You might think this is an odd article for an accountant to put together. But in fact its very relevant as without marketing your business there are either no or limited sales in your business, which will have a financial impact on your future.

As part of our development of our own company I have been spending time with marketing experts, and reading up on marketing techniques to build up knowledge of this very tricky area of business.

Im sure that an expert on marketing will also have more to say about the subject than I am covering, but thought I would share some of the marketing tips that have helped us develop.

Point 1

The Mission Statement

This is basically your reason for being in business in the first place. This is about goal setting. If you want to be the biggest social enterprise in the country, then put it in your mission.

Ours is ‘Supporting Your Business Growth’

We not only prepare financial accounts, we also work with a number of businesses in developing their companies into businesses that sustain active growth.

What is your mission?

Point 2

What Business Am I In?

If you don’t know what you do, it’s going to be difficult to tell anybody else about your amazing idea.

Think about this very carefully put together a 30 second spoken script to point out the benefits of someone buying from you.

Unique Selling Point, why are you different, why should I buy from you?

You are now a walking talking advert for your business everything you do from now on with have an impact on it.

Point 3

Who Is My Target Market?

Whenever a business first starts up, there is always the impression that the services or product will suit everybody. Unfortunately quite often that is not the case. You need to tailor your marketing to that chosen market, to enable you to sell better to them. You will need to do market research, feedback forms can help with this. By asking your customers questions about what you’re doing you can develop this further.

Point 4

What Is Marketing Budget?

The majority of businesses have a very limited budget for marketing and have to do a lot of leg work themselves, and choose as much free marketing as possible.

Examples of marketing possibilities

Door to door

Leaflets

Brochures

Networking

Website

Sign writing a vehicle

Paid advertising online (pay per click)

Magazines

Newspapers

Referral Schemes

Social Media

Whatever your chosen marketing strategy, there is not one thing that will be enough to market your business you will need to spend a great deal of time doing a variety of any of the above. There is no quick answer to this as everything takes time to develop, marketing is no exception.

Point 5

Self Sacrifice

With anything you want to develop and grow there is a point when you need to nurture. Certainly if you have a limited marketing budget, there is a real possibility that in order to grow your business you will need to sacrifice salary to increase your marketing budget, and allow your business to develop into something much bigger than if you had left things as they were. This may need to be done from time to time too, every business runs in stages, and when you reach your limits to that stage, you have to feed it again with investment.

Point 6

How Do I Manage Working And Marketing?

You’ve now got your customer base but it’s not quite enough to make a living, or you’re looking to grow the business, but time is of limited availability now. As a business owner you need to be putting in a minimum of 30% of your time to marketing and looking for the next prospect. The risk of not doing so means that when you have done the work directly in front of you, and you will then see gaps in your diary, or cashflow, which then with limited time needs to be filled quickly, or you’re on stop.

If you have employees, then you need to be delegating their time to working and you need to concentrate as much as possible to marketing your business. I am never without my business cards, as conversations can happen in the oddest circumstances. Pass your cards to friends and family who’s to say they can’t do a little promoting on your behalf too. Consider outsourcing. We use a company for our marketing strategy and our website, they have proved to be imperative to our business development and have also freed up my time immensely.

Point 7

Tracking Leads And Conversions

As soon as you start marketing your business you need to know where every lead is coming from, and to also track your percentage sales conversions from those initial leads. Your marketing budget is very precious so don’t waste it by not tracking, and making sure that your money is spent on advertising that works.

Point 8

Have Fun

Marketing is not a chore have fun with it, let your customers see your personality.

As the saying goes ‘People Buy From People’. So let them see who you really are, it might surprise you and take you to where you want to be.

Happy Marketing!!

This blog is intended for information purposes only and is only advice from past experience, you may have other suggestions of your own. It is not intended to be used to make all of your business decisions but as a guide only.

As the spring of 2024 unfolds, the Government have unveiled their budget, setting the stage for economic policies, social initiatives, and infrastructure development for the upcoming fiscal year. This pivotal moment not only reflects current priorities but also shapes the nation in the months and years to come. In this blog, we delve into some of the top topics emerging from the spring 2024 budget and their potential implications.

National Insurance

The main topic for the budget was the cut in national insurance again. The chancellor reduced the amount of national insurance employees would pay by 2%. The rate going from 10% to 8% in April 2024. It is estimated that the cut would be worth about £450 a year for someone on a £35,000 full-time salary.

It is estimated that around 29 million workers are set to benefit from the change. The rate of 'class 4' national insurance contributions, which is the main rate paid on self-employed profits of between £12,570 and £50,270, will be cut from 9% to 6% from 6 April. This rate had been due to fall to 8% from 6 April, but the chancellor has taken it one step further today. The self-employed will benefit too as the rate is slashed from 9% to 6%.

Housing

The chancellor confirms plans to scrap the furnished holiday lets regime. The initiative gives tax reliefs on properties being rented out to holidaymakers and make renting out to holidaymakers more profitable than to long-term tenants. The move is expected to raise £300m a year for the Treasury, however a blow to furnished holiday lets owners.

