in the fast-paced and everchanging world of finance. Their brand features expert knowledge from businesses and finance leaders that help clients to navigate their way through financial struggles and provide them with comprehensive advice on how to look after their wealth and assets.

How your business can survive the summer holidays

Thu, 20 Jul 2023 10:32:54 GMT

HOW YOUR BUSINESS CAN SURVIVE THE SUMMER HOLIDAYS
(AND HOW YOU CAN GO AWAY AND KNOW YOU HAVE A BUSINESS TO COME BACK TO)

It’s the time of year when many are thinking about holidays.

As well as sunscreen, your holiday books and a stash of Euros (perhaps not as many Euros as you were hoping – thanks to the pounds current poor performance) as business owners we have the additional concerns around our business.

Like many things the key is preparation. We have prepared a simple checklist that we have found helpful:

What does the summer look like for you and your business?

Are you aware of all the events that are happening over the next 8 weeks or so? Even if you don’t have regular team/planning meetings it is worth getting together so that you can cover off any potential events/issues that may affect workflow.

You and the team

If you have staff, is all the holiday accounted for (including all those long weekends) and are the team fully aware of any extra cover that they may need to get involved in? Do you know the potential work pressure points, and have you got contingencies for these?

The holiday period may allow you the chance of letting a team member step into a different role or learn a different skill for a short period. Managed properly, this change may do wonders for their motivation and confidence.

Are you looking to bring in extra cover? A subcontractor or temp can bring excellent benefits to a business in terms of a fresh outlook, different experiences and new ways of solving problems. Depending upon the complexity of the role, you may need to invest time in an induction so that you can get them up to speed.

Your clients

Whatever you are doing over the summer have you informed your clients regarding potential disruptions to the service you offer them; this is especially true if you plan a shutdown. Don’t let them find out this information from your email out of office reply.

Will you still have a business when you return from your break?

Make sure your figures are up to date before you leave. You want to know exactly what your profit and loss situation is, any aged debtors that need chasing and any suppliers/bills that need paying.

Put together a conservative 8-week cashflow and automate payments and statements as required?

Don’t underestimate the importance of holidays!

This is true both for you and your team. Everyone needs a break to recharge their batteries; we are not machines.

Having a good break will potentially improve creativity, productivity and reduce stress, anxiety and even depression.

6 Steps to Planning and Achieving Your Business Goals in 2023

Wed, 21 Dec 2022 10:37:35 GMT

Another "interesting" year!

Despite fiscal events, wars in Europe, 3 Prime Ministers, we have made it through 2022 and are looking to plan for growth in 2023.

What are your business goals for next year? What's realistic?

To help you get the most from your goal setting exercise we have prepared 6 practical steps to success that have worked well for my clients:

1 – Set descriptive business goals

What the mind can’t visualise, the mind can’t achieve.

Get yourself a piece of paper and describe exactly the amount of money you would like to take home.

Where would you like to (if possible) go on holiday next year? How many weeks would you like to take?

Whatever motivates you write it down or paste an image.

What would your ideal day, week, month look like? Hour many hours do you want to work?

Be as detailed and descriptive as possible. The more meticulously you can do this, the more likely you’ll be to achieve your business goals.

2 – Set achievable business goals

There’s nothing more soul destroying then the feeling of failure. Don’t set yourself up to fail.

Put together goals that could be achieved in baby steps. Steady increments, and the momentum that will provide, will help you reach your ultimate business goals

3 – Set time-focused business goals

2023 will go quickly. We need to make the most of it. Make sure whatever goal you give yourself is time sensitive.

We are all busy and there is always something to do in the business. Ask yourself every Friday afternoon, have I achieved what I needed to this week to make sure that I am on course to achieve my goals?

It may help to have an “unreasonable friend” to act as an enforcer; the equivalent of a business personal trainer – just to keep you on course.

4 – Track and analyse and adjust

Reaching our business goals is next to impossible when we don’t have a way of tracking and analysing progress.

Set metrics, markers. These metrics need to work for you. No one knows your business like you. Make time to record the metrics and then make time to analyse them. You may need to adjust how you work, delegate, get external help or reprioritise.

I found many of my business contacts have complained this year about having poor time management. This is fixable but it requires careful (and honest) analysis of your daily work routine to get a hold of how you allocate your time. Success comes from focus.

5– Focus on Forging Good Habits

We may need to change our working habits. Eat the spinach and do the jobs you automatically put off first.

Be honest; are there jobs that you enjoy that are less than essential? Give yourself those jobs when you have completed the key tasks that will contribute to you achieving your goals.

Could you start work earlier? Do you work better if you have a break midday? Call in someone close to you to help you make an honest appraisal and adapt if necessary. Doing this will ensure you maximise your chances of success.

6 – Leverage the 80/20-rule

The 80/20 rule, or the Pareto principle, says that 80% of the results comes from 20% of the efforts. Anything that we measure, will highlight that 80% of our results are coming from 20% of the work that we put in.

We often apply this to our sales, but it works in other business functions too.

