Tag Archive for Business Management

Hot Business News Today

9 of the best business energy suppliers based in the UK

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Originally written by Anna Jordan on Small Business
For many business owners, trade has slowed since we went into lockdown, but it needn’t be a reason to put everything to be on hold. You can use the extra time to fine tune your business operations – in this case, review your business energy supplier – and save a bit of cash.
The average small business uses 22,500 kWh a month for gas, and 32,500 kWh of electricity per month based on per annum energy use, according to BritishBusinessEnergy.co.uk. More on that below.

GasElectricity

Business sizeLower end usage (kWh)Higher end usage (kWh)Lower end usage (kWh)Higher end usage (kWh)

Micro5,00015,0005,00015,000

Small15,00030,00015,00025,000

Medium30,00065,00025,00050,000

Source: BritishBusinessEnergy.co.uk
Prices are highly individualised in the business energy market. Providers can give you a quote to get a better sense of what your energy cost will be. This will be based on your postcode and your average consumption, but companies might want a little more information about you and your business.
If you’ve just moved into a new premises and you haven’t sorted out a new energy deal, you’ll be moved onto a deemed/out of contract tariff with the previous occupant’s supplier. And yes, the rates are higher than on regular tariffs.
Your cheapest option is to go on

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How to avoid small business scams during the coronavirus crisis

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Originally written by Anna Jordan on Small Business
With coronavirus comes a new wave of scams and all manner of misinformation, making small business owners vulnerable.
The aerospace, transport, manufacturing, hospitality, healthcare and insurance industries have already been targeted.
Action Fraud, a crime detection unit, has received 21 reports of fraud where coronavirus is mentioned. This may not sound like much, but over £800,000 has been lost so far.
Ten of these cases involved people attempting to buy masks from fraudulent sellers. One such victim lost over £15,000 for masks that were never delivered.
Other scams are more standard, seeing victims tricked into opening dodgy attachments and giving out personal information. Attachments can lead to websites promising a tax refund from the government or a donation page for people in need.
Predictably, some are exploiting money worries that small businesses are having at this time, like offering bogus loans. Their solutions demand upfront fees, pressuring victims to part with their money quickly.
Reports have been shared of WhatsApp messages telling you your bank is facing difficulty because of coronavirus. To protect your cash, they tell you to push it to a new bank account with alternative details.
Be aware that certain slimy fraudsters are using HMRC branding to

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6 tips for cash flow management during the coronavirus crisis

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Originally written by Mark Perrin on Small Business
As many small businesses shut up shop or adopt new ways of working during the coronavirus pandemic, many are struggling to grasp the package of support measures that had been made available by chancellor, Rishi Sunak.
Among the most significant developments over the past week was the announcement of a new Job Retention Scheme, aimed at helping employers to keep on staff, even if they have no work for them to do.
Employers who commit to keeping such staff on the payroll, can classify them as ‘furloughed workers’ and will be eligible for a grant to meet the cost of 80pc of the worker’s salary, up to a maximum of £2,500, for up to three months.
> See also: Government launches business Coronavirus Job Retention Scheme
However, significant areas of concern remain for employers’, including those working flexible or reduced hours, or employed on zero-hours contracts. News is mixed here as, while the Treasury promises an averaging arrangement to determine the salary of zero hours workers, they have confirmed that the rules will not apply to an employee who continues to work reduced hours.
Further uncertainty centres on the use of self-employed contractors. Workers who fall inside this bracket

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Working capital explained: a guide for online marketplace businesses

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Originally written by Partner Content on Small Business
If you run an online marketplace business, you’ll be familiar with the concept of working capital
Whether you have multiple listings on Amazon or a boutique store on Etsy, ensuring a steady flow of working capital is essential for long-term retail success. Marketplace sellers that find themselves short on cash will struggle to replenish stock, fail to fulfill orders, and see their product rankings slowly slip away.
But even for successful merchants, the task of maintaining adequate levels of working capital isn’t always easy. Unexpected costs relating to seasonal demand, spoiled stock, disrupted supply chains (yep, we’re thinking of coronavirus), late delivery and more can quickly add up. And merchants oriented towards growth face the added challenge of balancing medium and long-term investments with day-to-day costs.
In this post, we’re going to take a look at the concept of working capital, how to implement sustainable practices, and which solutions are on offer to help businesses that need a boost.
What is working capital?
The term ‘working capital’ refers to a company’s current (liquid) assets minus any current liabilities, like upcoming invoices.
For most companies, working capital is essentially the amount of cash in their business account combined with the

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7 of the best HR consultancy companies in the UK

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Originally written by Anna Jordan on Small Business
It’s all well deciding that you need to outsource your HR, but which consultancy should you plump for?
With such a wide range of companies offering largely similar products, it can be difficult to know exactly which one to choose.
Below we list the key features of each provider but first, let’s look at what you should be looking for from your supplier.
How do I choose the right HR consultancy company?
Start with their experience (and which sectors their clients are in). You’ll know you’re on to a winner if they’ve had numerous previous clients in your industry, with extra points if they’re larger and better-known. Similarly, having proof of qualifications reassures you of their competence and what they can offer you. Think about how their services align with your business growth strategies and growth forecast over the next year.
Next up, hunt for any hidden fees. Do they charge extra or impose financial penalties for leaving the contract early? The firm may seem cheaper upfront but, like the worst budget airlines, they can really give you a swift kick with those sneaky charges.
While you’re there, check the clarity of the payment and contract terms. Flexible payment

