Genuine Success – Business. Marketing. Finance, http://www.genuinesuccess.co.uk A Business Blog for Growth Hackers, now with added podcast. Thu, 19 Apr 2018 18:36:11 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.5 Winning Your Market Share Battle http://www.genuinesuccess.co.uk/winning-your-market-share-battle/ Thu, 19 Apr 2018 18:36:11 +0000 http://www.genuinesuccess.co.uk/?p=2659 While travelling definitely isn’t as expensive as most people make it out to be, it certainly isn’t dirt cheap either. You’ll still have to spend a little, but just exactly how much you spend doesn’t really depend on how far you intend to travel. Yes, generally a flight right across the other side of the […]

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While travelling definitely isn’t as expensive as most people make it out to be, it certainly isn’t dirt cheap either. You’ll still have to spend a little, but just exactly how much you spend doesn’t really depend on how far you intend to travel. Yes, generally a flight right across the other side of the world costs a lot more than one which is to a mere two-hour-away destination, but it’s mostly about the popularity of the flight routes – the busier the route, the cheaper it is to maintain and the cheaper it becomes for the passengers.

If you want to travel more frequently however and you subsequently need to free up more money for your travels, you’ll need to approach everything in your life that involves handling money differently. You have to develop an ability to formulate links between seemingly unconnected elements of your life, like perhaps your online gambling exploits and your next flight ticket. I mean the very use of something like a SlotsMillion VR Bonus would suggest that your intention is to stay put and not have to jump in your car to visit a physical casino, but on the other hand utilising this kind of bonus means you get more value than what you pay for.

This means that you SAVE some money, and while it may actually take a little bit of time and effort to have that money you saved reflecting back in your primary bank account, this speaks to the general approach to the manner in which you should deploy money-saving hacks with which you can fund your next trip. It’s an on-going process and doesn’t just entail looking at the obvious channels through which to save a bit of money and go on to add that to your personal travel kitty.

If you saved a bit on your energy bill this month, don’t go spending that extra money you suddenly have on a pint. Rather make a habit of putting every extra penny you save away for your travels. You’ll be surprised at just how quickly it all piles up and soon you’ll be able to jump on a plane and jet off!

In addition to the money-saving hacks which target your overall life, one of the best ways through which to save money for your travels is while you’re actually travelling. I’m not suggesting you live like a frugal traveller in the like of those of us who extend our travels by living the backpacker’s life. Rather, what I mean is that you should take a closer look at everything which is offered to you as part of the products and services making up your trip.

Loyalty and rewards programmes are often slipped in with things like your airline ticket or a questionnaire you might be asked to fill in at your place of lodging while you’re enjoying your destination. This is how loyalty points are accumulated and very soon you could be eligible to trade in those points for something like a whole free trip or some free elements to make your next trip that much cheaper.

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A Cheat Sheet For Starting Your Own Business http://www.genuinesuccess.co.uk/a-cheat-sheet-for-starting-your-own-business/ Wed, 18 Apr 2018 12:03:33 +0000 http://www.genuinesuccess.co.uk/?p=2657 It’s easy to set up a start-up business in the UK. If it’s a small business, you can even do it in a day. So, if you’ve been thinking about starting your own business for ages, now would be a good time. Put all the knowledge you’ve learned from all the entrepreneurial books you’ve read […]

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It’s easy to set up a start-up business in the UK. If it’s a small business, you can even do it in a day. So, if you’ve been thinking about starting your own business for ages, now would be a good time. Put all the knowledge you’ve learned from all the entrepreneurial books you’ve read and all the business courses you’ve taken to good use.

Before discussing all the different things that you’ll need to do to get it off the ground, let’s pause for some blue sky thinking:

Imagine that your business is a huge success. In fact, it’s so successful that your marketing meetings will include conversations about how to expand internationally.

You’ll discuss how to use a money transfer service like Ria Money Transfer UK to have a system in place to send and receive money while you’re building your base abroad, and you’ll discuss how to partner with local business people to get an insider’s perspective on how to rebrand your business to suit the local market.

After you’ve envisioned the future you’d like to build, think about what you’ll need to do to set up your business and build a firm foundation.