Find the 20% of your efforts that are producing the 80% of your results and amplify them.

Try these principles in the first quarter of 2023 and compare results to the last quarter of this year.

To help you we have prepared a goal setting worksheet for you to complete.

Take the 4-point test to see if your business is too reliant on you

Tue, 29 Nov 2022 08:16:12 GMT

“There’s not enough hours on the day”.

“The staff always need to involve me - I might as well do the work myself.”

“I never get a proper break. Why has everything got to come through me?”

In my time as a business advisor, I’ve heard them all. Lots.

Having the business too reliant on you is physically and emotionally draining. It inhibits growth. You think if I’m tired now what about if we bring in more customers.

It doesn’t need to be that way.

We have devised 4 points to check if your business is too dependent on you. If it is then we can help. Promise.

1.Your holiday doesn’t feel like a holiday

Do you feel the need to take your laptop to the beach? Do you tell your staff and customers that you will be away but will be regularly checking emails and can be contacted if needed?

You need downtime to avoid burnout. Your team and your customers will get the best version of you if you’re not allowed to spend time recharging your batteries.

Put the processes in place and plan for your absence and you can go away with the peace of mind that your business is earning you money even when you’re sipping on your pina colada.

2. You are cc’d on more than five e-mails a day

Dread opening your inbox? Hate the way that emails distract you and mess with your day?

Stop inviting them into your working day. Having the culture within the business that you need to be copied into everything not only leads to you feeling like you’re drowning it also takes power away from your staff; like you’re micromanaging them and they constantly need your approval.

If you need to be involved in the exchange, then plan regular team meetings and look at what you can do to improve reporting mechanisms.

3. You know all your customers by their first names

You pride yourself on excellent personal service in your business. In fact, not only do you know the name of every one of your customers’, but you know their dog’s names as well!

Knowing all your customer’s names is undoubtedly an effective way of proving that value them but it can also be a sign that you’re the lynchpin for the business; you keep it together.

To make everything less about you, look to bring in a dedicated salesperson. If you enjoy the sales process and relationship building still be involved but involve others so that customers get used to dealing with someone else.

Accept and believe that we are (and potentially should be) dispensable.

4. Does every payment need your rubber stamp?

It’s important not to let costs get out of hand and to have the handle on your cashflow but does every payment really need to be signed off by you?

What happens if you’re away for a few days and a supplier needs paying? Putting the right people and processes in place to handle payments is an essential part of building a valuable business.

Could you give two employees co-signing authority to an acceptable limit and make sure your system is robust enough if there is an issue.

4 ways to maximise your profits

Tue, 31 May 2022 10:28:58 GMT

Maximise your profits

If you're like most business owners we meet, one of your main missions will be to maximise profits.

Normally the first thing most businesses think about when it comes to maximising profitability is getting new customers, and controlling costs. While both of those things are absolutely essential, the amazing power of your Gross Profit margin to boost profitability is so often overlooked.

Let’s not overlook it for a second longer! Because a seemingly small increase in your Gross Profit margin can result in a huge increase in your net profit.

Given the importance of Gross Profit margin, here are 4 ways to increase it:

Differentiate

Differentiate your business from your competitors, so you stop competing on price. You need to give your customers other reasons to buy from you other than price. Focus on what makes your products and solutions different, desirable and better than your competitors, so price isn’t the only consideration.

Pricing, pricing, pricing

Never underestimate the power of pricing. Pricing is so important when it comes to increasing your Gross Profit margin - to really maximise your margins, you need to price based on the value of your product. This means you need to focus on how much your product and solution is worth for your customer, rather than how much it cost from your supplier.

Focus on a profitable product mix

Every business has their more profitable products, and less profitable products, so simply focussing on selling more of the higher margin products will lift your overall margin. To do this, it’s essential that you know how profitable your product lines or groups are, so you know exactly where to focus your efforts.

Increase your average order value

Processing lots and lots of tiny orders can sap profitability and cause delivery costs to rocket as a % of sales. Focussing on increasing your average order value through upselling or minimum order values can help you dilute your delivery costs, and increase your Gross Profit margin.

How to get profits in the bank (and not on your shelf)

Mon, 23 May 2022 15:12:13 GMT

4 Ways to Avoid Working Capital Getting in Inventory

Having access to liquid cash is easily one of the biggest necessities for a successful small business. Having your hands on cold, hard cash means you can put that money to good use: properly compensating your employees, upping your marketing efforts, streamlining your operations, and more. However, many small businesses make the mistake of allowing too much of their cash to get tied up in their inventory. This is a rookie mistake that can easily happen for new businesses who are still learning about their sales patterns. But no matter the age of your business, this is a bad habit you must try to break.

Here are 4 ways you can control how much working capital you put into your inventory:

1. Prioritise Your List of Orders – When making your sales projections, don’t forget the importance of detecting the demand for each of your different products. If you have one product that produces many of your sales, focus on producing an efficient inventory management system for that particular product. It’s important to focus more on the items that mean the most to your business, especially given the time constraints most small business owners face. A common generality is that 80% of demand will be generated by 20% of items. Prioritise that 20% to the top of your list, always checking to make sure that inventory is in stock and reordered frequently.

