6-figure business

a blog featured image with a topic title about It’s Time to Get a Business Credit Card, If You Answer Yes to Any of These Questions

It’s Time to Get a Business Credit Card, If You Answer Yes to Any of These Questions

How did you pay for the last thing you bought? Chances are, you whipped out a card from your wallet and walked off with the item you purchased without touching actual cash. It is easy and convenient. Small business cards are the same – they give access to a line of credit for purchases. Business …

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a blog featured image with a topic title When To Consider A Business Loan?

When To Consider A Business Loan?

To grow your business, acquiring liabilities is inevitable – especially current liability which may include business loan and trade credits. While unavoidable, you must know how to manage your assets and liabilities effectively. To be able to juggle both well and still profit on the side is what it means to be a successful trader. …

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Why Most Accountants Are Not Equipped To Give Profit Or Business Growth Advice

There are book accountants and there are Chartered Accountants who are Profit First Certified. The latter is me, Annette Ferguson – Chartered Accountant and Profit First Certified Professional.   There is a big misconception surrounding an accountant’s work. Yes, traditional accountants are meant to help you stay on top of your balances. They help you …

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a blog featured image with a blog title topic about Get Rid of Cash Flow Problems Once and for All

Get Rid of Cash Flow Problems Once and for All

It is common for businesses to experience cash flow problems, especially during a recession. In fact, even when sales are soaring, it is possible for companies to have difficulty managing cash. How can you improve your cash flow management to eliminate such cash flow problems?   A good cash flow control is important in building …

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a blog featured image entitled Being passionate about your career in business is great and all. It’s a great feeling knowing that you genuinely believe in your cause and the reason for establishing your business goes beyond profits. But while forging your passion and career into one is a dream come true, a business – at the end of the day – is still a business. You need to make money out of it. Otherwise, it’ll be hard to stay afloat. So before even investing a good amount of money on marketing and branding activities, you first need to focus on pricing your services right. Are There Laws About Service Pricing? Yes, there are. There are regulatory laws that aim to standardise the price of goods in the market. And, believe it or not, it’s a much graver offence to “under-price” than to overprice. The term used is Predatory Pricing. It refers to selling goods at a loss to disrupt the status quo in the market, leading other businesses to ruin. The Competition and Markets Authority or CMA largely regulates market competition in the United Kingdom. They protect consumers and businesses from possibly fraudulent and unfair market practices by conducting market investigations to reduce or prevent any breach in anti-competitive laws. Then again, this often pertains to tangible goods. So, how about services? Service-based businesses, on the other hand, have a bit more leeway when it comes to pricing. Online companies, especially, have a lot of grey areas because many B2B industries are relatively new and therefore, there isn’t much historical market data to go around to be used as a reference for pricing purposes. Some service ideas are so new that there are only a handful of competitors in the market. If you belong to this kind of industry, one that’s really new it’s confusing, there are still some ways to determine the right price for your services. By right, I mean a price that’s fair to both you and the customer – a price which you can profit from. With that said, we can essentially break down the “pricing process” to four steps: Determine Who Your Customers Are Study The Competition Self-Evaluate The Value Your Services Bring To Consumers Listen To Feedback A Penny For Your Thoughts With all that said, you have to think about how you can make your business “profit-first.” Actually, there’s a really great book written around it that you can check out. If you’re too preoccupied with more pressing matters that it’s hard to find the time to read, just let me know. I’m a Profit-First Certified Chartered Accountant and I’d be happy to give you some advice when it comes to pricing your product.

How To Price Your Services To Make A Profit? : Service Pricing

Being passionate about your career in business is great and all. It’s a great feeling knowing that you genuinely believe in your cause, and the reason for establishing your business goes beyond profits. But while forging your passion and career into one is a dream come true, a business – at the end of the …

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a blog featured image with a topic in relation to Employing People as a sole trader

Can I Employ People as a Sole Trader?

A sole trader is a self-employed and legally recognized sole owner of a business. It is the simplest and most popular business structure in the UK, making up almost 60% of businesses in 2019. Sole traders might be the sole owner of the business, but it doesn’t mean they have to work alone. They can …

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7 Steps to Making a Profit First Instant Assessment

Business Wealth AcademyThe Academy is opening it’s doors again this coming July 12th and 13th. Sign up to receive an update from our team.  Join List The traditional way of accounting for profit is using the formula: sales – expenses = profit. Mike Michalowicz, the author of First Profit, introduced a new method, which flips …

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a blog featured image entitled Profit First for UK Online Businesses

Profit First for UK Online Businesses

You may think that running an online business is a lot easier than managing a physical store. However, a lot is going on behind a virtual or digital operation. Even when you don’t retail physical goods but rather sell digital services, you might still find yourself stuck with the question: I know I’m earning a …

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How to Create Profit Like Jeff Bezos: Three Things to Do Today

In an unprecedented surge of revenue during the Coronavirus crisis last year, Amazon owner Jeff Bezos is now gaining more attention and attracting more followers. Following the 2020 Q1 release of the retail giant’s earnings, Bezos said in a statement that even with at least 30% revenue increase across all brands, investors should not expect …

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a blog featured with annete entitled How to Legally Take Money Out of Your Limited Company?

How to Legally Take Money Out of Your Limited Company?

It is so easy to think that, just because you have your own business, you can have access to your business’s money anytime you want and need to. One of the most common concerns small business owners have is how they can take out money from the business since they practically own and run the …

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