Simple Steps to Be Up and Running

First, let HM Revenue and Customs (HMRC) know that you intend to be self-employed. You can start as a sole-trader or other chosen legal structure, like a limited company. You can get in touch with HRMC online or by phone. Next, complete the free online training HMRC offers online to get the advice you’ll need on how to hire people, keep records, and file tax returns.

Second, get insurance cover to protect your business. Every business is vulnerable to a variety of threats, like legal fees, thefts, and accidents, to name a few. Shop around for the insurance your business needs.

Third, choose your business name. Don’t spend money on printing business cards and brochures or buying a domain until you verify that your name is still available. A good place to start would be Companies House.

Fourth, create a business bank account. Although a business bank account isn’t necessary if you’re a sole trader, it’s a good idea not to commingle your personal and business funds. If you set up a company, your business bank account will be considered a separate entity from you.

Fifth, complete the rest of the set-up. The other things you’ll need to do are straightforward. First, check out Gov.uk to find out all the regulatory issues that you must comply with. These will include things like data protection, licensing, and health and safety issues. Next, hire an accountant–or buy accounting and bookkeeping software if you intend to do it yourself. Finally, decide on your workspace. You may choose to rent a commercial office space or work from home. If you work from home, talk to your Local Council to find out how to deduct a percent of your household bills as business costs. Also, ask if there are any Capital Gains tax issues you need to know about.

Theoretically, all this can be done in a day, although, of course, it’s not necessary to work that frenetically.

Build a Firm Foundation

Now that you’ve taken care of the legalities, how do you build a firm foundation?

Here is a checklist of four projects to get done:

  • Write a comprehensive business plan. Think of this as a blueprint you’ll need to raise finances, set up marketing systems, and follow up on sales strategies.
  • Learn the basics of finance. Even if you hire an accountant, it’s still a good idea to learn how to start cash flow forecasts. Also, create a budget to keep your costs as low as possible. You’ll want to avoid making expensive mistakes until you develop a business model that achieves good sales.
  • Setup your office. You’ll need office equipment and furniture so that you can stay organized as you build your business.  One of the most important aspects of setting up your office is communications—so work out issues like phone, email, and social networking profiles.
  • Build your brand. You’ll need some marketing collateral like business cards and stationery, and you’ll also need to build your online presence with a website, a blog, and a social media network.

One Step at a Time

Thinking about a business with all its complexities can be overwhelming, but by focusing on how to get things started, you’ll mature your business idea into a plan that you can act on.

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Good Businesses Depend On A Reliable Cleaning Service http://www.genuinesuccess.co.uk/good-businesses-depend-on-a-reliable-cleaning-service/ Fri, 13 Apr 2018 13:52:48 +0000 http://www.genuinesuccess.co.uk/?p=2654 First impressions are always important in every walk of life, but in business, it can surreptitiously influence a decision on a contract or acceptance of other services. Blue chip companies in particular have very high standards of excellence in all areas of their work and if their premises were not kept in a superior state […]

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First impressions are always important in every walk of life, but in business, it can surreptitiously influence a decision on a contract or acceptance of other services. Blue chip companies in particular have very high standards of excellence in all areas of their work and if their premises were not kept in a superior state of cleanliness and tidiness, there would be genuine concerns that they could lose business on the strength of it.

Teamwork

Business revolves around communications, sharing ideas and tasks, all for a common interest of aiming at greater success. Every business regards their own effort in the marketplace to be linked to the services they employ or those they serve. Good, reliable work ethics reflect both ways. An ambitious cleaning company is willing to earn the goodwill of the businesses it is contracted to and those businesses depend on their services, seeing them as an important contribution to their own enterprises.

Glistening Surfaces

If a prospective client arrives at another business, perhaps to discuss a possible contract that could be highly valuable, and is confronted by poorly maintained premises, it reflects badly upon the business. Litter, grimy door handles, staircases that need to be thoroughly vacuumed, all present an image of slovenliness and inefficiency. The cleaning staff are regarded as members of the same team. A cleaning company that takes pride in the services it provides to clients, will want to prove how competent its own employees are. Discipline and attention to detail is the key to success.

