Getting back to business – the good news
Speaking at an event in Belfast, Andrew Sentance, an external member of the Bank of England’s monetary policy committee highlighted reasons to be optimistic about the recovery. Apparently businesses started to climb out of the recession earlier than expected and this, combined with a lower rate of company failure than forecast, means businesses are in a strong position to take advantage of the opportunities now available through new growth and a competitive pound.
Irish Bail out
The Irish Bail out was agreed on Sunday 28th with €85billion in the total package. The UK is in for a fair share of this, partly because of the historic links between our countries and partly because Ireland is a net importer of British goods and services.
Immigration cap
The government announced its immigration cap for next year with 21,700 skilled workers to be allowed to enter this country from outside the EU, down by 6,000 from the last limit. There are some exceptions such as those earning more than £40,000 who move into the UK to take up posts with international companies. There is no limit on the number of migrants from EU countries and these still make up around a third of all migrants.
Red tape costs £100 billion
With businesses gearing up for recovery it might be worth taking a look at your internal processes. Many firms have tried to save costs by taking reporting jobs out of specialist departments such as HR and Accounts and devolving them to mainstream staff. A survey by Keboko shows that time sheets and reporting now costs the average worker 37 days a year, time that could be saved by system changes and cutting down on unnecessary reports.
So, what do we have to look forward to?
On Monday the Chancellor, George Osborne, makes his autumn statement to the House of Commons at 3.30pm. He is expected to respond to the revised economic forecasts being published by the Office for Budget Responsibility at 1pm the same day. Following the statement there will be a debate on the regulation of Independent Financial Advisers. Elsewhere there are select committee meetings including the Business Innovation and Skills committee looking at government assistance to Industry on Tuesday.
The latest tube strike is on Monday leading to delays in transporting people and goods around London. Allow extra time for travel to meetings and check contingency plans in case staff can work from home.
And finally
Whilst campaigns to remove Muzak from lifts and public places continue, the Japanese have turned to classical music to improve the taste of their food. Apparently Mozart adds extra sweetness when played to ripening bananas whilst noodles, saki, miso and soy sauce all benefit from having classical music played whilst they are being made.
Monday, 29 November 2010
Sunday, 21 November 2010
Wonderful Wefinda weekly news (Week ended 19 November 2010)
The negative impact of targets
A recent long running survey by CIMA has revealed that the imposition of strict targets can actually hinder performance. When targets are strictly applied and can lead to performance bonuses employees will take action to ensure the targets are seemingly met. This includes cutting corners, signing off incomplete work and concentrating on short term goals at the expense of long term growth and stability.
Quangos come and Quangos go but entrepreneurs are on the up
The Business Secretary, Vince Cable, celebrated the start of Global entrepreneurs’ week by setting up a quango. The Entrepreneur’s Forum will advise the government on business and enterprise policies. At the same time Vince Cable created a business mentoring network consisting of around 40,000 successful business people who are prepared to give some time mentoring business start-ups.
How do you conduct your business calls?
Research by T-mobile says that most business people switch off in the first 5 minutes of a call due to waffle. Whilst building a relationship is important, too much chat can actually kill a conversation and lose a potential sale. 86% of those poled thought they wasted time each day in conversations with people who wouldn’t get to the point.
A timely Christmas warning
With internet sales on the up this Christmas, security software company McAfee have published their 12 scams of Christmas. These include Low Price traps to tempt people into handing over card details, Fake gift card offers with the same aim and virus spreading via holiday jingles and greetings on e-mail.
So, what do we have to look forward to?
With Parliament working a 4 day week, there is little to report in terms of business news. On Tuesday and Thursday there is a general committee meeting to consider the Postal Services Bill whilst the Treasury Select committee continues to investigate competition and choice in the banking sector and the November inflation report.
