Archive for the ‘Business’ Category

How complicated is it to set up a business?

Wednesday, February 1st, 2012

The matter of setting up a business has changed hugely in the last couple of decades, due to advances in technology. Where you used to need a firm physical base and a huge amount of paperwork – and somewhere to store it all – now you can do the lion’s share of administration using nothing but a computer and an internet connection.

It depends to some extent on the nature of your business, of course… as if you’re a retailer with high street ambitions, for example, you need somewhere to receive the public and present your wares or services. Even if you’re an internet retailer, you need somewhere to store stock. But this is quite a simple issue in the grand scheme of things. If you don’t have a reliable garage, attic or spare room to use, you can rent property quite cheaply. If it’s not public-facing, it doesn’t matter too much whether it’s in a nice area or not, which helps to bring costs down.

However, most of the operational side of any business is concerned with its day-to-day management – something you can plan and implement using the right computer software. If you need specialist software for your company, it is wise to ensure you have some business application support so that if anything goes wrong, or an update is required, help is at hand. You can’t underestimate the importance of making sure your systems are running reliably, as if you lose access to your financial information or other administrative matters, you will find yourself at a standstill until they are resolved.

Otherwise, however, you can do most things yourself. Perhaps start by setting up a website using a free platform like WordPress.com and ensuring you have a presence on all the various social media websites. If people can find you easily and understand what you offer, you’ve got the basics covered.

Tax return basics

Thursday, January 26th, 2012

Yes, it’s that time again… if you haven’t done your tax return already, it’s time to do it before the deadline on 31 January. You’ve got just a few days left to work out your figures, file the details via the online portal of Her Majesty’s Revenue and Customs (HMRC) and pay the bill.

Here’s one vital tip: Before you start getting stressed about the accounting bits, make sure you have the cash itself to hand and ready to pay to HMRC. Even if you don’t know roughly what the figure you owe will be, if all your savings are in a bank account that you can make immediate payments from, you’ll be ready once you’ve calculated your bill. There’s nothing worse than getting everything done on 30 January, thinking you’ll be on time – then realising it’ll take ages for your cash to reach HMRC, because it’s in the wrong type of bank account.

People worry a lot about tax returns, but they’re not as complicated as they sound. The stress about submitting them is mostly down to meeting a deadline – just the same as doing any piece of work. There are two main parts to a tax return – your income and your expenditure. If you have a self-employed business, you need to work out what your turnover has been. This is the total amount of earnings you attained between 6 April 2010 and 5 April 2011 (if you use the standard accounting year). Your expenditure is the total of any costs involved in running your business, either in full (things like stationery items) or as percentages (things like car and mobile phone costs).

Your expenditure is deducted from your turnover to give you a profit figure. Your tax-free allowance is removed (everyone is entitled to this) – then your tax bill is calculated based on this remaining figure. You will also need to pay National Insurance contributions and student loan repayments, if applicable.

Then you pay the bill – and you’re done for another year. Hooray.

Recession and spending

Saturday, January 21st, 2012

There’s been a bit of panic in the financial world, with news that Britain’s economy shrank by 0.2 per cent in the last quarter of 2011 – which is more than everyone expected. Naturally, that means there’s panic everywhere else, too, as people wonder if we’re heading for recession again… and what that’ll mean.

I really think the best thing we can do is continue to think and act positive. There’s no point in being all miserable and ‘tightening our belts’ and all that kind of thing, especially for people who are still employed. If we all work hard and continue to buy things, it’ll help the economy in a way that austerity won’t. Though, obviously, austerity should apply in some cases… for example, to those who aren’t in work and therefore have a genuine reason for it.

It should also apply when it comes to government spending. There’s been a lot of chat about that recently, with the secretary of state for education, Michael Gove, saying the other week that he thinks taxpayers should shell out to get the Queen a yacht for her Diamond Jubilee. It’s a nice thought, but a little out of touch, bearing in mind the money worries people have about affording essentials, let alone luxuries of that size.

Gove’s argument is that it’ll be good for Britain as a nation, as a ship can act as an ambassadorial tool and promote our country around the world – in turn being beneficial to the economy. I understand his point – and, of course, shipbuilding of any kind is a positive process, as it’s a sign of moving forward and creates jobs. From dockyard labourers to heat treatment companies, it requires a lot of work and investment. However, as previously discussed, we have the London 2012 Olympics coming up this year, which is a pretty strong tourism motivator already. Let’s keep our feet on the ground, people.