2. Stay on Top of Your Orders – Part of managing inventory costs is ensuring you are timely on your orders. If you over order inventory, you will tie up your cash, severely affecting your liquidity. Over ordering is always an issue for businesses, as most fear running out of exactly what they need. That’s why thoughtful projections are essential, and not just about sales, but supplies too. Referencing your past sales and orders (especially looking at what was used and what wasn’t) is the most efficient way to do so. Don’t forget to also factor in seasonal changes and any sort of promotions you will be running. It’s these sorts of details that can affect year-to-year production.

£'s £'s £'s of goods on shelves in your stockroom will not help you cash flow especially if the goods don't sell quickly. This money is better to support your business needs in the bank.

3. Have a Rock-Solid Inventory Management System – The great thing about technology is that it has the power to ultimately make anything, and everything, easier. This goes for inventory management. If youre not running on an inventory management software, you should look into purchasing one. Although it’s tempting to use Excel, it’s not what is best for your business. If you’re using a well-known accounting software like QuickBooks or Xero, you’ll find that there are already many add-ons or apps available for you. For example? SOS Inventory.

4. Focus on the Numbers – In order to properly understand the health of your inventory, it’s important to know which metrics you should be keeping an eye on. Here are few to keep on your list:

Average Inventory Turnover: This metric allows you to measure the number of times per year your inventory is turned over. You can either calculate this using Sales/Inventory or Cost of Goods Sold/Average Inventory. Compare this ratio to industry standard. A high ratio indicates strong sales or ineffective buying, while a low ratio indicates poor sales or excessive buying.

Average Days Inventory on Hand: If you’d like to calculate this metric over a certain period of time, you will need to divide the number of days specifically in the period by the inventory turnover formula above. This metric measures the average number of days it takes you to sell your entire inventory on hand based on the cost of goods sold. If this metric is too high, it means you’re buying too much inventory. Lower is better, indicating good inventory management, but if it is too low, beware. This means you aren’t carrying enough inventory which will cause you to incur inventory stock out costs.

Average Inventory Conversion Period: This metric allows you to see the average amount of time it takes your company to go from purchasing inventory, to selling it, to getting paid for the sale. This metric holds particular significance as it allows you to see how you manage both your inventory and your receivables. You want to aim for a short inventory conversion period, as the shorter this period is, the faster you can convert inventory into sales.

No matter how you are currently managing your inventory, be sure to set aside some time this new year to evaluate your processes. It’s important for you to examine the numbers and ensure the proper systems are in place, allowing your inventory management to run seamlessly. The last thing you want is your hard-earned cash tied up in inventory, where it is unable to help support and grow your business.

What goals should you set for your business?

Thu, 13 Jan 2022 12:30:17 GMT

What goals should you set for your business in 2022

So, you want 2022 to be your best year yet.

You have lots of ideas – both new and revisited - that you are excited to implement.

How do you convert ideas into goals and how do you go about achieving them?

We have put together a 3 minute read that could help inspire you to develop goals around your money and time.

Financial goals

Cashflow. I’m sure you’ve heard it all before. Cash is king. Cash is the oil in the engine of your business. Well worn phrases but they are true.

Driving is a lot less enjoyable if you fear you’ll breakdown at any moment and in the same way it’s no fun waiting to be chased for money or wondering how you will cover staff wages.

Net result: You may enjoy running your business more!

Budget. Make the budget conservative. If you’re not being realistic, or have some basis of fact, then the exercise is worthless.

Conduct testbed research and competitor surveys to see what price increase the market could stand.

Credit control. How effective is your credit control system? Could it be improved? Could you explore techniques to get your money in faster?

See how well your credit control is working by tracking your debtor days.

Time goals

Did you come back from your holiday keen to develop better time management habits? How’s it going?

Remember it is possible you can control your day.

How to achieve your time goals?

How to do it? Spend 15 minutes at the end of your day planning your next day. Review your tasks and number them in order of urgency and importance.

Stop plate spinning. As a business owner/manager you have many responsibilities. As you flit between operations, accounts, marketing it’s possible to leave lots of half-finished jobs.

Stop being perfect: Done is better than Perfect.

Benjamin Franklin said, “Well done is better than well said.” Mark Zuckerberg has built an empire on the maxim that Done is better than Perfect.

When you’re a perfectionist, nothing will ever be good enough. That means you’ll keep going back to same task repeatedly. How productive do you think your day will be as a result?

You can increase your chance of achieving your goals through visualisation. With that in mind we have produced a goal setting sheet for you to download.

Have a great 2022!

Reenergise your business

Tue, 06 Jul 2021 07:38:22 GMT

Reenergise yourself and your business

In any usual year you may be experiencing the mid-year slump; getting caught up in the day-to-day grind of running your business. All those good intentions have gone, and your goals seem too far away.

In any usual year you may have a foreign holiday to look forward to. A holiday will give you the chance to look more objectively at your business and what you want to achieve.