And finally
Watch out and draw those curtains. A new pictorial survey of London has been released by 360cities.net producing the highest resolution pictures ever seen on a city-scape. The project was so detailed they even had to edit out an embarrassing picture of a woman standing by a window. The photos took three days to shoot from the top of Centre Point and are so detailed that individuals on the ground can be recognised.
A recent long running survey by CIMA has revealed that the imposition of strict targets can actually hinder performance. When targets are strictly applied and can lead to performance bonuses employees will take action to ensure the targets are seemingly met. This includes cutting corners, signing off incomplete work and concentrating on short term goals at the expense of long term growth and stability.
Quangos come and Quangos go but entrepreneurs are on the up
The Business Secretary, Vince Cable, celebrated the start of Global entrepreneurs’ week by setting up a quango. The Entrepreneur’s Forum will advise the government on business and enterprise policies. At the same time Vince Cable created a business mentoring network consisting of around 40,000 successful business people who are prepared to give some time mentoring business start-ups.
How do you conduct your business calls?
Research by T-mobile says that most business people switch off in the first 5 minutes of a call due to waffle. Whilst building a relationship is important, too much chat can actually kill a conversation and lose a potential sale. 86% of those poled thought they wasted time each day in conversations with people who wouldn’t get to the point.
A timely Christmas warning
With internet sales on the up this Christmas, security software company McAfee have published their 12 scams of Christmas. These include Low Price traps to tempt people into handing over card details, Fake gift card offers with the same aim and virus spreading via holiday jingles and greetings on e-mail.
So, what do we have to look forward to?
With Parliament working a 4 day week, there is little to report in terms of business news. On Tuesday and Thursday there is a general committee meeting to consider the Postal Services Bill whilst the Treasury Select committee continues to investigate competition and choice in the banking sector and the November inflation report.
And finally
Watch out and draw those curtains. A new pictorial survey of London has been released by 360cities.net producing the highest resolution pictures ever seen on a city-scape. The project was so detailed they even had to edit out an embarrassing picture of a woman standing by a window. The photos took three days to shoot from the top of Centre Point and are so detailed that individuals on the ground can be recognised.
Monday, 15 November 2010
Wonderful Wefinda weekly news - Week ended 12 November 2010
Just how fast are we climbing out of recession?
The Office of National Statistics has admitted that it got the figures wrong when calculating the growth in the second quarter. Following an adjustment on construction figures they have downgraded their original report from an overall 1.2% to 1%. Within that figure construction growth has been slashed from 9.6% to 6.8%. The adjustment has sent alarm bells ringing although economists are generally still of the opinion that we have avoided the possibility of double dip recession. In its inflation report the Bank of England agrees but predicts a rocky road ahead with inflation staying above target as long as the end of 2012.
How taxing is your tax calculation?
The Office of Tax Simplification has come up with over 1,000 tax reliefs and allowances as a first step to simplifying our tax system. Now they want to know if we can spot ones that they have missed and also which reliefs we think could be cut. Log in to their site for more information and to see the list. You might even find some exemptions that you didn’t know you could claim. For example how about “Historic exemption from excise duty for a fermented beverage made from malt and molasses, often without hops.” http://www.hm-treasury.gov.uk/ots_taxreliefsreview.htm
Touch Local survey on the long term unemployed
Following the announcement by Ian Duncan Smith that he was planning to make the long term unemployed undertake work placements our sister company Touch Local ran a survey of SMEs to get their views. A massive 77% of those poled agreed that the work placements would be a good idea with respondents highlighting the benefits for the claimants in terms of self esteem and confidence.
So, what do we have to look forward to?
Parliament is working a five day week for the second week in a row so there is plenty to look out for. Questions in the House include Treasury matters on Tuesday and Business Innovation & Skills on Thursday. The Business Innovation & Skills select committee is looking into Government assistance to industry whilst the Treasury select committee is looking at choice in the banking sector.
