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How can small businesses cope with record inflation?

The Consumer Prices Index from the Office for National Statistics (ONS) saw inflation jump to 9% in the 12 months to April 2022. This means prices are rising at their fastest rate for 40 years. To make matters worse, inflation is expected to continue rising this year, with analysts predicting it will reach even higher levels in October. Small business owners are at breaking point. SME owners, particularly sole traders and micro-businesses, will feel the pressure of paying more for products and m...

July 25, 2022

Company year-end preparations - The benefits of good planning

As your company year-end date gets closer, there are a number of administrative and financial tasks to start planning for – so it’s a good idea to get yourself organised and ready.There are several things to check, either on the year-end date, or before the end of your company’s financial year. Some tasks are simple administrative processes, while others involve a deeper dive into your accounts. But, on the whole, this is about getting on top of the planning and making sure your year-end i...

July 13, 2022

Planning your filing and payment deadlines for the year

Keeping on top of the deadlines for your company filing and tax payments can be hard work. With so many elements to coordinate and keep track of, it’s easy for deadlines to occasionally slip through the cracks – but that can lead to fines, penalties and other issues. The key is to stay fully in control of your deadlines and to plan out the key dates across the coming business year. Your key deadlines for the coming yearTo help you manage and plan your company deadlines effectively, we’ve c...

June 28, 2022

Here are 5 important business negotiation strategies

Business negotiation is a world of contradictions. You’ve got to be firm but flexible. Open and sharing, but a little cagey. There’s a lot to get your head around. But your state of mind might be the most important thing. Aim for a mutually beneficial outcome and you’ll find the whole exercise more comfortable....

June 1, 2022

Taking out cash for Directors vs Sole Traders

Every business owner needs to take cash out of the business at some point. But if you’ve just moved from being a sole trader to a limited company, you may get caught out by the different rules around withdrawing cash from the company.Why are the rules different for directors and sole traders?When you’re a sole trader, you and your business are one and the same legal entity. So taking cash out is a simple procedure. But as the director and shareholder of a limited company, you and your busine...

May 26, 2022

Has your business embraced Kaizen?

Kaizen is the principle of continuous improvement that can make a huge difference to the efficiency of any company and is saving some of the world’s most powerful companies millions of dollars a year. Sound good? ...Here are ways you can embrace Kaizen to improve your business.🗑 What’s your waste? - This isn’t just about what’s ending up in the rubbish, it’s also unnecessary movement, overproduction of stock, waste due to mistakes, and time spent waiting. Examine whether the wa...

May 12, 2022

A strong strategy is the heart of your successful business

Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions.Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with a clear purpose. Few businesses have a strategic plan or a robust planning process. Changing this situation should be a top priority! Here are two top tips for business owners....

April 21, 2022

Do you need to complete a self-assessment return?

If you’re self-employed, a partner or a company director, then HMRC will ask you to submit an annual self-assessment tax return. However, every year will see some people failing to register on time for self-assessment – and facing some stiff penalties as a result! So, who needs to fill out a self-assessment tax return? And, if you’re eligible, when should you be getting this return over to HM Revenue & Customs (HMRC)? When should you register for self-assessment?The deadline to regist...

April 8, 2022

What we can measure, we can manage

For your business to be successful, you must get to grips with 3 critical measures: - Net profitReturn on investmentCash flow You must work on improving all 3 simultaneously. To do that, you need to first analyse the numbers for your business in much greater detail - including… your breakeven sales analysisa detailed analysis of your coststhe important profitability ratioshow to manage the 5 elements that make up your net profit,an analysis of your cash, other assets, and liabilitiesan an...

March 29, 2022

Spring Statement 2022: Your summary of the key points

The Chancellor, Rishi Sunak, delivered his Spring Statement on 23 March. Faced with the task of creating a ‘strong economy’ for the UK, against the challenging background of high inflation, rising costs and the threat of conflict in Europe, he announced a raft of new measures.So, what was in the Spring Statement for your business? And how will these announcements, government measures and new initiatives affect the business landscape in the coming year?The challenge of creating a stronger UK ...

March 24, 2022

3 keys to making more money

If you want your business to make money, then there are 3 critical areas to measure; your net profit, return on investment and cash flow. And to make money you must increase each of these at the same time. 1.     Your net profit is what remains after deducting all the expenses you incur in running your business from the sales you make to your customers. But you cannot manage net profit. You can only manage those elements that make up net profit. 2.     You...

March 18, 2022

The Seven Key Growth Drivers

But you may have heard the phrase, "turnover is vanity, profit is sanity"... If you want to grow your business and you want to grow profitably, the underlying drivers of growth - called the Seven Key Growth Drivers - are the tools for doing just that. And these are… Pricing for maximum profitGetting more sales leadsConverting your sales leads into paying customersGetting your customers to stay as customers for longerGetting your customers to spend more each time they buy from youGetting y...

