Cutting IT costs when you start a business

Starting a business has, arguably, never been easier. In fact, you’ll find thousands of articles that are based around bootstrapping a startup business – the trouble is, almost all of those articles miss out one crucial element: IT.

Whichever way you approach it, IT is going to cost you money. For many companies, IT represents their biggest outlay, both in the time before they open their doors – to the on-going operational expenditure they make year on year.

So, how do you work around the need for big-money outlays on tech? You’re never going to mitigate the cost altogether – but there are a handful of ways you can slice that spend down to a more manageable level.

Find external IT support

A lot of the cost that’s involved with IT is down to the staff that you’ll need to support the network that’s going to keep your business running. In fact, small businesses that keep their IT support in-house generally report that 70% of the money they spend on IT goes on the people that actually put the network together – or answer the phone when something’s not working.

The truth is, supporting a business IT network is a lot of work. In fact, it’s likely to be too much work for just one person. Even if a talented individual can get you up and running, supporting your network is often a round-the-clock job – making it downright impossible for one, two, or sometimes even three people to keep on top of.

Not only do you need a number of people to support your IT, they very obviously need to know what they’re doing – which leads us to an interesting problem. Taking on IT staff can sometimes limit the breadth of their experience going forward; they become very good at administering your system, but less able to stay on top of the developments in the wider world.

So, what do you do if you want to sidestep some of these issues? Increasingly, companies are turning to managed service providers to set up and administer their IT. It’s not just your devices and business network that you can find support with either; some of the larger and more well-equipped services will even help you to develop and run your own applications for tasks and services that are unique to your business.

The beauty of working with an MSP is the sheer size of the service they are capable of providing. Chances are, they will have a significant size team – so cover is always there for you, and, the fact that they work with a broad range of clients means they’re always at the cutting edge of their field.

Make no mistake, the cost of creating and maintaining your own effective IT team is likely to be enormous – but a managed service provider will slice that cost right down. You’ll sign a service level agreement that outlines exactly what they’ll deliver – and, in exchange, you’ll hand over a monthly sum to keep them onside. That cost? It’ll vary on a huge range of factors – but you’re likely to be around one-sixth of the cost you’d expect if you wanted to recruit, train, and keep your own team.

Work with open-source software

Take a quick glance over a list of the most wealthy tech companies in the world and it’ll come as no surprise to find software houses like Oracle, Cisco, SAP, Salesforce and occupying some of the top spots. Providing software for organisations is enormous business, in fact, it’s like providing the air that businesses breath – without it, they simply couldn’t function.

Or could they?

The truth is, they probably could – it’s just that premium software creates a huge self-propagating marketplace. For instance. Microsoft create Office, which becomes a cornerstone part of how most businesses run. Moving away from Office becomes increasingly difficult – then, as costs change, many businesses simply do not have the time of resources needed to find and implement an alternative.

But don’t misunderstand – there are alternatives, and many of them do an equally good job – at a tiny fraction of the cost (and, often, for free).

Open-source software isn’t just a way of tracking down free applications – it’s a completely different approach to software and IT – one that suggests software should be free, with just changes and personalisation costing businesses money. If the idea of shedding those software costs sounds good, it’s worth exploring a resource like SourceForge, and explore the low-cost and free application alternatives that are out there.

Embrace ‘as-a-service’

Until recently, buying IT infrastructure meant purchasing devices that made it possible to run the services you need. Require an email exchange? No problem; buy the server and have it configured by a network engineer at your site. In fact, the same was true for a huge raft of tech – including software, storage, and a sprawling list that you simply could not operate without.

This represented a difficult pill to swallow, especially for small businesses with limited budgets. Big infrastructure like this cost thousands – but, without it, you had no network.

Now, thanks to enormous leaps forward in the practicality of cloud-computing, this is simply no longer the case. Virtual services power even some of the biggest businesses. Next time you watch Netflix, you’ll be streaming your boxset from an Amazon Web Services server somewhere. Expect Samsung to have their own infrastructure? Again, you’ll find that a lot of their data comes to you via AWS.

