Business
Tried and True Ways to Save on Your Business Costs
When starting or maintaining a business, keeping business costs low is an ideal priority for every owner and manager. Technology, by definition, should help a company expand its operations, while keeping costs low. Although new technology is a great investment, there are some forms of technology that have been tried and true for years. Here […]
Credit Risk Insurance – Essential Help for Business Owners
When you are in business or any kind of monetary transaction then you have to deal with lots of risks. One of them is a credit risk. It is the risk of losing of principal money or of a monetary reward which is occurring because of the failure of the borrower to repay any type […]
Office Equipment You Cannot Be Without!
Your office should be the one place that is 100% organised. Not only is this extremely important for your business (and by association the money you make) but also for the employees who work in your office. In order for them to do a well-performed job and for things to run as smoothly as possible, […]
Five Tips For Starting a Home Business For Cheap
If you are like most people who want to start a home based business, chances are good that you have good reasons for being there in the first place. Perhaps you still have small children at home. Perhaps you want to work but don’t have reliable transportation available. Maybe there just aren’t many jobs available […]
What to Avoid When Hiring an Accountant
An accountant is one of the most important individuals at a company. Updating corporate accounts, advice can also be provided by an accountant. Some accountants are more competent than others and it is important that the appropriate individual is hired because they will have access to corporate information. Here’s what not to do when hiring […]
How does Bartercard work?
In little over two decades, Bartercard has gone from strength to strength. It was established in Australia and is now used by more than 55,000 companies in six countries. Bartercard plans to have 100,000 companies registered by 2015. If an organisation is interested in becoming involved in this highly effective and very popular Barter System, […]
Unique Ways to Make More Money So You Can Save More
In an economy where everyone is looking for ways to earn a little extra money, there is an increased level interest in making money via the internet. There are a number of different things that you might like to try and I want to take a look at a few of them. Affiliate Programs If […]
Five Budget-Friendly Ways Men Can Claim Individuality at the Workplace
If you want to individualize yourself at the work place, you’re going to need to change the way that you dress. The clothes you wear are the top way that you can change your workplace to set yourself apart without having to change any part of the business you work in. People respect a […]
Your Options for Rescuing a Failing Business
It’s no secret that a lot of businesses are struggling to keep their heads above water in today’s economic climate, and sadly many smaller companies (and even some larger ones) are being forced into administration. For any businesses owner, the prospect of this is an emotionally and financially stressful thing to deal with, but what do you do if your business is close to going under? The good news is there are a few options that might just be able to save your company. Cut costs where possible The first and most obvious step you need to take is to reduce expenditure wherever possible. Hopefully, you’ll already have begun to instigate this, but if not, now is the time to start. The harsh reality is that you may need to reduce the size of your workforce, and let go of employees who aren’t crucial players in the company’s future. If you’re not yet at the stage where administration is inevitable but things just aren’t going great, then after reducing the size of your workforce you should think about relocating to smaller, cheaper offices in order to save money. Company Voluntary Arrangements (CVAs) A company voluntary arrangement allows a failing business’ directors to stay in control whilst paying off their creditors over a period of time. In order for a CVA to work, the directors must be completely committed to saving the business, and must already be taking drastic steps to cut costs. They must also have a realistic projection of potential future sales and have developed a daily cash flow model. With the help of a Licensed Insolvency Practitioner, the business’ directors and their creditors will come to an agreement regarding the rate and timescale for debt repayments. ‘Hibernate’ the business If you feel like you have no other option, you could always put your business into hibernation and give it a new lease of life when economic times are better. This isn’t likely to be an option for any business owner who’s in deep trouble, but if your business just isn’t profitable anymore, then this could be a good idea. Storing physical assets and biding your time in another job for a year or two could prove successful. It’s likely that some of your competitors will have gone into administration in the time you’ve been away, so when your business reboots you’ll have a better chance of survival.
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