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Power up your business with a Virtual Non-Executive Director

March 6, 2017 By Gordon Carmichael

The benefits of Non-Executive Directors are well understood by many successful business owners. They bring an independent view and additional experience that enable better decisions to be made by the management board. Our Home Counties and London Group Business Advisors have developed a Virtual Non-Executive Director (VNED) service that offers Managing Directors and business owners the same independent view and advice without the complexity of shareholdings, appointing legal directors and director’s service agreements.

 

Every company is different and yet there are many similar and transferable aspects from other industries and markets. Our experts are able to utilise their broad business experience and extensive network of contacts to support companies to achieve their strategic objectives. An independent view that challenges existing or new strategies can substantially enhance the robustness of a company’s direction. Sometimes difficult decisions are required to deal with business problems and the VNED can act as a sounding board to provide guidance and help the decision making process.

 

Our approach recognises that established and start up businesses have different needs at different times in their life cycle. New businesses often have a need to demonstrate credibility externally to customers and investors. Appointing a Virtual Non-Executive Director can enhance this.

 

How does it work?

The optimal Virtual Non-Executive Director approach varies with the needs of a business, the existing in-house skills and the “personality” of its MD and management team. Our experts are adept at engaging with companies to strike a balanced approach between coaching, practical advice, strategic input and holding the management to account where appropriate. Prior to engagement, we offer a confidential, no obligation, no holds barred discussion to establish what is actually needed and to establish priorities. A flexible approach is adopted to accommodate the practical time constraints of running a business, the need to react to short term opportunities or threats, planning for growth, the changing needs of the business and potentially planning for exit.

 

Businesses need to get things done but don’t always have access to the in house skills or expertise required for projects or specialist activity. If appropriate, our business experts can introduce trusted resources from their network that can jump start new requirements.

 

What does it cost?

The VNED service is charged on a monthly retainer basis with no long-term commitment and no surprises. The service is designed to deliver on-going value to the MD and the company. The monthly cost depends on the level of engagement agreed and will be tailored to your needs.

 

Contact Gordon Carmichael on 01276 818125 or gordon.carmichael@hcbusinessadvisors.co.uk to discuss how our Virtual Non-Executive Director service can benefit your business.

Filed Under: All blogs, Business Planning, Operations and Technology, People, Strategy Tagged With: business benefits, Virtual Director

My business is driven by technology – can I claim R&D Tax Credits? My business is driven by technology – can I claim R&D Tax Credits?

March 6, 2017 By Linda Eziquiel

Maybe you are creating apps or adapting existing software for cloud delivery (SaaS), or creating tools to make sense of big data, or using CNC machines to mill complex parts, or developing wearable tech or designing new medical devices …… the list is endless.

 

Whatever your angle you will know that technology and what you can do with it, is constantly evolving.  But what you may not know is that the skills and knowledge you are investing into technology could mean you can claim generous Government support.

 

The questions to ask are:

  • Do I design innovative products or processes?
  • Do I employ technical staff or technical subcontractors?
  • Is there some uncertainty in how to go about getting the outcomes I’m seeking?
  • Do I spend staff time and money on my designs and developments?

 

If you do, then you really should check your R&D tax credit eligibility. It’s quite easy to find out, quick to do and will cost you nothing.

 

How do I check my eligibility for R&D tax credits? 

Actually it’s very easy…. most R&D tax credit specialists don’t make any charge for an initial assessment – and it can be done in as little as 10 minutes over the phone. All you have to do is call one!

 

What happens next?

You will want to know how much your claim is worth and again, most good specialists will make no charge to advise you on the potential cash benefit.

 

They earn their fee from providing you with support once you have decided to go ahead. They’ll help you to make the case for your claim to maximise the total value. Since the fees you pay for assistance are commonly contingent on success, it’s a low risk process.

 

What does it cost?

A competitive rate is around 18% of the successful claim value, although some R&D tax credit specialists charge much more… often because they use their internal accountant which adds to the cost. Usually, you can ask your own trusted accountant to submit the R&D claim for you and most accountants actually prefer that.

 

Any benefits you get go straight onto the bottom line, so they are a welcome ‘windfall’ especially considering that you did not know you were eligible in the first place.