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6 ERP systems for growth businesses

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Originally written by Timothy Adler on Small Business
ERP stands for Enterprise Resource Planning and companies have relied on it since the ‘90s to streamline processes and improve data visibility around finance, project management and manufacturing. Simply put, ERP integrates people, processes and technologies across a business.
An ERP system brings together a multitude of business processes and enables data to flow between them. By collecting an organisation’s data from multiple sources, an ERP system eliminates data duplication and offers “a single version of the truth”.
How ERP has evolved
The roots of ERP date to the ‘60s. Back then, the concept applied to stock management and control in the manufacturing sector. Software engineers created programs to monitor inventory and report on status. By the ‘70s, this had evolved into systems for scheduling production processes. By 1990, these systems had grown beyond inventory control and manufacturing processes to encompass back-office functions such as accounting and human resources.
ERP adoption grew rapidly during the ‘90s. Two events that helped widespread adoption of ERP were the launch of the euro in January 1999 and the imminent threat of Y2K in December that year, which forced the hand of many companies looking to replace clunky, unwieldy systems.
However, the

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5 top small business tips from one of Britain’s best business schools

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Originally written by Tim Vorley on Small Business
You don’t necessarily need a business degree to run a business. There are 5.9 million SMEs across the UK, with many learning on the job and doing well.
While there is no substitute for real-world experience, the UK’s business schools can offer a lot of practical insight and support on everything from starting up to scaling. This goes beyond the degrees they offer, to the broader way they work with local businesses.
Many business owners just don’t have the bandwidth, or the money, to juggle studying for a business degree alongside their business.
One thing that we say time and again is that it is important to take a step back from working “in” the business, to working “on” the business. This is something that few owner/managers can do easily, but it makes all the difference in being able to see the wood from the trees.
There are a host of areas that business school academics have conducted research into, which can help small businesses fine tune their growth strategy.
>See also: How to get 1,000 followers on your small business Instagram
Here are some 5 top tips from one of Britain’s best business schools:
#1 – Innovate but not

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Get your first year with Zipcar for Business for free this January

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Originally written by Partner Content on Small Business
Zipcar for Business gives you access to thousands of cars and vans, letting you and your team drive on demand while saving money.
Create an account online for free and get your first year for free (normally £99) and up to 29pc off weekday standard rates. You’ll get access to an easy, online account tool and a dedicated account manager. Next, invite your drivers – as many as you like. They’ll need your approval to join your account. Once you’re ready to go, your team can book Roundtrip journeys or take Flex one-way trips for whatever your business needs. Time isn’t a factor here, with access to vehicles 24 hours a day, seven days a week.
The package includes business insurance with round-the-clock breakdown cover and the vehicles are Ultra Low Emission Zone (ULEZ) compliant.
Through your account you can add and remove employees, track spend, mileage and employee trips and manage your team’s booking and invoices. Zipcar will share operations insights and give you access to more vehicles to help your business grow as well.
You can earmark dedicated vehicles for you and your team at specified times or 24 hours a day. What’s more, Zipcar will

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Tim Campbell: ‘Only two of us knew what The Apprentice was!’

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Originally written by Anna Jordan on Small Business
Welcome to the second series of Small Business Snippets, the podcast from SmallBusiness.co.uk.
Today’s episode features Tim Campbell, an entrepreneur and the first winner of The Apprentice back in 2005. He discusses his views on apprenticeships and the idea behind one of his more unusual business ventures.
Have a listen to it in the media player below.

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You can also catch our episodes with:

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 scratch

To find out more about Small Business Snippets, you can download the trailer.
If you want to

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Cricket legend Andrew Strauss: 5 tips to boost your business performance

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Originally written by Timothy Adler on Small Business
EXCLUSIVE: Former England cricket captain Sir Andrew Strauss may not be a test cricketer anymore, but he is still involved in the sport at the elite level.
Strauss, 42, who was appointed chairman of the England and Wales Cricket Board committee in September, believes that sports psychology used to bring players to peak achievement should be more widely shared. And that business as well as sports stars can benefit from mindset changes to boost you to top performance.
Since 2018 Andrew Strauss has been CEO of Mindflick, a performance psychology consultancy whose clients include the Queen’s bankers Coutts and the famous Fat Duck restaurant, run by chef Heston Blumenthal, as well as Olympic athletes and Manchester City football club.
>See also: 7 biggest challenges SMEs face – and how to overcome them
When he was England team captain, Andrew Strauss worked closely with Mindflick head of consultancy Dr Mark Bawden, who was head psychologist for Team GB at the London 2012 Games.
“It’s a natural evolution,” says Strauss. “In my last four years of playing professional sport, I worked very closely with Mark, really trying to get the best out of myself individually but also others in the

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