Written business plans with clear financial goals are one of the differentiating elements of a successful business. It may be a bit hackneyed, but failing to plan is very often planning to fail and this 10 point guide published by the SME Insider and sponsored by Washington State University, serves as a useful reminder of […]
Continue ReadingNew proposals have just been published by the Business Minister Matthew Hancock at the department of Business, Innovation and Skills (BIS) obliging large and listed companies to publish detailed information about their payment practices and performance. The government is to consult on further measures to tackle late payment, but this new mandatory reporting regime could […]
Continue ReadingConcern has been growing about the impact of inequality on the recovery of the global economy. The Independent notes that JP Morgan, the American banker, believed that the head of a company should not earn more than 20 times those at the bottom. As recently as the mid-1990s, the experience in Britain was not a […]
Continue ReadingThis useful report was first published in November 2010 and is available from the IOD’s website. The UK Corporate Governance Code is primarily aimed at listed rather than unlisted enterprises. However, many unlisted enterprises are owned and controlled by single individuals or families and for these SMEs, good corporate governance is about establishing a framework […]
Continue ReadingIf you’re looking for funds, you will need a business plan. Forbes magazine gives some initial guidelines and list of further reading to get you up and running including a refreshing style from American Dave Lavinsky. Lavinsky’s top priorities are to make sure you include a single one line description of your business, your financial […]
Continue ReadingOverpaid advisors, models too complex, out of date and boring? How does your business plan read? Luke Johnson Chairman of Risk Capital Partners gives his thoughts on the wrongs that write a business plan in a punchy article for the Financial Times where, amongst other faults, he highlights the issues of overcomplex NDAs, over paid […]
Continue ReadingIn April 2013 the payment body, BACS reported that small businesses were owed £30.2bn in overdue payments, across the economy. Then, in February of this year research from Sage Pay revealed that SMEs are owed £55bn in unpaid invoices. The average business is now owed £11,358, with £30,000 outstanding for one in five SMEs. For […]
Continue ReadingA challenge to the UK corporates and to large parts of Government is simply to let more contracts to smaller businesses. Your performance will improve, the SME sector will be healthier and the UK economy will benefit for all of us. Ernie Richardson of Eastwood Langley explains his argument… One of the few things in […]
Continue ReadingIn the aftermath of the recession, the requirement for a personal guarantee from a director or shareholder has become standard practice whenever a small company looks to borrow money from a bank… Whilst personal guarantees may now be an unavoidable part of raising finance for small businesses, it is important for the people providing guarantees […]
Continue ReadingThe latest statistics issued for business survival rates by the Office of National Statistics (ONS) show that only 45% of UK businesses survive for 5 years or more and 40% of businesses actually cease trading within 3 years. Against this background of business failures, there is a big success story for SMEs, but it can […]
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