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Business Blog

Brilliant Ways to Beat the Competition

Any business wants to beat its competitors. It is why sometimes consumers get special offers, as the business, whether online or offline wants the customers to choose them instead of someone else. If you are a business owner, have you ever wondered the best way to go about ensuring you are better than your rivals?

 

Look At Their Websites

You can learn a lot about a business by spending just a bit of time on their website. Look at it as though you were a customer and find the things you like and do not like. Then do the same with your own website and see whose fairs the best.  If their site comes out on top, ask yourself why and take a closer look to see what they are doing right and you are getting wrong.

You will always find things on competitor’s sites that you do not like, and you should learn from the mistakes they make.

 

Take A Survey

Take a survey among your customers and find out what they would like you to sell that is different, or how they would like you to change the way you do things. They are the ones that keep your business going, so their opinions are important. You will never be able to do everything they ask, but even implementing some minor changes suggested by them will help to build some customer loyalty.

Quality Service

Your business could be offering a service rather than selling a product. If this is the case, you should always make sure that any materials or products you use to provide the service are of the highest quality. Even something as simple as using higher quality linear motors in your production process, for example, can ensure your customers do not go elsewhere because they will enable you to met customer needs and ensure you offer a superior service. If you make sure every aspect of your business from production methods to quality of finish are the best they can be, then you will always be in demand.

There is also customer service to consider, no matter what line of business you are in. Consumers will often pay a little extra for goods if the service they get excels. When things are delivered on time, the goods are the quality your website suggested, and they perhaps get an email asking if everything is OK, they will remember that more than the fact that one of your rivals sells the same products for 50p less.

 

Use Innovation

Never be afraid to try something new. Innovations can make you stand out from everyone else and increase your sales because of that. You want your business to be different to everyone else’s and then it is more likely to get noticed.

Just think back over the last few years and recall some of the giant companies that have disappeared because of a lack of innovation. Nokia and BlackBerry are just two examples of names that are no longer in the mobile phone markets, and stores such as Woolworths have gone from our high streets because they remained stagnant and didn’t try anything new.

 

 

Business Blog

The Easy Way To File Your Business Taxes

Filing business taxes is such a pain, but unfortunately, it’s an important part of being a business owner. If you get it wrong, you could end up paying a lot of penalties and if you’re just starting out, you probably can’t afford to spend that money. You also don’t want to spend valuable time dealing with taxes when you could be spending that time improving your business and generating revenue. What you need to be doing is filing your taxes accurately without spending too much time on it. These are some of the best ways to take the pain out of filing your business taxes.

Keep Good Records

You need a lot of information about your income, your spending, and your employees when you file your taxes. If all of that information is disorganized and some of it is missing, you’re going to spend ages trying to pull it all together so you can fill out your tax forms. That’s why keeping good records is absolutely essential. Make sure that you’re keeping all of your invoices and receipts and you’ve got good financial records. Most importantly, file them properly right away, rather than leaving it until later. It takes a second to file one receipt properly, it takes days to collect them all and do it in one go.

 

File Online

Once you’ve gathered all of the information you need, it’s time to start filling out all of the forms. You can still fill out a paper form if you would like to, but it’s so much easier to file online. It’s a lot quicker and you can send it over right away. The new Making Tax Digital for VAT that the HMRC are introducing next year will make it compulsory for businesses to file online anyway. It’s likely that all of your taxes will need to be filed online in the near future so you should start familiarising yourself with the process now so you’re prepared.

 

Invest In Your Business

If you want to reduce the amount of tax that you’re paying, it’s important that you invest money in your business. Any money that you put back into the business is tax deductible so you can massively reduce your tax bill by improving infrastructure, hiring new employees, increasing wages, and expanding your operation. All of these things are going to help your business to grow and it’ll make your tax bill a lot more manageable as well.

 

Clear Employee Definitions

More companies are using remote workers and freelancers on a regular basis and that raises a few tax issues. It’s up to you to deduct income tax from full-time employees but freelancers that are considered self-employed have to handle their own taxes. However, it isn’t always clear whether somebody is considered an employee for tax purposes or not. If you list somebody as a freelancer and the HMRC disagree, you’ll still have to pay their income tax even though you haven’t deducted it from their wages. It’s important that you’re clear on your employee definitions and you know whether you need to deduct their tax or not. If you’re aren’t sure, it’s best to consult an employment lawyer and get their opinion.

Filing your taxes always seems like a daunting task but it doesn’t need to be if you just follow these steps.

 

Business Blog

Fueling The Company: Being Organised When Your Business Is…

When it boils down to the basics, an efficient business is only as good as its individual components. When you are in charge of a fully functioning organisation, efficiency is vital. But sometimes, we can only show the tip of the iceberg as leaders. As such, we may feel that we’re hiding something and we actually not as organised as we make out we are. And in fact, the people we’ve hired to do the jobs we can’t do anymore are, in fact, more organised than we would ever be. So, how we take a leaf out of their book, but also fuel the organisation effectively?

Delivering On Your Promises

Bringing new employees on board to help revive a flagging business is a very delicate art. If we get these people on board because we desperately need their help, then we’ve got to ensure that we deliver what we set out to do. This can be very difficult, but at the very least, we have to make sure that we give our employees what they need, but also provide the bare essentials. If you are a disorganized sort of leader, getting yourself organised in terms of the very basics has to be priority number one. This means having the right technical resources on board, from collaboration software like Google Docs or Evernote to ELMO payroll software, if we can provide our work as with the essential tools so that they do their job, but also so that we can provide them with the bare essentials, we can keep everything afloat.

Create A Culture Of Support

Arguably, the culture is as important as an organised office. Your employees need to feel that they are being nurtured effectively, but also, that they can collaborate in the way that they want to with the rest of the team. It becomes a very fragmented organisation if there’s no support network in place. This isn’t just in terms of the work that’s being done, but if you hire people to complete specific tasks, then they need to feel that they are doing everything to the best of their ability, and not flying blind. This all comes from you. To make sure that you are organised in terms of how you support your workers, this becomes the key ingredient to ensuring a successful business.

Let Them Take Risks

If your attitude has been foolhardy in the past, you may not believe that risk-taking is the best course of action anymore. But we have to encourage our employees to take risks because this helps to fuel a culture of appreciation and confidence. To let your employees take risks means that you trust their ability to get the job done. While it’s not recommended that you encourage them to take risks all of the time, managing their expectations will help, and in fact, this will push your business further forward. Organisation is a very subjective term. One person can have a very haphazard approach, but still be on top of everything. If you are considering that your business needs some restructuring or you need to learn more from your employees, have an open door.