Category Archives: Business Advice

Recruitment, trade and taxation sticking points for businesses in Q3

Businesses in Wales have revealed the opportunities and challenges they faced in Q3 of 2024 in Chambers Wales South East, South West and Mid’s latest Quarterly Economic Survey.

Businesses in Wales who trade goods and services domestically performed well. Over two thirds (68%) of businesses taking part in the survey traded in the UK only. 38% of these businesses stated that there had been an increase in UK sales and 33% reported an increase in orders and advanced bookings, with both of these figures up from Q2.

It was a mixed picture, however, for Welsh businesses who trade internationally. Almost a quarter (23%) of businesses in Wales shared that their export sales had increased in the last three months, up from 15% in the previous quarter, but only 7% saw export orders and advanced bookings increase in Q3.

David Peña, the Chamber’s International Trade Manager, said: “Many of the survey respondents cited new markets as an opportunity for their business so we need to ensure that those who wish to export can access the guidance, support and contacts they need to fully achieve their trade ambitions.

“Welsh businesses have so much to offer on the international stage. Different markets bring different challenges, and penetrating these markets requires innovation and information. We heard several inspirational success stories from exporters across Wales at our recent exporting excellence event held in collaboration with our partners Atradius and Welsh Government, showing how the right support and ideas can make exporting a reality.”

The Quarterly Economic Survey for Q3 also revealed that recruitment continues to be a sticking point for many businesses in Wales.

54% of the businesses surveyed attempted to recruit staff in the last quarter, primarily for full-time positions. 79% experienced difficulties recruiting, particularly for professional and managerial positions, citing a lack of appropriate, experienced candidates and skills requirements not being met.

While recruitment and retention remain an issue, an improved economic picture has led to a shift in which external factors are more of a concern to businesses in Wales than they were three months ago. 55% of businesses in Wales stated that taxation was more of a concern this quarter, more so than interest rates, business rates and inflation.

Paul Clark, President at Chambers Wales South East, South West and Mid, said: “With an ongoing skills shortage in the private sector and concerns regarding taxation, businesses in Wales will be watching the Autumn Budget later this month with great interest. Throughout the election campaign and their time in office to date, the government has repeatedly stressed its commitment to boosting economic stability and growth, and the Budget will be chance to set these measures to develop the economy and remove barriers to a higher growth future.”

Maximizing the Resale Value of Your Company’s Cars: Tips for Small Businesses

For independent ventures, keeping up with the worth of organization vehicles is vital for diminishing long-haul costs and getting a decent return when now is the right time to sell. Whether you own a little armada or only a couple of vehicles, dealing with these vehicles can have a tremendous effect on their resale esteem. By zeroing in on standard support and tending to key parts like headlights, for example, those on a VW Polo, you can assist with holding esteem and work on your possibilities of selling at a greater cost. Here are a few reasonable tips for private ventures to expand resale esteem.

 

Stay aware of Standard Support

One of the best ways of keeping up with resale esteem is by guaranteeing that your vehicles get standard support. An indisputable help history makes your vehicle more interesting to purchasers. Ordinary undertakings like oil changes, brake checks, and tire turns might appear to be normal, yet they assume an urgent part in keeping the vehicle with everything looking great after some time. Purchasers are bound to believe a vehicle that has been reliably focused on, can prompt higher offers when now is the right time to sell.

 

Upgrade or Repair Key Components

Little redesigns or fixes can likewise essentially affect resale esteem, particularly concerning significant parts like headlights. Over the long run, headlights can become faint or yellow, influencing both the vehicle’s appearance and its usefulness. A vehicle with clear, splendid headlights looks more current as well as feels more secure to drive. For example, replacing or maintaining the VW Polo headlight in the source could make a noticeable difference in how the car presents to buyers.

 

Headlights that have lost their force can frequently be reestablished, making the vehicle look fresher without a significant venture. There are reasonable choices for either supplanting the headlights altogether or reestablishing their clearness with straightforward fix packs. If you’re wondering how to go about it, AUTODOC guides how to restore headlights explained by AUTODOC, helping you restore headlight intensity and improve the overall look of your vehicle.