This hasn’t been a usual year. All the normal strains of running a business have been exacerbated by all the changes brought about by Covid.

A lot of business owners we are meeting are weary. 2020 has been a battle.

So, what do you do when you are feeling weary? We have got some practical suggestions that have worked for our clients.

Give yourself a breakout day.

Book some time out and get away from the office, your home, your unit or wherever you work and give yourself the chance to examine why you do what you do and what you want to achieve for the rest of the year.

Make sure that the day is completely ringfenced. Nothing but a family emergency can get in the way of you doing it. If you make it for a week or so ahead, hopefully it will give you the chance to look forward to it; it will be something out of the norm.

Reignite your business passion

During the day try to think back to why you started the business. See if you can capture that initial spark, that passion that drove you to start up, to sacrifice, to invest both your time and money.

If you can fall back in love with your business, it can help provide fresh impetus, fresh fight.

Commit to your end goal and re-evaluate how you get there

What ultimately do you want to achieve from your business? More time, more money? Is your business your pension? Are you looking to sell it? Once you have a clear idea you can then reverse engineer the steps needed to get you there.

How you work - Find New Efficiencies

According to Dr Maltz it “requires a minimum of about 21 days for an old mental image to dissolve and a new one to jell.”

A lot is involved in changing the way we think and work. The current situation with Covid has challenged the excepted norms including how we communicate. Instead of feeling squeezed by these changes can we take a step back and look at our processes and change how we work? Can we come at things from a different angle and be more productive? By being more productive we can either do more with our time or increase our earning potential.

Surround yourself with like-minded people

Positivity breeds success. Are there ways you can be selective in who you talk to regarding your business plans?

We all know that the last few months have been challenging but do you really need to be reminded of this? Being around negative people who continually keep telling you that the world will never be the same and that the worst economic disaster in history is coming can be very draining. See if you can surround yourself with people who inspire you and help you see the opportunities not the obstacles.

Develop New Networks/revisit old ones

How do you find these inspiring people? Check out the events list of local business support organisations, look out for speakers. Are there networking groups that you can attend? As most groups are online now there is minimal cost if any. Try them out and if you like what you hear from someone, request a 121. Get to know them. Find out their story.

Revisit old contacts as well. Give yourself the time to go through your old business cards of contacts, your Linkedin list, Outlook contacts. Our networks have probably increased since Dunbar came up with his “number” and from looking through past contacts we may be inspired to reach out, get in contact, find out how they are and if you can help them in any way. As Bob Hoskins used to say: “it’s good to talk”.

Invest in Yourself

According to Gandhi: “Live as if you were to die tomorrow; learn as if you were to live forever.”

Things have changed since March this year. There are, and will continue to be, new ways of working. Can you make a list of the number of new skills that you would like to learn? By giving yourself fresh things to do and learn you can feed into your process analysis and increase the chance of getting better and more efficient at what you do which in turn can mean more time and money.

Establish a personal reward system

You need to reward yourself for all this work! Make sure that as much as possible you acknowledge attainment. There is nothing more draining than monotony and the feeling you are on a treadmill.

Take advantage of schemes like the “Eating Out to Help Out” to give you yourself little holidays.

If you can keep yourself motivated, you can achieve more which will counteract those weary feelings.

Doing what you can do during the Corona Crisis

Thu, 09 Apr 2020 15:39:26 GMT

Doing what you can do during the Corona Crisis

With the unprecedented events of the last few weeks it may seem as if you have no control over the direction of your business.

Even in these extraordinary times a certain amount of control is possible though. We are encouraging business owners to concentrate on doing what they can do during this time rather than what they can't.

What do we mean?

Getting and keeping money . We have put together a 10 point plan on how you can get and keep money in the bank so that you have sufficient cash to trade through this period.

Making new business contacts . Video conferencing tools such as Zoom have made it possible for networking groups still to run online. Following the same protocols as physical networking, these events allow you to talk about your business, plug into referral networks and also share experiences with fellow business owners. If you would be interested in attending one of these meetings, please drop me a line.

Helping over selling . In your marketing and communications, take a step back and think about how you can help your community while you’re running your company. Is there a way you can adapt your current marketing model to better serve your customers and community? Remember your potential audience may have more time than usual to spend online. Is there more you could be doing to increase your online presence? The current crisis will not last forever. Get yourself in the best position for when the restrictions start to lift. No matter what type of company you have, your customers are looking for help and assurance right now.

Pivot the business . Businesses feel the need to pivot or fundamentally change their business if their product or service isn't meeting the needs of their intended market. Are there any ways you can (temporarily) pivot your business? We know restaurants have become takeaways and gin distilleries have started producing hand sanitiser. Can you tweak what you are doing?

Back burner projects . Are there projects that always get left to one side? If you have more operational capacity than usual, then look at these projects. Look at how you can streamline your service delivery, improve the customer experience, make a clearer point of difference with your competitors. Start looking at where you want your business to be after this crisis subsides.