Planning ahead

Monday, January 16th, 2012

I’ve always been a very organised person. Well, I think so, anyway. I’m not quite as organised as Anya, I must admit – which is why I’m still a bit frustrated that she’s enjoying her new job too much to return to working for me – but I think I’m getting better all the time.

Some people might think that planning ahead is the sign of a boring, uptight person, which is probably true in many cases… but in the right doses, it is also very useful and can be an excellent characteristic to complement your other business skills.

If I have a project coming up, I like to do lots of research into the subject so that nothing about the topic can catch me unawares and make me look unprepared when having a conversation with a client. I also like to set out a series of aims and an approximate timescale for each of them, so that it’s clear that I’m achieving certain milestones once a project has started. This reassures the client that I’m in control and also makes my life much less stressful, as it’s a way of measuring the fact that I’m keeping on top of things.

I also like to be organised in my personal life. For example, when it comes to mine and Anya’s trip to Gloucestershire in March, I intend to be fully prepared for betting on Cheltenham Gold Cup Day by doing lots of research into the horses beforehand and studying the odds. If I win, brilliant… and if I don’t, at least I’ll know there’s nothing more I could have done!

That’s the great thing about forward planning. It minimises regrets and stress – and sometimes there’s an even greater reward…

Doing websites the right way

Friday, January 13th, 2012

As part of my business, I advise people on their websites – but sometimes it’s really hard to get through to them about why certain things are important and other things aren’t. During my consultancy career, I’ve encountered a lot of clients who don’t understand that to see results, you have to invest in the right practices.

For many businesses, websites are their chief marketing and advertising tool – yet there are several small businesses out there which expect them to work as if by magic, when they actually need a lot of careful planning. It is vital to consider who are you trying to reach with your website; and what do you want to say to those people. For example, a builder in Manchester may want to particularly focus on building extensions. This means he has to think about the people in his area who want extensions and what will appeal to them – then communicate those things via the website’s copy and images.

It’s also important to make sure that a website design incorporates search engine optimisation (SEO) techniques to ensure that people can reach it in the first place, via internet search engines such as Google. It’s no good having a great website if people can’t find it! This means that the structure of your website and the words you use need to be geared towards search engine detection tools and search phrases that people are likely to use.

It all sounds very obvious, I know – but it’s amazing how many people manage to create a website that looks impressive, without properly communicating what their services are, or making their website easy to find.

Relating to your clients and their customers

Tuesday, January 10th, 2012

Business is starting to pick up for me now, I’m pleased to say. It’s still early days, but I like to keep busy, so I’m glad I put some effort into networking during the festive season!

It’s interesting how you can end up working with lots of different clients. There’s such a diverse range of businesses out there, but many have the same aims when it comes to strategy and marketing. The key is effective communication.

One of my new regular clients is a dairy processing plant, which needs to appeal mainly to commercial customers. Hygiene and safety are big concerns, so they like to be transparent about their procedures, which involve using leak detection equipment and similar technology. I think it’s wise to talk about those things in their marketing, to some extent, as it shows they take their business seriously – but in terms that can be understood by a variety of people.

They’re quite a new company – a bunch of guys who split off from a much larger organisation – so even though they’re experienced in their trade, they’re starting from scratch in lots of other ways. I think one of the reasons we get on well is that I can relate to that. I enjoy having a greater level of independence in my work than the average person. It’s not right for everyone, but I’m someone who likes to lead the way.

That’s the key to many business situations – finding a common thread so that you can truly understand what your clients need and how to achieve it for them. In fact, it’s one of my top tips.

What will 2012 bring for business?

Friday, January 6th, 2012

So, January again, eh? It’s so strange to be at the start of another year. It seems about five minutes since we were beginning the 2000s… and here we are, two years into the next decade! Hopefully 2012 will start to see an improvement in the economic troubles of the times and therefore also in business fortunes.

It certainly helps that we have lots of events happening this year. In 2011 we had the Royal Wedding of Prince William and Kate Middleton, now the Duke and Duchess of Cambridge, which uplifted the spirits (and pockets) of many… but we also had a lot of turmoil, with unrest around the world and riots in UK cities, including right here in Manchester. Whatever the cause – whether anger at the police, the general financial crisis, or people wanting new trainers and iPads but not wanting to pay for them – it both highlighted and created a lot of bad feeling about the state of our country. But it was good to see people coming together to clear up and get businesses back on track.