 

Checking whether you can claim is quick, painless and costs nothing.

 

Interested in finding our more about R&D Tax Credits for your business?  Then email Linda Eziquiel at linda.eziquiel@lgbusinessadvisors.co.uk or call her on 020 8856 9835 for a ‘no obligation’ chat about your eligibility.

Filed Under: All blogs, Research and Development Tax Credits Tagged With: R&D Tax Credits, tax, Tech, Technology

6 Important Technological Considerations For A Start-Up

February 6, 2017 By

1. Watch the cash!

Obviously, for a start-up, this goes well beyond spending money on technology, but it’s important to keep it in mind when choosing software.

Where possible, invest in systems that allow you to pay monthly with no tie-in.  Even if you feel that your business requires something more bespoke and specific in the medium term, selecting Pay-As-You-Go systems initially can pay dividends.  Initial use of a Pay-As-You-Go system will allow you to test your requirements and then purchase a more bespoke solution from a more informed position.

Consider things like dedicated or hosted servers, and shared environments, so that you are not spending money on in-house servers and so on.  Rarely are these necessary nowadays, and in fact they can limit your flexibility.  The online environments are usually available for a monthly fee as well, and this helps cash flow as well as limiting risk.

If your requirements change, or if the business fails, you are faced with a relatively small write-off as long as you haven’t signed up to long-term support contracts, or made large capital outlays in these early stages.

2. Do your research

Many business owners are not technology experts, and there is no reason why they should be, but there are many vendors who will take advantage of this fact, unfortunately.  If you talk to someone who has a software package to sell, you will always find that their system will do everything that you ask of it – sometimes it is only later that you discover that those claims are at best costly, and at worst simply untrue.

This may seem a cynical view, and there are of course many technology vendors who will offer you the best advice and the benefit of their experience, but they will also tell you that there are no shortage of business like those above.  The risk that you run, as a non-technical start-up, is that you don’t know which of these categories the people sitting in front of you fall into!

Make sure you research the market, talk to other businesses that you trust and find out what their systems are, or take external advice.  When you settle on a solution, ask for reference sites that you can visit or speak to, in order to find out what the after-sales experience is.

3. Keep it flexible

You may well find that your business changes to some extent as it develops – you find some avenues are more worth pursuing than others, and sometimes what you end up doing a year or so in is not necessarily what you set out to do.

Having systems that are suitably flexible, or which can be dropped and changed quite quickly and easily, can keep you ahead of the game.  If you have spent a lot of money on large and inflexible system, this can actively hold back your business growth

4. Aim for integration

It can be tempting to take on an assortment of systems to fulfil various functions that you either need, or think you need.  Bear in mind that most of these systems will hold, for example, your customer contact details – perhaps in a CRM system and an accounting system.

If any of those details change, they will need to be updated in two places.  Quite quickly, this process will fail, and you will find yourself in a position where you have two different addresses for someone, and you are not sure which is the correct one!

It’s not always easy, depending on the systems you need, but it’s worth aiming for the greatest degree of integration that you can manage.

The golden rule is to aim to store every piece of data only once, and then share it, if you can.  So you have one core customer or contact record, one central product record and so on.

5. Consider your processes

When you start a business, you will probably have a fixed idea of how you want it to work.  Be prepared to learn from the way that the systems you look at operate – by their nature they will be generic, as they are designed to fit the needs of as wide a base of potential users as possible.

In the early stages of your business growth, try and follow these generic processes, rather than being too prescriptive about your own idea of how you want to operate.  You will find it much easier to get started, and you will still be able to get orders out of the door one way or another!

There is an adage that you shouldn’t let software control your business, and this is certainly true, but at the same time you should always be asking yourself why you need to do something that is different to the way in which many businesses operate.  As often as not, you may find that there is no compelling reason, certainly in the early stages.

6. Plan ahead

Having made the above point about keeping your processes as generic as possible, it is still important to bear in mind where you want to get to in the end.  If you are likely to have specific requirements, mobile apps or e-commerce for example, then try and ensure that the systems you are using can support some form of integration with external systems like these.

You won’t necessarily want to spend money on a mobile app at the start (unless that’s your business!) but you don’t want to be in a position where you are prevented from moving forward by a hasty and poorly researched decision made when you started.