Now, virtually everything is available ‘as-a-service’ – that’s to say, not owned by your business as such; instead, just accessed through your internet connections and paid for on a ‘rental’ basis. While this kind of access is normal for software, it’s becoming increasingly popular for both bulky infrastructure and development platforms too.

So, next time you find an eye-watering price tag attached to a device, platform or service, look into the possibility of accessing that resource remotely. Afterall, that also means you’re passing the smooth running of that service to someone else – one less thing for your new managed service provider to worry about.

Spudulike collapses leaving all 300 staff redundant

Spudulike, the baked potato chain, has collapsed leaving all 298 staff redundant and facing the agony of submitting claims for lost wages.

Administrators confirmed in a statement on Monday that all 37 of the Spudulike group’s outlets and head office were shut on Friday after a last ditch sale of the business fell through.

It marks the latest casual dining business to fold following a torrid time for the sector which, like wider high street retail, has been battling a toxic cocktail of weaker consumer demand at a time of higher costs.

It has seen the likes of Jamie’s Italian be declared insolvent, while others to find trouble and close restaurants have included Prezzo and Carluccio’s.

Spudulike is understood to have been in distress for some time and had sought a controversial Company Voluntary Arrangement (CVA) in a bid to secure rent cuts from landlords.They opposed the plan due to the scale of the reductions being sought.

Joint administrator Neil Bennett, from the business services firm Leonard Curtis, said: “We are very disappointed with the outcome after working for several weeks firstly preparing a CVA proposal, which was rejected by the group’s creditors, and subsequently pursuing the sale of all or part of the group’s business and assets with a number of prospective purchasers.

“Sadly a sale of the business and assets of the group on a going concern basis did not prove possible, following the last minute withdrawal of an offer that was close to completion.”

He added: “We are now focusing on seeking any interest in the group’s remaining assets whilst managing the impact of the closures on former employees.”

It has been reported that staff are owed at least two weeks’ wages – with some left even further out of pocket.

Mr Bennett later said: “All employees will be able to make claims for their wage arrears, together with accrued holiday pay, statutory notice pay and redundancy pay, from the government’s Redundancy Payment Service.

“We are currently working towards finalising the employee arrears information so that our instructed agents, Evolve IS, can prepare the employee claim calculations and circulate them to employees and the Redundancy Payment Service, helping them prepare and submit claims for any arrears of wages, statutory notice entitlement and redundancy pay.”

Belfast’s iconic ‘Titanic’ shipyard on the brink of collapse

Time has run out for Belfast’s iconic Harland and Wolff shipyard to find a buyer.

Workers had been urging the government to throw them a lifeline before Monday – an extended deadline for a deal.

They have staged a protest at the gates of the yard for the last week but have since been told that administrators will be appointed on Monday afternoon.

Speaking ahead of the announcement, shipyard worker Barry Reid said: “I’m fighting day and night for this place.

“I’m willing to stay on for as long as it takes until one of our politicians decides to get off their backside.”

His brother Eddie added: “There’s a lot of people whose fathers came over here 40, 50, 60 years ago to settle in Belfast because of the shipyard.

“It means a lot, not just to Belfast but to the United Kingdom as a whole.”

Unions urged prime minister Boris Johnson, who visited Belfast last week, to re-nationalise the yard.

The government said it had “every sympathy for the workers” but that it was “ultimately a commercial issue”.

The firm’s Norwegian parent company, Dolphin Drilling, put Harland and Wolff up for sale last year.

Exclusive negotiations with the sole potential buyer proved inconclusive, putting 132 jobs on the line.

The shipyard, which opened in 1861, employed 30,000 people in its heyday.

It played a pivotal role in both world wars but is renowned for the building of Titanic.

The liner, ironically branded “unsinkable”, was unprecedented in scale with three million rivets used on the hull.

It took 3,000 men two years to complete the task and 20 horses were required just to transport the main anchor.