The chancellor also announced the government will reduce the higher rate of property capital gains tax. This is a tax paid on the amount of gain when selling a property. Currently the rate is 28% for higher rate earners, but this is being reduced to 24%

Business and Investment

The VAT registration threshold will be increased from £85,000 to £90,000 from the start of April. This change is estimated to help tens of thousands of businesses.

Benefits and Income Support

The Household Support Fund, which helps people struggling with cost-of-living pressures and was due to close in four weeks' time, will continue for another six months.

Full child benefits to be paid to households where highest-earning parent earns up to £60,000 - the current limit is £50,000. The top of a taper to withdraw the benefit will be raised to £80,000 from £60,000 at the moment.

The chancellor also announces a consultation on child benefit rules, to apply it to collective household incomes rather than for individuals from April 2026.

If there is something you want to know more about, you can call us on 02920 653995 or

01656 530063 to discuss.

We are seeing a lot of restrictions being eased and it is the closest to normality for a very long time. The bonus of the sunshine is something to make the most out of. While we enjoy ourselves and plan for an entertaining summer, we should not forget about business. We should take steps in to planning on how to bounce back stronger.

As the country opens slowly and the opportunity arises to mingle with other business owners, you should make time to try and attend where businesses are likely to be. Nearer the end of 2021, we are likely to see trade fairs taking place, with all businesses on the same boat, getting the business name out there.  

If you do not have the budget or time to be a part of the trade show, then you should try and attend as a visitor. It will be a great way to connect and being a visitor will give you the freedom on your timing as you can leave when you feel like you have made the most out of the day. Who knows, you may even bump into some familiar faces, for a long-awaited catchup.

Our usual go to for these types of events are The Welsh Business Show, Zokit and Introbiz. Some may have updated dates for the events, some may be posting later. Keep an eye out on social media as we are sure there will be a buzz. Click here to look at what is out there with trade fairs https://10times.com/cardiff-uk/business-consultancy/tradeshows

To get your company to achieve the highest levels, you may need a hand by employing staff. This may seem a scary step to take, especially if this will be your first time employing someone. There are many things to consider. Due to the disruption of jobs during the pandemic, the government have introduced a Kickstart scheme. This scheme is to provide funding to create new jobs for 16- to 24-year-olds on Universal Credit.

It does not matter on the size of your business, everyone can apply. The funding will cover:

·        100% of the National Minimum Wage (or the National Living Wage depending on the age of the participant) for 25 hours per week for a total of 6 months

·        Associated employer National Insurance contributions

·        Minimum automatic enrolment pension contributions

Further funding is available for training and support so that young people on the scheme can get a job in the future.

More info on how to apply, please click here https://www.gov.uk/guidance/apply-for-a-kickstart-scheme-grant

If you already have staff, and are bringing them back in to work, remember the furlough scheme is flexible and available until 30 September 2021. You will have to contribute for any hours worked by your employees. From 1 July 2021, the level of grant will be reduced, and you will be asked to contribute towards the cost of your furloughed employees’ wages. To be eligible for the grant you must continue to pay your furloughed employees 80% of their wages.

You can continue to choose to top up your employees’ wages above the 80% for the hours not worked at your own expense. This is completely up to you and not a requirement.

Let us try and finish 2021 strong and push past this pandemic. It has been tough for everyone, but with planning and preparing, we can start looking ahead.

It has been a rollercoaster of a few weeks with some unprecedented times. It is a new worry that we’ve had to face, and we’ve had to face this together. The Coronavirus has not only brought the whole country to a standstill, but has slowed down the whole world.

However, together we must have high spirits, and come out of this stronger. We hope everyone reading this is safe and our thoughts are with those directly affected by the virus. We all must adhere to what the government are saying and stay home. Travel only if necessary as this will delay any spread and get us out of this sooner.

The government has pledged support for employees, and have now put together something for the self-employed. It may not be what we all wanted, however, we have to give credit to the government for the level of support they are showing.

Coronavirus Job Retention Scheme

Q: I have heard the government will contribute towards employee wages?

• Salaried Staff: For full time and part time salaried employees, the employee’s actual salary before tax, as of 28 February should be used to calculate the 80%. Fees, commission and bonuses should not be included.
• Varied Staff: If the employee has been employed for a full twelve months prior to the claim, you can claim for the higher of either:
• The same month’s earning from the previous year
• Average monthly earnings from the 2019-20 tax year

However, if the employee has been employed for less than a year, you can claim for an average of their monthly earnings since they started work. If the employee only started in February 2020, you will need to use a pro-rata for their earnings so far to claim.

Once you’ve worked out how much of an employee’s salary you can claim for, you must then work out the amount of Employer National Insurance Contributions and minimum automatic enrolment employer pension contributions you are entitled to claim.

Coronavirus Business Interruption Loan (CBIL)

Q: It’s great that the government will help with wages once it is due to be out by the end of April 2020, but how can business get help immediately?

