In a meeting with an agency client last September, we were discussing scope creep on projects and giving clients stuff for free. Whilst the agency was keen to stop (what they called) “proper” scope creep, they weren’t too keen to stop giving away small jobs for free. There were concerns over goodwill, client relationships etc. and the admin behind creating change orders and having them approved. I completely understand all those concerns We agreed to
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Pulling together all the information needed to create a business plan is time-consuming, so why bother? After all, you know your business inside out: you know how far you’ve come, where you’re going, and how much money you make. Why jump through hoops just to comply with convention? That’s a fair question. However, while I’m not one for advocating work for its own sake, I think it’s worth the effort. First up, it’s only fair
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When we take on a project for a client, everyone needs to be clear as to what will be done, what it will cost and by when it will be completed. The client needs to feel confident they are getting value for money and we need to be confident we are making a profit. Most of the time it works out well for everyone, but what about those times when it doesn’t? When the project
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When you start out in business it’s easy to feel grateful to have clients at all, never mind to consider vetting them and possibly turning prospects down. However, we all know that not all clients are equal. I also suspect we all have – or have had in the past – the kind of client that is not an asset to the business. Some clients simply aren’t worth your time. No matter what you do,
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Yesterday’s budget didn’t really contain many changes for small business owners. After the large number of tax changes over the last 18 months or so, we should treat that as good news!! As always with budget speeches, the Chancellor only takes us through the highlights and there are many pages of detail that haven’t yet been absorbed. The main announcements in the budget that affect small businesses were: No Change in the VAT registration limit. We
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Agency owners with cash flow difficulties often think that taking out a loan will solve all their cash problems. However, before taking out a loan the agency should look at why it really needs a loan and why the cash flow difficulty has risen in the first place. There are three reasons that cash flow difficulties arise and why you might need funding of some description. Lack of profitability Agencies’ biggest costs are their people.
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I’m often asked by clients how much their marketing budget for their own business should be. They’ve often heard that they should be spending in relation to turnover (i.e., I’ve been told I should spend 10% of my annual turnover on marketing). In isolation, it’s not the best question to ask. How much you should spend on marketing your own business needs to be thought about in the context of what you’re trying to achieve.
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Office Manager/ Administrator Due to continued expansion, we are looking to recruit a part time Administrator/ Office Manager (21-25 hours per week) This is an accounting support role with a twist! In addition to your top notch organisational skills, you’ll be assisting a specialist accounting firm with social media, marketing, events and new business development. If you take pride in your work and are ready to make a big contribution, here is your chance to
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You’ll already be aware that there’s a new dividend tax in town, but how much will it actually hit YOUR pocket As a reminder, all dividends paid after 6th April 2016 are subject to the new tax charge. The rates are: Dividend earnings up to £5,000 – Tax Free Dividends £5,001 – £32,000 – 7.5% Dividends £32,001 – £150,000 – 32.5% Dividends £150,000+ – 38.1% The first payment of the dividend tax will be made on
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The Government have changed the reporting requirements for all limited companies, as of 30 June 2016 companies are no longer required to file an annual return, but a confirmation statement instead. What does that mean for you as a business owner? The difference between the confirmation statement and an annual return is that the former requires you to identify a person of significant control within the business (they should be identified from 6th April 2016).
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