 

Perfect, Clean, and Detail

The state of your vehicle’s inside and outside can likewise significantly affect resale esteem. A perfect, very much kept-up vehicle is more appealing as well as feels more dependable to expected purchasers. Before posting your vehicle available to be purchased, give it a careful cleaning, both all around. Focus on frequently neglected regions like the seats, dashboard, and rugs. The outside ought to likewise be cleaned and waxed to make the paint sparkle. These little advances can have a major effect on how your vehicle is seen, possibly prompting a superior proposition.

 

Record All Fixes and Upkeep

Purchasers are bound to follow through on a fair cost for a vehicle assuming they feel certain that it’s been appropriately focused on. Keeping itemized records of all fixes and upkeep shows imminent purchasers that the vehicle has been very much kept up with. This incorporates any work done to key parts like the headlights or the tires. Recording these updates can likewise assist with legitimizing a higher asking cost since it gives consolation that the vehicle is all ready.

 

Choose the Right Time to Sell

Timing can also play a role in maximizing your car’s resale value. According to Carmula about car resale value, the market for used cars fluctuates based on seasonality and demand. For example, SUVs might sell better in the winter, while sedans or smaller cars could be more in demand during warmer months. By keeping an eye on market trends and choosing the right time to sell, you can increase the chances of getting a higher price for your vehicle.

 

Aleksandr Katsuba: What Support Can Businesses on the Frontline or Liberated Territories in Ukraine Receive?

Supporting businesses in the frontline and liberated territories of Ukraine is a critical part of ensuring economic stability and recovery in these regions. Thanks to various assistance programs, entrepreneurs can receive financial, consultative, and infrastructural support that aids in the restoration and development of businesses.

Government Financial Support Programs

Currently, the Ukrainian government offers several programs aimed at supporting businesses in regions affected by military operations. For example, the “Affordable Loans 5-7-9%” program allows entrepreneurs to obtain preferential loans for business recovery or development. Since the program’s inception, a significant portion of funds has been allocated to support businesses in affected areas, notes Aleksandr Katsuba.

Another important tool is government grants for business development. In 2024, the government allocated funds for grant support to small and medium-sized enterprises operating in liberated territories. These grants can be used for production modernization, the purchase of new equipment, or the launch of new business projects.

International Assistance Programs

International organizations are also actively supporting Ukrainian entrepreneurs, especially those working in frontline or liberated territories, emphasizes Aleksandr Katsuba. The Organization for Security and Cooperation in Europe (OSCE), the United Nations Development Program (UNDP), and the European Union provide grants, consultations, and access to training programs for entrepreneurs.

The European Union launched the “EU4Business: Recovery” program, which offers grants for business development to entrepreneurs in liberated territories. During the first year of the program, over 500 businesses were supported, creating new jobs in the process.

Infrastructure Support and Recovery

One of the biggest challenges for entrepreneurs in affected areas is the lack of proper infrastructure, says Aleksandr Katsuba. The government and international partners are actively working to restore roads, electricity, water supply, and other critical infrastructure.

As part of the “Big Construction” program, significant funds were allocated for infrastructure recovery in frontline and liberated territories. This includes road and bridge repairs, restoration of power grids, and ensuring internet access. Thanks to these measures, entrepreneurs can resume production, restore logistics chains, and gain access to new markets.

Consultative and Educational Support

In addition to financial and infrastructural assistance, entrepreneurs can also receive consultative and educational support. This includes participation in seminars, training sessions, and consultations on how to run a business in post-conflict areas, according to Aleksandr Katsuba.

Many international and national organizations offer free courses on business management, marketing, finance, and legal issues. Additionally, through various programs, entrepreneurs can receive consultations from international experts, helping them better adapt to new conditions and use available resources more effectively.

Business in Action: Examples of Successful Entrepreneur Stories

Successful examples of entrepreneurs who continue or resume their activities in frontline areas serve as inspiration for others. For instance, a recent news story highlighted a farming enterprise in liberated Kherson, which received a grant to purchase new agricultural equipment. This enabled not only the restoration of crop yields but also the creation of new jobs for local residents.