Cleaning Enterprise

A cleaning company with excellent standards of its own, will have the expertise to deal with the special cleaning requirements of expensive surfaces such as limestone or marble. They know too the value of maintaining upholstery in perfect condition, removing stains that can spoil the designer image many high class offices strive for. Particular care will be taken with the exterior of the premises, ensuring windows, gutterings and facades are spotlessly clean to create that all important first impression. Parking areas immediately in front will be swept clean and kept clear of litter. Washrooms in particular benefit from regular cleaning that takes care of every minor detail and ensuring that toiletries are in plentiful supply.

Cleaning Substances

Many businesses are mindful of making advancements regarding the environment and cleaning companies in particular are always searching for effective products that are ecologically beneficial and minimise their carbon footprint. Fumes from certain products can be unpleasant causing sore throats for instance. A responsible company aims to reduce the effect of overpowering substances that could cause discomfort to those they are contracted to and their prospective clients.

Professional Standards

Cleaning was perhaps not held in such high esteem some years ago, but with the formation of cleaning companies that have responsible, professional attitudes and ambitions of their own, they are now very much in demand. Good businesses with excellent reputations to maintain, have come to realise how valuable the contribution of high quality cleaning services can be to their own image and progress and depend on their reliability and expertise.

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Handling Your Taxes as a Small Business Owner http://www.genuinesuccess.co.uk/handling-your-taxes-as-a-small-business-owner/ Fri, 13 Apr 2018 13:48:50 +0000 http://www.genuinesuccess.co.uk/?p=2652 Managing your tax affairs as a sole trader may seem like an insurmountable task if you’re new to the world of business. The good news is that small business tax is easier than you might think. If you keep clear records and your business is mostly UK focused then you should find that your accounts […]

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Managing your tax affairs as a sole trader may seem like an insurmountable task if you’re new to the world of business. The good news is that small business tax is easier than you might think. If you keep clear records and your business is mostly UK focused then you should find that your accounts are easy to file.

Understand the Expense Rules

As a sole trader you can expense certain things that are related to your business, and this could be a way of reducing your tax bill. It is important that you understand the rules clearly, though. If you work from home, you cannot simply “expense your electricity bill” because that bill would include powering things in your house not related to your business. You can take a fixed weekly allowance, or pro-rata your bills based on the size of your home and any rooms that you use only for business purposes.

You can expense entertaining clients for business purposes, and you can expense meals while on business travel. You can also claim a mileage rate for using your vehicle, and current rates are on the HMRC website. If you are not sure about those rules, then talk to an accountant. In any case, be sure to keep receipts (use an app to scan them to save carrying bits of paper around) to make your accounts as easy as possible.

Open a Business Bank Account

Opening a sole trader bank account is one way of making your life easier when it comes to doing your accounts. While there is no legal requirement for a sole trader to have one bank account for their business and one bank account for themselves, trying to pick out business related transactions on a personal bank account is not easy. You will find that your accounts are a lot clearer, and less time consuming if all your business banking is done from a separate account.

Do Your BookKeeping Regularly

It can be tempting to save up all your book-keeping and do it at the end of the financial year. While this seems appealing at first, when the end of the accounting period draws close you’ll find yourself faced with an awful lot of boring work to pour through and that’s where mistakes start to get made. It’s much, much easier to just think about your accounts today.

Try entering your income and expenditure on a regular basis, to make it a habit. Regular could mean daily, weekly or monthly depending on the volume of business you do, but whatever you do try to make it consistent so that you don’t end up in a panic at the end of the financial year.

The HMRC are there to help, and they are usually happy to work with people who are trying to do things right. If you have any concerns, be proactive and get in touch as early as possible for advice.

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All You Need To Know About Taking Out A Mortgage http://www.genuinesuccess.co.uk/all-you-need-to-know-about-taking-out-a-mortgage/ Fri, 13 Apr 2018 10:52:00 +0000 http://www.genuinesuccess.co.uk/?p=2649 We all have to go through the experience of buying our very first home, and while it can seem easy for some, others find it very challenging. Sourcing the right mortgage is a task in itself, and with that in mind, here are some very useful advice for those who are about to set foot […]

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We all have to go through the experience of buying our very first home, and while it can seem easy for some, others find it very challenging. Sourcing the right mortgage is a task in itself, and with that in mind, here are some very useful advice for those who are about to set foot on the property ladder.

