You have probably heard of GDPR by now. It stands for the General Data Protection Regulations which update the UK Data Protection laws and come into force from 25 May 2018. In many respects the laws remain the same but there are several important updates.
The GDPR does apply to small businesses and we have been working our way through what it means for us and our clients for a few weeks now.
Working with clients on their business numbers means I often hear that a major challenge for business owners is getting more sales. It’s become obvious to me that marketing is a critical business skill for business owners, but that one of the most overlooked elements of marketing success in small businesses is communications with existing customers.
On April 6th 2016, the dividend tax system was overhauled, resulting in a significant tax hike for most business owners.
In my video, I explain everything you need to know about this new measure, how much it will be costing you, and how to best minimise the impact:
At Robertson Associates, we are always banging on about ‘’knowing your business numbers to grow your business numbers’’ We do this because the right business numbers tell you the most important things about your business and, being on top of the big picture, financially, can be the difference between success and failure.
You know the people I’m on about. You ask how they’re doing and you’re met with: “I’m swamped.” “Last night I was at work until midnight.” “It’s a madhouse here.” “I’ve got so many deadlines.”
I’ve got something to tell you: everybody’s busy.
I’m not exactly saying it’s bad to be busy. I’m just saying don’t tell anyone.
Why’s this?
Well when you tell people you’re busy, it can translate into some unintentional things. Such as:
“I’m so busy I can’t take on anything else.” Or, “I’m too busy to talk to you."
In his first Budget on 8th March the new Chancellor Phillip Hammond announced that he would level the playing field between employees and the self-employed by increasing Class 4 National Insurance Contributions (NICs) from 9% to 10% from 6 April 2018 and then to 11% from 6 April 2019. His justification is that the self-employed are now entitled to more generous state benefits than in the past and thus NIC rate should be increased towards the 12% Class 1 NIC employee rate. Note that the flat rate Class 2 NIC contributions, currently £2.80 a week, cease on 5 April 2018.
I’ve always been a fervent advocate of personal financial responsibility, so to help mitigate some of the stress of dealing with your finances, here are 4 tips to keep you going…
Hiring an accountant depends on whether your knowledge, time, and money are best spent on bookkeeping, loan application, and tax preparation, or whether you have higher priorities…
So here are 4 more signs you might need an accountant:
1. Revenue is increasing but profit isn’t.
If you’re selling more than ever, but you aren’t seeing more profit, an accountant can take an objective look at your overhead costs and point out areas where you can cut costs or make other adjustments to increase those profit margins.
I’ve seen small businesses limit themselves by neglecting to invest in things they don’t think are necessary... but a few things are essential to growth.
What are the business essentials you’re missing? What’s an example of something you could be taking advantage of?
Training is a good business strategy.
Whether it’s to help your employees grow into their current position, or simply find more efficient ways to work, you should provide your team the opportunity for growth when they want to be better at their job.
As a business owner, up until this point, you may have managed your finances successfully. Even if you don’t have much financial knowledge or experience.
However, as your business and revenue grow, managing your financials may become a task you don’t have the time or knowledge to manage. Specifically, when it comes avoiding legal and compliance issues, an accountant can be your most valuable asset.
Where do you see yourself in five years? I’m sure growth and success are involved in there somewhere…
While business strategies come and go, there is no substitute for simple goal setting. Here are a few tactics to help push you and your business toward success:
