Tag Archive for Business Management

Hot Business News Today

What is the average cost of fitting out my shop for coronavirus?

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Originally written by Anna Jordan on Small Business
As lockdown begins to ease, it could cost SMEs hundreds of pounds to fit out their shops so that they are compliant with social distancing guidelines.
On top of their regular outgoings, business owners will be wondering if they have everything they need to operate in this strange new environment.
What is the situation so far?
In his speech on 10 May, Boris Johnson announced that if the COVID-19 situation improves, shops could gradually be reopened from 1 June.
The BEIS have previously laid out draft rules for businesses on how to run post-lockdown. Some of the guidelines focus on safety measures to take for your staff and your customers.
We’ve tallied up the costs of some of the essential items you’ll need to restart your shop-based business.
COVID-19 safety equipment for shops
The items we searched come from workplace supply shops such as Viking, Staples and Nisbets. Please note that all of the prices below exclude VAT.
PPE

Pack of 50 three-ply surgical face masks – £44.99
Powdered latex gloves (pack of 100) – £7.49

Total: £52.48  
Hygiene

Hand sanitiser wall unit – £249
Alcohol hand sanitiser (500ml) – £9.99
Carex Liquid Hand Soap Refill Antibacterial Professional Original (5L) – £23.99
EcoTech Disinfectant Surface Wipes Bucket (500) –

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Small Business Coronavirus Q&A – we answer your questions

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Originally written by Anna Jordan on Small Business
Welcome to the Small Business Coronavirus Q&A.
In the video below, we’ve answered some of your questions on coronavirus funding as well as looking at concerns about what may be coming up in the near future.

I’m joined by an expert panel:
Sarah Greenwood, accountant at Accounts Department Online

Sarah is the complete small business accountant, she is a chartered accountant and Chartered tax advisor.
Sarah began her career in the insolvency team of a large mid-tier firm, spending seven years undertaking business advisory and restructuring work.  After a brief spell at a big-four firm she joined Accounts Department Online in Leeds where she advises SMEs and individuals. Sarah is passionate about her work, and loves helping her clients, especially advising and leading them to improve and grow their businesses.
Accounts Department Online is a virtual accounts office and has a range of clients across the UK.
Richard Bearman, managing director of Start Up Loans

Richard Bearman has over 20 years’ experience in the banking sector and over that time has developed a real passion for working with and supporting entrepreneurs. Richard is managing director at the British Business Bank and is responsible for the Start Up Loans programme.
Richard was previously UK head

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How to re-organise your shop post lockdown

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Originally written by Anna Jordan on Small Business
The British Retail Consortium (BRC) has outlined social distancing recommendations for shops once we start coming out of lockdown.
They stress that it’s the responsibility of the business to decide what social distancing measures they’re going to implement based on what’s appropriate. Business owners should also be communicating with colleagues to reassure them of their safety within their roles.
Measures suggested below should be implemented alongside safety requirements like the Health and Safety at Work regulations.
Social distancing in and around stores
Outside store

Limit number of entry and exit points into and out of store. Consider having separate entrance and exit points if possible.
Limit the number of customers in the store at any time. Assess the size of the store and its layout, this will enable you to calculate the number of customers who can reasonably follow 2m social distancing.
Consider whether temporary barriers should be available in case it is necessary to stop people joining a queue.
Place clear signage outside of the store explaining the social distancing measures in place that customers should follow.
Place markings outside the store to assist correct queue spacings.
Speak to nearby premises to work together to manage possible shared queuing areas.
Consider non-contact

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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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