  • Find An Established Mortgage Broker – One thing that many homeowners fail to understand is that a mortgage lender is selling their product, and whatever you require, they will try to convince you that their package is the best, whereas, a broker has extensive associations with many lenders, and based on your needs, they can find a home loan that suits you, rather than the lender. If you are looking for an expert such as a Sydney mortgage broker, you can find one online who has an excellent reputation and has helped many thousands of people find the right mortgage.
  • Online Solutions – There once was a time when seeking a mortgage took a good few days and involved several visits to offices, yet by sourcing an online mortgage broker, you can receive pre-approval within minutes, and for many borrowers, this means they can move on to finding their dream home. Using the Internet is an ideal way to secure the best deal with a home loan, and everything can be arranged without even having to leave your home.
  • Time Is Of The Essence – Attractive property doesn’t stay on the market for long, and when you think you have found the perfect house, it is important to put in a bid as soon as you can. By using an established mortgage broker who has their finger on the pulse, you can be ready to bid for a property in no time. Often, a mortgage application can be fast tracked to accommodate a quick exchange of contracts, and with the broker’s expertise, you will be able to put in an offer as soon as you find the right property. If you would like some further reading on how to find the right mortgage broker, there are informative guides that might save you both time and money.
  • Totally Free Service – As the mortgage broker receives a small remuneration from the lender, the brokering service is totally free to the borrower, which means you are getting the very best of service for free. By using the Internet, it is possible to make contact with a local mortgage broker, and once they are aware of your needs, they can start the ball rolling, and you can expect results within minutes, rather than days. All the relevant information can be submitted online, and the broker would begin their search for the ideal home loan, which usually takes only a few hours. The mortgage broker would have associations with many lenders, and by looking at your situation – and requirements – they can tailor the loan terms to perfectly suit the borrower.

Whatever your situation, if you are looking for a mortgage, you couldn’t do any better than to use a local mortgage broker as they will provide their expert service at no charge to the borrower, and with preapproval granted within minutes, you can start to seriously look at making an offer for the ideal home.

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Success Is All About Hard Work (And A Little Luck!) http://www.genuinesuccess.co.uk/success-is-all-about-hard-work-and-a-little-luck/ Mon, 09 Apr 2018 20:22:25 +0000 http://www.genuinesuccess.co.uk/?p=2644 Success is fickle. It likes to make you work hard to get her and just when it is inches within your grab, it will find another suitor. Thousands of people across the globe are working 12 to 16 hours a day, trying to get a taste of success. If all of us are working hard […]

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Success is fickle. It likes to make you work hard to get her and just when it is inches within your grab, it will find another suitor. Thousands of people across the globe are working 12 to 16 hours a day, trying to get a taste of success. If all of us are working hard and we are doing everything possible in our capacity to reach heights, why are we still stuck in the daily rut? The answer is simple- luck.

Luck begins at birth

The family you are born in decides your life path, the kind of upbringing, education and career you will have. It would be unfair to believe that every office clerk who studies computer science every day for 2 hours will be as successful as an Ivy League graduate with millions of dollars in a trust fund. Of course, both could work equally hard, both could be equally responsible and determined but success will be different to them.

It is, therefore, apparent that luck favors a few and it is those people whose hard work is paid off. Did you know that a vast majority of American billionaire and millionaires have inherited their wealth or have been born in affluent families who could afford quality education and a comfortable future for their kids? If Bill Gates didn’t create Microsoft, will he still be better placed in life than you? Most probably, YES.

As wealth is becoming more concentrated with time, hard work is not a choice. It is a necessity. Ask someone working two jobs to make ends meet for their family. Ask the students who pass college with great scores but a looming debt that will make them a debtor for life.

Should we stop working hard?

Of course not. Even if you don’t have millions of dollars in your bank account, the fact that you can pay all your bills every month is the very first stair of success. Even if you can’t leap through a flight of stairs, you are doing your best and must do everything possible to gain a better life.

Wait a minute… there is something you can do to bring some extra cash (or maybe even a million euros) to your pocket. It is the simplest, easiest and most fun way to earn money. Try online slot games to turn your fortune and impress Lady Luck to cast a look at you. Read more about the fun opportunities that could make you the king of every opportunity. Play the games while you are travelling to work, cooking, watching TV or just soaking up the sun in your lawn or balcony.

