Showing posts with label Small Business Accounts. Show all posts
Showing posts with label Small Business Accounts. Show all posts

June 08, 2015

The power of mentoring

Michelle Kent, designer and founder of Suitcase Susie Ltd launched her business in June 2014, and in the first six months of trading was stocked by the Royal Festival Hall shop at London’s Southbank Centre and had been selected by the Royal Academy in their RAted Open Call for Designers. Michelle felt there were gaps in her knowledge and skills that would prevent Suitcase Susie from growing and so she entered the Sage ‘Mentoring Matters’ competition in the hope of gaining the extra support needed.

To her delight she was successful and won £2,500 worth of mentoring which she chose to take with competition partner Rockstar Mentoring Group.  At her request, Michelle was matched with leading business mentor Chelsey Baker.

“I chose Chelsey because of her experience in marketing, PR and communications – areas in which I have little experience and I really wanted to create brand awareness and generate publicity. She’s also an expert in pitching for fundraising and I knew this was something I’d need help with too.”

Suitcase Susie

The challenges of a new business

There were a number of challenges for Michelle and Suitcase Susie.  Along with the time constraints of working full-time in a demanding role as PA to the President of the Royal Institute of British Architects, Michelle had never run her own business before.  Getting any new business off the ground is hard, but it was made even more difficult when Michelle was creating a collection of 46 new pieces, across three designs from scratch.

In addition to the difficulties produced by working essentially, two full-time jobs, there was the challenge and financial burden of producing new product samples and fulfilling the minimum order quantities from the manufacturers. Then there were other practical issues to be dealt with such as sourcing couriers for shipping both within the UK and around the world.

Marketing and PR for a new business

Marketing and PR is essential for any new business.  For a new brand and product range, it’s even more vital to spread the word as retailers and consumers first need to be aware of the brand in order to create a desire for the collections.

Michelle met with Chelsey once a month for 6 months and was supported via email in between these face-to-face sessions. Objectives were set at each stage of the business which helped to plan, focus and set realistic expectations. Action plans were implemented then reviewed at the beginning of each session to acknowledge achievements and challenges.

As a result of the mentoring, Michelle was able to make the most of her first trade show, ‘Home 2015’ in January, which led to a number of new stockists.  Another outcome was achieving prestigious press coverage, which would have cost thousands of pounds in paid advertising.

Using Kickstarter

However, Michelle has struggled to meet the 100-piece per item minimum order quantities and some stores have requested a mix of china and textiles before they’ll stock Suitcase Susie.

Chelsey helped Michelle to create a funding package and together they have worked on a Kickstarter campaign, preparing the strategy, scripting the video and planning the rewards.

With the help of crowd-funding, Michelle will be able to increase the range of home textiles as well as put more of the china pieces into production. Then she’ll be able to supply more independent retailers and catch the attention of department stores to ultimately achieve regular orders that exceed the manufacturers’ minimum requirements.

The benefits of a mentor

“Winning this prize from Sage and Rockstar Group couldn’t have come at a better time for me.  Chelsey has been fantastic to work with and she has really helped me take Suitcase Susie to the next level.  Not only has Chelsey provided the expertise and insights that I needed, but she also helped me to prioritise and set achievable goals each month. Starting a business can be lonely, especially with no family in the UK, and Chelsey provided the encouragement I needed and believed in me. I highly recommend mentoring for the support it gives and couldn’t have asked for a better mentor than Chelsey.”

The mentoring relationship progressed right from the start and was equally rewarding for Chelsey. “I admired Michelle’s determination and strength of character; she has worked extremely hard/tirelessly in launching this new collection. Not only is she highly creative with her design work but she has the passion and drive to go with it – a must for any start-up.”

“It was a real pleasure to work with Michelle and pass on some of my knowledge and business experience. Setting up a business from scratch can be quite daunting and it’s very easy to become overwhelmed. By providing support, motivation and offering a different perspective I can help to spot potential problems. People often become so engrossed in the business they often miss many opportunities; this is where mentoring really pays off.

“I am incredibly passionate about helping anyone who is determined, driven and willing to work hard; Michelle knew what she wanted and now she is pursuing her dream.”

Michelle’s ambition is to partner Suitcase Susie with a charity that contributes to regenerating the environment and encouraging wildlife to flourish. Ultimately, she would like to expand the product range to include bed linen, other home textiles and travelware and to take the brand global.

Michelle says, “If you are inspired by travel and wish the holiday would never end, get on board with Suitcase Susie.”

To see the tempting rewards on offer and to support Michelle’s Kickstarter campaign which launches on 1st June 2015 visit http://ift.tt/1Hjt9gs

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Employment intermediaries rules: how to work out if you’re affected

You may not know if your business qualifies as an employment intermediary, and we couldn’t blame you. But it’s extremely important you know if you are affected by the legislation that was included in the Finance Bill 2014 concerning false self-employment (so-called Onshore Employment Intermediaries). Besides bringing new tax and National Insurance considerations for both businesses and contractors, this law means that ‘intermediary’ businesses will now have to make quarterly reports to HMRC in…

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Charities and accounting software: figuring out the best approach

As charities contend with a drop in donations and remaining financially viable, they’re increasingly looking to technology to help. In fact, eight out of ten chief executives say they would be “investing in IT/new technology and online solutions”.