Robert Childs, the fourth generation of his family to work in the shipyard, said: “It is very emotional.

“I’ve worked for this company for 37 years now and it’s absolutely in the blood… it’s in Belfast’s DNA.

“This city was built around this company and it would be a terrible shame if we were to lose it,” he added.

Until recently, it has been engaged in the restoration of offshore oil rigs and been building renewable energy turbines.

Gavin Robinson, the DUP MP for East Belfast, says the work has dried up but the yard still has vision.

He said: “We have a national shipbuilding strategy which the government is embarking upon, written by a man who was the chief executive of Harland and Wolff, Sir John Parker, so the work is going to be there.

“We just have this difficulty in this short space of time where there isn’t any work at this stage,” he added.

For decades, the two yellow shipyard cranes have dominated the Belfast skyline.

Known locally as “Samson” and “Goliath”, some might regard their loss as biblical.

Ex-Virgin Money chief Dame Jayne-Anne Gadhia to head Salesforce UK

Dame Jayne-Anne Gadhia, one of Britain’s most prominent businesswomen, is to make a surprising comeback to a frontline executive role by taking over the UK operations of Salesforce, the American cloud software giant.

It is understood that Dame Jayne-Anne, whose most recent executive job was as the boss of Virgin Money, will be announced on Tuesday as Salesforce’s UK and Ireland CEO.

Her appointment, which is understood to take effect in October, will catapult her into the ranks of the most senior managers at a company that has become a global leader in customer relationship management software.‎

Salesforce, which is run by joint CEOs Marc Benioff – who also serves as the company’s chairman – and Keith Block, announced plans earlier this year to invest $2.5bn in its UK operations.

Dame Jayne-Anne’s recruitment by the New York Stock Exchange-listed company, which has a market value of $127.5bn, will end lingering speculation that she is interested in the chief executive’s vacancy at Royal Bank of Scotland.

Her departure from Virgin Money was announced in the wake of its £1.7bn takeover by CYBG, which is now rebranding its Clydesdale and Yorkshire banking operations under the corporate name founded by Sir Richard Branson.

Dame Jayne-Anne, who was named Leader of the Year at last years National Business Awards, is due to join the Bank of England’s Financial Policy Committee next year, has joined and stepped down from the board of Stagecoach, the transport company, in recent months.

Earlier this year, it was revealed that she was canvassing investor support for Snoop, a new consumer-facing venture aimed at generating savings on household bills.

It was unclear how far that fundraising had progressed, but insiders said Dame Jayne-Anne still intended to chair the start-up.

Sources said it was conceivable that Salesforce’s venture arm could invest in Snoop, although the prospect of this could not be verified on Monday night.

One of the UK’s most recognisable businesswomen, Dame Jayne-Anne was honoured in January for her contribution to financial services and women in the finance industry.

Under her stewardship, the Treasury’s Women in Finance charter has now committed most of the biggest banks, insurers and asset managers to a series of pledges regarding the recruitment and treatment of female employees.

As chief executive of Virgin Money, she oversaw the acquisition of Northern Rock from the Government in 2011 and its subsequent integration and stock market flotation.

Earlier this year, Dame Jayne-Anne declined to comment on the details of her proposed start-up but said: “I learned from Richard Branson that there’s nothing more exciting than setting up a new business.”

Her re-emergence in a major executive post will make her one of the top Britons working in a major US-listed company.

Salesforce recently acquired Tableau, another cloud enterprise company, for $15.7bn – the biggest takeover in its history.

The American company has also struck an alliance with the Chinese internet giant Alibaba to distribute its products in China, Hong Kong, Macau and Taiwan.

From a standing start in 1999, Salesforce is now one of the most richly valued software companies in the world.

Dame Jayne-Anne could not be reached for comment on Monday, while Salesforce declined to comment.‎

Online retailer Boohoo swoops on high street icon Karen Millen

The changing face of British retailing will be underlined on Tuesday, when Boohoo Group, the wildly successful online-only fashion business, swoops to buy Karen Millen, one of the high street’s best-known names.