Encourage your team to train . Employees with time on their hands could use the time to upskill. This should be voluntary if furloughed. Online training may help them to remain sharp and focused ready for the opportunities and challenges that we will face following the easing of this crisis.

Getting and keeping cash during the Corona Crisis

Fri, 03 Apr 2020 17:17:40 GMT

Getting and keeping cash during the Corona Crisis

Black Swan events , like the current epidemic are rare. These events can interrupt even the most carefully laid business plans.

The temptation is to panic or stick your head in the sand. Please don’t do either. Help is available. Look at what you can do during this crisis not what you can’t.

The information below is designed to help you take a step back and take a dispassionate view of your business.

IMAGINE YOU’RE THE CHIEF FINANCIAL OFFICER

Take the emotion out of your business planning. Look at the facts. Look at the numbers. Immediate survival is the first step so prioritise which payments can be scheduled, and which potentially could be deferred.

Which clients owe you money? Talk to them. Be reasonable. If you work together you can both survive to carry on the business relationship.

If you’ve got problems collecting money, then contact the Small Business Commissioner

Once you have plotted income and outgoings, put together an interim 13-week budget and based on that an 8-week rolling cashflow.

LOAN (CAPITAL) REPAYMENT HOLIDAYS

Speak to your accountant or business advisor about talking with your bank and other lenders you have borrowed money from to see if you can agree a loan repayment holiday to assist with cash flow. The communications need to be carefully managed.

Don’t forget this may also be applicable to debts with leasing companies.

TIME TO PAY GOVERNMENT TAXES

The government has announced that all businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support for their tax affairs through HMRC’s Time to Pay service.

This money will potentially need to be paid back so careful planning is essential but taking advantage of these schemes may help your business in the short term.

SUPPORT FOR BUSINESSES THAT PAY RATES

If you pay business rates, the government is introducing a business rates holiday for retail, hospitality and leisure businesses for 2020 to 2021 tax year.

OVERHEAD REDUCTION

Consider what overheads can be delayed, reduced or avoided. Can you talk to your landlord regarding your rent? Again, be reasonable. Work together to converge on a mutually beneficial plan.

What other overheads could be renegotiated in the current climate? Remember to be that dispassionate CFO.

MANAGING STAFF COSTS

The toughest decisions businesses face are in respect of staff retention as business levels reduce as a direct result of the impact of Coronavirus.

There is specific legislation covering lay-offs and short-time working. Businesses can ask staff to stay at home or take unpaid leave if there is not enough work for them to do. It is important you understand how to apply the legislation . If you are in any doubt, please consult an HR professional or email me .

Don’t forget:

Furloughed employees are absolutely banned from doing any work on behalf of their employer whatsoever. If a salaried employee does any work while on furlough the employer must pay them the equivalent of their salary for the entire day. If an hourly employee works while on furlough the employer must pay them for the time worked.

CORONAVIRUS BUSINESS INTERRUPTION LOAN SCHEME (“CBILS”)

Look into the Coronavirus Business Interruption Loan Scheme (CBILS). The government announced the CBILS to help businesses impacted by the Coronavirus. Key information:

Be UK-based in its business activity
Have an annual turnover of no more than £45 million

Have a borrowing proposal which the lender:

would consider viable, were it not for the COVID-19 pandemic
believes will enable you to trade out of any short-term to medium-term difficulty

Amount – £1,000 to £5,000,000

Term – 3 Months – 10 Years
Interest – Low rates (unannounced)
Fees – No arrangement fees are being levied
Initial – 12-month interest free

Administered by the British Business Bank .

The banks are waiting for details on how this will work in practice. However, it is highly probable that up to date statutory accounts, management accounts and a three-way forecasting model (Profit & loss, cash flow and balance sheet) will be required.

CURRENT AND FUTURE SALES AND STOCK

Consider whether future sales should be covered by deposits or cash in advance given the current economic environment.

Review existing sales orders and identify those which you can convert to cash in the quickest time frame and those which are the most profitable and prioritise.

Consider how much work is on your current order book, what new work may arise and how long it will take before this is exhausted.

Consider the ability of your staff and supply chain to deliver goods and services in a timely manner to help you fulfil your customer orders.

Consider what contractual liabilities may arise for contractual breaches where you cannot fulfil what you agreed with customers. Can you re-negotiate clauses with customers given the exceptional circumstances?

How much stock have you got on hand? Can you reduce the amount of stock you’re ordering (particularly after completing a sales projection)? Can you turn slow moving stock into cash via carefully thought out promotions?

CHECK YOUR INSURANCES

Look through your insurance policy, you may be covered for some of the costs incurred associated with Corona. It is worth bearing in mind that the Chancellor’s statement last week may supersede the “fixed list” which may appear on your policy. Talk to your insurer.

GET EXTERNAL HELP

As you can see there are a lot of things that can be done to help plot your business through this crisis.

We would recommend that these avenues are explored quickly. If you need additional input then talk to your accountant, local business support organisations (such as the Chamber of Commerce and FSB) and trusted business advisors.

Information is being updated all the time and these ones may be able to signpost you to the most relevant information for you.

