Monthly Archives: November 2020

Hot Business News Today

Five ways to add value to retain your customers

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Originally written by aileenallkins on Small Business
As a business owner, your customers are your most important asset. These customers can be your biggest champions or harshest critics, with both sides of the coin equally important for business development and long-term success. Knowing how to retain customers is crucial. Ultimately, your customer base will drive financial revenue, making customer service a crucial investment for any company: a massive 96 per cent of customers state they would avoid a business as a result of bad customer service.
Attracting new customers is often seen as the key to helping a business thrive. Yet while keeping the customer pipeline healthy is of course important, there is a flip side to this: understanding the value of the customers you already have. Retention is far cheaper than acquisition, with a recent study showing that converting and onboarding new customers can cost up to seven times more than maintaining those already on your books.
Whilst the excitement of new customers might bring a buzz to your business, a high churn rate fails to recognise the long-term value of loyalty. Refining your customer service offering to improve retention will result in a highly engaged customer base, who are more likely

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Hot Business News Today

Banking giant suggests 5% working from home tax for businesses

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Originally written by Anna Jordan on Small Business
A 5 per cent ‘working from home’ tax should be imposed, according to a new report from Deutsche Bank.
The tax itself would be paid by the employer if the employer does not provide a worker with a permanent desk. If it does, and the staff member chooses to work from home, the employee would pay the tax out of their salary for each day they work from home. For someone on a £35,000 salary, it works out at around £7 a day.
Deutsche Bank’s report says that the income from this tax would be paid to people who can’t do their jobs from home. The banking giant points out that since those working from home, these employees are saving money and taking less risk by not going to work, so a tax would help to redress the balance.
It calculates that the tax would generate an income of £6.9bn a year in the UK. This in turn could pay out grants of £2,000 to low-income workers and those who are under threat of redundancy.
The report is part of the bank’s ‘Konzept’, an ongoing project to spark debate around important topics.
“For years we have needed a

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Hot Business News Today

Reducing stress as a small business owner by tackling thought spirals – infographic

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Originally written by Partner Content on Small Business
Suffering from busyness and stress is something all small business owners have most likely experienced. With the festive period approaching and COVID-19 restrictions still in force, this time of year could be one of the most stressful for SME owners.
Our research* showed that 71 per cent of small business owners experienced stress in the workplace in the last 12 months with factors that caused their stress ranging from juggling business and personal commitments (26 per cent) to time pressures (24 per cent) and staying on top of business administration (21 per cent).
At the UK Domain, as part of a series of helpful content for SMEs we’ve been working with professional performance coach, Phillippa Hurrell, on a series of resources to help small business owners reduce stress, manage time and boost productivity.
Our latest feature is focused on how you, as a small business owner, can reduce stress. One of these approaches is the act of understanding and tackling thought spirals and is the focus of our latest infographic, which you can view below. The infographic explores what thought spirals are and shares four simple steps you can take to get out of one to

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