Business121 Small Business Newsletter #58

In this week's Business121:

1. The scourge of late payment and how to avoid it
2. How to secure business funding for start-ups
3. Companies Act 2006 and private companies - the key changes
4. What do customers REALLY buy? Improve your sales processes
5. Tips and advice on starting up a social enterprise
6. Landlord Insurance - 5 tips to lower your premium
7. Small Business Pensions - New pensions simplification rules
8. EU 'terror tax' for firms
9. Lack of IT support costs SMEs £164 million per day
10. Homeworking scam email warning
11. Government 'not doing enough for female entrepreneurs'

The scourge of late payment and how to avoid it

An ever increasing number of small businesses are experiencing problems with late payments.

Figures released by BACS show that 59% of SMEs have experienced problems with delayed customer or supplier payments at some time. This number is almost double that of the findings in 2004 which showed just a third of SMEs had experienced some sort of delayed payment.

The research also shows that the total amount of money owed to smaller businesses is on the increase. Collectively, the average amount of money outstanding to companies with 250 employees or less has rocketed from £11 billion two years ago, to almost £16 billion.

In a bid to encourage good working practices, BACS is stepping up its ‘Pay Me Direct’ campaign and encouraging small business owners to ensure they include their bank account details on invoices and billing statements along with the Pay Me Direct message.

The company has created a set of free materials - that small businesses can download and use in correspondence with customers and suppliers - and has also developed 'Ten Late Payment Tips' to help small businesses to fight back.

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How to secure business funding for start-ups
Finding the cash to develop a business idea can appear a daunting prospect but in recent years a huge range of resources have been made available to budding entrepreneurs.

Companies Act 2006 and private companies - The key changes
The Companies Act 2006 - which received Royal Assent on the 8th November 2006 - consists of 1300 sections and is the single largest piece of legislation ever made.

The Companies Act 2006 restates and replaces most of the Company Law provisions of the 1985, 1989 and 2004 (Audit, Investigations and Communities Enterprise) Acts and also introduces a wide range of changes to a number of areas such as forming a company, directors’ duties and liabilities, shareholders’ rights, share capital maintenance etc...

What do customers REALLY buy? Improve your sales processes
Remember, "Why do people buy?" is more important than "How do I sell?" Find out what would be a meaningful ROI (Return-on-Investment) to your customer, and help them understand clearly that your offering provides it, and your sales process will work so much better. Includes five things you can do to get an ROI ‘feel’ to your sales process in the next 30 days

Tips and advice on starting up a social enterprise
Jamie Oliver’s Fifteen restaurant, the Big Issue and the Eden Project are just a few high profile examples of social enterprise success stories in recent years. Here are some top tips and sound advice for would-be entrepreneurs thinking about starting up a social enterprise.

Landlord Insurance - 5 tips to lower your premium
Here are 5 tips to help you lower your annual premium for residential landlord insurance, also known as buy-to-let insurance.

Small Business Pensions - New pensions simplification rules
The Pensions Simplification rules present a huge opportunitiy for business owners. There is now significant scope to reduce tax liabilities by transferring funds into retirement planning but the pensions advisers at IFAs FreelancerMoney are urging caution as to how this new found flexibility is best exploited.

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SMALL BUSINESS NEWS
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EU 'terror tax' for firms
A proposal to create a European anti-terrorism "quality label" has raised fears that it will be an expensive burden for British companies. Business leaders have warned that draft legislation on supply-chain security — currently in the pipeline in Brussels — could cost between £2,000 a year for micro businesses and £91,400 for medium-sized businesses, the Times reports.

Lack of IT support costs SMEs £164 million per day
Most SMEs and self-employed workers currently function with little IT support and are left to tackle front end IT issues without consulting an IT expert.

Homeworking scam email warning
A warning of the resurgence of a homeworking scam has been issued. The scam involves sending emails proposing the lucrative offer of working part time from your own home for bogus overseas companies.

Government 'not doing enough for female entrepreneurs'
The government needs to provide more long-term support for female-owned businesses if women are to achieve their full entrepreneurial potential, a new report by Global Entrepreneurship Monitor has warned.

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

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