Thus, business support in Ukraine’s frontline and liberated territories is comprehensive, including financial, consultative, and infrastructural measures. Thanks to this, entrepreneurs have the opportunity not only to restore their operations but also to contribute to the economic recovery of these regions.

Aleksandr Katsuba, a Ukrainian entrepreneur and owner of Alfa Gas, discusses how Ukrainian businesspeople can receive assistance in the frontline and liberated territories of Ukraine.

 

Quality Management Systems: The Secret to Ongoing Improvement

Our world is highly competitive for businesses. That’s why every business needs to improve to stand out. Quality Management System is essential in a business. It helps companies achieve continuous improvement. QMS is not about quality only. It provides a structured approach. It ensures that every process, from production to customer services, is analysed and reviewed regularly.

This ongoing focus on improvement helps businesses operate efficiently, reduce waste, and deliver better products and customer satisfaction.

 

How QMS Drive Continuous Improvement?

Structured Approach to Process Optimisation

The most important role of QMS is to offer companies a structured framework to assess and optimise their processes. By constantly monitoring and reviewing procedures, businesses can identify inefficiencies, bottlenecks, or errors in real time. This allows for timely adjustments, elevates operational flow, and reduces downtime.

 

Data-Driven Decision Making

Data is the source of continuous improvement. With the help of QMS, companies gather and analyse performance data across various departments. It helps to find those areas that need improvement. It can be production speed, error rates, or customer satisfaction. Businesses need to make decisions by factual data and eliminate assumptions. And by doing that, businesses can implement improvements.

 

Employee Involvement and Accountability

It is one of the most important roles of QMS. It fosters a culture of involvement among employees. Constant improvement is not only the job of top management. A company will constantly improve when inputs come from all organisational levels. QMS encourages employees to take ownership of their roles, suggest improvements, and stick to standardised procedures. This collective approach ensures that everyone is on the same page. And it is improving the efficiency and quality of a business.

 

Customer-Centric Focus

What is the aim of continuous improvement? It ultimately focuses on providing better value to customers. QMS helps companies stay focused on customer feedback and evolving needs. Companies can always enhance their offerings. They just need to assess customer satisfaction and incorporate their feedback into business processes. A strong QMS framework makes sure that customers’ concerns are addressed properly and promptly. It helps to gain higher loyalty and trust.

 

Sustained Performance Over a Time

A successful QMS is not a one-time thing. This system is designed for long-term implementation and success. Continuous improvement through QMS means businesses are not only reacting to issues but also seeking ways to enhance quality and performance actively. This focus on improvement creates a culture of innovation and resilience. It allows businesses to adapt to changing market conditions and customer needs and demands.

 

Wrapping Up

A quality management system is the driving force behind continuous improvement. It provides companies with tools, structure, and culture. They are needed to assess and enhance their operations regularly. From process optimisation and data-driven decisions to employee accountability and customer focus, quality management systems help businesses not just meet but continuously exceed expectations. QMS embed continuous improvement in a company’s DNA. And by that, it ensures the company’s success in the competitive world.

 

 

 