In the end, choosing software is always a risk.  You may find something better a few months later; you may spend too much because you are not familiar with the market; your business model may change; new technologies and possibilities may become available, and a host of other factors.

Keeping these six key pointers in mind while you are making your decisions may help to mitigate those risks.  Like many purchase decisions, there is a balance to be struck, and there is no right and wrong.

We have extensive experience in implementing processes and systems to help you find the right focus for your business.  If you’d like to find out more, please feel free to get in touch with me for a ‘no obligation’ chat about your business software and systems at david.hardstaff@hcbusinessadvisors.co.uk or on 07722 605545 .

Filed Under: All blogs, Operations and Technology Tagged With: start up, Technology

Impending Employment Law Changes for 2017

February 6, 2017 By

As MDs think about the New Year or start planning for the next financial year there are a number of forthcoming employment law changes that may affect you and your business.

  1. Gender Pay Gap

True this applies only to large employers (employing over 250 employees) but it is likely to be cascaded down to the SME sector in coming years. So why do something about this now? Gender pay gap reporting applies both to bonuses and pay. If there are discrepancies between male and female workers on either score when employees are doing the same job, there are likely to be fines, the cost of immediate remedial action and potential claims for back pay equalisation going back 7 years.

The reporting requirement for large employers will be to publish:

  • the difference in mean pay between male and female employees;
  • the difference in median pay between male and female employees;
  • the difference in mean bonus pay between male and female employees;
  • the difference in median bonus pay between male and female employees;
  • the proportions of male and female employees who were paid bonus pay; and
  • the proportions of male and female employees in each quartile of their pay distribution.

This should be a relatively quick job for the SME to see if there are any discrepancies and, in any event, is good practice to check that there is no unconscious bias creeping into pay decisions. Unless there is objective performance criteria to explain the difference, MDs might well consider putting in place a remedial action plan where appropriate. Given that SMEs are unlikely to be affected for several years, it gives MDs the opportunity to manage any discrepancies over a number of pay rounds.

  1. Apprenticeship Levy

SMEs will be able to receive government funding towards the costs of apprenticeship training and assessment through co-investment, with the likely date of this new system of funding in England coming into effect from 1st May.

The Government will pay 90% of the price agreed with the training provider, up to the maximum allowed by the funding band for the relevant apprenticeship standard or framework.

Employers with fewer than 50 employees will not be required to pay a contribution to the cost of the apprenticeship where the apprentice is aged 16 to 18 inclusive, or aged 19 to 24 inclusive if he or she has previously been in care or has a local authority education, health and care plan. The Government will pay 100% of the training and assessment costs in these circumstances.

  1. Changes To Rules Employing Foreign Workers

From April 2017, an immigration skills charge will be introduced, so that SMEs that employ migrant workers under Tier 2 of the points-based system of immigration will be subject to a levy of £364 per certificate of sponsorship per year. The immigration skills charge will be in addition to current fees for visa applications.

In April 2017, the minimum salary threshold for “experienced workers” applying for a Tier 2 visa will increase to £30,000. New entrants to the job market, and some health and education staff will be exempted from the salary threshold until 2019.

  1. National Minimum Wage

Cycles for national minimum wage increases – including the National Living Wage – will be aligned, with the next round of changes taking effect on 1 April 2017.

From 1 April 2017, the rates payable will be as follows:

  • For workers aged 25 or over, the rate will be £7.50 per hour (the National Living Wage).
  • For workers aged at least 21 but under 25, the rate will be £7.05 per hour.
  • For workers aged at least 18 but under 21, the rate will be £5.60 per hour.
  • For workers aged under 18 who are no longer of compulsory school age, with apprentices excepted, the rate will be £4.05 per hour.
  • For apprentices aged under 19 and apprentices aged 19 or over but in the first year of their apprenticeship, the rate will be £3.50 per hour.
  1. Interns

Not a change but linked to the previous point about the national minimum wage, we often get asked about what an intern should be paid, if anything at all. Whether an intern qualifies for the national minimum wage depends on whether or not he or she satisfies the definition of a “worker”. Where, under an agreement with an organisation, the intern is obliged to work for it personally, the definition is likely to be satisfied and he or she will be entitled to the national minimum wage. However, if the intern is only observing or shadowing employees of the organisation, without undertaking any work him- or herself, he or she is unlikely to be a worker and will, therefore, not be entitled to the national minimum wage. If the latter applies we would recommend that you consider paying travel expenses and subsistence as a gesture of goodwill and a way of promoting your company for the future.

