The path to profitability – 5 top financial tips for new business owners | Leading UK. Jamie Playford & Succession Planning | Leading UK. At Leading Strategies, it is really important that we spot trends across the businesses we work with, least of all because it helps us assist other companies to avoid the same pitfalls. One of the most common issues that we see again and again is the failure of established business owners to plan for the future. In many cases, there will be a rough idea of how they wish to exit the business but no real thought as to how that may work. In family businesses especially, where relatives may already have their own opinions and ideas about their role in your newly transferred business, it is absolutely critical to conduct a succession planning exercise at the earliest stage to ensure there are no nasty surprises when the time for transition arrives. I thought it would be useful to share some of the most frequent myths surrounding succession planning to help you avoid making the same mistakes!
We have all the time in the world It will be easier to sell externally? The business will stay the same. What makes a good boss, great? | Leading UK. It’s been a busy week here at Leading HQ, I’ve just returned from a project on site with a wonderful client in the deepest depths of Norfolk who needed a little help with some staffing matters. On my first day, one of the things that struck me was how happy and invested in the business the team were. Literally, from the receptionist that greeted me through to the company accountant, the commitment to the business throughout was phenomenal.
As somebody who is passionate about employee engagement, it is delightful to see a company doing such a great job of taking care of their staff. I don’t just mean financially, but also through providing the emotional stimulation to get the very best out of somebody. As my time on this project drew to a close, it became obvious that the incredible culture was nurtured by the owners themselves. For example, each and every Friday, the entire company would go to the local pub for a lunch paid for by the company. They are able to inspire They ‘get’ you. Received an Accelerated Payment Notice (APN)? Here’s what to do. | Leading UK.
I am sure by now that many people are familiar with the tax products that are available to help reduce your tax bill. Barely a week goes by without another celebrity appearing in the news seemingly trying to avoid what they owe in tax. Some of the more popular schemes include Liberty, Icebreaker and Ingenious. This type of scheme is registered with HMRC so they can keep track of who is using them in order to potentially challenge the legality of the scheme in coming years. As these schemes have become so popular, the Government introduced powers in 2014 for HMRC to demand this tax saving be paid for up front. If HMRC issue an APN, the debt is legally due and payable within 90 days and this is even if the scheme has not yet been challenged. What steps should I take if issued with an APN notice? Firstly, it is important to take advice from an Insolvency Practitioner or your accountant to ascertain whether you can raise the necessary funds.
Only the strong survive – top ten tips to future proof your business | Leading UK. At Leading Strategies, we work with a wide range of business owners who are experiencing difficulties with maintaining the life of their company. In many cases, the directors of a struggling business adopt a ‘head in the sand’ approach and by the time they reach out to us for advice, it may well be too late and a formal insolvency procedure is needed. We always aim to preserve the life of a business so I thought It would be worth sharing our top tips to help you recognise some of the actions you should take along with the options available to you.
Plan for survival It probably sounds obvious, but always have a plan B. A sudden downturn in the economy, an event that threatens your suppliers, an unexpected bill – these things can all have a huge impact on the sustainability of your business. Having a good back up position and a decent amount of contingency cash will ensure you can survive any leaner times. Understand your marketplace Manage cash carefully and effectively Communicate. Fail to plan, plan to fail | Leading UK. All successful people in business agree that change is inevitable, and planning is key. Jamie Playford of Leading Strategies explains why. Having worked with businesses in financial distress for almost 20 years, some reasons for business failure are more common than others. Taking those lessons, we now also help start ups and younger businesses avoid those pitfalls altogether and run their businesses better. Start ups are statistically a higher risk of failure and also businesses that grow quickly often do not implement procedures to support that growth and owners become “too busy” to cope.
Having well-defined goals and a strategy (often in the form of a business plan) that is regularly and objectively measured ensures business owners achieve their personal goals. Leading Strategies was formed by a team of experts who help businesses through periods of growth, distress and change. Jamie Playford explores the difference – Individual Voluntary Arrangement (IVA) v Bankruptcy? | Leading UK. As an insolvency practitioner I often work with clients who have ended up in debt through no fault of their own. In many cases, people have struggled financially following a redundancy, marriage breakdown or illness and have no idea that there are options available to help them. Whilst entering into an insolvency procedure is a very serious step, in many cases it can allow you to move back towards a financially healthy position. The main options that are often suitable to achieve this are an Individual Voluntary Arrangement (IVA) or even Bankruptcy, here are some of the key advantages and disadvantages of each: Advantages of an IVA An Individual Voluntary Arrangement (IVA) is a process that was introduced to help people tackle their personal debts.