Best Ways To Celebrate UK National Inclusion Week 2024 In The Workplace

For any growing business celebrating and recognising inclusion is vital.
But although many companies pay lip-service to the issue, many can sometimes struggle to come up with strategies to best celebrate inclusion.
Yet doing so is of crucial importance.
Later this month the topic will come into even sharper-focus when the UK celebrates National Inclusion Week.
Running from September 23 – 29 the week is dedicated to celebrating inclusion and taking action to create inclusive workplaces
The theme for National Inclusion Week 2024 is ‘Impact Matters’, a call-to-action to everyone, from leaders, to inclusion professionals through to teams and individuals.
The subject is important as the latest data shows the UK is now more diverse than it has ever been, with 18% of people in England and Wales from ethnic groups.
That is up from 14% in the 2011 Census although there is variation across the regions with, for example, the proportion of ethnic groups doubling in Northern Ireland over the past ten years.
Integration is also increasing, as the mixed ethnicity population in England has risen by 40% over the past ten years: 2.4 million households are now multi-ethnic.
In combination with diversity, an inclusive workplace will benefit from a 60% improvement in decision-making and a 19% increase in revenue compared to their competitors, reflecting the power of united teams.
Jack Hayes, the founder of Champions Speakers, has helped support multiple businesses with strategies for the best ways to celebrate National Inclusion Week.
He said: “National Inclusion Week is an important time of the year for giving people the opportunity to pause and reflect on how others around them identify themselves, and exchange ideas on what they can do to value one another and make the workplace more inclusive.
“Celebrating National Inclusion Week is a great way for us all to admire our differences. The theme for National Inclusion Week this year is “impact matters”, which is a call-to-action to everyone in your organisation, from leaders, to inclusion professionals through to teams and individuals.
“It centres around understanding, identifying and measuring impacts on potentially marginalised groups and taking action that can result in genuine sustainable change.
“Each of us holds the potential to make a profound and positive impact and some top ideas for getting started include:
Sharing his nine tips for best driving inclusivity in the workplace, Jack said:
  • Start a conversation to create deeper understanding and connection
  • Share who you are – consider how how present yourself in terms of pronouns in email signatures
  • Introduce yourself and meet a neighbour
  • Expand your circle and meet with colleagues at work who you have not yet spent time with
  • Support businesses that are owned by a minority or diverse group
  • Be an ally and help others understand their own privilege
  • Invite someone new to lunch or to your child’s birthday party
  • Pledge your action and share your intentions publicly
  • Hire a speaker to host a talk on the issues affecting inclusivity
Data compiled by Champions Speakers, which is based on reviews and feedback from thousands of events shows the current top UK keynote speakers for National Inclusion Week events in 2024 to be:
Retired Team GB Swimmer Mark Foster;
Inga Beale, the first female CEO of Lloyd’s of London;
Asif Sadiq, Chief Diversity, Equity and Inclusion Officer for Warner Bros;
Shola Kaye, a leading voice in diversity, inclusion and equality space;
Piers Linney, AI expert and former Dragons Den Star;
Akala, the BAFTA award-winning hip hop artist, poet, historian and diversity speaker;
Charlie Martin, the first transgender professional motorsports racer;
Martine Wright, a survivor of the 7/7 bombings  now Captain of the British Paralympic sitting volleyball team; .
Kate Richardson-Walsh former a Team GB hockey gold medalist;.
The actor and campaigner Simon Callow;
Rugby star and LGBT+ advocate, Gareth Thomas;.
Retired Olympic cyclist Victoria Pendleton;
John Amaechi, widely considered to be “one of the world’s most high-profile gay athletes”;
Belinda Parmar  best known as the CEO of The Empathy Business;
Perrine Farque a powerhouse crusader on how to cultivate a connective culture of belonging;
Gina Buckney is the mastermind behind ‘Your People Are Your Power’ campaign;
Ayo Sokale an environmental leader and inclusion expert.

Amazon Web Services and IQ Capital join Cooper Parry to empower next gen of data-driven CEOs

  • Cooper Parry officially launches the third vertical of VentureCEO, focusing on data.
  • Partners of the programme include AWS, IQ Capital and {insert}.
  • The curated 10-week collaboration provides direct access to experienced CEOs, specialised content and personalised mentorship sessions with industry experts.

VentureCEO has officially launched its ‘Future of Data’ cohort -the flagship early stage programme by Cooper Parry’s Tech & High Growth team – the leading UK startup and scaleup advisor in the accounting and tax space. It’s the third vertical of VentureCEO; a collaboration designed specifically for early-stage CEOs who have raised up to £8m and are utilising the transformative power of data.

With data driven companies generating an estimated £343 billion in annual turnover (6% of total UK turnover) in 2023 and employing 5% of the total UK employees across the economy, advances in technology and data are reshaping both business and consumer markets.  The number of UK based AI companies alone has increased by over 600% over the last 10 years. However, entrepreneurs in this sub sector must overcome major barriers to accelerate mass adoption of these technologies and deliver outcomes that ensure user trust.

Building on the success of previous collaborations, this invite-only group of 20 CEOs is the biggest cohort to date, and has a focus on pioneering innovations in data across various sectors such as software, SaaS, AI and sustainability.