For information on debt management please try MAS and STEP CHANGE

Employment Law Update. Are you ready April 2020?

Thu, 03 Oct 2019 09:21:51 GMT

Are you ready for the changes coming into force in April 2020?

Contracts of employment are now a workplace necessity

HR expert and Managing Director of Inspired HR in Newcastle, Nikki Masterman explains why it is essential to have contracts of employment in place now ahead of the April 2020 deadline.

With new legislation coming into force from April 2020, which specifies that employers must have contracts of employment in place for the employee from their first day in post, (as opposed to the current 2 month rule), it has never been a more pressing time to ensure these are done correctly and in place now, to keep you and your business on the right side of the law.

Here’s a few questions I’ve been asked about this recently:

Why is it beneficial to both an employee and an employer to have a contract of employment?

A good employment contract is beneficial to both the employee and the employer. It is so both know where they stand. It details the rights and obligations of each party, protects the job security of the employee and protects the employer from certain risks such as the release of confidential employer information after the term of employment ends for example.

What are the benefits of a contract of employment?

An employee may want an employment contract that provides for compensation and benefits. The employment contract can remunerate an expected salary along with bonuses or incentives, such compensation details may not be possible without a contract.

Is a contract of employment legally binding?

A contract of employment is a legally binding agreement between the employer and employee. A breach of that contract happens when either party breaks one of the terms, for example an employer doesn't pay wages, or an employee doesn’t work the agreed hours. Not all the terms of a contract have to be written down though, so please speak to us directly for more information on this point.

Do employees have to sign a contract of employment?

There is no statutory obligation to have the Contract of Employment or the written statement of particulars signed. Once the applicant has accepted the job in writing there is a legally binding contract of employment between the employer and the applicant. The law does not require witnesses or a signature to make it valid. This is why the employee needs to see the contract from day 1 from April 2020.

What makes an employment contract invalid?

When one party intentionally misrepresents important facts in a contract it can be considered invalid. For example, if you signed a contract for a 2-year employment term, an employer could be found in breach of contract if they terminate you before that term has ended.

More information on this can be requested from Nikki at nikki@inspired-hr.co.uk or by calling through on

0191 205 8020

Is your networking not working?

Thu, 18 Jul 2019 11:04:52 GMT

Is your networking not working?

The rise in different online networking platforms has not affected the number of places that you can network offline or meet and talk to new prospects as you may prefer to phrase it. Some of my clients complain that networking doesn't work. This is the 3-point guide we run through with them.

1. Prepare beforehand

Don’t just turn up at an event hoping for the best. This will never work. Drill down to know what you want from the event. Prepare well so that you know your pitch: who you are (first name - no one tends to listen to surnames, sector area (what would you be classified under in the Yellow pages) and what makes you special – your claim. The more you prepare the more comfortable you feel - the more human you come over, the more likely it will be that you will be in receive mode as opposed to transmit only. If you are required to do a one-minute pitch (or less) please outline the points you want to put across. Try and be extemporaneous - so that you don't sound like a robot and be specific. By being as prescriptive as possible it may just trigger something in the depths of their contact library. A little tip I was given; don't reference other people's pitches too much in your pitch. This highlights you haven't prepared; it shouts, 'the dog ate my homework'.

What do you want from the event? If you don't know what you want to achieve then you will not know if the networking exercise is successful. A good friend of mine looks to do the following:

*Catch up with 3 existing contacts

*Meet one potential introducer/strategic alliance

*1 new contact who could be developed into a prospect

If you get a list of attendees beforehand look to ascertain if there is anyone that you would like to connect with via LinkedIn.

2. Is the network the right place for you?

To the networking naive there exists a person; a decision maker with a budget who is intent on going to a networking meeting purely to source new suppliers. It happens of course but it's best not to base your whole networking appraisal on it. Better to go prepared to get to know your fellow networkers and their black contact books. Seven degrees of separation really does exist. In my experience of going to networking events I have seen contacts come together; 100 000 k contracts being fulfilled by various partners coming together.

From analysis of your objectives if you are not achieving what you need to from your networking, don’t be sentimental - try another networking group.

3. Follow up

It’s all about the FU. Look to get a reputation as a facilitator; someone who knows people. You can become a very popular beacon. If you do introduce people, then try as best as possible to find out if anything positive came of the introduction. One of the best networkers I know does this to great effect. I have been given some great contacts via this networker and consequently I get excited when I see one of his emails drop into my inbox. The best networkers I know follow up. I don't mean a pushy sales email ‘we had a coffee at 6.30 am in the morning therefore you MUST buy from me’ but rather electronic evidence that you were listening to your fellow networker and, ideally, electronically introduce them to some of your other relevant contacts. Index the business cards you collect (but ensure you do this while being GDPR compliant) and where appropriate connect with them via social media. Complete all your follow up within 12 hours of leaving the networking event. If you don't there is an extremely high chance of you never doing it.