There are quite a range of employment law changes coming up this year. If any of these may affect you, then give us a call for a confidential discussion to talk these changes through. I can be contacted via stephen.cowburn@hcbusinessadvisors.co.uk or by phone on 07974 425361.

Filed Under: All blogs, People Tagged With: Employment law, Employment law changes, HR, Visa

Are you worried about Pension Auto-Enrolment?

February 4, 2017 By Mushroom Internet

The law on workplace pensions has changed.  Every employer with at least one member of staff has new duties – enrolling those who are eligible into a workplace pension and to contribute towards it.  This is called Auto Enrolment. Auto Enrolment

Auto Enrolment has been introduced by the government so people save for a pension that will eventually top up the state pension.

In the past many employees missed out on a valuable pension because their employer didn’t offer them a pension, or they didn’t apply to join the company pension scheme.  Auto Enrolment changes this.  It makes it compulsory for employers to automatically enrol their eligible employees into a pension scheme. The employer must also contribute. This also means that employees will be offered a benefit that will hopefully translate to increased employee commitment/motivation and lower staff turnover.

Hefty fines apply to those who fail to comply with auto enrolment.  Employers with more than 50 employees should already be up and running and for those businesses with less than 50 the staging dates are as follows:

  • 40-49 employees 01/08/2015
  • 30-39 employees 01/10/2015
  • Less than 30 employees 01/04/2017

If you are concerned about Pension Auto Enrolment and the implications it has for your business, Advisors at SGBA can help you so, talk to your local business advisor on 0774 044 9090 or call 0333 444 8522 (local call number) to be connected to a specialist. Or email me,  peter.smale@sgba.co.uk. Act NOW before your staging date.

Filed Under: Business Planning Tagged With: auto enrolment, business advisors, SGBA, staging date, workplace pensions

Is the economy running out of road?

April 8, 2015 By Mushroom Internet

With the approaching General Election due on May 7th we are being presented with a blizzard of facts and figures to prove almost any point the politicians care to dream up. In fact in many cases the figures cited, frequently taken out of context, are often used to prove opposite sides of the same point.

However a recent report from the Chief Economist of RBS throws new light on the economy and begs the question is the economic growth we have been experiencing coming to an end? So what are the details?

Firstly the UK economy grew by 2.8% last year making our economy one of the fastest growing in the developed world. Inflation was down to 0.6% at the end of 2014 when we exclude oiland has since dropped 0%. Many economists fear that we will be experiencing deflation for the first time since 1948 holding out the prospect of slowing growth.

The ‘feel good’ factor seems to have kicked in during 2014 with business investment increasing by 7.5%. However despite this and the fact that GDP is up by 3.4% on pre-crisis levels, output per hour, a measure of productivity, is 1.7% below its old level.  Why is this? Lack of productivity has long been an issue for the British economy and unless productivity improves quickly, 2014 will be seen as  the peak of economic growth for some time.

Let us have your thoughts about how the economy is affecting you. If you are concerned about the productivity of your business and how to improve it talk to your local business advisor or call 0333 444 8522 (lo call number) to be connected to a UKBA productivity specialist.

Filed Under: News Tagged With: business, business advisor, economy, Growth, productivity, SMEs, UKBA

UK Business Advisors Ltd is growing

March 26, 2015 By Mushroom Internet

UK Business Advisors (UKBA) is the nationwide network of consultants and business advisors that helps SMEs to achieve their ambitions. All advisors, who have a wide range of experience knowledge and skills have all held senior positions in larger companies.

Over the last few years UKBA has helped hundreds of business owners achieve their ambitions through hands on practical help and advice. We are now seeking additional advisors to help our clients in all regions. If you have business experience and want to explore an exciting new career and business opportunity please email your CV to David Lee at david.lee@ngba.co.uk.

Filed Under: News Tagged With: business advisors, career, consultants, Growth, nationwide, SMEs, UKBA

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