With 101 new businesses being launched every hour, the small business sector is as competitive as ever. As an entrepreneur, you’re always striving to get ahead—to gain an advantage over your competitors. One of the easiest ways to do this is to focus on doing what your business does best (and avoid doing what your […]
Month: September 2024
Basis points (BPS) explained: A quick guide for small businesses
Understanding financial jargon can be a headache, especially when you’re running a small business. But there’s one term you can’t afford to ignore—basis points (often abbreviated as BPS). Whether you’re dealing with interest rates, loan agreements, or investment returns, basis points can significantly impact your bottom line. In this article, we’ll give you all the […]
What is the margin of safety and how do you calculate it?
As a small business owner, approaching your break-even point is a bit like flying towards the sun. Every now and then, you’ll want to apply the “Icarus” test—to find out just how close your business can get to breaking (without crashing and burning). This is where the formula for margin of safety comes in. In […]
Accountex Manchester 2024: Act now on AI and MTD
Didn’t get a chance to drop in to Accountex Manchester 2024 on Tuesday, 17 September? Don’t worry: we cover the key points to note in this blog. The keynotes across 4 theatres saw a strong focus on personal brand and new client acquisition, perhaps manifesting a subtle change in the way accountants and bookkeepers view […]
A guide to inventory turnover ratio
Have you been struggling to manage your inventory? Wondering what you can do differently to improve the flow of stock through your business? If you run a product-based business, understanding the inventory turnover ratio is key to managing your goods. Efficient inventory management is a priority when it comes to inventory-based businesses. Understanding and optimising […]
Allocation of Tips Act—What UK businesses need to know
As a hospitality or service-sector business owner, you understand the hard work your staff puts in and how much customer tips are appreciated. That’s why the Allocation of Tips Act 2023 was created—to ensure all businesses properly pass along all customer tips to their employees. This article outlines the tipping requirements, so you can review […]
What are fixed costs? – Sage Advice United Kingdom
Running a small business can feel like juggling a dozen different balls at once. You’re constantly managing, planning, and trying to stay ahead of the game. One of the crucial areas that often get overlooked is understanding your costs—especially fixed costs. But here’s the good news: grasping this concept can give you a real edge […]
How to win big with digital transformation
Technological change now dominates business thinking in all types of industries. This is because it’s about the survival of the fittest – customer expectations have evolved so much that businesses need every edge to secure growth, improve products and services, and increase efficiency. Virtually every business in every industry is feeling the effects of digital […]
How accountants can work efficiently with ledger-less clients
A huge challenge for many accountants is clients who don’t use a digital ledger, cheerfully leaving them with the time-sapping task of manually entering and reconciling financial data line by line. Many clients still need this “do it for me” service, but fortunately there are an increasing number of ways to work more efficiently with […]
What is a credit default swap and why is it used?
Like an insurance policy, a credit default swap can guard against life’s uncertainties—with minimal upfront cash needed. Imagine that you’re a small business owner with big plans to expand, but you’re a little short on funds and in need of a loan to bridge the gap. So, you stroll down to your local bank and […]