The 20 CEOs located across the UK, are from the following companies: Ambar, WeAreFulFilment, Kuberno, CSX Carbon, IntelligentAI, Lab1, InsightTerra, Dorae, GaiaLens,  Meaningful Vision, Osprey Flight Solutions, Deontic Data, Additive.earth, Prospectral, iKue, Palqee, Alchem Technologies, Klarytee, Armadillo Analytics and Infer.

The 10-week collaboration provides a series of deep dive sessions, in person events, panels, and workshops to help the early-stage CEOs get unique insights and support from later-stage CEOs (series B and beyond) and domain experts who have successfully navigated the complexities of scaling businesses, while also creating a powerful network.

Steve Leith, spokesperson for VentureCEO and Partner and Head of Tech & High Growth at Cooper Parry, comments on the purpose behind the programme:

​​ Steve created the team to support over 500 scaleups and high-growth companies in the UK. Before joining Cooper Parry, he spent 20 years in Grant Thornton’s Technology team and has worked with scale-ups that have raised in total over $5bn in venture capital. He has mentored at Wayra, Seedcamp, Microsoft Accelerator, L Marks accelerators and Cisco EiR London. Steve also supported the Tech Nation sector and scaleup programmes working with the UK’s fastest growing scale-ups.

“The “Future of Data” cohort represents a group of hugely high potential CEOs who will go on to build another wave of disruptive data-driven businesses in the UK. The ecosystem has seen great success from similar data-led businesses scaling over the past few years, securing significant funding and achieving major exit events.

“This collaboration is designed to equip these early stage CEOs with key insights and learnings from later stage CEOs and leaders who have scaled businesses through adversity and opportunity and ultimately achieved success. We are extremely fortunate to have the support of our incredible partners who will be crucial in the facilitation of learning and community building to help these leaders succeed.”

Supported by commercial partners including Amazon Web Services (AWS), IQ Capital and Fox Williams},expert advice is on topics such as competitive strategy and building a board is also on hand from  Daleth and MyNonExec who continue their support for the VentureCEO cohorts, alongside a dynamic array of sector specialists including CharlieHR, Luminous PR and Cooper Parry Wealth. Each brings a unique set of resources and expertise to further enrich the experience for participating CEOs.

The later-stage CEOs involved include Tugce Bulut, formerly of Streetbees, now founder of alchemy A.I, Odera Nonyelu Ume-Ezeoke who successfully exited Viewsy, Paul Humphrey, CEO of BMLL, and Husayn Kassai, formerly of Onfido which was acquired by a US competitor in a deal that marked Oxford University’s largest-ever return on investment for a student-led start-up. The four data visionaries have all been at the helm of some of the UK’s most innovative data scale-ups and during their tenures have raised a combined total of over $300m.

Paul Humphrey, CEO of BMLL, adds: “The current business landscape demands a strong grasp of data to drive growth and innovation. Advice and guidance from seasoned CEOs was invaluable in my own journey, so it was an easy decision to join VentureCEO’s program and support the next generation of data leaders.”

Over the 10-week VentureCEO Future of Data programme, the CEOs and Founders in the cohort will have access to the following program elements:

  • CEO Stories: Exclusive sessions where later-stage CEOs (Series B and beyond) share their experiences and insights.
  • CO Strategy: Deep dive sessions on topics such as adaptive culture and competitive strategy, led by subject matter experts.
  • CEO Circles: Curated communities of CEOs at similar stages, facilitated by experienced coaches and organisational psychologists.
  • CEO Wellbeing: Focused on maintaining founder well-being, with strategies for positive leadership and mental health resets.
  • VC Office Hours: Sessions with top deep tech investor Jonno Evans from IQ Capital, offering fundraising advice and pitch deck reviews.

For more information about VentureCEO or to express your interest in being part of a future cohort, visit:  https://www.cooperparry.com/venture-ceo

Crossing Continents: Unlocking Inner Power and Global Connection

Clare Kay returns with another insightful episode of the podcast, Moving Countries 101, featuring Sangeeta Gautam, an inspiring guest who shares her personal journey of moving across countries and cultures. Their conversation explores the concept of global citizenship and the strength of human connection. By focusing on the commonalities that bind us, moving to another country becomes a more empowering experience.