And finally
How do you tackle pollution? Cut down factory and car emissions, think about city layout or encourage air movement? Well the Mayor of London, Boris Johnson, has come up with a new spin on pollution. He is going to glue it to the Capital’s streets. Spraying roads with a Calcium Magnesium Acetate solution will apparently trap pollution particles and stop them from flying back into the air. Trials elsewhere have resulted in up to 20% reduction in pollution levels so Wefinda will be watching the results of the trial with interest.
The Office of National Statistics has admitted that it got the figures wrong when calculating the growth in the second quarter. Following an adjustment on construction figures they have downgraded their original report from an overall 1.2% to 1%. Within that figure construction growth has been slashed from 9.6% to 6.8%. The adjustment has sent alarm bells ringing although economists are generally still of the opinion that we have avoided the possibility of double dip recession. In its inflation report the Bank of England agrees but predicts a rocky road ahead with inflation staying above target as long as the end of 2012.
How taxing is your tax calculation?
The Office of Tax Simplification has come up with over 1,000 tax reliefs and allowances as a first step to simplifying our tax system. Now they want to know if we can spot ones that they have missed and also which reliefs we think could be cut. Log in to their site for more information and to see the list. You might even find some exemptions that you didn’t know you could claim. For example how about “Historic exemption from excise duty for a fermented beverage made from malt and molasses, often without hops.” http://www.hm-treasury.gov.uk/ots_taxreliefsreview.htm
Touch Local survey on the long term unemployed
Following the announcement by Ian Duncan Smith that he was planning to make the long term unemployed undertake work placements our sister company Touch Local ran a survey of SMEs to get their views. A massive 77% of those poled agreed that the work placements would be a good idea with respondents highlighting the benefits for the claimants in terms of self esteem and confidence.
So, what do we have to look forward to?
Parliament is working a five day week for the second week in a row so there is plenty to look out for. Questions in the House include Treasury matters on Tuesday and Business Innovation & Skills on Thursday. The Business Innovation & Skills select committee is looking into Government assistance to industry whilst the Treasury select committee is looking at choice in the banking sector.
And finally
How do you tackle pollution? Cut down factory and car emissions, think about city layout or encourage air movement? Well the Mayor of London, Boris Johnson, has come up with a new spin on pollution. He is going to glue it to the Capital’s streets. Spraying roads with a Calcium Magnesium Acetate solution will apparently trap pollution particles and stop them from flying back into the air. Trials elsewhere have resulted in up to 20% reduction in pollution levels so Wefinda will be watching the results of the trial with interest.
Monday, 8 November 2010
Wonderful Wefinda weekly news - Week ended 05 November 2011
Base rate held at 0.5%
The Bank of England’s decision to hold the base rate at 0.5% and the asset purchase programme at £200 billion sends further signals that it is prepared to ride out the current level of inflation without putting rates up.
Could European contract law be about to change
In July the EU published a green paper which is the starting point for a possible change in contract law throughout Europe. The aim is to standardise contract law for consumers and business. With the consultation date ending in January, the Law society is now asking for comments from solicitors with a survey to be completed by 19 November. Wefinda suggests it might be worth talking to your solicitor and getting them to reply to the survey.
End of the chain for Local Business Links
From April 2012, local business links will be closed and replaced by a combination of a UK web site & call centre and the new local enterprise partnerships. Branded as expensive and poorly targeted, the £154 million annual cost of running Business Link on a local basis was deemed too high. Do you agree, let us have your thoughts.
New help for payroll
Payroll is one of those potentially complex time consuming areas that SMEs can’t avoid. Whilst HMRC are in consultation about a possible change to the calculating and reporting of payroll including one option of letting HMRC themselves calculate deductions monthly, Sage have just launched Sage 50 payroll, aimed at the SME business. Before you check it out, have a look at our buyers guide on HR and Payroll outsourcing.
Where do you look for IT contractors?
Obviously on Wefinda, but apart from that a recent survey by CV Screen has shown an interesting development in IT location. With IT professionals in London earning 14% above the national average, an increasing number of IT companies are relocating away from London. The growth of the internet and broadband communications has meant that IT can be run successfully from other locations and IT professionals are making the most of their ability to mix job and lifestyle.
