Monday 14 September 2015

£459 million lent out via Peer-to-Peer lending

For this latest blog, I would like to share some information kindly provided to me by FA Simms & Partners.

Peer-to-Peer lending has lent out more than £459 million during the first quarter of 2015. This figure supports the UK SME market’s desire to seek investment from non-bank finance platforms.

When the banks went into decline during the recession, their lending to SMEs diminished which gave way to the non-bank finance industry to rise up and offer competitive investment opportunities to micro, small & medium sized businesses. A recent survey of 1,000 SMEs by Liberis, Business Friendly Finance show figures to support the increase in demand in alternative finance. The Business Monitor research showed that 30% of these small businesses have applied to an alternative funding provider for their finance.

Christine Farnish, Chair of the P2PFA said: “These numbers are excellent and reflect the strong industry growth into 2015. We are continuing to see strong appetite in the consumer market and a significant increase in lending flow to businesses to.”

There are two types of finance lending available; Equity Finance and Debt Finance. Equity finance can be used during any stage of a company’s growth from start-up right through to well-established. Debt finance would be used as a short-term capital solution to a current cash flow issue. Whether you are looking for equity finance or debt finance, there will be a non-bank platform available to fulfil your needs all which provide competitive advantages to a bank’s financial help.

You can read the full article at http://www.fasimms.co.uk/latest-news/the-rise-of-non-bank-lending-to-smes

For further information please contact:
Martha Wood, Marketing Manager
mwood@fasimms.com
01455 555444
Available Mon – Fri 9am – 5.30pm

Friday 10 April 2015

The relationship between Bookkeepers and Accountants

What is your views around the relationship between Bookkeepers and Accountants. Here's a few of my own http://m.accountingweb.co.uk/article/bookkeeper-and-accountant-relationship/574943

Saturday 4 April 2015

Today marks the end of another tax year

Well another tax year ends and another year has flashed by leaving us thinking where did those last twelve months go!

So what do we need to be thinking about now and in the next year ahead to ensure we maximise our personal tax position and not pay too much tax?

Today being the last day of the tax year, means it's the last chance to use up all your current tax allowance. So is there something you were planning to do that you could do right now, such as making a change to a low emission company car or investing with qualifying capital expenditure?! Perhaps you have some surplus cash to maximise your ISA or pension allowances, but it may now be too late to receive the recommended independent financial advice or visit the bank on Easter Sunday!

However on a more serious note, firstly you need to ensure that you update your Payroll software to take into consideration the new tax rates, personal allowances and bands.

If you have employees, then don’t forget to issue those P60’s! Also don’t forget the Employment Allowance is continuing, so the £2000 per year resets tomorrow.

Do you run your own business? Do you pay yourself a minimum monthly wage for Tax and NI purposes, with the majority of your income taken by dividends? If so, you may need to consider slightly increasing your monthly amount due to the new bands.

You may be considering a year-end Dividend, but what would be the impact of declaring the dividend in the new tax year instead? This is a serious consideration for many in or near the high rate tax band or those that are claiming child benefit or tax credits.

If you claim mileage allowance from your business or employer, then tomorrow is the day to reset the accumulative miles you have claimed in the tax year. This is especially important if you claim many miles and have exceeded 10,000 in the tax year.

We all also need to consider what is new for our position going into the new tax year. Perhaps something from the budget will impact upon us, such as the new marriage allowance? Perhaps our business or employment is changing in 2015/16 that will see an impact to our individual income in the next twelve months. So do you need to change anything to maximise your position?

Also what did we learn? What happened in 2014/15 that changed our tax liability? What did we have to complete differently on our tax return? Or what do we wish we had done last year that would have saved the amount of tax we will have to pay for this past tax year?


And finally, I recommend you seek advice of your own business advisers. For example, what does your accountant suggest for you personally? Mine has already suggested many areas for consideration in 2015/16, as I plan to dispose of one business and invest in another. 

Thursday 5 February 2015

Converting leads to sales

One of our most popular articles over recent months have been around the subject of finding more customers.
Our discussions with clients and contacts tells us that the level of enquiries remains similar to early 2014, but the conversation is much more difficult with greater competition for the business. 
So here are our 6 areas to help improve your chances of converting your enquiries to the desired sale.
1. Measure and be aware of your conversion rates. Learn from your discussions and feedback to continually improve that conversion rate. Get to know the sales presentation of your business that wins more often than not, then systemise the approach and use it.
2. Track all your enquiries to eventual sale with a lead management system. It can take more than a few contacts to close a sale, so a tracking system ensures you do not miss or forget an opportunity. This should be a habit to update and where possible use automation as a reminder or even to complete a follow up step for you.
3. Truly know your target audience. What is the profile of your ideal customer, what is there current situation, what are their pains and problems and why you can truly help them. Focus on the answers to these points at every touch point with your prospect.
4. Never over promise what you can deliver. Obviously that is the promise of what you or your product can do but also timescales. If you can't write a proposal in the next 24 hours then be honest and advise.
5. Observe and learn from others. This could be your colleagues such as your sales people or your peers. How are they winning new business? Learn from their success and adapt the learn into your business.
6. Don't forget to ASK for the business.

Thursday 8 January 2015

12 tips from 2014 for entrepreneurial success

During 2014, I continued to enjoy my role supporting entrepreneurs working as professional service providers which last year primarily included the bookkeeping profession and the safety sector. From my experience over the last year, I have selected 12 tips that I feel are key to entrepreneurial success and I hope will be thought provoking for your focus going forward.
  1. Push your comfort zone 
  2. Know who you can trust and understand the personalities around you 
  3. Respond in a timely manner or communicate after a perceived delay 
  4. Have belief and persevere 
  5. Follow your perception or gut feeling 
  6. Build the ability to say no 
  7. People buy from people
  8. Keep the big picture in mind with your daily action steps 
  9. Truly understand your motivation and the value of your work / life balance – 
  10. Utilise your strengths and work on your personal development 
  11. Make the numbers work 
  12. Effective Goal Planning 
You can read the full post and additional comments in my LinkedIn Pulse article by clicking here https://www.linkedin.com/pulse/12-tips-from-2014-entrepreneurial-success-mike-foster