Blog

The Secret to Quick and Easy Debt Recovery is Simpler Than You Think...

Don’t Risk Overdue Invoices Stacking Up

The Benefits of Single Invoice Debt Collection

What is a statute-barred debt? 

What is a Final Demand Letter and When Should I Use It?

Outsourcing

Understanding Bad Debts: How to Identify, Prevent and Manage Them

What is outsourced bookkeeping? 

What is a County Court Claim

Debt Collection Agencies vs. Legal Action: Understanding the Pros & Cons of Using a Debt Collector

The Need for International Debt Collection

When Should You Follow Up on Unpaid Invoices? 

Understanding the Struggles of Small Businesses with Delayed Payments & Debts

How your business can combat Late Payments

Are you looking to free up resources and reduce costs?

What is a County Court Judgment (CCJ)?

Is There a Right Time to Start a Small Business?

What is a business credit score

Using photographs in your business and how not to fear them!

Why reduce Debtor Days?

Do you only Credit Check a Business Customer once?

The benefits of starting a business from home. Considering recent economic developments, Recoup Business Support Centre would suggest that any entrepreneur looking at starting up a micro business should look at using their home initially. This will help reduce costs with the current energy & fuel crisis starting a business from home means the costs will be lower, travel expenses are avoided making a massive saving with current prices. Is a home-based business right for you? The advantages are that you: don't have to spend a lot of money on office rent save time and money by cutting your commute can be flexible around the hours you work reduce your energy costs from commercial to domestic The disadvantages are: there may be domestic distractions and interruptions a lack of contact with clients and other entrepreneurs unless you do networking you might end up working long hours your mortgage, home insurance and tax situation may be affected If you're feeling isolated from other people, Recoup Business Support Centre can provide you with details of networking events with other businesses owners. Popular home business ideas If you don’t have a specific business idea but are considering working for yourself, consider opportunities in your local area for services such as childcare, dog walking and alteration services. Other common home-based businesses include: consultants website designers creative arts and craft makers publishers caterers virtual assistants who provide professional assistance to clients from a home office Stay employed as you build the business Another benefit from working from home could be starting up whilst still in employment. By using the evenings and weekends to build your business. This means you won’t need to take the plunge and have money still coming in while your business develops. Your business plan If you then have a business idea, it’s time for you to create a written business plan . Preparing a business plan thoroughly will put you in a strong position and will help your business develop quicker. Start-up costs and your work environment The main issue for anyone starting a business from home will be the equipment needed. Developing your customer base can be a major issue, so investing in a good computer with relevant software may well be a priority for you. Start-up costs should be within your business plan. Your work environment It's important to create a dedicated workspace as it allows you to work without distraction and walk away at the end of the working day. You might consider marking the area you use for work a spare room away from the hustle and bustle of family life. Record keeping Keeping good records will keep you on the right track when it comes to invoices, tax returns become easier and quicker. If you are using part of your home for business, it is important to keep hold of your utility bills to track the amount spent on your business. Outsourcing You may want to consider outsourcing some of your tasks, like company credit checks to other small business as a way of increasing your professional network. You can grow your business without increasing headcount or expanding your premises, by outsourcing, for example: accounts administration telemarketing - for generating leads PR design and copywriting Meeting spaces When your business starts to grow, and you decide to work full time on the business you may also need to look for a suitable premises for your business needs. Or you could consider renting a managed workspace and meeting facility like those offered by Recoup Business Support

To help increase cash the automatic approach by most businesses would be to increase prices to prop up cash flow, but if every business increase prices then the new equilibrium will create an additional need to increase prices to meet the additional costs created by the energy rises. This will then lead to more government intervention like interest rates to counter inflation. So, the cycle continues. To mitigate future risks, it is important that SMEs become smarter about their cash flow to survive leaner months, or the reality is that they could face some serious challenges or closure. Switching energy tariffs is far from confined to domestic consumers. On the contrary, business consumers can also make significant savings simply by switching to a tariff that is more suitable for its requirements or getting a fix term tariff to allow for costing projections. Looking at operational costs should also be part of your business strategy for any business dealing with this latest crisis. This can consist of cutting costs Premises size. Keep staff working from home more. Cost saving devices to reduce energy usage. Make sure you operate on a lean process, only carrying or producing stock when ordered. Making sure your debt ledger or payment days are reduced. Switching energy tariffs is far from confined to domestic consumers. On the contrary, business consumers can also make significant savings simply by switching to a tariff that is more suitable for its requirements. Many businesses will be facing significant challenges after the covid pandemic since the end of the Government financial support packages like the furlough scheme and so on. This has been exasperated by the increase in energy & increased supplier costs. After initial consultation with a number of our clients we have also noticed that businesses are looking to alternative funding to prop up short term cashflow problems to cover money because of overdue payments or outstanding invoices. We understand businesses are facing significant challenges now and certain strategies do not fit all business types. That is why we offer an initial, no obligation Free consultation to establish your businesses challenges and develop a strategy.