So, what do we have to look forward to?
The Inflation report due on the 10 November should make interesting reading and give us some clues on whether interest rates are likely to move in the near future. In Parliament, the finance bill and the Equitable life bill hit the House of Commons. And we must not forget Remembrance Day on 11 November.
And finally
Is the traditional British love of queuing breaking down? A recent survey by the Payments Council revealed that we are now only able to stand in line for 10 minutes 42 seconds before starting to lose our temper. Top of our list of loathed queuing places were Supermarkets, followed by the Post Office and then Airport security.
The Bank of England’s decision to hold the base rate at 0.5% and the asset purchase programme at £200 billion sends further signals that it is prepared to ride out the current level of inflation without putting rates up.
Could European contract law be about to change
In July the EU published a green paper which is the starting point for a possible change in contract law throughout Europe. The aim is to standardise contract law for consumers and business. With the consultation date ending in January, the Law society is now asking for comments from solicitors with a survey to be completed by 19 November. Wefinda suggests it might be worth talking to your solicitor and getting them to reply to the survey.
End of the chain for Local Business Links
From April 2012, local business links will be closed and replaced by a combination of a UK web site & call centre and the new local enterprise partnerships. Branded as expensive and poorly targeted, the £154 million annual cost of running Business Link on a local basis was deemed too high. Do you agree, let us have your thoughts.
New help for payroll
Payroll is one of those potentially complex time consuming areas that SMEs can’t avoid. Whilst HMRC are in consultation about a possible change to the calculating and reporting of payroll including one option of letting HMRC themselves calculate deductions monthly, Sage have just launched Sage 50 payroll, aimed at the SME business. Before you check it out, have a look at our buyers guide on HR and Payroll outsourcing.
Where do you look for IT contractors?
Obviously on Wefinda, but apart from that a recent survey by CV Screen has shown an interesting development in IT location. With IT professionals in London earning 14% above the national average, an increasing number of IT companies are relocating away from London. The growth of the internet and broadband communications has meant that IT can be run successfully from other locations and IT professionals are making the most of their ability to mix job and lifestyle.
So, what do we have to look forward to?
The Inflation report due on the 10 November should make interesting reading and give us some clues on whether interest rates are likely to move in the near future. In Parliament, the finance bill and the Equitable life bill hit the House of Commons. And we must not forget Remembrance Day on 11 November.
And finally
Is the traditional British love of queuing breaking down? A recent survey by the Payments Council revealed that we are now only able to stand in line for 10 minutes 42 seconds before starting to lose our temper. Top of our list of loathed queuing places were Supermarkets, followed by the Post Office and then Airport security.
Wednesday, 3 November 2010
Starting up in business - Wefinda handy hints
All great businesses start with an idea. Sometimes the idea is discarded or lies unnoticed on a shelf for many years; other times a visionary takes the idea, shakes it up and sets off to sell it to the world. But what do you need to do when taking that giant leap into setting up a business?
Create a business plan
No matter how good the idea and how keen you are to leap straight in, without a plan you will soon flounder. Your business plan will be needed to arrange finance and for some trade references and should include the following:- Your details, background, qualifications and abilities
- Details of the business including whether you will be a sole trader, partnership or limited company; what the business is going to produce or sell; what is the unique selling point which is going to make the business successful
- What finance is needed to start the business including any loans to acquire equipment
- How the cost of your goods breaks down and what the profits are likely to be. This should include a full cash flow and profit & loss forecast
- Market research done. This should include market research on competitors and on clients
Considerations when setting up your business
This isn’t just a case of coming up with a name and getting on with it. You will need to consider:- Registering with the authorities. All self employed people have to register with HMRC as soon as they start up in business. Limited companies have to be registered with Companies house and all businesses expecting turnover in excess of the VAT threshold will need to register for VAT. You also need to consider whether you need to register with the Data Protection commissioner.
