TODAY’S HEADLINE
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Developing a business growth strategy
In the first of a series blogs on business growth, Tait Walker looks at how to develop a business growth strategy and identify growth opportunities. A clear strategy detailing what you’re going to do and when is essential to any business growth … [Read More...]
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What football can teach you about your financial planner…
This Sunday will mark the final outing of Sir Alex Ferguson as manager of Manchester United. After 26 years of unrivalled success, Sir Alex has proven that continuity can be vital to maximising your achievements. The strength of relationships between manager and players and knowledge of all members of the team is paramount in achieving their objectives. His ability to assess where each player fitted into his model – if indeed they still fit at all – and being able to move incompatible players out at the right time has been key to delivering such impressive results. Who expected Sir Alex to sell David Beckham when he did? Financial planning and football are more alike than you may think. With clear financial objectives shared fully with your adviser, continuity and stability within the relationship can add a great deal of value. You need to trust in the skill of your adviser to recommend and monitor the continued suitability of your investments, monitor their performance and … [Read More...]
Developing a business growth strategy
In the first of a series blogs on business growth, Tait Walker looks at how to develop a business growth strategy and identify growth opportunities. A clear strategy detailing what you’re going to do and when is essential to any business growth programme. It’s the route map showing how you will take your business from where you are now, to where you want to be in three to five years’ time. Planning for success A strong business plan is a key to unlock funding and investment opportunities. Investors will be impressed by a plan that gives evidence-backed information on how you will develop your business, the track record of the management team driving this growth, and how you will handle financial management. Evaluate where you stand in the market Get a clear perspective of your position in the market. Look at your suppliers and ask yourself if you can negotiate better terms? Identify your competitors and objectively compare their strengths to yours. And consider the … [Read More...]
The benefits of VAT Registration
In the recent budget, the VAT threshold was raised to £79,000, allowing many small businesses to trade without the inconvenience, compliance and cash flow issues VAT registration can often bring. Most commonly affected are small turnover retailers dealing with the general public, including hairdressers and takeaway food establishments. The burden of VAT registration usually results in reduced margins as, following registration, the market does not allow for prices to increase by 20%. However, for some businesses, VAT registration can be beneficial. It is possible to register for VAT voluntarily, even if the VAT registration threshold has not been exceeded. Businesses providing goods and services to other VAT registered businesses should consider the advantages and disadvantages of this: - Advantages Possible to recover all VAT incurred on expenditure. For goods traders, this could be a substantial amount. By taking advantage of the Flat Rate Scheme (FRS), even suppliers of … [Read More...]
