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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...

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....

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...

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...

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 ...

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...

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...

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....

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 ...

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....

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...

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...

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...

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...

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 ...

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...

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. ...

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...

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...

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=...

Pricing strategies and how to set the best price

What's the best way to establish a price for your products or services? Getting your pricing right is crucial. Put your prices too high and your customers may desert you; put them too low and you’ll generate sales but won’t have a large enough profit margin to create healthy revenues and cashflow for the business. Whether you’re a new startup, or an established business, choosing the right pricing strategy is a fundamental part of designing your business model. As such, pricing is somethin...

VAT & the Domestic Reverse Charge for the Construction Sector

Bespoke Accounting and Centurion are members of the Xeinadin Group The following article was prepared by Centurion....

Deliverance: Time to get ready for business

Stage 1 of the Covid-19 lockdown is over and people are being encouraged to return to work where possible. Businesses need to prepare to re-open within safety guidelines in some sectors although other sectors, such as hospitality and leisure, will have to wait a bit longer.Business owners will have to review all of the safety guidelines and consider the measures that need to be put in place before they re-open. But will re-opening be a viable option for everyone? Various grants and government su...

Support for businesses - do you know what to claim?

Local authorities have been making grant payments to those eligible businesses.The Government has announced a discretionary fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.Click here for details....

Preparing your business for success after lockdown

Another 3 weeks of lockdown takes us to the biblical level of 40 days and 40 nights. Before his temptation, Jesus fasted "forty days and forty nights" in the Judean desert (Matthew 4:2, Mark 1:13, Luke 4:2). Forty days was the period from the resurrection of Jesus to the ascension of Jesus (Acts 1:3).I am not saying that we are suffering in the same way as Jesus but we are all being tested, no matter what our religion.40 is a significant number. A relevant number in terms of a global pandemic. T...