Finance
A new pre-action protocol for debt claims, which comes into force on the 1 October, has left many small businesses unprepared and at risk of falling foul of the regulations. The protocol only applies to businesses claiming payment of a debt from an individual. It does not apply to business to business debts unless the debtor is […]
Did you know that all Forum members spend considerably less than the average company spends of £6,570 that non-members pay in dealing with tax investigations? All companies that join the Forum have tax protection as part of their membership, saving small businesses thousands of pounds a year by not having to pay for a duplicate policy elsewhere. Every member […]
We’ve teamed up with the Forum of Private Business to help spread the word to all you budding SME owners on how you could make your money work better for you. The last thing you probably want to do after a long day of running your business is search the web for the best financial deals. […]
Get friendly, accessible and practical business advice from the Forum, supported by our legal protection insurance and 24/7 legal advice line. Businesses that seek advice are more likely to succeed. Join the Forum to get access to a team of experienced business advisers with expertise in everything from employment law and finance to business planning […]
Bacs having responsibility for the clearing and settlement of UK auto payment methods such as Direct Debit and Bacs Direct Credit as well as the delivery services for 3rd party services such as Cash ISA Transfer Service and the development of the switch service. With more than 110 billion transactions have been debited or credited to […]
If you’re setting up an online business, you really don’t have much choice because almost all of your customers will want and expect to pay online. You’ll be hard pushed to find many people who are willing to send a cheque (if they even still have a chequebook) or transfer funds from their bank account […]
To kick start the process of growing your business you need to firstly allocate time in your diary to plan. Planning is the most critical stage of growth as time spent in this initial phase will pay dividends in the long term. Planning provides firm foundations for the execution and delivery phases further down the […]
Unfortunately, things have only got worse, with lending to firms by the UK’s largest banks continuing to fall in every quarter for the last three years. What happened to traditional bank lending? It’s no secret that lending to SMEs by traditional high street banks collapsed immediately after the credit crunch back in 2007. Unfortunately, things […]
Key dates available for your diary/tax agents for 2015 – 2016 This list of dates should help you to establish when there are key tax deadlines. Further details can be obtained from HMRC. 5th July 2015: Last date for agreeing PAYE Settlement Agreements for 2014-15 (if any). 6th July 2015: Deadline for submitting form 42 or […]
The law on workplace pensions has changed. Every employer with at least one member of staff will have new pensions duties. This means they must automatically enrol eligible staff into a workplace pension scheme and make contributions towards it. It is called automatic enrolment because it is automatic for your staff – they don’t have […]
Are you aware of the Current Account Switch Service? It could make moving between banking providers quicker and simpler. The Current Account Switch Service launched in September 2013. More than one year on, over 1 million accounts had moved and 86% of small businesses making a switch through the service said they felt in control […]
This move from the leading UK drinks manufacturer has been openly presented to suppliers as a new scheme to improve company’s own cash flow and drive down its costs. The lobby group for small business says Mars, Debenhams and Monsoon have carried similar, cynical exercises in the past twelve months. Diageo’s decision to extend their […]
Asset finance from a leading merchant banking group. Asset finance is a sustainable form of funding that can enable a business to purchase or refinance capital assets such as commercial vehicles, print machinery, construction and plant equipment. Our partner, Close Brothers Asset Finance, understands that no two businesses are the same, and they offer fast […]
From the 1st January 2015, as a member of the Forum, you’re covered by a leading insurance policy which has been negotiated to provide your business with comprehensive protection against the most common legal pitfalls experienced by small businesses. It is supported by a helpline backed by one of the UK’s leading law firms. The […]
Small businesses are often seen by criminals as an easy target for fraud. Find out what you can do to prevent it happening in your business. Imagine on a typical busy working day, that your long standing supplier calls you up and tells you that their banking details have changed. You’re told you need to […]
The Small Business, Enterprise and Employment Bill was introduced into Parliament in June and will proceed through the system to become law over the next twelve months. So what are the main battlegrounds likely for the bill? Finance The Bill proposes measures to push ahead with the electronic scanning of cheques for paying in, together […]
This guide, sponsored by the relatively new British Business Bank was produced by a collaboration of 17 organisations including the Institute of Chartered Accountants for England and Wales (@ICAEW) amongst many others, as well as all of the business organisations including the Forum of Private Business. Forum Chief Executive Phil Orford with Vince Cable at […]
