SME Adviser Series

There’s an old saying – profit is opinion, cash is fact. That’s because despite making a profit, some businesses still don’t have enough cash to pay the bills. At the end of the day, a lack of cash will kill a business. Banks and other creditors are paying increased attention to the cashflow position of

In most businesses, there are high performers who progress through the ranks of the organisation and eventually start leading business teams. However, it cannot be assumed that just, because you have a star performer, they will be great at leading and managing people. Whilst key leadership behaviours include performance management and people management, a survey

Forming strong relationships with customers/clients is an essential component to success. But, whilst this requires time and effort, the rewards can be significant, leading to positive word-of-mouth, increased sales, additional connections and business retention. Clients/customers want to know that you care. A start point for being able to add value to your customer/client relationships is

Too often leaders in business are expected to be brilliant mentors, visionary, financially aware, sales savy, gripping presenters, strategic thinkers and much more in a long list of attributes. It’s near on impossible to be all of those things wrapped up in one neat package as a leader. However, socially, that is typically the perception

Building long-term profitability is essential for business growth. But in order to improve profitability, business leaders need to think and to do things a little differently, so you can stand out from the competition and improve your bottom line. But this doesn’t simply mean cutting costs and increasing turnover. By striving to make gradual and

As an SME business owner, once your business is established and running it may be tempting to allow things to continue as they are, focussing on the day-to-day management of your business, and keeping things ticking along. But once you have been in business for a while, it can pay dividends to think about longer

Business Continuity Plans protect and maintain critical assets, processes and resources whilst identifying operational efficiencies to maintain or improve profitability. A sound Business Continuity Plan ensures that critical resources and activities are protected such that, in the event of a disaster or unplanned disruption, the business has inbuilt resilience and the best possible chance of

For an SME owner manager, planning for the sale of your business or for your own retirement is something that should always be front of mind, however not all business owners know where to start. Seeking advice from a specialist who understands the tax implications of a business sale can provide you with a strong

“Great vision without great people is irrelevant.” ~ Jim Collins A business is only as good as the people who work in it. When you are making a recruitment decision you are taking on responsibility for the cohesiveness of the staff and diversity in your workplace, in addition to choosing the kind of talent that can

Time is often the biggest constraint for business owners. Those who make time for focussed strategic thinking on a regular basis and introduce strategic thinking into daily interactions at more levels within their businesses, tend to achieve better results. Whilst we know this instinctively, however, operational issues can easily get in the way. Writing for

It is the aim of any owner manager to achieve growth and success for their business, but sometimes it can be hard to see where this is possible. In order for businesses to start up on a solid financial footing, survive and thrive business owners must seek opportunities to maximise potential and put adequate measures

For limited companies, when it comes to making decisions, Company Law states shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders and if shareholder(s) owns more than 75% of the shares they control the company outright and can veto the decisions of all

Setting goals for the business is one thing, but in order to succeed you need to set smart objectives for your team. Any good business will have a set of goals which have been agreed by the management team. However, in order to achieve those goals, they need to cascade, throughout the business. For example,

Work-related stress is an increasing area of concern. The Covid-19 pandemic has exacerbated work-related stress as many of us have had to suddenly shift to new ways of working as well as balancing family responsibilities with home-working and home schooling, etc. This has put a lot of pressure on people and has tested the resilience

With the recent changes to IHT and CGT announced in the Autumn Budget now is the time for owner-managers to review their company and shareholder structures. Often original structures are maintained despite substantial growth, new shareholders, new acquisitions or just new objectives. This can lead to significant tax bills in the future. A review will

If you are thinking of setting up your own business, a key initial step should be to discuss your plans with an experienced accountant and business adviser who will give you the help you need and guide you in making the right decisions both now and for the future. The more advance consideration you can

Whilst most business owners understand the need for insurance, a surprising number of businesses are uninsured, under-insured, or insured with out-of-date policies. As an employer, you are legally required to have Employers’ Liability Insurance. And if you use motor vehicles for your business, you are legally required to have Third Party Motor Insurance. However, the

Negotiation is an essential business skill, no matter the size of your business. The Centre for Economics and Business Research estimates that a typical UK company could improve its profits by 7 per cent a year by negotiating better. Imagine the boost that would give to their bottom line. The best negotiation is one where

An in-depth analysis of how CEOs allocate their time, published in the Harvard Business Review (HBR) and entitled How CEOs Manage Time has yielded some interesting findings.  As part of their research, Michael Porter, a University Professor at Harvard, based at Harvard Business School, and Nitin Norhia, dean of Harvard Business School, asked 27 CEOs, at

Almost £1.5 billion of tax relief was claimed by individuals making gifts to charity last year, according to figures from HM Revenue & Customs, an increase of more than 50 per cent since 2012. Individuals with annual incomes of at least £250,000 accounted for approximately half the total value of donations declared on self-assessment forms,

Cybersecurity is not only for larger businesses and public organisations. SMEs are in fact some of the most vulnerable targets for cybercrime, and therefore this topic should be at the forefront of all business leaders’ minds. “Operating systems are more like milk than cheese – they get worse rapidly with age, not better. The WannaCry

As every entrepreneur will tell you, cashflow is the lifeblood of any business. But the challenge for all businesses is how to keep the cash flowing. These days lack of cashflow is one of the biggest reasons many businesses fail and SMEs must take more responsibility for their own profitability. Simon Belton, Director at Moorfields

In a recent interview* with Institute for Family Business policy director Fiona Graham, she suggests that SME plans for succession should be started as early as possible. “Engaging the next generation, developing younger family members into responsible owners, and finding the right talent to pass on the reins of the business are all challenges,” Ms

There are many different reasons why a business owner may decide to exit from their business. In an ideal world, the planning required to ensure a perfect exit begins before the business is even commenced; however, this is not an obstacle for businesses that are already up and running. As most purchasers will look at

Travelling for business? Here are eight common mistakes which executives make and how best to avoid them. Research, published by workplace experts LondonOffices.com, shows that many executives consider a work trip to be a time to ‘let their hair down’, leaving them often underprepared for meetings and not presenting themselves, or their company, in the

Choosing the right accountant is one of the most important decisions an SME business owner or manager can make. Accountants can provide a wealth of business and tax advice. Choosing a good one can save you time and help your business grow; choosing a bad one could cost you money. According to an article in

“If you are failing to plan, you are planning to fail” ~ Tariq Siddique A clear, concise and convincing business plan is one of the most important things an entrepreneur or SME business owner must do when starting a new business or when planning for growth and succession. Your business plan outlines your business strategy and