Growing up in a small town near Calcutta, India, created by the British, Sangeeta’s idyllic, multicultural childhood set the foundation for her adventurous spirit. After high school, Sangeeta moved to New Delhi and later, despite concerns about her father’s recovery from a stroke, took up a career opportunity in Thailand—a decision driven by curiosity and the advice of friends, which helped her push past her initial hesitation.
Sangeeta reflects on the invaluable advice that shaped her decisions and success abroad. One of the first lessons she received was to make enough money to care for loved ones—a goal she achieved through her career in Thailand.
Moving to Thailand proved to be a transformative experience. A friend advised her to “make a lot of friends,” which empowered her to embrace new cultures rather than holding on to preconceived notions of what it meant to be from India. Building friendships with local Thai people, despite language barriers, helped her immerse herself in the culture.
One of the key lessons Sangeeta highlights is that, no matter where you go, locals are trying to understand you just as much as you’re trying to understand them. With an open, honest, and curious mindset, she successfully settled into Thai culture and saw the power of looking outward at the needs of others, rather than being consumed by her own concerns.

Later, another career opportunity took her to the USA, which she has made her home. Sangeeta reflects on expectations versus reality when relocating and how she grappled with the challenges of a colder climate.

Friendship once again played a crucial role in her journey, this time helping her navigate the application process for a green card. Here, she shares a story of fulfilling a promise she made—and the universe responding in kind—a testament to the power of integrity, and a poignant example of the value of seizing opportunities without fear of regret.

 

Sangeeta also shares a universal truth: when applying for a job, there are two possible outcomes—getting it or not—but by not applying, the only answer is “no.”

Throughout this episode, Clare and Sangeeta unravel fascinating anecdotes and insights for anyone considering moving abroad—or  looking to live a more culturally aware life through international travel.

Tune into the podcast episode to hear the full conversation and gain valuable wisdom from this guest’s remarkable journey.

About Moving Countries 101 Podcast:

Moving Countries 101 is a podcast dedicated to exploring the lives and experiences of individuals who have made significant moves across the globe. Hosted by Clare Kay, the podcast aims to inspire and inform listeners and viewers about the challenges and rewards of living a life in different countries.
It’s a must-follow for anyone who is interested in or is planning on living and working overseas.

Podcast Links:

You can listen/watch and follow this week’s podcast here:
Apple
Spotify
YouTube

How Business Leaders Can Control Expense Claims Across All Departments

Expense claims are an unavoidable aspect of business operations and are an everyday task in most businesses. Despite it being a common practice in most businesses, managing business expenses effectively can be a challenging task.

From travel and meals to client entertainment and office supplies, costs can quickly spiral if left unchecked. For business leaders, especially those overseeing large organizations with multiple departments, the need for a structured approach to expense management is crucial. By implementing clear policies, leveraging technology, and fostering a culture of accountability, leaders can take control of expense claims and reduce unnecessary expenditures across their entire business.

Set Clear Expense Policies

The first step in managing expense claims is to establish clear and concise policies that define what constitutes an acceptable business expense. These policies should outline allowable spending limits, approval workflows, and documentation requirements for all departments. For example, a defined policy on travel expenses can limit the class of airline tickets employees can book, or set a maximum daily allowance for meals. Ensuring that all employees are aware of these policies is critical for compliance. Regular training sessions and a company-wide distribution of expense guidelines help keep everyone on the same page.

Leverage Expense Management Tools

With technological advancements, there is no longer a need to manually process expense claims or rely on outdated systems. Implementing automated expense management tools can streamline the process and reduce human error. These systems allow employees to submit claims online, attach receipts digitally, and provide managers with a real-time overview of departmental spending. Expense management software also integrates with accounting systems, ensuring that approved expenses are automatically reflected in the company’s financials. By automating the tracking and approval of expenses, business leaders can ensure transparency and quickly identify any discrepancies or areas where costs can be reduced.