How your business can survive the summer holidays

Thu, 11 Jul 2019 12:02:51 GMT

HOW YOUR BUSINESS CAN SURVIVE THE SUMMER HOLIDAYS
(AND HOW YOU CAN GO AWAY AND KNOW YOU HAVE A BUSINESS TO COME BACK TO)

It’s the time of year when many are thinking about holidays.

Like many things the key is preparation. We have prepared a simple checklist that we have found helpful:

What does the summer look like for you and your business?

You and the team

Your clients

Will you still have a business when you return from your break?

Make sure your figures are up to date before you leave. You want to know exactly what your profit and loss situation is, any aged debtors that need chasing and any suppliers/bills that need paying.

Put together a conservative 8-week cashflow and automate payments and statements as required?

Don’t underestimate the importance of holidays!

This is true both for you and your team. Everyone needs a break to recharge their batteries; we are not machines.

Having a good break will potentially improve creativity, productivity and reduce stress, anxiety and even depression.

Do you want to gain and retain customers?

Thu, 11 Jul 2019 11:41:57 GMT

You spend a lot of time, effort and money in gaining new customers, but have you considered growing your business without putting the emphasis on marketing for new customers?

On average, a business loses up to 20% of its customers annually (for some it is as high as 80%). Do you fully understand how much ‘value’ is lost to your business by losing customers?

Well, imagine two businesses, one that retains 90% of its customers, the other retains 80%. If both add new customers at the rate of 20% per year, the first will have a 10% net growth in customers per year, while the other will have none. Over seven years, the first firm will virtually double, while the second will have no real growth. Everything else being equal, that 10% advantage in customer retention will result in a doubling of customers every seven years without doing anything else.

To keep your customers loyal the most important thing to do is to stay in touch with them – a simple but often overlooked strategy. Keeping in regular contact with your customers will help you to build a one-on-one relationship with them.

Regular contact can be made through letters, direct mail pieces, phone calls, visits, surveys, newsletters, catalogues and will reinforce in your customer’s mind that your business is interested in assisting their needs.

To do this you need an active database of customers with up to date contact details. Do you have such a database – and do you use it to maintain contact with your customers? It will allow you to notify your customers of specials or up and coming events and possibly re-activate customers who may not have purchased from your business for a period of time.

Social media has a role to play and it sorrows me to see how misused it can be as a marketing tool. I receive loads of tweets, blogs, ‘likes’ and requests to become a ‘friend’ from complete strangers in what are often thinly disguised sales plugs. Used thoughtfully, social media can be a great way to keep up to date with your existing customers who are far more likely to read items from people they know.

The Taxing Business

Wed, 01 May 2019 08:04:21 GMT

The tax deadline has passed but do businesses really know what’s involved?

When you’re running your own business, it’s almost a certainty that you’ll have to pay some kind of tax at some point.

But with so many complicated tax rules currently in place in the UK, it can be difficult to know exactly which ones apply to you or your business, and which types of tax you’ll actually have to pay to HMRC.

Here are the three small business taxes to check up on.

Income tax

Sole trader tax is paid on your business’s profit. Assuming you don’t have any other income, such as salary from a job, as well as what your business makes, then you’ll start paying income tax on your business’s profit once it goes over the personal allowance, which is £11,850 if you’re under 75.

If your business is a limited company, you could pay income tax on any salary or dividends you take from the company. Whether you pay income tax, and how much you pay, depends on how much you take out.

Income tax kicks in on your salary if it’s over £11,850, you’re under 75 and you have no other income. If your circumstances are different – say you have another job as well as working for your own company – then you may start paying income tax on your salary sooner.

If you’re paying income tax on your salary, your employer, in this case your own company, will deduct it from your salary under the PAYE (Pay As You Earn) scheme. PAYE isn’t a tax in its own right; it’s a method HMRC use to collect income tax.

Corporation tax

Limited companies pay corporation tax on their profits. There’s no equivalent of the personal allowance for limited companies, so as soon as a company makes any profit, unless it’s previously made losses, it will start paying corporation tax.

Corporation tax is 19 per cent for all companies, and it’s payable nine months and one day after the company’s accounting year end so, for example, a company with a year end of March 31st will have to pay its corporation tax by 1st January.

Sole traders do not pay corporation tax.

VAT

No matter what kind of business you have – sole trader, partnership, LLP or limited company; if your business makes VATable sales of more than £85,000 a year, you’ll have to register your business for VAT.

‘VATable sales’ mean sales of goods or services that would have had VAT charged on them if made by a VAT-registered business. VAT might be 20 per cent, the standard rate, 5 per cent the reduced rate, or sometimes even 0 per cent.

Are you fed up of working hard and not having any money in your pocket after paying your costs and taxes? Have a business review with Advice4Business North East and see if we can suggest planning strategies that will help you get what you want from your business

What do your customers think of you?

Mon, 01 Apr 2019 06:30:51 GMT

Just having a great product or service is not enough. Sure, it’s the thing you have to have but how you deliver that product or service is the key – it’s the customer’s experience that counts!