Last Thursday Phil Orford MBE was in Westminster to support the launch of the new Business Finance Guide, together with a number of other panelists and the Secretary of State for Business, Vince Cable @VinceCable. This guide, sponsored by the relatively new British Business Bank was produced by a collaboration of 17 organisations including the Institute […]
Check Business Pro is an online service that provides you with quality financial information on UK businesses. The full price is £25 per month, but Forum members can use the service for just £15 per month – a saving of 40%. Plus, there’s no minimum term and you can cancel your account at any time. […]
The Forum’s banking and finance survey indicates that just over half of small businesses surveyed were content with their current banking arrangements and thought they offered good or excellent value for money, with a further third suggesting it was an average offering. However businesses did indicate that bank charges and the reduction/calling in of loans […]
In the organisation's latest banking and finance survey, 23% of members reported an increase in late payment over the past year compared with just 3% who reported a decrease. 29% have also seen an increase in the average number of days beyond the deadline that a payment is made late whilst 8% reported a decrease, […]
Starting a new business means that you have many plates spinning in the air as you try to manage the many different things you need to do to get your business off the ground. Having the right help behind you is crucial, and choosing the accountant that really understands your business needs will give you […]
Even the most well-run firms can need finance quickly, whether for unexpected equipment repairs, or to fulfil an exciting new contract. Often finance needs can’t be foreseen, in fact recent statistics suggest that a million firms will need finance unexpectedly in the next year or two. So, what if this happens to you? Lending is […]
"Last week statistics showed small businesses were still reluctant to borrow, despite better conditions and credit available. Today that is shown in the disappointing net lending figures to small businesses.Commenting on the Funding for Lending Scheme figures, released today, Phil Orford, Chief Executive of the Forum of Private Business, said, "Last week statistics showed small businesses […]
A regular flow of cash is essential to the smooth day-to-day running of a business – particularly a smaller one. The vast majority of small firms simply do not have the reserves to allow them to wait for payment of what they are owed without a severe impact on their bottom line. Download our guide […]
Members can access free credit control templates, including invoice and terms & conditions of a contract, to help them manage cash flow. These templates, exclusively for Forum members, are editable so they can be used in your own business to create a good credit management policy so you can keep your cash flowing and your […]
Ahead of the Chancellor's Autumn Statement next month, national business group the Forum of Private Business has written to George Osbourne with a wish list of top business wants to help capitalise on recent signs of recovery and get Britain trading back at pre-2008 levels. Headlining its recommendations the Forum is calling on the Chancellor […]
Business costs have continued to rise during 2013, with energy costs still the most commonly seen increase among small businesses, according to the latest research from the national business group, the Forum of Private Business. The Forum's latest Cost of Doing Business survey, carried out among its members, shows firms are still facing an uphill […]
The announcement was accompanied with a positive growth forecast from The Office of Budget Responsibility predicting growth of 2.7% this year, suggesting that we have surpassed the pre-crisis peak earlier than expected and pointing to improved forecasts for the year ahead. The headline Budget announcements were on energy policies and export. When combined with […]
Finance can often be perceived to be dull, boring or far too technical but see below – you might be a bit more excited about managing your business finances when you realise how simple and powerful it is! 1. Manage your cash. It’s easier than you think: construct a simple cash forecast showing cash coming […]
Last week, the government launched a £30 million Growth Vouchers scheme giving small businesses in England subsidised advice from thousands of experts on key topics such as financial management, recruitment, leadership skills, sales and marketing, and digital technology. The government has appointed regional partners to deliver the programme alongside Enterprise Nation who have developed a […]
1. Be open-minded You think you're looking for a bank loan? Think again. Yes, bank loans are one product that your business can use to get the finance it needs, but what many people don't understand is that there are hundreds of other products available. The chances that a traditional term loan is […]
This week sees the first major contribution of that positive move, a damning report alleging a very specific banking mis-practice of channelling businesses towards expensive and unnecessary 'turnaround' services. These services, rather than helping businesses to restructure, have contributed instead to their continued dependency on banks and in some cases insolvency. It is the latest […]
With the economy getting stronger the focus in the Commons has switched from whether the Government has pushed us into recovery (the now accepted case) into whether this is a recovery that can benefit everyone. For many politicians, the ‘everyone’ is very much focused on individuals – the so-called ‘cost of living crisis’. With […]