Foster a Culture of Accountability

Expense control is not just about implementing policies or using the right software; it’s also about fostering a culture of accountability. Employees should feel responsible for their spending and understand how it impacts the company’s financial health. Encouraging departments to track their own expenses and promoting transparency can lead to better spending habits. Leaders should regularly review expense reports, holding managers and departments accountable for overages or patterns of unnecessary spending. By creating a culture where everyone is conscious of their spending, companies can mitigate excessive or fraudulent claims.

The Role of Fuel Cards in Managing Transportation Costs

For companies with employees frequently on the road, fuel expenses can constitute a significant portion of departmental costs. One effective way to manage and control fuel-related expenses is by utilizing fuel cards. These cards allow businesses to track fuel purchases in real-time, prevent unauthorized spending, and streamline the process of filing fuel-related claims. Moreover, fuel cards typically come with additional reporting tools, making it easier for businesses to monitor fuel consumption and identify any irregularities. Companies like Radius offer tailored fuel card solutions that can be a vital part of an overall expense management strategy, especially for businesses with a mobile workforce. By using fuel cards, companies can gain better visibility and control over transportation costs, ensuring that they align with budgetary expectations.

Regular Audits and Reviews

Another important step in controlling expenses is the regular auditing and review of all claims. By auditing a sample of expense claims from each department on a regular basis, businesses can identify patterns of overspending, duplicate claims, or misuse of company resources. These audits provide valuable insights and allow for adjustments in policy or the implementation of new controls where needed. Regular reviews also ensure that expense policies remain relevant and adapt to changes in the business environment, such as new regulations or economic conditions.

Conclusion

Controlling expense claims is vital for any business leader looking to maintain a healthy bottom line. With the right policies, tools, and cultural mindset in place, businesses can not only manage expenses effectively but also identify opportunities for cost savings. From leveraging automated expense management systems to utilizing fuel cards like those offered by Radius, leaders can take actionable steps to ensure expense claims are controlled across all departments, keeping budgets in check and supporting the company’s financial health.

How to start your own business with no money

The internet, Software as a Service (SaaS), online marketplaces and sharing economy platforms have made it easier than ever to start a business with no money. Intuit QuickBooks has put together a guide on how to turn existing skill sets into a successful business on a budget:

How much money do you need to start a business?

The amount of money needed to become a founder depends on the nature of the business. Some of the costs you could expect to see when creating your starting budget include:

  • Rent of a workspace
  • Office supplies and furniture
  • Tools and equipment
  • Raw materials
  • Website design and hosting
  • Software
  • Business Insurance
  • Labour costs
  • Marketing and advertising costs

The best businesses to start with little money

A low-to-no capital business would be one where the majority of the above costs don’t apply. Online or home-based businesses allow you to avoid having to spend money on renting a workspace. If you do everything yourself, you can eliminate the cost of employees.

Starting a business that uses the tools and equipment you already have allows you to eliminate the cost of buying new. You can avoid needing inventory or raw materials by starting a service or knowledge-based business, as you won’t be making or selling any physical goods. You’ll probably require a laptop, although you may be able to run some businesses entirely on your phone.

You may be able to avoid the costs of creating a website and advertising costs by setting up shop on an existing online marketplace or sharing economy marketplace that handles all that for you.

Below are some business ideas that you can start with no – or very little – money: 

  • Offering errands, handyman work, and household tasks
  • Starting a dog-walking business
  • Selling media and technology skills
  • Renting out a spare room in your home
  • Offering a parking space to rent
  • Renting out your car when not in use
  • Selling homemade or resale products
  • Delivering food or taxi passengers

Of course, these platforms take a healthy cut of your payment, so you’ll still be paying for the use of the app/website, advertising, and any insurance that they might offer. You may also need to factor in the cost of any licensing or permit fees you need for your type of business.

To help keep track of your finances and manage the tax you owe, it’s recommended to get accounting software.

Set realistic expectations

Although it’s easy to set up a business with no money, that doesn’t mean it’s going to be easy to run a business, or that you’ll instantly find the freedom, gratification, and work-life balance you’re dreaming of.

Being an entrepreneur is hard work — you may find yourself adjusting to the fact that you now have multiple bosses, although they’re now called “customers”. As you likely won’t have any employees, you will be responsible for everything, and there may be parts of running your business that you aren’t good at or dislike. You will likely find you’re putting in more hours at work than ever. And despite starting your business with no or little money, you will still need money to pay for your ongoing expenses like taxes, fees, subscriptions, transportation, office supplies or software.

