Monthly Archives: November 2020

Hot Business News Today

5 tips to maximise Black Friday sales during lockdown

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Originally written by timhyde on Small Business
Britain is now in the middle of “lockdown 2” which ends, according to the powers that be, on December 2. This means that this year’s Black Friday and Cyber Monday (BFCM) sales rush will take place when all non-essential retailers are in lockdown.
So what does this mean for retail spend?
In my mind, it is going to be intensified and businesses therefore need to be prepared.
>See also: How to use Snapchat to sell your products to Gen Z
Spending behaviour has inevitably changed over the last few months as retail outlets have been forced to close and customers have had to shop online. Businesses have therefore had to pivot their strategy to adapt to a focus of online selling.
‘Online retail has expanded by 35% so far this year’
Whether you take Shopify numbers or Amazon statistics, BFCM numbers show a year-on-year growth of around 50 per cent and I think we will see that again this year. Predictions are that online retailers expect 45 per cent Black Friday boost and that’s backed up by figures from online retail association IMRG indicating e-commerce has already expanded by 34.9 per cent year on year to October.
If we compare trends

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Hot Business News Today

How to manage your businesses cash flow more efficiently

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Originally written by Lawrence Gosling on Small Business
While small businesses can only do so much to encourage more customers during the lockdown what they can do is look at their businesses cash flow and manage it more efficiently.
In a survey back in July 2020, worried small business owners including retailers, hairdressers and builders estimated they had an average of just NINE weeks left before they would be forced to stop trading.
Thankfully many made it through this period and started trading again, but the challenges remain with the second national lockdown in England, and similar versions affecting businesses in Scotland and Wales.
Research by Smart Energy GB, which surveyed the owners of 1,000 businesses of firms with less than 10 employees, revealed the biggest concerns for owners are a lack of customers, cash flow issues and that consumer confidence won’t return quickly enough.
Michelle Ovens MBE, Founder of Small Business Britain, created money saving tips which include embracing new technologies such as smart meters, which help you to identify ways to reduce your energy consumption and therefore save money.
In the research, 56% agreed having a better understanding of their energy use would give them greater control over their business expenditure. Energy is the

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Frequently asked questions about smart meters for small businesses

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Originally written by Lawrence Gosling on Small Business
1.What is a smart meter?
Answer: A smart meter is the new generation of energy meters for the supply of gas and electricity, which are being rolled out around the whole of the Great Britain.
2. What do smart meters actually do?
Answer: Your smart meter measures how much gas and electricity you use and securely shares this directly with your energy supplier at least once a month. You won’t have to take any meter readings manually — your smart meter will send automatic readings to your energy supplier via the secure smart data network which is solely for smart meters. This works in a similar way as other wireless systems but does not use the internet.
3. Why do I need to accurately measure energy use in this way?
Answer: Knowing exactly how much gas and electricity your business has used allows you to know exactly how much you need to pay to your energy supplier. This means rather than paying for your energy on an estimated basis , you can pay the precise amount. This helps with any business’ cash flow, which is obviously very important during a challenging time such as Covid 19.
4. Do all

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Hot Business News Today

How Brexit is going to affect your business – #1 imports

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Originally written by Timothy Adler on Small Business
You will have to declare all post Brexit imports
As EU businesses, UK retailers did not previously have to declare goods arriving from suppliers also within the EU. Post Brexit, all businesses will have to declare all imports arriving from within the EU. This is already the case for importing from non-EU countries such as the USA, China and other non-EU countries such as Switzerland, Lichtenstein, Norway and Iceland.
You can make the declarations yourself, but most businesses use a courier, freight forwarder or customs agent.
If you want to declare customs yourself, discover what to do here.
On the other hand, if you want to use a customs agent or freight forwarder you can find a list here.
New rules for certain types of goods
There will be different rules for importing goods in categories including food, seeds, alcohol and tobacco. You may need to update the licenses and certifications for any products you import that fall under these categories.

Find out more about licences and certifications here
Find out more about rules for food, seeds and manufactured goods here
Find out more about rules for alcohol, tobacco and certain oils here

You will need an EORI number
If you already import from

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Which type of bridge financing is right for your business?

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Originally written by Partner Content on Small Business
The idea that bridge financing can only be used to purchase or renovate property is a common misconception. In fact, businesses can utilise bridging loans for a wide variety of purposes.
Bridge finance can prove useful when your company is in need of a speedy cash injection. It can be used to help you meet finance obligations in the short term and provide a vital cash flow boost while you wait for longer-term funding to become available.
As with any business loan, you’ll have to meet the lender’s eligibility criteria. You’ll also be asked for your business plan and exit strategy when you apply for bridging finance.
>See also: Exploring finance: How appropriate debt choices can fuel ambitions
Let’s take a look at the different types of bridging finance available today:
Closed bridge loan
A closed bridge loan has a fixed repayment date, which is usually a few months after you receive the finance. As the lender has a higher level of certainty in terms of when the loan will be repaid, closed bridge loans tend to be more accessible.
Open bridge loan
Open bridge loans, on the other hand, have no fixed repayment date. This can make them more suitable

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Charlie Mullins: ‘I don’t like banks – they’re crooks in suits’

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Originally written by Anna Jordan on Small Business
Welcome to Small Business Snippets, the podcast from SmallBusiness.co.uk. Today’s guest is Charlie Mullins, founder and chairman of Pimlico (formerly Pimlico Plumbers).
We talk about how to build a customer base in the early days and upcoming IR35 changes.
Listen to it in the media player below:

You can also catch our episodes with:

Retail expert and former Dragon, Theo Paphitis
Author and boardroom expert, John Tusa
Digital guru and investor, Sherry Coutu
Entrepreneur and former Dragon, Rachel Elnaugh
Businesswoman and Dragon, Deborah Meaden
Entrepreneur and The Apprentice 2005 candidate, Tim Campbell
Gousto CEO, Timo Boldt
Entrepreneur and The Apprentice 2018 candidate, Jackie Fast
Investor and former Dragon, Piers Linney
Investment fund manager, Nicola Horlick
Supermodel turned entrepreneur, Caprice

We’ve got podcast episodes from the first series looking at:

How one business owner’s mental breakdown caused her to see trolls from her past
How one entrepreneur hired a videographer to track their every move and build their business brand
How funding a business led one entrepreneur to stress-related alopecia
One entrepreneur’s first professional public speaking engagement
Adapting to UK life and learning English before starting a business
Securing seed funding
Finding the perfect head of customer care
Reaching a £1 million annual rate of return
Boosting client numbers from 30 to 850
Starting a brand new business from

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