Getting the right accounting software can help charities to manage gift aid, understand the most successful sources of funding and get more detailed data to show their impact. We offer some advice about how charities can choose the right software and get the most of their investment.

Investing in software

Charities are always under pressure to keep infrastructure and administration costs low and any purchases need to be carefully considered.

However, a lack of investment can be equally problematic, as charities miss out on valuable data that could help secure new funding sources or provide information to help show their supporters how their donations are helping.

Accounting software can also help to minimise the impact of some of the key challenges facing charities today:

  • Financial sustainability: accounting software can help you to understand the financial status of your charity and to make better informed decisions thanks to the data it provides.
  • Drop in public and government donations: while the software can’t create more donations, it can help you to analyse your most successful sources of funding, so you can focus on areas that are working well and minimise your costs in acquiring new donors.
  • Administration time and costs: many tasks that need to be handled manually can be automated with the right software, freeing up your team for income generation or managing services.
  • Measuring impact: with the increased focus on demonstrating the positive effect that charities make, having access to the right data is essential. The Charity Finance Group said that “public trust and confidence are essential for an effective and successful charity sector, and high standards of financial management and performance reporting are an important part of maintaining this.”
  • Legislation: keeping up to date with the volume of charity regulations takes time. The right accounting software ensures you’re compliant and helps you report your figures correctly.

Choose the right software

With so many advantages, it’s clear that the right software can make a big difference. But there are a growing number of packages available, so it’s important that charities follow the right process in choosing one that suits them.

From developing a specification through shortlisting and trials to making the purchase, it pays to be clear about what you are looking for. Each charity’s needs will be different but here are the key things that will apply in most cases.

Designed with charities in mind

Charities have different needs from general businesses and need to be able to track donations, gift aid declarations and ensure their accounts comply with Charities Statement of Recommended Practice (SORP), including providing a Statement of Financial Activities (SoFA), which replaces the Profit and Loss statement used by companies.

Choosing software that has been optimised for charities ensures you’re complying with legislation and have the information you need.

The right data

It’s important that you understand the data and reports you need for your organisation. Any software you choose should be flexible enough to fit your requirements, and simple to use.

Available anywhere

With many fundraisers out at events or with supporters, choosing software that lets them stay connected is really helpful. Choosing software that is available through the cloud means they can update information from anywhere with an internet connection.

Other employees can make use of this feature too. From your finance director to your chief exec, everyone can be assured that they will always have access to the figures they need.

Trusted provider

You need to know that your data is safe and your software provider can ensure that you stay compliant as new legislation is introduced. Choosing an established software company means they’ll be there to support you, now and in the future.

Did you know?

Sage software has built in functionality to help charities and not-for-profit organisation’s manage their finances and stay complaint with legislation? Find out more about our exclusive offer for charities on Sage 50 Accounts today.

*Only available to charities and not-for-profit organisations. New Sage Accounts customers only. Offer based on one user license. Limited time only

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QuickBooks’ Weekly Roundup – week 1

Welcome to our weekly roundup, a new series where we provide you with some of our most popular posts of the last seven days. We believe it’s a great way of keeping you up to date with we’re doing here at QuickBooks and by placing all of our information in one easily digestible article allows […]

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5 imaginative ways to keep your employees motivated

It’s often said that a company’s staff are the most important asset it has. And it’s often said for a reason: it’s usually true. The way you manage and motivate your people can make the difference between a business that does ok and one that performs beyond all expectations. Paying close attention to how satisfied, motivated, […]

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The future of payments

When you’re running a business, it can be tricky to keep up to with the latest payment technologies in rapidly evolving market.

That’s why we have put together our annual Payments Landscape report, a study of payments in the UK.

Now in its fifth year, the report provides an insightful portrait into the industry. Having surveyed 1,000 business decision makers and 1,000 UK shoppers, the result is a clear picture of what’s happening in the industry, from on and offline trends, to emerging innovations, new technology and the rise and fall of consumer preferences.

This year the report has found that UK consumers and businesses are poles apart in their opinions of adopting new and innovative payments technologies. Despite consumer appetite for new and innovative ways to pay, underscored by the wide-spread adoption of contactless card payments, businesses are demonstrating an alarming reluctance to invest which could leave them stuck in the slow lane.

The report also provides insight, comment and analysis on the differing attitudes of business and consumers alike to a range of hot topics and trends in the payments industry, such as:

  • Why 2015 will be a pivotal year for payments, with cashless payments set to overtake cash
  • How the cost of cash to the UK is nearly £18bn annually, or £3,520 per SMB
  • Despite the rise of mobile payments, only 5% of consumers are looking to adopt Apple Pay
  • More than 1 in 4 consumers are likely to shop somewhere with a greater range of, or more innovative, payments methods

As a business who wants to stay one step ahead of the competition, our report contains everything you’ll need to know for the upcoming year and beyond.

