Business121 Small Business Newsletter #82

In this week's Business121:

1. £25 Million Entrepreneur Challenge Misses the Mark
2. How to write an effective marketing plan
3. Outsourcing your HR can relieve pressure and enhance performance
4. Loyalty - The key to business success
5. Creating your customer fan base
6. Top 10 Customer Satisfaction Tips
7. Save time by interacting with the Government online
8. Company Insurance rethink needed when Corporate Manslaughter Act passed
9. Cash Accounting Scheme - simpler VAT for many more businesses
10. Reality TV ‘good for business’ say UK bosses

The £25 Million Entrepreneur Challenge Misses the Mark

When I first saw the headlines for the Bank of Scotland £25 Million Entrepreneur Challenge on Sunday, I thought, 'What a great idea!'

The initiative, which has just been launched in conjunction with the Sunday Times will give 5 entrepreneurs up to £5 million in interest free funding for the next 3 years. Now, for any entrepreneur with ideas and ambitions this is an opportunity to turn those ideas into reality.

But sadly, they have excluded the vast majority of entrepreneurs from entering the competition. Why? Because, they are only accepting entries from entrepreneurs whoare already running businesses with an annual turnover of over £2 million!

In my view, this completely misses the mark. If you're running a successful business with a turnover of £2Million+ funding is far less of a problem than it is for an entrepreneur with a great idea for a new product or a business that's still in its infancy.

By limiting the competition to established businesses only, they are merely confirming what most small business owners already suspect - banks only ever dish out money to businesses that don't really need it.

************************** 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.
*******************************************************************

How to write an effective marketing plan
A marketing plan is a core component of any business plan. It details how you intend to make the sales for your product or service and the costs and likely returns from the various sales and marketing activities you are planning.

Outsourcing your HR can relieve pressure and enhance performance
One of the more recent arrivals at the outsourcing arty is the human resources department, but now the trend for using a third-party supplier has definitely taken hold, and HRO (Human Resources Outsorcing) is an option no business can afford to ignore. The Times analyses HRO.

Loyalty - The key to business success
Whether your customers are loyal or not can be the difference between running a thriving business or one that goes to the wall. Here are some ideas on how you can encourage loyalty in your customers and boost your sales and profits.

For more ideas on how to build a successful business from a strong base of loyal customers, check out these articles;

Creating your customer fan base
The key to building your customer fan base is simple – build relationships with them. Sounds easy, but as with all relationships whether personal or business, they require thought, interest, dedication and a desire to continue to ‘work at it’. Here's how to cultivate stronger and more valuable relationships with your customers.

Top 10 Customer Satisfaction Tips
Businesses are desperate to show that they care about their customers. However in many cases the level of customer satisfaction has never been properly measured. The following tips are intended to show why every business, big or small, should be interested in measuring the satisfaction of their customers.

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

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.

Whether you're looking for help and ideas on planning, marketing, raising finance or making more sales, BETTER BUSINESS brings you practical advice that you can put to action in your business.

BETTER BUSINESS is available by subscription only. You can find out more about it and a special offer for Business121 readers here; http://snipurl.com/_Better_Business
*****************************************************************

===================
SMALL BUSINESS NEWS
===================

Save time by interacting with the Government online
Businesses can now create a personalised online profile on the Business Link website. The new facility enables businesses to complete secure online transactions, such as paying VAT and corporation tax, filing PAYE returns, and applying for an export licence without having to re-enter information about your business for the various government websites.

Company Insurance rethink may be needed when Corporate Manslaughter Act passed
The Corporate Manslaughter Bill which is expected to be passed before July will mean that more companies will need to review their insurance policies. If passed, the legislation leaves companies facing a criminal conviction and unlimited fines following fatal accidents if there has been gross failure by senior managers.

Cash Accounting Scheme - simpler VAT for many more businesses
More businesses across the UK can, from this month, benefit from easier ways to deal with VAT, following changes to one of the schemes aimed at helping small and medium-sized firms to better manage their cashflow. Changes to the Cash Accounting Scheme (CAS) mean an extra 56,500 businesses can now benefit from the scheme.

Reality TV ‘good for business’ say UK bosses
Four out of 10 UK bosses (41%) believe TV shows like The Apprentice and Dragons’ Den are inspiring a new wave of entrepreneurs who think they have what it takes to succeed, according to new research published this week by Bibby Financial Services.

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

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

FREE BUSINESS BANKING
Awarded the Best Business Current Account Provider for 5 years running, Alliance & Leicester's Free Business Current Account gives you more. For more information, or to apply online right now click here; http://snipurl.com/Free_Banking

HOW TO AVOID A COSTLY HM REVENUE & CUSTOMS TAX INVESTIGATION
Former Tax Inspector reveals the shocking truth about tax. Everything you NEED to know about avoiding and dealing with a tax investigation by HMRC; http://snipurl.com/_Tax_Investigation

30-DAY FREE TRIAL FRANKING MACHINES
With £20 Free Postage, plus a free personalised logo so you can advertise your business on every piece of mail you post. All details here; http://snipurl.com/_Free_No_Ties_Trial

SEE YOUR AD HERE
Business121 is read by over 12,000 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 2007