It is understood that Boohoo, which owns a controlling stake in PrettyLittleThing, is in advanced talks to buy Karen Millen and sister brand Coast through an insolvency process known as a pre-pack administration.

A transaction had yet to be signed late on Monday evening, and people close to the process warned that it could yet be abandoned.

However, a deal is expected to be concluded following the appointment of Deloitte as administrator to Karen Millen.

If completed, it would come after a six-week sale process in which the retailer’s management and advisers attempted to strike a solvent sale.

Sources said on Monday night that the brutal conditions in Britain’s retail industry had made a pre-pack deal – through which some of the company’s financial liabilities are left behind – unavoidable.

AIM-listed Boohoo’s acquisition of Karen Millen and Coast secures a potentially bright future for the two women’s fashion brands.

The company owns brands including its own boohoo label, Nasty Gal and MissPap.

The purchase of Coast and Karen Millen, however, by an online-only retailer will cast doubt about the future of hundreds of retail jobs at a time when tens of thousands more are facing the axe.

Together, Karen Millen and Coast employ approximately 1100 people, trading from more than 30 standalone stores and 175 concessions in the UK.

One retail analyst said on Monday that it was “inevitable” that the stores would face closure with the loss of most of the company’s workforce.

Such an outcome would inflict further pain on stakeholders throughout the retail sector, including high street landlords who in recent months have been forced to accept steep rent cuts at some of the sector’s biggest names.

Sir Philip Green’s Arcadia Group, the owner of Top Shop, Debenhams and Monsoon Accessorize have turned to creditors to strike compromises on store closures and rent reductions in a desperate survival bid.

Karen Millen, which was founded by the eponymous entrepreneur more than 30 years ago, will become the latest in a series of big fashion names to be forced into insolvency.

Also revealed is that the tycoon Mike Ashley’s Sports Direct International would buy Jack Wills through a pre-pack process.

The deal, which cost Mr Ashley’s company less than £13m, was confirmed on Monday.

Earlier this year, LK Bennett, founded by the businesswoman Linda Bennett, was sold to its Chinese franchisee following several weeks in administration.

Karen Millen and Coast are being sold by Kaupthing, one of the ‎Icelandic banks that collapsed during the 2008 financial crisis.

One of the most prominent fashion brands in the UK, Karen Millen has a surprisingly large international footprint with a presence in about 50 international markets, including Australia, France, Spain and the US.

The company, which snapped up the Coast brand from administrators last year, recorded sales of £162m in the year to February 2018, up from £158.8m the year before.

It recorded an operating loss of £1.4m last year – an improvement on the prior year’s performance.

The retailer is run by Beth Butterwick, a former‎ executive at Bonmarche, and chaired by Neil McCausland, who has held directorships at retailers such as Kurt Geiger and Snow and Rock.

The founder of the Karen Millen brand‎ is no longer involved with the business, which was founded during the 1980s.

Ms Millen captured a growing share of a market focused on designer-lookalike fashions, riding a wave with her business partner and eventually selling out to Oasis in 2004 for close to £100m.

She was regarded as one of the most talented fashion retailers of her generation.

Further changes of the business bearing her name ensued, ‎but Ms Millen was declared bankrupt in 2017 following heavy losses connected to the failure of Kaupthing more than a decade ago.

She also ‎fought a legal battle to regain the right to use her name on new clothing designs.

Karen Millen’s Icelandic owner also counts the Oasis and Warehouse brands among its assets, although these are not part of the pre-pack sale to Boohoo.

The AIM-listed retailer’s purchase of Karen Millen and Coast will reinforce both the residual appeal of those brands and also the shifting balance of power in a retail industry beset by structural change.

Boohoo, which was set up in 2006 by Mahmud Kamani and Carol Kane, now has a market value of £2.6bn, making it two-thirds the size of Marks & Spencer.