An IVA is often a good solution for people who have been struggling to make ends meet. For home owners, arguably the single biggest reason for preferring an IVA to bankruptcy is the ability to hold on to the family home. Careers | Leading UK. At Leading UK, we know that our people are central to the success of our business. That is why we look for individuals who are talented, career driven and most importantly, able to embrace the ethos of our Directors – delivering a quality service, every time. As a small, yet growing business, we have big plans for the future and know that having the right people on board will help us achieve them. We are always on the lookout for individuals who stand out from the crowd, who are prepared to roll up their sleeves, work hard and embrace all of the opportunities that we offer.
Our Directors are passionate, energetic and inspiring and have created an environment where every opinion is valued and every staff member matters. We treat our team with respect and are committed to helping each person achieve their own, individual aspirations. You don’t always need to have insolvency or business advisory knowledge (though both are obviously most welcome!) Leading Debt Solutions | Leading UK. It’s never too late to start your new beginning. Often our clients fall into debt through no fault of their own. We listen, understand and provide a solution that gives you a fresh start. At Leading Debt Solutions our team of experts have helped thousands of people make a fresh start. Often our clients have ever growing debts and are struggling to juggle their cash to make ends meet. In many cases, the situation is more serious and the fear of bailiffs knocking on the door has become a very grim reality.
We specialise in helping you to overcome these obstacles, allowing you to move on with your life without the weight of the world on your shoulders. For a free, confidential, no obligation discussion to find out how we can help you, contact our team today on 0800 246 1845 or mail@leading.uk.com. Why use Leading Debt Solutions? Our team are always on hand to guide you every step of the way We understand that you may need advice quickly.
Our team are empathetic and non-judgemental. Business Insolvency | Leading UK. At Leading Corporate Recovery, our experienced team of Restructuring professionals and Licensed Insolvency Practitioners are on hand to provide practical, intelligent Corporate Advisory, Restructuring and Insolvency services. Our experts excel at identifying and implementing real world solutions to complex challenges and are always focused on achieving the best outcome for you and your business. We provide a wide range of services to business owners who are facing periods of growth, change and distress. Why use Leading Corporate Recovery? Our team are always on hand to guide you every step of the way We understand that you may need advice quickly. Our team are empathetic and non-judgemental We know that it can be difficult to discuss the challenges your business has faced and that coming to terms with your current financial position can be daunting.
We offer flexible payment plans We appreciate that many of our corporate clients are already strapped for cash. Insolvency Warning Signs | Leading UK. At Leading Corporate Recovery, our experienced team of Restructuring professionals and Licensed Insolvency Practitioners are on hand to provide practical, intelligent Corporate Advisory, Restructuring and Insolvency services. Our experts excel at identifying and implementing real world solutions to complex challenges and are always focused on achieving the best outcome for you and your business.
Our Licensed Insolvency Practitioners will always advocate dealing with your financial issues as soon as possible. In many cases, when financial problems are dealt with at an early stage, we have more options that will be able to help. Our focus will always be to enable the business to continue to trade and solidify its foundation before returning to financial health. We know that Directors who are able to acknowledge there are difficulties are more likely to find a successful resolution. So what signs should you be looking out for? Early signs of distress – many rescue options available. Creditor Report Centre | Leading UK. Useful links and Information | Leading UK. Glossary | Leading UK. Administration A business will generally go into administration because it has experienced financial difficulties which may have been caused for a variety of reasons, for example, an unpaid debt or inability to meet HMRC obligations.
At this point an Administrator will be called in to oversee the running of the company in a bid to determine whether the company can continue to trade or be sold to new owners who are confident they can turn the company around. If the company cannot be sold, it will be closed down and all of its assets will be sold to pay any outstanding debts that remain. Administrator The Administrator acts as the controller of a company which has entered into administration.
The Administrator has full control over the entire business and is appointed by the courts. Arrears These are accrued in circumstances where you have failed to pay invoices or make payments on your debts which have then subsequently accrued. Leading UK Jamie Playford appears in the EDP to comment on the liquidation of Eco Juice. The importance of maintaining control in turbulent times. | Leading UK. At leading Corporate Recovery, I work with many business owners who initially adopt a ‘head in the sand’ approach when trading conditions become turbulent. Whilst it may seem obvious that any issues should be dealt with quickly and effectively, often problem areas are ignored and can then quickly spiral out of control. In many cases, the problems aren’t always immediately identifiable, so it is important that you delve below the surface to understand what is really happening in your business, ensuring you give yourself the maximum opportunity to avoid becoming insolvent.
