In the ever-evolving landscape of business, adaptation is key to survival and success. An effective makeover for your business could be the boost it needs to make your business more attractive and thrive in today’s competitive environment. You may even be losing customers and therefore asking yourself; ‘What strategies do I need to implement as a means to getting more customers etc? However, where do you start? Let’s explore some essential considerations and strategies that could breathe new life into your business.

1. Access to Finance:
A crucial aspect of an effective business makeover is ensuring you have the correct financial resources to implement the changes effectively and efficiently. Whether it’s raising funds for expansion, securing start-up or existing business capital, or accessing investment for growth, there are various avenues to explore:

• Equity Funding: Consider seeking an investment from Angels, Venture Capitalists or business investors who provide not just funds but also valuable expertise and networks. The type of business, the size of the business, the sector you are in, the current state of the business, etc could determine what type of equity finance is good for you
• Business Loans: Explore options for a business loan tailored to your needs. This could be the essential kick-start for your business journey or a makeover in your existing one. It could be for working capital, capital investments, cash flow, etc and could be a short term of longer term unsecured or secured loan. Speak to us to see what’s important in making this decision.
• Advisory and Brokerage Services: Engage with experienced professionals in the same or related field as yourself who can provide guidance on financial strategies and connect you with potential investors or lenders.

​2. Business Health Checks:
Before embarking on any makeover journey, it’s essential to assess the current state of your business. A thorough business health check will identify areas of strength and weakness, providing valuable insights for improvement in the process of doing the analysis.

3. Business Performance Strategies:
Once you understand your business’s current performance, it’s time to strategise for improvement. Putting in place the right aligned strategies with your business vision and goals would have the desired knock-on effect in the following key areas:

• Customer Acquisition: Explore strategies for attracting and retaining customers, such as targeted marketing campaigns, enhancing customer experience which could be as a result of customer feedback and having a strong presence on the necessary and relevant social media platforms.
• Expansion Plans: Develop a clear roadmap for business growth strategies, outlining achievable goals and milestones. This should also be made part of the business vision and communicated to all employees and those who have an impact on the business.
• Performance Enhancement: Business planning and modelling would aid in the implementation measures to optimise efficiency and productivity within your organisation, maximising output and profitability.

4. Business Development Plans:
Craft comprehensive plans for the development and expansion of your business:

• Investment Plans: Outline strategies for utilising funds effectively to fuel growth and innovation.
• Consultation and Advisory Services: Seek assistance from experienced consultants or advisors who can provide tailored guidance for your specific business needs.

5. Local Support in London, Kent and Essex:
For businesses based in London, Kent and Essex, tapping into local resources and networks can be invaluable and a great way to contribute and impact your local community:

• Business Consultants/Advisors: Seek out professionals with local expertise who can offer professional and personalised support and guidance.
• Community Resources: Explore opportunities for networking and collaboration within the local business community, fostering connections and partnerships.

Embarking on a business diagnostic journey requires careful planning, strategic thinking, and access to the right resources. By focusing on areas such as finance, performance improvement, and local support, you can set your business on a path towards growth and success.

If you need help in any of the above pointers or in any other area of your business, give us a call today on 0333 355 1696 or send us a message at [email protected].

Revolutionise your bottom line: 5 key strategies to modernise your financial operations

​In the rapidly evolving finance sector, technology stands as a fundamental pillar of innovation and operational efficiency. This blog explores how embracing advanced technological solutions is crucial for modernising financial operations, with a focus on raising finance, providing robust business loans, and enhancing business support and planning. Here are five transformative strategies:

1. Automation and Efficiency
Automation revolutionises financial management by handling repetitive tasks such as data entry, transaction processing, and compliance checks with unprecedented speed and precision. This not only minimises the risk of human error but also liberates staff to concentrate on higher-value activities such as strategic planning and analysis, thereby boosting productivity and operational efficiency crucial for business support.

2. Enhanced Decision-Making with Big Data and Analytics
The surge of big data equips financial institutions with critical insights, facilitating improved decision-making. By employing advanced analytics and machine learning, businesses can process extensive datasets to identify trends, forecast outcomes, and provide actionable recommendations. This capability enables quicker, informed decisions, helping firms adapt to customer demands and market shifts, an essential aspect of business planning.

