At a time when ‘efficiency savings’ are all the rage, this is a good time for small business owners to look at their own ventures, to see if there are areas where money is being wasted unnecessarily.
Here are some tips to help you cut down on the costs your business has to bear, which don’t involve having to increase sales.
1. Are you paying too much for your services?
In our personal lives, we often stick with the same insurance providers, banks, mortgage companies, and utilities companies, for no other reason that it’s easier than moving and it’s hard to find the time to research the market. The same is true in business.
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May 24, 2011 – Tropical Storm Risk , which provides real-time mapping and prediction of tropical cyclone windfields worldwide and is co-sponsored by Aon Benfield, today releases its pre-season outlook* to coincide with the start of the 2011 Atlantic hurricane season. The outlook anticipates Atlantic basin and U.S. landfalling hurricane activity being 25% above the long-term norm. TSR, part of Aon Benfield Research’s academic and industry collaboration, maintains its April forecast for a moderately active hurricane season. The pre-season outlook includes: · A 55% probability of an above-normal Atlantic hurricane season; a 29% probability of a near-normal season, and only a 16% chance of a below-normal season. · 1 Read all post…
With the implementation of the Bribery Act just round the corner, a leading business advisory firm has warned business owners of their legal obligations when the regulations go live, and have provided some useful steps to take to ensure compliance with the Act.
John Smart from Ernst & Young commented on the need for companies to be compliant with the new rules, which take effect from 1st July 2011:
“Companies need to understand the risks they may run if they do not make an active effort to demonstrate their willingness to abide by the Act. Whilst the Bribery Act was originally delayed, it is now just a day away and the clock is ticking. O
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There are around 2.8 million sole traders in the UK. It is the most popular, and simplest, way of setting up in business.
We take a look at the key things you need to know about becoming a sole trader, and whether it is the right business structure for you.
So, what is a sole trader?
- As a sole trader, your business and personal finances are considered the same for tax purposes. In the limited company business structure, your business and personal finances are kept separate.
- Once you have registered with HMRC, you can start trading right away. You should not delay telling the authorities, or you may have to pay a penalty.
- Sole traders are taxed under the self assessment rules.
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AXA announced today that it has agreed to sell its Canadian operations in Property & Casualty and Life & Savings insurance to Intact Financial Corporation for a total cash consideration of CAD 2.6 billion . This corresponds to implied 2010 multiples of 13x underlying earnings and 1.9x book value. This transaction should generate an exceptional capital gain of approximately Euro 0.9 billion, which will be accounted for in Net Income. In addition, AXA is entitled to receive up to CAD 100 million in contingent considerations based on profitability metrics over a period of 5 years. Read all post…
If you’re starting out in business – either as a limited company, or as a sole trader or partnership, one of the first things you need to do is find the best business account to suit your needs. So what should you look out for when comparing business bank accounts?
How to compare business bank accounts
Here are some tips from the Bytestart team:
1. Be Objective – before you start, you may think it easier to stick with what you know – by appointing your personal bankers to act on behalf of your business. We recommend that you try to be objective, as this option may well not be the most cost effective solution in the long term.
2.
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