Here are some of the areas you could focus on. Business Processes As a starting point, it is good practice to review your existing business processes and procedures to see where there areas for improvement. Infrastructure When was the last time you reviewed your infrastructure? Review the numbers It may seem obvious but keeping an extra close eye on your financial position is essential. Keep talking. Is your business ready for a Brexit? | Leading UK. Well, it’s finally been confirmed – after years of lively discussion and heated debate, David Cameron has announced the referendum on leaving the EU will take place on 23 June. Whilst I am sure we all have our personal views as to whether we want to remain or leave, as a business owner, it is essential that you plan for the potential impact of a departure. Earlier this month, the Financial Reporting Council urged businesses to plan for the potential costs of leaving the EU and whilst these warnings were predominantly aimed at FTSE Companies, small business owners should also take note.
Many esteemed business professionals have already stated that there will be a knock-on effect to SME’s if the Brexit happens and a recent poll conducted by the Federation of Small Business confirms that 42% of business owners could still be swayed as to which way they will vote. Preparation is key Taking the time to consider these types of matters along with other ‘What if?’ Jamie Playford explores how the latest budget will impact SME’s | Leading UK. Recent newspaper headlines have been dominated by two topics, brexit, the budget and the relationship between them.
While the brexit remains a matter of speculation, the budget can be analysed in terms of its effect on small businesses – Jamie Playford, Insolvency Practitioner and Business Advisor explores the impact further. No Change on the Move to Digital Wallets and Quarterly Tax Returns One of the key points in the budget was a topic, which was conspicuous by its absence. Back in the 2015 budget, the Chancellor announced that the long-standing annual tax return was to be phased out over five years and replaced with a digital tax account.
Relief for Small Businesses as Business Rates Become More SME-Friendly For owners of small businesses, possibly the best news in the budget was that the threshold for small business rate relief was raised from £6K to £15K while the threshold for higher-rate relief was changed from £18K to £51K. Clamping Down on VAT Evasion by Internet Merchants. Why use an Insolvency Practitioner? | Leading UK. No matter how much blood, sweat and tears you may have put in to building a business, no matter how much money, time and effort you’ve spent on it, sometimes you have to accept that your business simply cannot continue. However disheartening that situation might be, it can be very much to your advantage to face the situation head on and ask for help from an insolvency practitioner rather than hiding from reality and trying to struggle on.
Here are some reasons why. You will start the process of getting closure For as long as your company continues to trade, you will continue to have to deal with the pressures inherent in your situation. Being the director of a business can be stressful enough without having to deal with demoralised staff or trying to hide the truth from them and pretend that everything is fine.
The liquidation process is less public You avoid court procedures If a court starts liquidation procedures then you need to attend court to settle them. Feel the fear and do it anyway, 5 signs you ARE ready to start your business | Leading UK. Are we ever really ‘Out Of Office’? | Leading UK. It’s all in the planning | Leading UK.
The silent revolution – the changing face of HR | Leading UK. Startup know how – Surviving your first year in business | Leading UK. Has your business been impacted by an unpaid bill? | Leading UK. Could you run a business with your friend? | Leading UK. My company might be insolvent – what do I do? | Leading UK. Get it right first time – how to successfully hire your first startup employee. | Leading UK. Plan for the future – the importance of having an exit strategy | Leading UK. The importance of maintaining control in turbulent times. | Leading UK. Is your business ready for a Brexit? | Leading UK.
Jamie Playford explores how the latest budget will impact SME’s | Leading UK. Leading UK Norfolk Chamber of Commerce. Leading UK Leading UK announce sponsorship of Norwich Cocktail Week. Leading UK Leading UK announce free business advisory session at the 2015 Norfolk B2B exhibition. Leading UK Norfolk sees an explosion in new businesses. Leading UK Leading UK announce sponsorship of local football club. Leading UK Jamie Playford comments on impending changes to the solar energy industry. Leading UK Leading UK appear in the November issue of the Norfolk Voice. Leading UK East Anglian region witnesses rapid growth. Leading UK Jamie Playford appears in the January issue of the Norfolk Voice magazine. Leading UK 30,000 Businesses in the East of England impacted by insolvency.
Our People | Jamie Playford | Leading UK. Personal Guarantee | Leading UK. HMRC TTP Norfolk, Suffolk, Lincolnshire & Cambridgeshire | Leading UK. Bankruptcy Norfolk, Suffolk, Lincolnshire & Cambridgeshire | Leading UK. IVA Norfolk, Suffolk, Lincolnshire & Cambridgeshire | Leading UK. Winding Up Petition | Leading UK. Members Voluntary Liquidation (MVL) Norwich, Norfolk | Leading UK. CVA Norfolk, Suffolk, Lincolnshire & Cambridgeshire | Leading UK. Company Liquidation CVL Norfolk, Suffolk, Lincolnshire & Cambridgeshire | Leading UK. Insolvency Practitioners in Norwich, Norfolk. Administration | Leading UK. Business Insolvency | Leading UK.
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