First of all to budget in business you should have a “Personal Survival Budget” in place. What’s your minimum survival budget? Furthermore remember very few businesses make enough money in the formative years. So in order to find out how long you can continue trading, establish what your minimum survival budget is. Also look at how […]
Credit control:Take charge Credit control is an area that many of us find difficult to fit in to our working lives. However take note it’s really important to keep on top of it- it’s the lifeline of your business after all. 3 questions to ask yourself regarding credit control: Are you on top of your […]
Cost type: Direct & indirect Firstly, all accountants love labels, consequently one of these applies to costs. Direct and indirect costs differences Furthermore it is important to know the difference. As re result this helps when it comes to: Pricing of goods and services Business Planning Controlling costs Understanding profitability of customers, products and services […]
Understanding Costs: How do they behave? Firstly understanding costs and your business numbers help with a variety of things, including: Pricing of goods and services Business planning Cash Forecasting Controlling costs Understanding profitability of customers, products and services Improving efficiency Likewise if you can describe and link business activity with costs then you have a […]
Having a healthy business is like having a healthy you A healthy business is what we all strive for. This blog will outline a five point approach for getting and improving business health, and how the approach has a lot in common with getting and improving personal health. Firstly, objectives: It’s important to have objectives, […]
Firstly maintaining and growing your business requires many things. For example, customer satisfaction, providing good products and services. similarly a motivated workforce, and good relations with suppliers also count. Growing your business Furthermore an area often neglected is being able to take control of your business numbers. Implement the following three key ingredients to help […]
Take charge of your numbers It becomes challenging to know how your business is doing, your progress to your objectives, what you are doing right unless you are measuring and reporting your progress. These measures are commonly referred to as Key Performance Indicators (KPIs). KPIs can take the form of financial measures, non-financial measures, surveys […]
Property & Tax Five points Property Investors should take onboard when it comes to property and tax. 1 Consider the type of property and time frame of the investment, short term or long term. Property will either be commercial and/or residential property. Commercial properties include offices, hotels and warehouses.Regarding rental income, residential rent may […]
Keep business cash flowing Firstly keeping business cash flowing is the most important financial commodity that keeps the business wheels rolling. Secondly cash is the life-blood of any business and is vital for survival, sustainability, investment and growth. As a result cash is needed for a whole variety of things, from paying staff, suppliers and […]
In the digital age, the UK tax system is evolving to become more efficient, effective, and taxpayer-friendly. Making Tax Digital (MTD) is at the forefront of this transformation, aimed at positioning HMRC as a global leader in digital tax administration. But what exactly is MTD, and how does it impact businesses? Let’s explore this digital […]
How to manage cash flow Firstly managing cash flow is paramount for all businesses. Revenue is vanity, profit is sanity, and cash is reality. Secondly cash, what gets paid into your banks or your wallets/purses is the life-blood of any business. Cash is needed for a whole variety of things, including from paying bills, buying […]
In business making more money is one of the things most of you want to achieve. During this week here at Pro Active Resolutions (PAR) we will be looking at ways to help you achieve this. We are going to talk you about proven Marketing strategies to financial know how. When business ignore these steps […]