3. Blockchain: Revolutionising Security and Transparency
Blockchain technology is transforming the recording and verification of financial transactions by offering a decentralised, immutable ledger. This enhances the transparency and security of financial operations, making it a powerful tool for minimising fraud, optimising processes, and boosting confidence in transactions—key considerations in securing business loans and raising finance.

4. The Rise of Fintech and Digital Banking
Fintech startups and digital banking platforms are reshaping how customers interact with financial services. These platforms provide easy access to a plethora of financial services, from business loans and online banking to investment management and digital wallets. This shift not only offers convenience but also propels the finance industry forward, compelling traditional institutions to innovate and adapt.
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5. Future-Proofing with AI and Machine Learning
​AI and machine learning are spearheading the next wave of financial innovation, from algorithmic trading to personalised financial advice and risk management. These technologies enable more sophisticated financial operations, providing deep insights, anticipating client needs, and effectively responding to market dynamics.

​Conclusion
​Integrating technology into financial operations transcends the mere adoption of new tools; it involves rethinking the approach to finance in a digital age. As technological advancements continue, their impact on finance will expand, presenting both new opportunities and challenges. For businesses, keeping pace with these trends and leveraging innovation is essential for improving efficiency, making informed decisions, and achieving sustained growth in a dynamic financial landscape. In this digital era, the future of finance lies in effectively merging financial expertise with technological innovation, propelling operations toward heightened efficiency, transparency, and success.

Here are some considerations you need to make when using AI (Artificial Intelligence) in your business.

Autumn Statement 2023 and seven key developments and their Impact on businesses.

​1. National Insurance Adjustments: A Relief for Employees and the Self-Employed The government has announced a reduction in National Insurance contributions for employees by 2%, affecting approximately 27 million people, effective from January 6, 2024. Additionally, the abolition of class 2 National Insurance will benefit self-employed individuals, saving them around £192 annually. Moreover, class 4 National Insurance will be reduced from 9% to 8% for earnings between £12,570 and £50,270. 

2. Corporate Taxation: Maintaining the Status Quo, The increase in Corporation Tax, from 19% to 25% for profits exceeding £250,000, will continue. To stimulate business investments in technology, equipment, and plant & machinery, full capital allowances will be fully deductible.  

3. Inflation Trends: A Positive Shift In a significant economic turnaround, the UK saw a drop in inflation to 4.6% this October, a notable decrease from the staggering 11.1% at the beginning of the year. While this reduction signals a positive shift, the government's forecast indicates a gradual path to the target inflation rate of 2%, anticipated to be achieved by 2025.  

4. Economic Growth and Recession Concerns the Office for Budget Responsibility (OBR) had earlier projected a recession in the UK. Contrasting this, the Chancellor recently expressed a more optimistic outlook, expecting the UK economy to grow by 0.6% this year. Furthermore, government debt has seen a reduction from initial forecasts, alongside a decrease in borrowing costs. From 2024, the UK economy is expected to witness a growth phase, offering a ray of hope for businesses and investors.  

5. Employment Incentives The employment allowance will continue at the elevated level of £5,000, providing further support to businesses.  

6. Capital Gains Tax: A Notable Change Beginning April 2024, the 'annual exemption' amount in Capital Gains Tax will be halved from £6,000 to £3,000, a change that businesses and investors need to prepare for.  

7. Additional Economic Measures

1. The government has committed an additional £50 million to boost apprenticeships across the UK.
2. Alcohol duty will remain unchanged.
3. The State Pension will see an 8.5% increase from April 2024, adhering to the triple lock policy, a crucial support for many vulnerable pensioners.
4. The Minimum Wage is set to increase to £11.44 per hour from April 2024, applicable to all workers aged 21 and above.

These developments reflect a blend of challenges and opportunities for UK businesses. While some measures, like the reduction in National Insurance and the retention of the employment allowance, offer immediate relief, others like the changes in Capital Gains Tax and Corporation Tax require strategic planning. The overall economic forecast, however, paints a cautiously optimistic picture for the coming years.

Finding the right business partner is essential for making your business thrive amongst competitors, grow and be aligned with your business planning and modelling. You should therefore be asking yourself certain questions depending on if your business is a start up or older one and also the size of your business. 
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Other questions would include:

What is the Business Plan?: Every successful business owner has had some sort of plan or the other. This serves as a guide to where the business is going. Whether you are starting a new business with business start-up plans, identifying a new marketing strategy or planning a customer acquisition campaign, your business strategies must be geared around your business plan and business model to generate overall success. This often results in getting more customers through business expansion strategies etc.

