A Guest Blog by Alex Canham of Herrington & Carmichael. A number of businesses now look to outsource non-core functions, particularly in creative areas, to third party contractors. This may be in the form of marketing design work (such as a brochure or an article), software development/maintenance work or a musical composition. However, are commissioning […]
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Those who have studied SME failure rates will be well aware that small business is in fact risky business. Typically, 25% of UK SMEs fail in Year 1 and almost half of all businesses started fail within their first 3 years. However, it need not all be doom and gloom. Ensuring compliance with relevant regulations, along […]
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Many business owners simply see their accountant as a cost and someone to whom they send a bag of paperwork at the end of their financial year – some even refer to them as the “necessary evil”! Whilst this may suit some business owners, those with growth ambitions should consider their accountant as an investment. […]
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Every business, regardless of size or sector has one thing in common – that is the need to effectively manage the relationship with their bank. Banks have been heavily criticised in recent years over mis-selling scandals and an apparent reluctance to lend to small businesses. However following conversations that we at Tectona have had with […]
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There are many motivations behind setting up a business and in many cases the personal wealth of the owner-manager is tied up in the business, often for a long period of time. If the financial investment made by the business owner is to be recouped and hopefully significantly increased, careful consideration needs to be given […]
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You wouldn’t embark on a journey without first planning your destination and how to get there, and the same principles apply in business – as the old cliché goes ‘If you fail to plan, plan to fail’. Planning makes perfect It doesn’t matter how large or small your company is No matter the size of […]
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If businesses are expecting growth it is important for them to critically evaluate their growth strategy to ensure that they can cope with the anticipated changes – and therefore grow in a sustainable way. You are not alone The owner manager can often be a lonely role and when considering how best to position a […]
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The 16th century English philosopher, Francis Bacon, coined the phrase ‘Knowledge is Power’. Whilst some may consider it a cliché, the statement is just as true in 21st century business as it was during the English Renaissance. Without knowing what is happening within a business and knowing how to improve, leverage opportunities and grow, a […]
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Effective cash flow management can make it easier for SMEs to attract debt finance The latest Bank of England ‘Trends in Lending’ reports a decline in lending to UK businesses in the three months to May 2013; a contraction of around £4.5bn. Despite many lenders continuing to argue that demand for borrowing is somewhat muted, […]
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Is “Sell More, Earn More” a false economy? When you interact with SME business owners on a regular basis it’s inevitable that many of your conversations will focus on the performance of the business; and if you are engaging with ambitious business owners, you are likely to have heard the following assertion… …“If only we […]
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