March 9, 2022

Why you need to forecast your cashflow

Cash flow is the lifeblood of your business. And when it comes to cash flow management, preventing cash issues is far easier than trying to solve these issues after the event. Positive cash flow comes from balancing your income (the cash inflows) against your expenditure (the cash outflows). If you’re in control of this then the business will always have the liquid cash needed to cover your liabilities....

February 22, 2022

5 Ways to Improve your cashflow

Cash is the lifeblood of any business – once the cash dries up, problems quickly begin to multiply. Keep the cash running freely and you can continue to grow your business. Here are five tips for improving your cashflow: Have a system to manage your debtors - Come up with a clear, step-by-step way to handle outstanding accounts. It might include: automated reminders on unpaid emailsa phone call or email when the amount has been outstanding for a certain period of timea stop credit on the ...

February 15, 2022

Have you got written goals?

So how does it know what's important to you?If your mind sees that you have written something down it gives this piece of information greater importance. It sinks in and in turn you have better memory of it.This is why writing down your goals is so important!Listen to my video to help you better understand why goal setting is key to your success....

February 3, 2022

Time to Review 2021 and Plan for 2022!

The beginning of a new calendar year is an excellent time to review the year just finished and reflect on what worked, what didn’t, what you’d like to change and new things you’d like to implement.Last year, there were inescapable impacts on businesses, with some thriving, others failing, and others just getting by. So what kind of year was 2021 for your business?Take the time to review the year and acknowledge all that has happened, good, bad or indifferent. Examining the year with an obj...

January 19, 2022

Helping those less fortunate

At Bespoke Accounting we keep our team hydrated with AquAid Water Coolers. Our relationship with AquAid gives us the opportunity to help those less fortunate than ourselves, because with each purchase an automatic donation is made to The Africa Trust. These funds are used to build ‘Elephant Pumps’- a modified version of an age-old Chinese rope pulley system. We are thrilled to show you all our well that has been installed in an African village to provide a much-needed sou...

January 14, 2022

5 tips goal-setting tips for the year

Wouldn’t it be great to have your best year ever, this year? Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans.Think big! - What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10 years? When you know what end point you’re aiming for, it’s easier to set goals that move you in the right dire...

January 4, 2022

Christmas doesn’t have to be taxing

Christmas is fast approaching and after a long trying year, we are all in the mood for a party. However, employers need to make sure that they keep to the rules when it comes to the tax treatment of providing a staff Christmas party and giving gifts to employees. There is a tax exemption for employee entertaining if the event is all of the following:an annual party or social function, such as a Christmas party or summer barbecueit is open to all employees (or all employees ba...

December 13, 2021

To Discount or Not to Discount – that is the question

With the festive season well and truly upon us many consumers are expecting to see sales, reductions or discounts offered by all their favourite retailers – but as a business owner, is that the right move for you? We all know that many large chains increase their prices for a few months before the regular sales seasons just so they can discount items when their customers expect it. Many may disapprove of practices like that, but if you set aside the moral issues surrounding this practice, are ...

November 12, 2021

Working too hard for too little money?

There is downward pressure on price…Your margins are being constantly squeezedCustomers aren’t paying you on time and you’re often short of cashYou’re working too hard and too many hoursYou’re not making enough money?If so, you’re not alone. The most common underlying reason for these problems is the wrong way of pricing. Unfortunately most businesses use emotional pricing, which comes from a lack of understanding of pricing strategy; reacting to gut feel and emotion rather...

October 5, 2021

We want to help your business grow!

We're in business to help your business grow and prosper.We make our working relationship profitable and rewarding, both for you and our team. Working with appreciative and interesting clients, and seeing the results of our advice, makes our team happy and productive.We’re only a small team, we don’t work with everyone and anyone – but when you’re the right fit for Bespoke, we’ll be there to support you through thick and thin. ...

September 8, 2021

A new look website for Bespoke Accounting

The team at Bespoke Accounting has launched a new website which aims to share useful information with current clients and help new clients understand the many services available to them.Bespoke Accounting has been in business since 2015 but previously traded as Finch Lynton. The team has a combined 100 plus years of experience and knowledge in the accountancy and business development industry to share with clients. The company is part of the Xeinadin Group, a 2,000 strong group of advi...

August 18, 2021

Fluidly helps small businesses plan with confidence and we’re delighted to be partnering with them.

Fluidly helps businesses handle:Money worries: From tax bills to payroll, cash can be a real worry. Fluidly helps you build forecasts, see who owes you money and find funding with ease.  Getting paid: Keeping track of debtors isn’t easy. With Fluidly you can identify late payers, prioritise debt and collect what you’re owed. Growth: When you’re looking to expand or invest in equipment, it can be hard to make sense of your finance options. Fluidly helps you app...

August 10, 2021

When Numbers Get Serious

Paul Simon is one of my favourite singer/songwriters. In his song “When Numbers Get Serious” a line in the first verse goes: When numbers get seriousYou see their shape everywherePaul Simon was singing about personal relationships – but in your business you have some serious numbers that you need to keep in shape.  In our personal relationships, couples strive to make 2 to become 1. By focusing on the profit drivers in your business you can make 1+1=...

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