Newsletter #115 - Book-keeping basics, 7 ways to get paid on time, every time, Recovering business debts, Small business loans...

In this week's Business121:

1. Business Start-Ups and closures surge
2. Book-keeping basics every business owner must know
3. How to get the best value from your accountant
4. Credit Control - 7 ways to get paid on time, every time
5. Business Debt Recovery - A quick quide for small businesses
6. Small Business Loans - An Overview of your options
7. What to do when employees go bad

Small Business News

8. Record number of UK business start-ups in 2007
9. Up to 40% of UK websites selling online failing to comply with law
10. Capital Gains Tax Guide to Entrepreneurs' Relief

Business Start-Ups and closures surge

New statistics released by Barclays show that a record 471,500 new businesses were started up in 2007 - an increase of 3% on 2006.

Looking at these numbers, you might conclude that entrepreneurship is thriving in the UK. However, the figures released by Barclays also highlight a more worrying trend.

The number of businesses that closed down in 2007 surged to 498,900 - an 8% increase on 2006. At this level, the business closure rate is 17%, which is very high by historical standards. In fact, the only time the rate of business closures has been higher was in 1992, when they hit 18%.

The statistics highlight the perilous nature of launching a business. But, when we set out in business, we know that the odds are stacked against us.

According to the statistics, half of all new businesses will fold within the first 3 years. But if we allowed the fear failure grip us, we would never break out of the 9 to 5 grind, and never experience the thrills and spills of running our own business.

I hope you enjoy this week's collection of guides and tips. They are all designed to help you to run a successful business, and to help you avoid becoming another business closure statistic.

************************** Advertisement ************************

WHY YOUR BUSINESS IS BETTER OFF INSURED WITH HISCOX

As a leading specialist insurer we provide the most comprehensive business insurance available online.

You can tailor your policy with industry specific professional indemnity cover (£25K up to £2M), 'all-risks' contents and computers cover, portable equipment, public liability, employers' liability, legal expenses, business interruption & buildings.

Why not get a quote now? Only Hiscox allows you to buy online in minutes and download your policy documents immediately. Click here to find out more - http://snipurl.com/_Hiscox_Insurance
*****************************************************************

Book-keeping basics every business owner must know
Being on top of your book-keeping will help you maintain a healthy cash flow within your business, and be able to spot trends early on - Here's a Bytestart guide to the book-keeping basics every business owner must know. They're relevant whether you're a sole trader or running a limited company.

If you decide to get an accountant to help with your book-keeping make sure you read our guide, "How to get the best value from your accountant" before you hire one.

Credit Control - 7 ways to get paid on time, every time
One of the reasons some businesses go under is simply that they run out of cash. If you build good credit control into your operations from day one, your business will be much more able to cope with late payers.

Business Debt Recovery - A quick quide for small businesses
If you have a persistent late paying customer, here's a quick guide to the business debt recovery process. Follow, these steps to ensure your clients settle their liabilities.

Small Business Loans - An Overview of your options
Whether you're starting a new business, or have been in business for some time, there may well be occasions when your business will need additional funding. Small Business Loans come in various forms, are widely available and can provide a very flexible solution to any type of funding requirement. Here's an overview of the small business loan market.

What to do when employees go bad
Even a fantastic hard working employee can go bad over time. What can start out as a few small problems will soon become a major headache if you bury your head in the sand and ignore them.

************************** Advertisement ************************

WANT TO GROW YOUR BUSINESS?

If you want to grow your business you should attend the Growing Your Own Business Exhibition & Conference on 4 & 5 April at Olympia, London. It's the perfect opportunity to attend inspiring free seminars, get invaluable advice and network.

Business121 readers can get free entry to the show, simply use the Promo Code 'GBPH' when you register to attend.

For more information and to get your complimentary tickets visit http://snipurl.com/_GYOB
*****************************************************************

SMALL BUSINESS NEWS

Record number of UK business start-ups in 2007
A record 471,500 new businesses started up in 2007, the highest annual volume since Barclays started tracking the market in 1988. However, the figures also revealed a significant increase in the number of business closures.

Up to 40% of UK websites selling online failing to comply with law
In a spot-check of over 500 online retailers, the OFT found that a significant number of websites failed to comply with key requirements of the Distance Selling Regulations and Electronic Commerce Regulations.

Capital Gains Tax Guide to Entrepreneurs' Relief
Entrepreneurs' Relief is a Capital Gains Tax concession on qualifying business disposals, providing a 10% CGT rate on business sales - up to a maximum lifetime allowance of £1m. A flat CGT rate of 18% applies in other cases, from 6th April 2008.

** For the latest Small Business News, visit http://www.Bytestart.co.uk **

===========
CLASSIFIEDS
===========

WANT YOUR BANK TO REPAY YOU ALL THOSE UNFAIR FEES AND CHARGES?
Did you know that you can now claim back unfair bank charges going back 6 years. One or two unfair overdraft fees each month adds up to thousands of pounds. How much can you reclaim in unlawful bank charges? Find out NOW; http://snipurl.com/Reclaim_Bank_Charges

FREE BUSINESS GUIDES FROM SAGE
When it comes to expert business advice, we have free guides to help you with all the key areas of your business. Click here to instantly download your guides - http://snipurl.com/Free_Business_Guides

BETTER BUSINESS - THE MAGAZINE FOR SMALL BUSINESS OWNERS
Every issue of BETTER BUSINESS brings you ideas, advice and inspiration to help you to transform your business. Find out more about it and a special offer for Business121 readers here; http://snipurl.com/_Better_Business

SEE YOUR AD HERE
Business121 is read by over 11,000 small business owners every week. Advertise in our newsletter from just £60+vat per issue. Please email Classified@Business121.co.uk for details.

(c) Business121.co.uk 2008