Tag Archive for Business Finance

Hot Business News Today

A complete guide to small business finance

by  •  • 0 Comments

By Tim Adler on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

It used to be that your only option if you needed finance was to go cap-in-hand to your bank, hoping for an overdraft or a loan. And if you were rejected, well, that was that.

Thankfully, small business finance technology has widened your options – although many small business owners don’t seem to be aware of what’s changed.

Open banking that connects your payment terminal or your accounting software to your bank account means the new wave of lenders can have real-time access to your incomings and outgoings. That means quicker, simpler lending decisions compared with high street banks.

‘Finance is like the sixth sense when it comes to running your small business. Without money, you really can’t use the other five’

This complete guide to small business finance will look at the following:

Small business start-up fundingWhat are the options for alternative business funding?Fast business funding and loans

And that’s on top of the plethora of finance product guides and advice you can find on our funding your small business hub.

Small business startup funding

Even the leanest businesses require some capital to get off the ground. Here are the ten

Read more...

Hot Business News Today

Why every SME needs a regular business health check

by  •  • 0 Comments

By Jonathan Cooper on Small Business UK – Advice and Ideas for UK Small Businesses and SMEs

Running a business can often feel like steering a ship through unpredictable waters – markets shift, costs fluctuate, and unforeseen challenges arise.

For small business owners and sole traders, it can be difficult to know whether they are on course for sustainable growth or heading towards stormier seas. This is where a business health check becomes invaluable – a vital tool for ensuring stability and resilience, giving leaders the insight to make confident, informed decisions.

What is a business health check?

A business health check is a review of key areas such as financials, operations and where you sit in the market. Health checks are used to identify a company’s strengths and weaknesses and how you’re progressing in relation to your goals. They can also be used to improve profitability.

Use a questionnaire or checklist to score different elements of your business. If you’re still completely l0st, ask your accountant or business advisor to help you to conduct a business health check.

Clarity in uncertain times

When a business begins to experience difficulties, owners are often unsure of the full picture. Cashflow pressures, creditor demands, or operational inefficiencies can

Read more...

Hot Business News Today

5 steps to bolster your business finances

by  •  • 0 Comments

By Mark Wright on Small Business – Advice and Ideas for UK Small Businesses and SMEs

In recent years, a number of large businesses have gone into administration, and this hasn’t resulted from lack of sales or custom, but rather a lack of control over finances, such as cashflow.

In fact, pre-pandemic, one in seven UK small business owners have been left unable to pay their employees on time due to finance and cashflow problems, while earlier this year 31 per cent of B2C firms reported that they will run out of cash within the next three months.

As we begin to emerge from Covid-19 restrictions, there are a number of key changes business owners can make to improve their business finances, and quickly.

#1 – Calculate your costs

It is vital to know your costs and one of the best cost-saving exercises is to regularly review your suppliers. As the famous 1980s story goes, Robert Crandall, the then head of America Airlines, calculated that if he just removed one olive from every salad served to passengers, no-one would notice and they would generate an annual cost saving of $100,000.

So, as a business owner, ask yourself this question: what is your one olive? We all

Read more...

Hot Business News Today

5 steps to bolster your business finances

by  •  • 0 Comments

By Mark Wright on Small Business – Advice and Ideas for UK Small Businesses and SMEs

In recent years, a number of large businesses have gone into administration, and this hasn’t resulted from lack of sales or custom, but rather a lack of control over finances, such as cashflow.

In fact, pre-pandemic, one in seven UK small business owners have been left unable to pay their employees on time due to finance and cashflow problems, while earlier this year 31 per cent of B2C firms reported that they will run out of cash within the next three months.

As we begin to emerge from Covid-19 restrictions, there are a number of key changes business owners can make to improve their business finances, and quickly.

#1 – Calculate your costs

It is vital to know your costs and one of the best cost-saving exercises is to regularly review your suppliers. As the famous 1980s story goes, Robert Crandall, the then head of America Airlines, calculated that if he just removed one olive from every salad served to passengers, no-one would notice and they would generate an annual cost saving of $100,000.

So, as a business owner, ask yourself this question: what is your one olive? We all

Read more...