You can get several free spins and even a sign-up bonus on online slot gaming websites. What are you waiting for? Forego one visit to the local pub this weekend and invest that money into a credible website. This could be your chance to build wealth for yourself and even your future generations. This is the only way in which you will get higher returns for a low stake. This is your chance to shine. Give luck a chance!

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Ways to finance your business expansion http://www.genuinesuccess.co.uk/ways-to-finance-your-business-expansion/ Mon, 09 Apr 2018 11:56:29 +0000 http://www.genuinesuccess.co.uk/?p=2642 If you’re considering business expansion, that’s usually a good sign. At the very least, it indicates that you are confident enough in the future prospects of your business to justify investing further capital into it.  If you are in such a favourable position, then you may be wondering just where that business finance capital is […]

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If you’re considering business expansion, that’s usually a good sign.

At the very least, it indicates that you are confident enough in the future prospects of your business to justify investing further capital into it. 

If you are in such a favourable position, then you may be wondering just where that business finance capital is going to come from.  In fact, there may be more options open to you than you might initially think.

Using your liquid capital

Perhaps you have cash reserves in the bank.  If that is the case, you may be tempted to simply fund your own business expansion from that source.

There are certain advantages to this approach.  The most obvious of those is that you won’t be paying any form of interest or funding charges on the capital and you have nothing to negotiate with potential providers of funds.

However, there are some things to be cautious about here.

It’s typically good business practice to keep a level of liquid capital in reserve.  Whilst the amount of such a reserve might be debatable, the fact is that any business can be hit by expenses that were not forecast.  In those situations, you may find it advantageous to have cash in the bank to deal with the issue.

Equity release

Another potential option open to you is that of equity release.

This basically allows you to access funds that you may have tied up in existing business assets.  Perhaps the best-known example of this involves property.

Whether you own the property outright or have equity associated with it (meaning that its realistic market valuation exceeds any outstanding mortgage or other loans you have secured against it), it may be possible to borrow against the property.

That provides you with a source of business finance available to deploy in order to support your business expansion.

Business angels

Another option would be to approach what are called “Business Angels”.

These are typically wealthy individuals or collections of such people, who are looking to put money into projects they believe to be promising.

There are certain typical characteristics of this type of investor:

  • projects related to success, such as business expansion, are typically regarded very favourably if all other things are equal;
  • they may be willing to accept a degree of commercial risk over and above that acceptable to other more conventional lenders;
  • as a result of taking on typically higher risk propositions, they may understandably expect higher returns. That might in some cases include taking a percentage of the business concerned and being able to exercise some input or coaching into future development directions;
  • they will typically require strong evidence that the proposing company has both a sound understanding of business metrics and a business plan for expansion in place – including the request for business finance that is on the table.

As a general rule, it might be difficult for a business to approach Business Angels directly. Investors in this category tend to expect propositions to be of a certain minimum standard of presentation quality before they will give them due consideration.

Business finance providers

Another option is to appoint a specialist intermediary provider of business finance to find an appropriate business finding solution for you.

Business finance for expansion is available out there, providing you go about things the right way and take advice from specialist providers of such.

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Improving education in manufacturing and engineering http://www.genuinesuccess.co.uk/improving-education-in-manufacturing-and-engineering/ Fri, 30 Mar 2018 10:55:24 +0000 http://www.genuinesuccess.co.uk/?p=2640 Contributing a significantly large sum towards the UK economy, the engineering and manufacturing sectors rely on their skilled employees to continue their hard work. In 2014 alone, the engineering sectors contributed an estimated £455.6 billion to Gross Domestic Product – 27% of the total UK GDP. They are also responsible for an estimated 5.7 million […]

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Contributing a significantly large sum towards the UK economy, the engineering and manufacturing sectors rely on their skilled employees to continue their hard work. In 2014 alone, the engineering sectors contributed an estimated £455.6 billion to Gross Domestic Product – 27% of the total UK GDP. They are also responsible for an estimated 5.7 million jobs in the UK – 19% of the total UK employment.