In the book ‘Moments of Truth”, Scandinavian Airlines boss Jan Carlzon talks about his business: -

“Last year, each of our 10 million customers came in contact with approximately five SAS employees, and this contact lasted an average of 15 seconds each time. Thus, SAS is “created” 50 million times a year, 15 seconds at a time. These 50 million “moments of truth” are the moments that ultimately determine whether SAS will succeed or fail as a company. They are the moments when we must prove to our customers that SAS is their best alternative”.

Success will go in our competitive world to those who recognise that:

The customer is your biggest asset

The customer pays all salaries, wages and dividends

The customer will go where s/he receives the best attention

Your business must be your customer’s best and first choice

The simple idea has underpinned all great businesses in the past, but its secrets are now being sought in all corners of commerce and industry. It has become the great driving force in all ambitious companies. ‘Putting the customer first’, ‘making the customer boss’, is now seen as the route to gaining the competitive edge!

We are living in the ‘Age of Service’. For thousands of years, most people in the western world worked on the land. For the last two hundred years, we have earned our living largely in manufacturing, making goods to sell. Now, the majority of workers are involved in service businesses, no longer making goods but rather doing things that other people will pay to have done. Continually, as we shop, travel, seek entertainment, use banks, buy insurance, move house, take holidays, eat out, visit garages, take legal advice, have goods repaired, employ builders or decorators, use libraries, health services and so on, we are experiencing Customer Service. We are all experts on it; we all know the difference between good and bad service when we see and feel it.

All businesses, whether providing products or services, now have to pay very close attention to an increasingly aware and choosy group of people who have the power to make or break them – their customers! As such, the thoughts and feelings of the customer need regularly to top the boardroom agendas of any business seriously committed to success.

There are a number of factors that define good customer service. List these factors below after considering: -

As well as your product or service (which just has to be good), your customer’s experience is defined by

your people

your physical environment (the packaging)

your practices (how easy is it for our customers to do business with you)

How can you improve your customer’s experience? Make a list using the factors above and include ways to measure each factor so you can know when it has improved.

Obsession with the customer experience is the single most vital factor in business success. The main priority for your business, as in any business, must be to win and keep the customer. Failure to do so simply means no profits, no growth, no jobs, no business!

Ask yourself a question “does my business reflect a professional business? And do my team provide the best service making my customer experience AMAZING???

If not, you need to arrange to speak with me to discuss your next steps and ensure this changes.

Take the first step by completing our online Business MOT and arrange a meeting with me soon.

I would love to help you improve your success rate and wow your present and future customers – it's in your hands.

Making Tax Digital

Fri, 01 Mar 2019 08:33:36 GMT

The Days of Paper Accounting are Numbered!

What is Making Tax Digital?

On 1 April 2019, the Making Tax Digital (MTD) regulation will be brought in by the government meaning all VAT registered businesses with a taxable turnover above the VAT registration threshold, (£85,000), must keep their records digitally and file VAT returns using HMRC compatible software.

Why has it been brought in?

This latest legislation is part of HMRC’s long term ambition of becoming one of the most digitally advanced tax administrators in the world.

The aim is that this MTD will make it more efficient, more effective and easier for taxpayers to get their tax right.

Currently, many people find getting tax correct too complicated, with avoidable mistakes costing the Exchequer over £9billion annually. Digital records will reduce the amount of tax lost to these errors and make the process easier for those dealing with VAT returns.

How do companies comply?

To comply to MTD, from 1st April 2019, mandated businesses will need to keep their business records digitally and file their VAT returns via HMRC’s new digital platform by using dedicated and compatible accounting software or a combination of software packages or spreadsheets.

From April 2020, data must be exchanged digitally between all software used by a business for VAT

With the MTD legislation, the onus is on submitting tax returns to HMRC via a company’s finance system as opposed to directly on a manual basis. More than ever, it is crucial that the data within a finance system is clean and accurate.

Digital systems support this by automatically posting clean, accurate and verified data directly into a finance system – thereby eliminating human error.

Are there any benefits to businesses?

MTD provides a great opportunity for companies to review their current company’s financial processes to see if they could be streamlined or simplified.

There are many advantages of utilising the cloud accounting systems that MTD encourages.

For example:

• Being able to raise invoices (even while on the move)

• Real time Financial reporting (incorporating use of your bank feeds)

• Your records are always backed up

What to do next

We would recommend speaking to your accountant (particularly if your VAT quarter starts in April 2019)

Alternatively, please email us. We would be happy to help field any questions on MTD that you may have.

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HOW YOUR BUSINESS CAN SURVIVE THE SUMMER HOLIDAYS (AND HOW YOU CAN GO AWAY AND KNOW YOU HAVE A BUSINESS TO COME BACK TO)

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HOW YOUR BUSINESS CAN SURVIVE THE SUMMER HOLIDAYS
(AND HOW YOU CAN GO AWAY AND KNOW YOU HAVE A BUSINESS TO COME BACK TO)

HOW YOUR BUSINESS CAN SURVIVE THE SUMMER HOLIDAYS
(AND HOW YOU CAN GO AWAY AND KNOW YOU HAVE A BUSINESS TO COME BACK TO)