Business Planning

a blog featured image with a topic about Xero vs Freshbooks

Xero vs. FreshBooks

Cloud-based accounting has taken a huge burden off of small business owners and sole traders globally. For one, most entrepreneurs nowadays have to wear multiple hats, particularly, that of business manager and accountant. For another, most entrepreneurs know the hassle of bookkeeping and handling their business accounts. There is a lot of cloud-based accounting software …

Xero vs. FreshBooks Read More »

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 …

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

a blog featured image image entitled Should You Hire an Employee or a Contractor? Here Are the Things You Need to Look Into

Should You Hire an Employee vs Contractor? Here Are the Things You Need to Look Into

Let me start by saying that I believe that if you want to scale your business, it is better to hire your team members as employees instead of hiring them as contractors. This way, you can impose their boundaries, which you can’t and shouldn’t do with contractors. However, if your business is on a budget …

Should You Hire an Employee vs Contractor? Here Are the Things You Need to Look Into Read More »

a blog featured image entitled how do you digitalize receipts in easy steps

4 Easy Steps to Digitalize Your Receipts

Receipts carry the data required for trade. Much of it is either on paper or in semi-structured designs like PDFs and pictures. It’s a challenge to manage information. You’d have to extract and store relevant information through time- and effort-heavy ways, such as manual encoding.   By digitizing your receipts, you skip the hassles of …

4 Easy Steps to Digitalize Your Receipts Read More »

a blog featured image entitled about startup marketing guide with a picture of annette

Startup Marketing Guide: Some Important Things To Have For Your Business!

Do you want to start an online marketing business but don’t know where to start? Are you having trouble managing it? Well, you have come to the right place as I am about to show you some things that would greatly help you grow your business, as well as help you manage it!   In …

Startup Marketing Guide: Some Important Things To Have For Your Business! Read More »

a blog featured image entitled What the banks are looking for when you present accounts for lending

What The Banks Are Looking For When You Present Accounts For Lending

Applying for a loan is not always a bad venture. One way or another, you are going to need large upfront cash and eventually resort to borrowing money. It can be for an investment such as a small business, family vehicle, college tuition, or real estate. For huge investments and ventures such as these, applying …

What The Banks Are Looking For When You Present Accounts For Lending Read More »

a blog featured image of annette about the topic of vat refund

How Long Does It Take For HMRC To Pay My VAT Refund

Nobody likes to be saddled with taxes, but that is the way of life. Every economic activity that we do, even the most straightforward act of buying a pack of biscuits, is taxed. There are different kinds of it—income, property, federal—but all kinds of taxes have one destination: the government’s hands. One tax in particular …

How Long Does It Take For HMRC To Pay My VAT Refund Read More »

Annette Ferguson's banner picture for a blog post with a titled about When Do I Have to Register for VAT?

When Do I Have To Register For VAT?

Value-added tax can be considered one of the most controversial strategies of the previous century regarding taxation. It is the idea that we should add cost to goods and services for the benefit of the government.  Many people were opposed to this idea as this increases the cost of almost everything. When it was implemented …

When Do I Have To Register For VAT? Read More »

a blog featured image entitled what is long term liability

What is a Long-term Liability?

A long-term liability is a company’s financial obligation that is not due within the next 12 months or the current operating cycle (if it is more than 12 months). It is also known as long-term debts or noncurrent liabilities. Businesses need to generate funds as capital to cover their various activities, expenses, and investments. Loans …

What is a Long-term Liability? Read More »

a blog featured image entitled what is a current asset with annette

What Is A Current Asset?

The Wealth Lab is back again! Every businessperson or entrepreneur started his or her enterprise with certain foundations in place. Nobody ever created a business from scratch. Everyone started with something such as capital (loan or savings), creative idea, skillset, and motivation, no matter how small. These things are what we call business assets. Generally, …

What Is A Current Asset? Read More »