Discover more trends that are shaping the marketplace here http://ift.tt/1Hjt8ZS

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How to set up a small business while working on the side

Many of us feel like we’re tied into full time employment yet have a burning desire to break free from the self-imposed PAYE shackles and start our own business. Starting a new business can be scary. It’s a leap into the unknown and there is a lot to consider. When you’re employed full time by a company and looking to start a business in your spare time, these pressures can be a lot higher….

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Selecting a pension provider – Part 2

Last week, QuickBooks’ Pauline Green went through some of the things you’ll need to consider when selecting a pension provider (If you missed, check it out here). Now, she continues her suggestions for what you’ll have to focus on when going through this important process. Where can you get independent advice? There are lots of […]

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Land your dream gig with the ultimate contractor CV

Landing that lucrative high-day-rate, work-from-home-if-you-like contracting gig is always satisfying – but the application process can often be a stressful affair. As more and more people enter the contracting market competition is hotting up, and to make sure you land the juiciest gigs you need to make sure all your application ducks are in a row. Skills sharp? Great. Examples of recent work? Check! Recommendation from a friend who already contracts…

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12 signs that mean you’re an entrepreneur

If you were to think about the word “entrepreneur” and then think about the associated behaviours around this word, what would you come up with? Tenaciousness? Visionary? Leader? Ruthless? In fact, words such as “insecure” and “troublemaker” are just as likely to make the cut when describing an entrepreneur. In her article for Entrepreneur magazine, […]

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May 31, 2015

Cash Flow Management for Entrepreneurs

 Some of us are simply too personally involved in our businesses and can’t make a distinction between our jobs and our lives. To rephrase that - our jobs are our lives. Reading articles about “successful startups” and “how to be a profitable manager” can really stress people out in the moment of need, so I wanted to give a few advices for struggling entrepreneurs such as myself. I want to emphasize that I am doing good at this moment, but some of my advice may or may not be suitable for everyone so don’t take them literally and judge for yourself. I think you will find this form of suggestions much more helpful than most of the articles you can find online. Let’ get down to business.

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May 29, 2015

London trumped for innovation by other regions of the UK 

London and Manchester are way behind Oxford, Liverpool and Teesside in a ‘league table’ of UK areas creating new goods and services, according to research.

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Celebrating the Champions of the Payroll World

Intuit QuickBooks are incredibly proud to announce our sponsorship of the prestigious Payroll World Awards 2015 –the industry’s leading independent payroll awards and the highlight of the payroll calendar. Payroll is core to our business and we know running an efficient and painless payroll process is a top priority for our small business clients and accounting partners. […]

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Online Banking in QuickBooks

Linking your bank and credit card accounts to QuickBooks saves you time and effort by eliminating manual data entry, ensures that you books are always up to date and makes reconciliation of your accounts much easier. Transactions are downloaded automatically so that you don’t have to enter every line of your statements by hand. QuickBooks […]

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Celebrating the Champions of the Payroll World

Intuit QuickBooks are incredibly proud to announce our sponsorship of the prestigious Payroll World Awards 2015 –the industry’s leading independent payroll awards and the highlight of the payroll calendar. Payroll is core to our business and we know running an efficient and painless payroll process is a top priority for our small business clients and accounting partners. […]

The post Celebrating the Champions of the Payroll World appeared first on UK Small Business Centre | QuickBooks.



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Online Banking in QuickBooks

Linking your bank and credit card accounts to QuickBooks saves you time and effort by eliminating manual data entry, ensures that you books are always up to date and makes reconciliation of your accounts much easier. Transactions are downloaded automatically so that you don’t have to enter every line of your statements by hand. QuickBooks […]

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Savvy Businesses Use Finance Intermediaries... Here's Why.

Since the infamous recession hit the industry hard, it has become increasingly difficult for businesses to progress and thrive with the help of other means (usually in the form of finance). This is partly due to the fact banks and many mainstream lenders have almost no appetite to lend their money to small businesses.

Luckily, since the bank referral scheme was implemented by the government we are starting to see progress for SMEs alike. By enabling firms to gain access to growth solutions, we are seeing more progress than ever before in this market; over £1bn lent is the tip of the iceberg. The main benefit of this is that businesses are able to get answers now – rather than being passed from pillar to post.

The introduction of many new, exclusive, and unique lenders to the market has created a plethora of platforms which cater to all shapes and sizes of business – we could say that it has been a blessing in disguise.

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What MassChallenge looks for in a startup

MassChallenge’s Hailey Woldt explains why the massive startup accelerator has chosen the UK as its latest base and outlines what it looks for in companies to bring onto its four-month incubator programme.

The not-for-profit global startup competition began in Boston in 2010 and its alumni has raised nearly $1bn in funding.

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QuickBooks Product Update: May 2015

It’s the end of May, which means that Accountex is over for another year. It was great to meet so many of our Accountant partners at the show and if you weren’t able to join, we hope to see you there next year. We’re extremely proud that Intuit QuickBooks received the Financial Software Vendor: Smaller […]

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