- Insurance. You need to consider business insurance including public liability. If you intend to employ staff by law you need employers’ liability insurance. More than a few staff and you have to have staff contracts and terms and conditions
- Health & Safety etc. You need to look at fire risks and health & safety policies. These vary dependant on the type of business and staff numbers
- Bank account. Talk to a range of banks to start with. They will all have different needs and will give you lots of advice and handy hints.
Tuesday, 2 November 2010
What does a new business really need?
At Wefinda we believe that success comes from connecting businesses which need help with suppliers who actively want to provide that help. That is why we take such pleasure in matching needs and solutions and why our buyers’ guides have already helped many businesses to know and understand what would benefit them.
To help us to help you further we surveyed a range of businesses to find out where their priorities lay when they started up. They told us that their number one priority was sorting out effective communications. This recognises the vital role that telephone, internet and mobile have to play in today’s business world. With some companies now being able to virtually run their entire business via the internet, having a robust and fast broadband network is recognised as a key driver to business success in the UK. Because of this, Wefinda welcomes the recent Ofcom announcement on measures to open up competition for broadband services including the sharing of BT infrastructure.
The importance that new businesses place on the internet is strengthened with website design being listed as the 4th most important service closely followed by internet marketing in 6th. Sorting out an IT support package also makes it into the top ten reflecting the need to keep communications flowing smoothly.
Outside of the IT/ communications mix, your second priority on starting up in business was to find an accountant. With new businesses needing help in producing business plans, deciding whether to register for VAT, arranging finance and setting up their accounts; early help from an accountant can be invaluable.
Next on your list of priorities was getting the image of the business right with printing in 3rd place and logo/brand/graphic design in 5th. Having a professional image will enhance your business in the eyes of prospective clients. In fact, studies have shown that a strong brand and image can lead to the acceptance of higher prices by clients. Business Link sums this up when it says “the brand and image of a business are vital to its success.”
Once you have got your communications, accounts and image sorted out, priority then goes to finding the right premises. Office space and utilities come in close together at 9th and 7th. When choosing your office, the Wefinda guide cautions that “choosing the wrong office space has been known to result in business failure, whilst choosing well can result in increased turnover and profits”. In particular think about location and accessibility for clients and staff.
Wefinda is committed to helping the SME business community to strengthen and grow and would like to thank all those who took part in our survey. The information will be useful in preparing our buyers guides which, together with our tweets and blogs, we aim to pack full of hints to help SME businesses to succeed.
The importance that new businesses place on the internet is strengthened with website design being listed as the 4th most important service closely followed by internet marketing in 6th. Sorting out an IT support package also makes it into the top ten reflecting the need to keep communications flowing smoothly.
Outside of the IT/ communications mix, your second priority on starting up in business was to find an accountant. With new businesses needing help in producing business plans, deciding whether to register for VAT, arranging finance and setting up their accounts; early help from an accountant can be invaluable.
Next on your list of priorities was getting the image of the business right with printing in 3rd place and logo/brand/graphic design in 5th. Having a professional image will enhance your business in the eyes of prospective clients. In fact, studies have shown that a strong brand and image can lead to the acceptance of higher prices by clients. Business Link sums this up when it says “the brand and image of a business are vital to its success.”
Once you have got your communications, accounts and image sorted out, priority then goes to finding the right premises. Office space and utilities come in close together at 9th and 7th. When choosing your office, the Wefinda guide cautions that “choosing the wrong office space has been known to result in business failure, whilst choosing well can result in increased turnover and profits”. In particular think about location and accessibility for clients and staff.
Wefinda is committed to helping the SME business community to strengthen and grow and would like to thank all those who took part in our survey. The information will be useful in preparing our buyers guides which, together with our tweets and blogs, we aim to pack full of hints to help SME businesses to succeed.
