#SME’s – notjustbeancounters

Why being agile is a competitive advantage for small businesses

I read an article recently in Cycling Weekly about high street giant Halfords likely entry into the premium brand and high end bike sector.

This probably makes sense for Halfords who will be looking for “new” customers to fuel future increases in revenue and grow their share of the bike market.

At the end of the article there was a quote from someone at Salford Business School … “Halfords had a strong ability to analyse the market and target offerings in the way that independents could not.”

The same commentator went on to say “High end products coupled with the reassurance of a high street brand will be an attractive combination for many consumers,”

I read it twice. … Continue reading the rest of this article

Stepping Back to Move Forward: The Importance of taking time out to think strategically

In the always on often hectic world of running a small business (SME), it is easy to get caught up in day to day operations and not think about the future. Taking time out to focus on the bigger picture and long-term strategy is crucial for sustainable growth and success.

Every book, podcast or instagram story on business success tells you to “work on your business not in it”. I talk to clients about it all the time, but recently I asked myself how often do I practice it? The answer not nearly as often as I should.

There are two barriers that stop business owners from doing this.… Continue reading the rest of this article

Enhancing Business Value: A Guide for SME Owners

As an owner manager of a small or medium-sized enterprise (SME), increasing the value of your business is likely a key goal. Whether you plan to sell, attract investors, or simply strengthen your business’s position, enhancing value is crucial.

But where to start?

Understanding a common valuation method.

One of the most common methods of valuing a business is to multiply profits by a multiple.

The profits are measured by the EBITDA calculation that adds back; interest, tax, depreciation and amortisation (depreciation on intangible assets). Often if owners take a small salary and dividend the salary costs are added back and replaced by commercial salaries and unusual items that are one offs such as a large donation or bad debt are usually adjusted so the figure represents a “normalised” value.… Continue reading the rest of this article

The Three B’s of Business: Building Success Brick by Brick

In the small business world, mastering the basics and fundamentals of running a business can make the difference between business failure and success.

UK business prospect of surviving five years falls in ten years

Data from the ONS shows that the five-year survival rate for a business born in 2016 in the UK was a shocking 38.4%. In 2013 the same survival rate was 41.7% meaning that the prospects of a business surviving over five years has declined in the last ten years.

That’s not the full story though. As the graph below shows the failure rate is different over the five years and not linear.… Continue reading the rest of this article

How to beat inflation, twelve months on

In February 2022 I wrote the following article on inflation and how to respond with adjustments to pricing. Whilst we are twelve months inflation continues to be an economic problem and the content is as relevant today as it was then.

How to beat inflation (published 27 Feb 22)

Inflation is the media buzzword of the moment with news stories nearly every day about how the cost of living is increasing.

10 strategies to increase the value of your business

As a small business owner, you work tirelessly to build and grow your company. But have you considered how to increase its overall value? Whether you’re planning to sell your business in the future or simply want to enhance its long-term potential, there are several strategies you can implement. In this post, I’ll explore ten strategies to help you increase the value of your business.

Focus on revenue and profitability

To increase the value of your business, prioritise efforts to boost revenue and improve profitability. This can be achieved through various means such as growing your customer base, refining your product or service offerings so that more people are attracted to you, fine tune pricing strategies, and identifying ways to reduce costs and improve operational efficiency.… Continue reading the rest of this article

Planning for an unpredictable future

As we move from Covid as a pandemic to an endemic disease it feels like there is a lot to think about for the future. Covid isn’t going away, we are going to live with it, but what does that mean for our business and work lives?

Whilst restrictions have been removed there is still a practical problem. People continue to get poorly and the disease spreads fast. In a workplace Covid can still prevent a challenge and one that as employers we must be prepared for.

Mix into that other global events, general inflationary pressure and the long tail of Brexit problems, and the outlook for 2022 looks to be very challenging for business owners.… Continue reading the rest of this article

How to beat inflation

Inflation is the media buzzword of the moment with news stories nearly every day about how the cost of living is increasing.

It is not just hype though, prices are rising in all categories driven by pandemic shockwaves which has driven surges in consumer demand disrupting the demand and supply equilibrium. The patterns many businesses used to underpin their business dynamics are not compatible with the erratic surges in demand. At the same time disruption in the supply chain caused by shipping and port capacity and fragmented manufacturing across the globe caused by lockdown and labour supply is pushing prices up.… Continue reading the rest of this article

UK Single Trade Window to save traders time and money in wake of Brexit

On the 11 February the Government announced proposals to build a central hub to bring into one system all interactions traders have with boarder controls, supporting them in the wake of Brexit.

Known as the Single Trade Window, the digital service would allow international traders to input all of their import and export data in one place.

Here’s what we know so far.

What is the Single Trade Window?

The Single Trade Window is a central digital service that allows traders to upload all of their data relating to imports and exports, instead of having to complete forms in multiple systems run by different border agencies, such as HM Revenue & Customs (HMRC), DEFRA, and the Home Office.… Continue reading the rest of this article