This year, the Summer Olympic Games in London is the hottest topic – and will hopefully bring a torrent of tourist trade to the British Isles, as well as some much-needed confidence and cheer to our collective consciousness. It’s amazing that an event only lasting a couple of weeks can create such an enormous fuss, but if it makes people keener to enjoy life and spend money, it can only be a good thing.

Also happening this year is the Queen’s Diamond Jubilee – celebrating 60 years on the throne – and a new exploration of Mars. Anya and I have our visit to the Cheltenham Festival 2012 coming up, which we’re really looking forward to – but other than that we haven’t made any firm plans, yet. We should probably start looking at the calendar!

Conferences

Wednesday, January 4th, 2012

In business, there’s a lot of talk about inspiration and drive – but when you’re sat in an office day after day, it’s easy to forget what it actually means. This is especially the case if you run a business which means you do a lot of repetitive tasks.

Sometimes, it’s important to take a step back, look at the bigger picture and remind yourself why you’re doing what you’re doing – and what works and what doesn’t. In some cases, that may make you want to do a new job! But in others, it can instead be the secret to finding out what is best to do next to get the most out of your business.

Sharing ideas by presenting to people and enjoying others’ presentations – and discussing them afterwards – is one very effective way to achieve this. That’s why business conferences are so popular. They don’t have to be a world event, in the way that luminaries such as the late Steve Jobs of Apple would produce them – admirable though such undertakings are. If you want, you can create or attend a conference for a few local business people who share a similar mindset and just hold it in one room. Or you can rent out some larger conference facilities and also invite people from elsewhere in the UK.

Networking events can also be very influential within your business strategy, not to mention providing an opportunity for you to meet potential new clients. Make sure you show interest in others, though – don’t just spend the whole time giving your services the hard sell. Remember they’re there to promote their business, too!

Office Christmas parties

Wednesday, December 14th, 2011

As I run my own business (and its relaunched form is in its early days), I don’t really arrange a Christmas do, as such – unless you count Anya and I going out for a nice meal.

I think it’s great for companies to take their staff out and reward them and it’s also nice to spend some time with your workmates that isn’t dominated by computers and deadlines. It does vary, though. I’ve been on some spectacularly bad ones! I think a lot of bosses dread them because they worry that someone (or several people) will enjoy the booze a bit too much and end up being a bit too honest about their views of the workplace. I’ve even heard about fights breaking out.

Providing food definitely seems to help with that, rather than everyone getting stuck into drinks at 5pm and not stopping until 12 hours later. That’s a recipe for disaster. But it can be quite difficult to organise food that everyone is happy with – and menus for groups can be a nightmare. It seems to work best when people either choose their courses in advance or there’s some kind of buffet arrangement.

Anya’s company had theirs last night – quite a classy do, I have to admit. They invited everyone’s partners, which was very generous of them. Not cheap! It’s a more modern way of doing things too, I suppose – takes away that sleazy image of office Christmas parties being all about inappropriate behaviour with people you draw up spreadsheets with. There were a few single people, of course, who were allowed to bring a friend instead – but it definitely makes things a bit less intense.

Who knows… maybe next year I’ll have enough staff to host my own do!

Family, friends, partner and clients… the annual juggling act

Sunday, December 11th, 2011

Life can be very complicated at Christmas, I’ve found. I’ve got Anya and lots of friends here in Manchester, the parents in Bournemouth… and further friends scattered all over the place. I’d love to see them all, but it’s just not possible.

Anya’s family lives in Scotland (that’s the current place, anyway), so that’s another problem… but she’s planning to invite them down here. I wasn’t too keen at first, but it is mostly her flat, I suppose. And we have spent a lot of time with my parents this year. We’ll probably pop down to Bournemouth at some point, but I think they’ll be fine… they have such a massive network of friends down there. A load of my uncles and aunts are nearby too.

I’ve also got clients to think about – many of whom are having Christmas drinks and mince pie drop-ins that I’ve been invited to. I’m grateful, but it’s so difficult to get around them all! I could use the car, but it’ll spoil the Christmas cheer a little if I can’t drink!

I am looking forward to seeing as many people as possible, though. That’s what makes it truly feel like Christmas, in my mind. Though seeing people does tend to mean you’ll have at least one of those awkward moments when one of you has bought a present and the other hasn’t. I’m having enough trouble as it is thinking of things for family and Anya.

For Anya, I think I might write some Cheltenham Gold Cup odds in a Christmas card and wrap it up like a present, as she’s so excited about the Gloucestershire trip in March! Reminding her about it will take some of the pressure off my other Christmas present choices! Though I’m sure I’ll think of a few more. I am the creative type, after all.