During this interrupting time, there is bound to be a dip in cashflow, so how can businesses get an injection of cash when all trade has halted? Well the government has introduced a temporary Coronavirus Business Interruption Loan Scheme which supports SMEs with access to loans, overdrafts, invoice finance and asset finance of up to £5 million and for up to 6 years.

The government will also make a Business Interruption Payment to cover the first 12 months of interest payments and any lender-levied fees, so smaller businesses will benefit from no upfront costs and lower initial repayments.

The government will provide lenders with a guarantee of 80% on each loan to give lenders further confidence in continuing to provide finance to SMEs. This is great for businesses with low credit rating. The scheme will be delivered through commercial lenders, backed by the government-owned British Business Bank.

To be eligible your business must tick the following;

• Be UK-based in its business activity
• Have an annual turnover of no more than £45 million
• Have a borrowing proposal which the lender:
• Would consider viable, were it not for the COVID-19 pandemic
• Believes will enable you to trade out of any short-term to medium-term difficulty

To apply, you should talk to your bank or bank manager or one of the 40 accredited finance providers as soon as possible, to discuss your business plan. You can find out the latest on the best ways to contact them via their websites or click here https://bit.ly/CrossAccCBIL

Self-Employment Income Support Scheme

Q: Will the self-employed be looked after by the government?

Great credit must be given to the government as a lot of pressure is on them during this unprecedented time. They have taken strides that no government has in history. The chancellor has left the self-employed questioning whether there would be any support. However, the chancellor has announced that there will be a scheme in place to allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed.

You can apply if you’re a self-employed individual or a member of a partnership and you;

• Have submitted your Income Tax Self Assessment tax return for the tax year 2018-19
• Traded in the tax year 2019-20
• Are trading when you apply, or would be except for COVID-19
• Intend to continue to trade in the tax year 2020-21
• Have lost trading/partnership trading profits due to COVID-19

Your self-employed trading profits must also be less than £50,000 and more than half of your income, come from self-employment. This is determined by at least one of the following conditions being true;

• Having trading profits/partnership trading profits in 2018-19 of less than £50,000 and these profits constitute more than half of your total taxable income
• Having average trading profits in 2016-17, 2017-18, and 2018-19 of less than £50,000 and these profits constitute more than half of your average taxable income in the same period

If you started trading between 2016-2019, HMRC will only use those years for which you filed a Self-Assessment tax return. If you have not submitted your Income Tax Self-Assessment tax return for the tax year 2018-19, you must do this by 23 April 2020. HMRC will use data on 2018-19 returns already submitted to identify those eligible and will risk assess any late returns filed before the 23 April 2020 deadline in the usual way.

So to summarise, the grant will be 80% of average trading profits from the year 2016-17, 2017-18 and 2018-19 and will be up to a maximum of £2,500 per month for 3 months. The grant will be paid directly into your bank account, in one instalment.

You cannot apply for this scheme yet. HMRC will contact you if you are eligible for the scheme and invite you to apply online. Again, this is looking to be all set up by the end of April 2020.

Q: I am in the Hospitality, Retail or Leisure sector, I have heard there is extra support since we’ve been effected the most, as we cannot work from home etc...

2019 has not been the easiest of years for many of our clients, the lengthy political and economic uncertainty is making the general public think a lot more about spending their hard-earned money.  Small businesses are having to renegotiate with their suppliers and look at all their costs to ride the storm we find ourselves in at the moment.

Not ones to sit down and wait for things to happen, this blog is about refinancing. 2019 may not have been the best year, but let’s not sit and see if 2020 will be better. Now is the time to review your finances. Autumn is a great time of year to look at this, you’re halfway through the financial year, summer is over, and Christmas is around the corner, the end of the year will be here before you know it.

So, what is refinancing?

Refinancing is the process of replacing an existing loan with a new loan. Typically, people refinance so they can get a better deal on their current loan. For example, you may be able to get a better interest rate than what you are on currently, saving you money. Refinancing also depends on your credit score, current deal and many other factors.

You may also have some assets in your business currently tying up cash and want to get a loan to put more liquid cash into the business, to allow you to put some plans for 2020 into practise right now.

Why refinance?

If you have a loan or a mortgage, it is worth speaking to the provider for refinancing. Some potential advantage of refinancing includes:

• Lowering your monthly payments. You can then put to use your extra saving to pay off other debts or towards your saving goals.
• You can combine your debts into one with some refinancing options. This is good so you know exactly when payments need to be made.
• Usually able to negotiate lower interest rates.
• Cashflow is tight but you have some assets that can assist you gain some cash to put back into the business.

Studies have shown that trying to negotiate a better refinancing deal tends to save people money and a lot of stress. Some questions to ask yourself is if you are paying too much monthly on any equipment that you could possibly lower or if you are too dependent on your bank overdraft as it is one of the most expensive bowing methods. Knowing where all your finances lay can help you budget and with the extra cash you can invest in yourself or your business.