Keeping customers happy once you have them board is vital for small businesses. This maintains your income, your position as expert or 'go to' with customers and provides opportunities for referrals and extra services. So what about attracting new customers? Failing to attract enough customers is concerning - but if you know why it’s happening, you might be able to turn things around. Here are six reasons why customers could be going elsewhere and what to do about it. 1. Your
The word 'algorithm' has become both a buzz word and hated word - especially with recent exam results. This 21st century technological mega brain, has transformed how many organisations operate. Facebook for example, would not be where it is today without it's complex and largely mysterious algorithms. They know stuff about us that we don't even know about ourselves by our behaviours and actions on social media. Voice activated technologies have increased dramatically, but ca
It’s no surprise that there’s been an explosion in demand for online shopping recently. Going online is a great opportunity for small businesses. It can help expand your offering and grow your customer base (including international reach). However, setting up a successful ecommerce platform comes with its own challenges.
It’s essential to have your financial housekeeping in order before you start expanding into new areas. It’s also vital to implement best practices from the
It can be a challenge for some existing businesses to shift from a traditional bricks and mortar shop to online, or from face to face consultancy to virtual services. Offering online services can help maintain your cash flow and provide a new income stream. It also means small businesses can continue to offer a personal and valuable service that's convenient for all customers. Fore service led businesses, offer to meet clients 1:1 on the phone, over email, or over a video con
Can you guess what the key ingredient is for small business success? No, it’s not funding, and it's not a business plan. In a word... it's confidence! We look after a lot of small businesses and the word we hear over and over is 'confidence'. Some have it in abundance and others, particularly those just starting out need a bit of hand holding. A fascinating study by Kabbage revealed that entrepreneurs, specifically small business owners, are battling with under-confidence. T
If you’re a small business operating at reduced capacity, or thinking of reopening and not sure about the money, managing cash flow has never been more important. Here's some great tips on getting paid faster, delaying your own bills and even raising your prices. Read on for some ideas that may help you manage cash flow more effectively in difficult times. Speed up your incomings Do you have any big jobs where you can ask for a 20 percent deposit? If you already ask for 20 pe
On Friday night, HMRC released details of the flexible furlough scheme, which starts on 1st July 2020. Under the flexible furlough scheme, employees no longer need to avoid doing any work for the employer, but can work for some of the week and be furloughed for the rest, in proportions decided between employee and employer. (You will need to put in place a new written ‘Flexible Furlough Agreement’ for any staff on the new scheme, as soon as I have one available, I will let yo
For a small business, there are so many ways to raise funds beyond dipping into your savings. From tax incentive schemes to traditional bank loans, here are 10 finance options for small businesses: 1. Family and friends
It's common in the early stages for parents, siblings or friends to financially support your business. This option is most suitable for businesses that need initial support to prove the concept can be successful, to the point where they can seek other funding.
If you sell tangible, non-perishable retail products, you’ve likely been greatly affected Covid-19. You've probably read about the thousands of businesses shifting their focus to online sales during COVID-19. There is a process that goes into getting your business online. However, it’s not as difficult as you might think – and you’re not too late. Here are 10 simple steps to help you transition to eCommerce, so when we come out of this, your business can thrive.
First, a dis
As the UK starts to make some tentative headway into 'normal' life, businesses are waking up to a different world than 12 weeks ago. Consumers have never been more careful about how they spend their money. Savvy spenders are looking for quality, personalised service they can trust, as well as value for money. The right customers are prepared to spend more on the right supplier and contrary to what you may believe, no longer look for 'cheapest'- in fact they haven;t done for s
As one of the very early adopters of XERO back in 2008, we've seen how XERO has grown and developed to be a market leading essential tool for SME's. This fabulous tool helps our customers stay in control of their finances 24/7. It works seamlessly with the human expertise and advice of us as your accountant. We love it that much, it's included in all our monthly packages! This article from XERO shows how small businesses can thrive in the cloud... "It’s more important than ev
The government’s Bounce Back Loan scheme has given many small businesses a lifeline in challenging times. Along with other schemes in the package of support from the Government, the Bounce Back scheme is an additional option available to small businesses. The scheme means that any business in the UK can borrow up to £50,000, (capped at 25% of turnover) 12 months, with no interest payments and no capital repayments during that time. After the initial 12 months, it’s repaid ove
Small Business Discretionary Grant (SBDG) There is new funding recently announced for discretionary grants to be made available to businesses who missed out on the Small Business Grant and Retail, Hospitality & Leisure Grant. Grants issued by Warrington Borough Council within this scheme will be capped at £10,000. This new scheme will once again be looking to prioritise businesses who fall within the eligibility criteria set by Government as follows: Small businesses in share
8 weeks into lockdown and the initial panic of COVID-19 beginning to settle, it’s a great opportunity now for businesses to take stock of their situation and begin to look at what’s next. Now more than ever, businesses need a bit of extra help to survive this crisis. Having a good understanding of your cash flow and a plan for the months and years to come is vital. Getting advice from an expert who can really help you plan this will make a massive difference. Eight weeks into
The combination of the personal touch your accountant gives with the efficiency, speed and flexibility of online software - XERO - is an amazingly powerful combination! This magic formula is the key to small business success. So much so, we include XERO with most of our monthly fixed fee packages. When you start using Xero, you’ll wonder how you ever managed without it. We’re big fans here at Purple Accounts and know how happy clients are when they can see their cash flow sit