Define Your Business Needs: The above point often leads to you understanding what your business goal is and therefore what is needed for your company to succeed. When you are able to identify this, the qualities, skills, and expertise you're looking for in a new business partner besides yourself will kick in. This will be achieved by considering what strengths and weaknesses you are bringing to the business and what complementary skills a new business partner would also add to the business. Both skills would need to be aligned with each other to implement business ideas, which includes business performance strategies to successfully carry out business growth plans effectively.  

Clear Vision: Whilst one is contemplating taking on a new business partner, one has to be clear and communicate openly about one’s business goals, values and vision or mission. This will ensure your goals are aligned and help towards your business development plans. To better achieve this, it is recommended you carry out a business health check to ensure you have cross checked all the essentials, such as; a shared perspective on the direction of the company is in place and your business partner is someone who shares your level of commitment, work ethic and dedication to the business. Compatibility and trust is also a must!  

Online Platforms and Communities: Attending online platforms, forums, and communities which are relevant to your business is a great place to start searching if you haven’t already got someone in mind. It is also an opportunity for you to make a comparison instead of putting all your eggs in one basket. Professional websites, such as LinkedIn, FounderDating, CoFoundersLab, and AngelList are great places to start searching. This can be coupled with networking, using your existing professional and personal contacts, similar career and industry work groups and sources including referrals.  
 
Having stated the above, other areas that can often be overlooked but need to be considered, would be:

Background checks and references: Ensure these are carried out completely, appropriately and thoroughly. This will shed light on your potential business partner’s work history and can also reveal areas that clarifies this person may not be the idea candidate which may impact on future operations; such as business growth plans​ and the business being allegeable for help to raise money for business.  

Legal and financial considerations: Seeking professional legal advice when drafting the partnership agreements can often appear you don’t trust your potential business partner. However, it is mandatory that you define the roles, expectation and responsibilities, equity and exit strategies on both sides in the face of any partnership or business conflict in the future. This should include a trial period or project collaboration: This will give you both the opportunity to find out how well you both work together and an opportunity to amend, agree or compromise in certain areas before entering a binding formal business partnership which is harder to break away from.  
 
Last and not least; they say experience is the best teacher, therefore;

Learn from your past mistakes: If you’ve had previous business partnerships, this will be a good start on analysing what worked well and what went wrong. However, if you haven’t, this takes us back to my previous points and is certainly not something to rush into.

If you want some help for your company with regards to the above or you just want someone with the required knowledge and experience in business to guide you on other related matters, please connect with our business advisers at RBSS Consulting Ltd on 0333 355 1696 or direct on 07796 800 187 or drop us an email on [email protected]. We provide real business solutions for start-ups and existing micro and small businesses.

​Grants and loans are both mechanisms to secure funding, but they differ significantly in terms of their structure, purpose, and obligations. ​

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Here's a comparison:
1. Definition:

• Grants: Funds that are given to individuals, businesses, or entities for specific purposes, and typically, they do not need to be repaid. They are often provided by governments, foundations, and non-profit organizations.
• Loans: A sum of money borrowed that must be repaid over a specified period, usually with interest. Loans can be obtained from banks, credit unions, private lenders, or governmental entities.
  
  

2. Repayment:

• Grants: Generally, grants do not need to be repaid. However, there might be conditions attached, such as completing a project as described in a proposal. If the conditions are not met, the grantee might be required to return the funds.
• Loans: Loans must be repaid by the borrower, typically with interest, over a set period.
  
  

3. Purpose:

• Grants: Often awarded for specific projects or purposes, such as innovations, research and development, community development, or arts programs. They're not provided for personal use or to cover operational expenses in most cases.
• Loans: Can be used for a variety of purposes, depending on the type of loan. For example, personal loans, business loans, mortgages, etc.
  
  

4. Eligibility and Criteria:

• Grants: Typically have strict eligibility criteria. Applicants might need to demonstrate the feasibility of a project, its benefits to a community, or its alignment with the grantor's objectives.
  
  
• Loans: Eligibility is often based on the businesses \ borrower's creditworthiness, industry the business operates in, affordability, ability to repay, and financial history.
  
