Monthly Archives: July 2020

Hot Business News Today

7 funding choices when it comes to financing your start-up

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Originally written by Matthew Cushen on Small Business
As a start-up or small business, what are you funding choices? And the consequences of those choices?
Can you afford the time that it could take to grow the business organically – limiting the upfront cash and reinvesting revenue? Or do you need to develop the product/service quickly, chuck cash at marketing, get the brand in front of people, grow quickly and grab market share before others?
Do you have some personal cash to keep you going or are you going to need to pay yourself a salary before the business is generating enough cash to cover it? Are you going to recruit and pay others? Probably the most stressful aspect of building a team is ensuring you can meet payroll each month.
‘If you aren’t a natural spreadsheet warrior then find someone who is that can help’
How to create a cash flow forecast
To answer these questions you need a cash flow forecast, and ideally some comparisons across some different scenarios.
The high investment/fast growth scenario, the slow burn scenario, the optimistic scenario and the worst-case scenario where you don’t manage to generate any of the expected revenue and cash is flowing one way. A cash flow

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Small business marketing 101, all the latest tips in 2020

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Originally written by Maddie Smart on Small Business
There is huge opportunity in taking your business online, not least because of the current climate. Small and independent businesses have been hit hard by the coronavirus pandemic, but many have found opportunities in the online market. This small business marketing 101 will help you with your digital strategy.
By working in a new way and using digital marketing for your small business, you can dramatically reduce the risks to your customers and your staff and still operate a healthy business, so making the most of your online presence is critical now more than ever.
Having an online presence also allows you to communicate with customers collectively, for example sharing information about opening hours, products or appointment availability. You can also offer reassurance about the necessary steps you’re taking to adhere to COVID-19-related safety, and what customers need to be aware of.
>See also: Should I reduce my marketing budget due to coronavirus?
How to create a website
When you run a small business, it can be difficult to make sense of all the options available when you take your marketing online. Depending on the type of business you have, the first step is usually to build a

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Hot Business News Today

How will Brexit affect my imports and exports? Where to find customs help

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Originally written by Ben Lobel on Small Business
The Government has admitted that British companies trading with Europe will have to fill in an extra 215 million customs declarations a year post Brexit.
And this post Brexit customs bureaucracy burden will cost British businesses around £7bn a year, according to Government officials.
One way to relieve the burden for businesses will be to use a customs agent to process your Brexit paperwork. Some 50,000 new private-sector customs agents will have to be hired by businesses to deal with UK-EU border paperwork after December 31, 2020.
In 2018, former HMRC head Jon Thompson estimated that the cost of each customs declaration could be £32.50 each but that could go as high as £55.
What does a customs agent do?
A customs agent – also known as a customs broker or import broker – works to make the import and export of goods run smoothly, by facilitating the clearance of goods through customs.
Customs agents are experts in international trade – it’s their job to keep abreast of the changing rules and regulations, and make sure that their clients have all the paperwork and licenses they need to import goods to the UK.
What’s the difference between a customs agent

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