To ensure the industry remains successful, and has enough workers to fulfil demand, it is vital to improve the attitudes of younger generations to encourage them to pursue a career in the industry. Thankfully, young people’s perceptions have become more positive over recent years.

Just over half of 11-16 year olds in 2016 were considering a career in engineering – a significant increase to 51% compared to 41% in 2012. This shift towards a more positive perception of the industry could be thanks to the influence of parents and teachers at school. 96% of teachers would recommend a career in engineering to their pupils, and three quarters of parents view engineering positively as a career.

Here, specialists in rapid tooling, Omega Plastics, who have just launched their own education programme in manufacturing and engineering, investigate further what education is available for careers within the industry.

The rise of apprenticeships

The engineering and manufacturing industries are within the top five industries for apprenticeship starts – a position they continued to secure in 2016/17 after 74,000 apprentices signed up for programmes within the sectors. In fact, they have remained in the fourth position since 2010.

However, completion figures don’t look as promising, as it is revealed that almost a third of apprentices in the UK fail to make it to the end of their apprenticeship and complete the programme. Overall success rate for apprenticeships has taken a decline to around 68.9% when compared to 2010 when it was at 76.4%. So, what do the figures look like for engineering and manufacturing? Is the decline apparent here too?

41% of engineering apprenticeships complete in 2014/15 were achieved at Level 3 or above. However, despite no official figures, we can assume that the 2016/17 success rate figures for engineering apprenticeships has continued to rise now that there are over a quarter of a million workplaces offering apprenticeship programmes, a 50% increase over the past five years. Furthermore, four out of five manufacturing employers are reported to be planning to recruit manufacturing and engineering apprentices in the next year.

Higher education

There appears to be a shortage of engineering graduates at the minute, as forecasts predict that the industry will need 265,000 skilled entrants per year to meet the demand for engineering enterprises until 2024. However, currently, we are experiencing a shortage of 20,000 graduates.

There is, however, nearly a 5% growth in the number of applicants to engineering courses over the past year, greater than the 2.7% experienced across all subjects, with gains in all its sub-disciplines except electrical and electronic. Likewise, 71% of those applicants entering a first degree in engineering and technology are from UK origin.

Positively, the employment rate looks promising too, with a significant number of graduates securing a role in the industry after completely their degree. 68% of UK first degree engineering graduates are in full-time work six months after graduation and 84% are in full-time work three years after graduation, with only 2% unemployed.

The demand for skilled candidates is expected to continue in the UK with 650,000 engineering enterprises operating across the nation and that figure is still rising. Improving the perception of the industry is vital to the continuous success of the industry, as well as appropriate training. However, if the figures discussed here are anything to judge by, the engineering and manufacturing sectors don’t have much to worry about in this department.

 

 

Sources

http://www.omega-plastics.co.uk/company-news/college-educational-visit/

https://www.ft.com/content/1e7a0f00-d712-11e5-8887-98e7feb46f27

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/556015/SFR_commentary_June_2016_final_JuneOfqual_update.pdf

http://www.engineeringuk.com/media/1355/enguk-report-2017.pdf

https://www.engineeringuk.com/media/1323/jan-2015-cebr-the-contribution-of-engineering-to-the-uk-economy-the-multiplier-impacts.pdf

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Great Ways For Start-Ups To Spend Less http://www.genuinesuccess.co.uk/great-ways-for-start-ups-to-spend-less/ Wed, 28 Mar 2018 20:29:01 +0000 http://www.genuinesuccess.co.uk/?p=2636 When it comes down to saving money, it can be a tricky business especially if you’re a start-up. Chances are, things are just picking up and you have little room for movement in terms of budget and spending. This is why it’s even more important to find money-saving tips you can put into place easily […]

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When it comes down to saving money, it can be a tricky business especially if you’re a start-up. Chances are, things are just picking up and you have little room for movement in terms of budget and spending.

This is why it’s even more important to find money-saving tips you can put into place easily and quickly. Finding cost-effective solutions to ways you operate is a winner for any business let alone start-ups.

One simple way you can maximize output and minimize costs is by hiring a telephone answering service by Reception HQ. This service has a range of benefits including taking the extra load of work off your hands so you can focus on more important areas. Business can therefore keep expanding as you invest a reasonable amount of time to reap big rewards.