Monday, 1 November 2010
Wonderful Wefinda weekly news - Week ended 29 October 2010
Economy grows at a faster rate than expected
News this week that the British economy grew by 0.8% in the third quarter was welcomed by economists. Although the growth rate was slower than the 1.2% seen in the second quarter it was double the rate forecast for the third quarter. This result pushes the prospect of a double dip recession further away and means that the Bank of England may not need to pump more money into the economy.
Business confidence improves
Hot on the heels of the good news about the growth in the economy comes a report from utility price comparison service Make it cheaper. Their survey of 1,000 SMEs reported that 76% had an unchanged or brighter outlook compared with only 58% six months ago. With the latest employment statistics showing over four million of us working as self-employed and a rise in new small businesses, perhaps the economy is being pulled back into line by SMEs.
Are we a nation of “digital shopkeepers”?
We are, according to a survey commissioned by Google with the internet industry now the fifth largest contributor to gross domestic product. Co-incidentally this survey comes in the same week as one from E-bay in which more than 80% of internet sales businesses accuse the Royal Mail of stifling competition. The survey, reported in the Independent, shows SMEs want more flexible evening pick up services, better tracking and week end deliveries. Let’s hope that the recent findings on cargo aircraft don’t hinder Christmas deliveries too much.
Or is our manufacturing base on the rise again?
The CBI says that 31% of small manufacturers expect to boost production in the next three months, whilst only 12% are predicting a fall. With the government pushing the banks to increase lending to small business and larger order books, could this be the time for small manufacturers to start investing again in plant and machinery.
So, what do we have to look forward to?
Appropriately enough following the news item above, on Tuesday in Westminster Hall there is a debate on the future of the Post Office network. The Treasury select committee is examining the spending review on Monday and Tuesday whilst on Thursday the Business Innovation and Skills committee examines Government Assistance to Industry.
And finally
We are used to snack machines, coffee machines and water coolers. Now, from Germany comes another idea, art vending machines. Selling a mix of unique sculptures and paintings in small boxes, for 2 or 3 euros the art vendors are catching on with 100 machines already up and running and more planned.
News this week that the British economy grew by 0.8% in the third quarter was welcomed by economists. Although the growth rate was slower than the 1.2% seen in the second quarter it was double the rate forecast for the third quarter. This result pushes the prospect of a double dip recession further away and means that the Bank of England may not need to pump more money into the economy.
Business confidence improves
Hot on the heels of the good news about the growth in the economy comes a report from utility price comparison service Make it cheaper. Their survey of 1,000 SMEs reported that 76% had an unchanged or brighter outlook compared with only 58% six months ago. With the latest employment statistics showing over four million of us working as self-employed and a rise in new small businesses, perhaps the economy is being pulled back into line by SMEs.
Are we a nation of “digital shopkeepers”?
We are, according to a survey commissioned by Google with the internet industry now the fifth largest contributor to gross domestic product. Co-incidentally this survey comes in the same week as one from E-bay in which more than 80% of internet sales businesses accuse the Royal Mail of stifling competition. The survey, reported in the Independent, shows SMEs want more flexible evening pick up services, better tracking and week end deliveries. Let’s hope that the recent findings on cargo aircraft don’t hinder Christmas deliveries too much.
Or is our manufacturing base on the rise again?
The CBI says that 31% of small manufacturers expect to boost production in the next three months, whilst only 12% are predicting a fall. With the government pushing the banks to increase lending to small business and larger order books, could this be the time for small manufacturers to start investing again in plant and machinery.
So, what do we have to look forward to?
Appropriately enough following the news item above, on Tuesday in Westminster Hall there is a debate on the future of the Post Office network. The Treasury select committee is examining the spending review on Monday and Tuesday whilst on Thursday the Business Innovation and Skills committee examines Government Assistance to Industry.
And finally
We are used to snack machines, coffee machines and water coolers. Now, from Germany comes another idea, art vending machines. Selling a mix of unique sculptures and paintings in small boxes, for 2 or 3 euros the art vendors are catching on with 100 machines already up and running and more planned.
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