Newsletter #143 Interest rate cut welcome, Guide to accepting online transactions, Managing cashflow tips, How to use your USP to attract more and better quality customers, Carving out a successful niche for you small business

In this week's Business121:

1. Interest rate cut welcome
2. Guide to accepting online transactions
3. The biggest network security threats for small companies
4. Manage your cashflow during a recession - Top Tips
5. Planning tips to negotiate the economic black hole
6. How to develop a strong USP and how to use it to attract more customers
7. Carve out a niche for your business and you're more likely to succeed

Small Business News

8. Company directors urged to seek advice early if facing difficulties
9. More and more company directors moving "up north"
10. UK businesses determined to survive despite economic turmoil
11. Average family sees lifetime tax bill soar by 6% over past year
12. Latest statistics and trends on business enterprises in the UK

Interest rate cut welcome

Today's emergency 0.5% cut in interest rate will be very welcome for most small businesses.

Over recent months, thousands of companies have seen their cost of borrowing soar as the banks have hiked overdraft and loan rates, in many cases by several percentage points.

At present HBOS and Woolwich, the mortgage arm of Barclays, have indicated that they will pass on the 0.5% cut to mortgage holders, but we need the banks to pass the rate cut on to business overdrafts and loans too.

The latest UK Enterprise Survey Report, released this week (see NEWS below), shows that the credit crunch has increased short (64%) and long-term (53%) borrowing costs for more than half the businesses surveyed.

If banks don't reverse this trend, the harsh reality is that thousands of small businesses will be strangled by the lack of affordable finance.

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Guide to accepting online transactions
For many small businesses the thought of taking payments 24 hours a day is quite appealing – especially when you go to work in the morning and find a list of orders that have already been processed and the payments cleared to your account.

Taking payments on your website is a big step to take, but if you are successful it is a great way of making money for your business. This guide tells you how you go about accepting online transactions, and set up an eshop.

The biggest network security threats for small companies
Small companies face more security threats than larger companies, as they often do not have the personnel or financial resources to protect their networks and computer data. Here are the main security issues SMEs should be aware of.

Manage your cashflow during a recession - Top Tips
During economic downturns, one of the main reasons why businesses go under is because they run out of cash. However sound your business is in other ways, successful cashflow management should be your main priority with a recession looking more likely. Here are some key suggestions to help improve your cashflow.

Planning tips to negotiate the economic black hole
With many firms wondering if they can weather the economic storm, here are some tips to help small companies to negotiate the economic black hole.

How to develop a strong USP and how to use it to attract more customers
Take a close look at any business that has been thriving over the last few years, and there's a very strong chance you'll see it has a clear Unique Selling Proposition. A strong USP helps you to stand out from the crowd and to attract more customers. If you're clever with your USP you can also use it to bring in the right type of customers - ones that stay loyal to you and aren't just worried about price. Here's how you develop a strong USP for your business.

Carve out a niche for your business and you're more likely to succeed
Ever heard the saying: jack of all trades, master of none? That saying has never been more true than when it comes to marketing your small business. Here's why you're better off operating in a niche, and some useful tips to help you to find a profitable niche for your small business.

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IS YOUR BUSINESS ONE OF THE THOUSANDS THAT HAS HIT HARD TIMES?

Renowned businessman and troubleshooter Sir Gerry Robinson wants to rescue some of Britain's struggling businesses. As part of a major new Channel 4 series, he will be offering advice and substantial investment to British businesses he thinks can be brought back from the brink.

If your company fits the bill, operates in the construction, leisure & hospitality or manufacturing industries, and you think Gerry could help, call Tessa or Becky on 020 8233 2952.

Businesses applying should be privately owned and have a turnover of at least £500K. All applications will be treated in strict confidence.
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SMALL BUSINESS NEWS

Company directors urged to seek advice early if facing difficulties
Company directors are being urged to ensure they fully understand their responsibilities under relevant legislation because a director failing to act may become personally liable for debts and face a criminal record.

More and more company directors moving "up north"
An annual survey of UK Company Directors has revealed that more and more company directors are choosing to live outside the capital and the South East, with ‘a gradual migration of company directors from the South of England, to more northerly regions, as well as Scotland and Wales’.

UK businesses determined to survive despite economic turmoil
Despite 12 months of economic turmoil, the latest UK Enterprise Survey Report shows that UK companies are determined to survive, and remain optimistic about the future.

Average family sees lifetime tax bill soar by 6% over past year
The TaxPayers' Alliance has published startling new research which shows that the average family faces a lifetime tax bill of £668,000 - a huge 6% rise on last year's figure.

Latest statistics and trends on business enterprises in the UK
The latest data reveals that there there were 2.16 million business enterprises registered for VAT and/or PAYE in March 2008, compared to 2.10 million in March 2007 - a 3% rise year-on-year. During the year, the number of sole traders and partnerships reduced, while more businesses decided to incorporate.

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

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