For now however, let’s discuss some practical ways that you can save some serious cash when you’re a start-up. Here are some money-saving tips.

  1. Incorporate environment-friendly strategies.

Going green isn’t just good for the environment, it’s also better for your wallet. You can become a more energy-efficient business by investing in the right technology, lighting and processes. This way, you can save a good amount of money when you pay out your bills. Something as simple as switching to fluorescent lightbulbs can save you money every year!

  1. Skimp out where you can.

Buying generic brands and skipping the higher-end names is crucial if you want to save extra pennies. Remember, the aesthetics may not be as satisfying but you are pretty much getting the same product.

  1. Learn how to drive a hard bargain.

Knowing how to barter is important in business. You want to think about how much you can save from goods and whether you can offer something of value in return. This can happen whenever you are negotiating with suppliers. No matter where they are in the value chain, think about what discounts you can offer if they go regular. This is operating in a smart way and will not only save you money but it’s a great way to build relationships too.

  1. You can hire fresh graduates who are passionate about what they do.

When starting out, you may not be able to afford the most experienced in the business. That still doesn’t mean you cannot find intelligent, passionate staff who are willing and hungry to learn. You can save money by employing grads or people who require more experience so you can bring down the pay a little.

  1. Kit out the office cheaply.

Buying second-hand and refurbished office equipment is another way you can save money. Freecycle and sites like it are really good for tracking down quality pieces of furniture for absolutely nothing. You just have to sort out transport and then it’s yours!

These are all top ways you can start saving money as soon as possible. Put these in place if you want to operate smart and have bigger profit margins when you’re starting your business.

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What Effect Could a Trade War Have on the Forex Market? http://www.genuinesuccess.co.uk/what-effect-could-a-trade-war-have-on-the-forex-market/ Thu, 22 Mar 2018 12:25:57 +0000 http://www.genuinesuccess.co.uk/?p=2630 Since the start of 2018 fears have heightened that the world could be set for a potential trade war to develop. Most of the signs that this could be the case are coming out of the USA, with signals ranging from protectionist steel and aluminium tariffs to President Trump tweeting that ‘trade wars are good’. […]

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Since the start of 2018 fears have heightened that the world could be set for a potential trade war to develop. Most of the signs that this could be the case are coming out of the USA, with signals ranging from protectionist steel and aluminium tariffs to President Trump tweeting that ‘trade wars are good’. There are other potential trade wars that could break out as well, with these having an impact on the forex market and traders in many ways.    

China and the US

The Trump administration has been threatening to impose tariffs on Chinese imports, with worries that if it does Beijing will soon retaliate and a full-on trade war will break out. Currently the US is expected to impose up to $60 billion in Chinese tariffs, covering the technology, telecommunications and intellectual property markets. History has shown that currencies do not react well to trade wars, with the Obama administration’s narrow tariffs on Chinese steel in May 2016 being reflected by the dollar index .DXY falling by two per cent in a month.

UK and the EU

Negotiations between the UK and EU over Brexit have been going on for months now and every week there seems to be fresh news regarding how they are going. Recent progress on Brexit with a loose draft offering a transition period agreed has seen the pound rally. Yet there are still further trade agreements which will need to be ironed out, both with the UK and EU, and other individual countries with the UK in the future.

Currencies Benefiting from Potential Trade Wars

When trade is under threat there are always certain safe haven currencies that experience a strengthening as those trading forex look to protect their interests. The Japanese yen has seen its position firm, while the Swiss franc is expected to rise. At the other end, it’s the USA’s main trading partners of China, Mexico and Canada that have seen their currencies fall in reaction to a potential trade war.

The General Outlook

Despite the high potential for trade wars to break out, a lot of traders still don’t seem overly convinces. Many are paying a lot of attention to developments and given the Japanese yen’s strengthening a few are making safe moves, but a lot still seem to be waiting for more action before adapting their trading strategies. The G20 could see tensions either smooth over and any potential trade war disappear, or they could grow and disrupt many currency prices.

Any potential trade war will be bad news for the currencies of nations involved, so it may be advisable to think about hedging your forex investments just in case.

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