Click here to read the full story on our latest Cost of Doing Business Survey. You can also see a summary of the key findings in the info graphic below. [[{“type”:”media”,”view_mode”:”media_original”,”fid”:”197″,”attributes”:{“alt”:””,”class”:”media-image”,”height”:”2004″,”typeof”:”foaf:Image”,”width”:”600″}}]] http://www.fpb.org/blog/post/11/2013/Infographic—The-Cost-of-Doing-Business Nicholas Beeson According to our latest research business costs have continued to rise during 2013, with energy costs still the most commonly […]
The Forum of Private Business has urged the Chancellor to scrap a planned rise in business rates as part of its annual Budget submission. The Forum makes the call after its own research recently identified rates as the least favourite of all business taxes, with 94% of firms believing they have spiralled too high. The […]
From April 2013, the Government is proposing to introduce simplified accounting and expenses options for small, non-incorporated businesses. If you fall into this category, read on to find out what the changes mean to you and how you can have your say on the proposals. Following announcements on tax simplification made in March’s Budget, the […]
Cash keeps business in business. However healthy the order book and profit margin, if a business runs out of cash it won’t be able to pay its suppliers, its wages, or its overheads and it will fail. Can you answer yes to all these questions? Do you have sufficient cash or finance availability to meet […]
Even if you're a long way off retirement, find out why it pays to start planning for the future now. Germany's ‘Mittlestand' companies – the millions of family owned small and medium-sized companies that form the backbone of their booming economy – are proof of how investing in future generations can create a rich, innovative […]
Sometimes, you just can’t get paid. You’ve done all the right things and the money has still not arrived. The longer the debt remains unpaid, the more likely it is to turn into a bad debt and bad debts damage your business. Legal action is always an option but there are others you should also […]
Business status Research from Unbiased.co.uk found that the biggest area of tax waste for small businesses was caused by not incorporating the business by becoming a limited company or limited liability partnership, accounting for £4.2bn of wastage. Of course, you should decide whether incorporated status is right for your business, something your accountant should be […]
Types of insolvency It helps to understand the main types of insolvency (for more detailed information see www.insolvency.gov.uk). Bankruptcy Bankruptcy can only apply to individuals (including sole traders and individual members of a partnership). Bankruptcy petitions may be presented to the court by the individual, by creditors who are owed £750 or more, or by […]
Britain's largest banks have recently agreed a new set of principles, which set out exactly what businesses should expect when appealing. These principles will be monitored and scrutinized by an independent and external team of reviewers, ensuring that the banks have implemented a fair, prompt and transparent appeals process. Each appeal is also reviewed by […]
This content is taken from our Credit Control Guide No matter how good your procedures, or how effectively you manage them, it is inevitable that, at some point, you will face dealing with debtors. This section will help you to keep on top of what you are owed and assist with making recoveries. Effective debt […]
What is alternative finance? Alternative finance is a catch-all term encompassing a range of emerging and lesser known lending options. Research from Touch Financial has revealed that most small businesses aren't aware of alternative sources of finance. Not surprising when 80% of businesses whose applications were rejected by a bank said they were not given […]
This content is taken from our online Credit Control Guide, available as part of Intermediate and Advanced Forum membership. Debt collection should follow a defined timetable or programme and you should ensure that all relevant staff are fully informed. Keep records of action taken regarding each debtor. Some computer software packages allow for details to […]
Under the Enterprise Finance Guarantee (EFG), the Government guarantees lending to viable businesses to ensure that they can get the working capital and investment they need, where a sound proposition may otherwise be declined due to a lack of security. The EFG can be used to cover: new term loans of between one and ten years; […]
This content is taken from our online Credit Control Guide, available as part of Intermediate and Advanced membership. If all your internal procedures for collecting debt have been tried and the customer has still failed to pay the debt, it may be necessary to turn to external assistance. The following forms of external assistance are […]
The process of creating your business plan will raise useful questions and help you to both plan your strategy and structure your business effectively. Read on for our tips on how to write a winning plan. The plan doesn't need to be a long document, most funders will only read the executive summary initially in order to […]
What is a business grant? A grant is a sum of money awarded by an organisation or authority to help a business succeed in a particular project, for example starting a business or developing a new product. Unlike a loan, they are generally not repayable and you pay no interest on the amount given, making […]
