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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To maximise your return, plan carefully when selecting a part time executive. Mark Nicholls is Director of Tectona Partnership, a bespoke financial advisory service that delivers increased cash flows and profitability for growth ambitious SME’s. In recent years there has been an increasing trend towards the outsourcing of back office or non-critical services. At the same […]
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