Make sure you do your due diligence to get a realistic idea of how long it can take to get a steady income from your new business. 

How to stay afloat when starting a business

If you’re not independently wealthy or supported by a partner or a nest egg, you’ll need some source of funding to keep you afloat until you can make a living from running your business.

Here are seven ways to fund your small business:

  • Keep your day job. Keeping your day job gives you a steady income as you grow your new business. On the downside, you’ll be working two jobs, which can take a lot of energy and slow down business growth.
  • Get funding from family or friends. Friends or family may be able to provide financial support while you get your business off the ground. However, make sure to discuss and document the details of your agreement to avoid conflict later on.
  • Get a loan. You may be able to get a loan from the government, the bank, or a P2P lending service. Keep in mind that these types of loans require you to pay interest and you’ll need to provide several documents upfront for your loan request to be approved.
  • Apply for a grant. If your business idea evolves around conservation, renewable energy, social and community projects or farming, you may be able to get a grant from the government. However, government grants are often hard to come by and involve a long application process.
  • Make use of crowdfunding. Crowdfunding involves a lot of individuals lending you money, usually through a crowdfunding platform. Be aware that, in return, you may need to give away equity or pay interest.
  • Find private investors. If you have a truly exceptional business idea, venture capitalists or angel investors may be willing to invest in it in return for equity and decision-making power within your business.

Many people dream of owning their own business, and with today’s online marketplaces and sharing economy platforms, it’s easy to try out any number of business ideas without risking too much of your capital.

 

 

 

4 Tips for Choosing the Ideal Marine Generator for Your Boat

A generator is an important part of the boat’s power system. It allows you to enjoy all the comforts you would have at home while enjoying your time in deep waters. Nevertheless, with the many types and sizes of generators, it is easy for you to get confused in the selection. Boat enthusiasts argue that after the main engine, the marine generator is the second most expensive boat element. For this reason, you must make the right and worthwhile choice. Here are a few tips for selecting one.

1. Know the Size and type of Your Need

One of the things you must assess is the amount of electrical power you need. This is usually measured in kilowatts (thousands of watts) and depends on your preferences. For instance, if you want air-conditioned comfort 24/7 during your cruise, you must be prepared to spend.

To know the size and type of marine generator you need, calculate the wattage for all your appliances. Please keep in mind the lights, light electronics and other non-essential tools that draw electricity. A good boat or marine generator should have at least 1500 or 1800 RPM (Rotations per Minute). However, your precise needs will determine how much you need.

2. Understand Your Fuel Options

As you embark on selecting a suitable marine generator set, consider picking one that operates on the same fuel as the vessel’s inboard. If your boat uses gasoline, your best shot will be getting a gasoline generator. Not only is it convenient, but it also minimizes your carbon footprint as you focus on using only one option.

Even so, the above tip may not apply to on-board fishing boats that have gas inboards. This is because the fishing boats tend to be less ventilated. Following this, it would be way better for you to use diesel marine generators than gas models.

3. Ease of Installation

How easily can you install the marine generator? To know this, you must assess the installation guidelines for compatibility. Most marine generators require you install water intake systems to cool the engine. Others require you to add strainers to protect the generator’s cooling system from debris.

Before you get any marine generator, ensure that you understand the installation guidelines alongside any other tools or equipment that may be needed. Make sure you have enough room for them to function optimally.

4. Used or New

The debate on whether to buy a new or used marine generator is pegged on many factors. For starters, used marine generator sets represent a sizeable saving as long as you get them from reputable dealers such as Pool Trading. On the other hand, new generators are generally expensive but come with the security of a longer warranty. Nonetheless, everything comes down to your available budget and the desired features.

Conclusion

Getting the right marine generator for your boat doesn’t have to be such a difficult task. Simply assess your desired features and settle for the appropriate size and type. After this, you should focus on the fuel options and the ease of installation. Don’t forget to check out both new and used generator options to determine what works ideally and optimally for your vessel.