  

5. Cost:

• Grants: Usually free, but they might have indirect costs, like the time and resources spent on the application process or project reporting.
• Loans: There's a cost associated with borrowing, typically in the form of interest. Some loans also have fees.
  
  

6. Application Process:

• Grants: The application process can be rigorous and time-consuming, requiring detailed proposals, budgets, and sometimes interviews or presentations.
• Loans: The application involves assessing creditworthiness, financial statements, and sometimes collateral, the business plan, etc. The process can be long or short, depending on the lender and type of loan.
  
  

7. Obligations and Accountability:

• Grants: Recipients are usually required to report on how the funds were used and the outcomes of the funded project.
• Loans: Borrowers must adhere to the repayment schedule and terms. If they default, there might be financial penalties or legal consequences.
  
  

In summary, while both grants and loans provide funding, grants are generally non-repayable funds awarded for specific purposes, and loans are borrowed funds that need to be repaid, usually with interest.
 
To learn more or if you are interested in a business loan or business grant, please contact RBSS Consulting Ltd on 033 33 55 1696 or email us on [email protected].

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To help to get inflation back down; on 3 August 2023, the bank of England raised our interest rate (Bank Rate) by 0.25 percentage points to 5.25%. This is its highest level since February 2008. This has a huge impact on businesses, most especially small businesses which are often dependent on external finance for growth and investment. The increased cost of borrowing therefore makes it more difficult for them to get help to raise finance they need to thrive. Hence, such businesses need to be more proactive and strategic in their financial management to keep afloat. Here are five specific steps and strategies they can implement:

1. Monitor Cash Flow: Many businesses especially small and startup businesses can easily make the mistake of focusing more on getting more customers and lose sight on their cash flow and identifying areas where it can be improved. Implementing efficient bookkeeping and collection processes to reduce outstanding receivables and ensure a steady inflow of cash in paramount. This includes reviewing all existing loans and debt arrangement strategies and monitoring and reducing non-essential expenses without impacting on the quality of services and products.

 

1. Focus on Customer Loyalty: It is easier and more cost-efficient to retain existing customers than to acquire new ones. Hence, prioritize customer service satisfaction and retention. Loyal customers can provide a stable revenue base and act as brand advocates, especially on social media; such as You Tube and Facebook, including word of mouth and therefore reducing the need for costly marketing to new customers.

 

1. Negotiate with Suppliers: This is most effective with long term suppliers. Engage in negotiations with suppliers to secure better terms and a wider time frame in witch to repay and if possible attain credit. This can potentially reduce costs and give the business time to build up profits and also improve cash flow during times of higher interest rates.

 

1. Boost Marketing Efforts: This may sound like a contradiction to point 2, however it’s not. A lot of small businesses claim they don’t have time for social media. Post-covid has proved this area to be the more unavoidable for businesses to attain effective business growth plans. With a large percentage of people working from home, businesses are forced to invest in targeted marketing campaigns to attract new customers and expand the business's reach. This is where Digital marketing, social media, and other cost-effective channels; such as Facebook, you tube, TikTok, LinkedIn etc are of importance. Take them seriously, investigate which is a better channel for your kind of business and take action.

 

1. Seek Professional Advice: Consult with our financial advisors to gain insights into industry-specific strategies and solutions and keep abreast of the changes in the economy. This gives you the opportunity to focus on what matters to you most which is your business. It is our responsibility and role as Business and Financial Advisors to Keep abreast of the economic indicators and interest rate trends as they unfold, monitor the business news, changes and updates from government and banks including the Bank of England to anticipate future changes and how these changes impact on your business, both in the short and long term.

 
 
By implementing the above business improvement strategies and maintaining a proactive approach to financial management, small businesses can rise above the challenges of the rising interest rates and position themselves for long-term success and growth.

If you need help in any of the above pointers or others regarding the rise in interest rates, give us a call today on 0333 355 1696 or send us a message at [email protected].

In order to know how effective a business health check is, one needs to know what it entails and the real impact it has on a business.  

One of the first steps on how to start and grow your business, is being able to work out what applies to your own business and the relevant Business Performance Strategies​. During the pandemic, we have seen the fastest growth of online businesses, including clothing. Launching and just recently one of the darlings of the online platform and money makers of the pandemic period - Made.Com go into administration. Though not a clothing business, it tells you how you can be here today and gone tomorrow in business.
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