Spokespeople for Boohoo, Karen Millen and Deloitte all declined to comment.

Sports Direct buys Jack Wills out of administration for £12.75m

Mike Ashley’s Sports Direct business has bought Jack Wills for £12.75m after the troubled fashion chain went into administration on Monday.

The high street giant has acquired all of Jack Wills’ stock, its distribution centre and 100 stores and employees across the UK and Republic of Ireland.

It is part of a so-called pre-pack administration deal – a buyout tactic frequently used by Mr Ashley in expanding his retail empire.

The deal was disclosed after the stock market close.

Alternative options are being considered by directors for Jack Wills’ international business, which includes stores in the US, Hong Kong and Singapore.

The company employs approximately 1,700 staff across the business and also has six franchised stores across Kuwait, Saudi Arabia, the UAE and the Channel Islands, as well as an e-commerce channel serving 130 countries.

Confirmation of Jack Wills’ sale to Sports Direct comes a day after Sky News reported that owner Mike Ashley had become the preferred bidder for the fashion group, whose owner, the investment firm BlueGem, had been seeking a buyer for the last month.

Administrators KPMG said on Monday: “Like many other retailers, the company had recently experienced mounting cash flow pressures amidst some of the most difficult trading conditions seen on the high street in years.”

Jack Wills made an annual operating loss of £14.2m for the year to 28 January 2018, and had already received more than £20m in additional funding to keep it afloat during the last year.

Sky News revealed on Friday that Sports Direct and Edinburgh Woollen Mill Group, headed by ‎rival billionaire Philip Day, were locked in a two-way fight to buy Jack Wills.

The acquisition comes a year after Mr Ashley bought the House of Fraser fashion retail chain in a pre-pack administration, again beating Mr Day to the deal.

Mr Day’s vehicle, Spectre, recently took over women’s fashion chain Bonmarche.

Will Wright, partner at KPMG and joint administrator, said: “Jack Wills has a strong brand and proud British heritage, so it is pleasing to have been able to secure this agreement with Sports Direct.”

Suzanne Harlow, Jack Wills’ chief executive, said: “For the past year, we have been focused on improving the Jack Wills proposition and the group’s financial performance.

“Despite significant progress, the challenging trading environment led us to conclude that the company’s long-term future would be best served as part of a larger group and Sports Direct will enable us to do this.”

In the last 12 months, Mr Ashley has also engineered takeovers of Evans Cycles and Sofa.com.

But his attempts to acquire Debenhams, HMV and cafe chain Patisserie Valerie were unsuccessful.

Mr Ashley’s retail empire also owns stakes in French Connection and Goals Soccer Centres.

Best car insurance for high-risk drivers

You may be someone who has a lot of traffic tickets under your name.

If people would name different traffic violations, you know that you have probably done most of them.

What if you have tried driving well all your life but you have done one infraction? This may be enough to make insurance companies view you as a high-risk driver. This is actually a big deal because your car insurance premiums will definitely increase.

The moment that you are considered as a high-risk driver, you are no longer qualified to get the best auto insurance rates that will be offered by different companies. Still, this does not mean that you cannot check out https://www.cheapautoinsurance.com/ to know more about the different car insurance policies that are available.

Insurance for High-Risk Drivers

There are some insurance companies that may know the plight of the high-risk drivers so they would like to offer more that will be considered more affordable as compared to what they expect to pay. You cannot expect that the rates will be as good as the rates that will be offered to careful drivers but would you rather drive your vehicle without any car insurance? Aside from the fact that this is not allowed, you do not want to be in a situation wherein you have to dig deep into your pockets to pay debts because of a car accident.

Who are Considered to be High-Risk Drivers?

There are some people who may not even realize that they are already considered high-risk drivers. These are some of the things that insurance companies will look at when deciding if a person is part of the high-risk category or not:

• You may have already gotten one too many tickets. Some of these tickets may be the same which means that you have done certain violations several times.
• There are different accidents that you are already involved in and most, if not all of them, are your fault.
• You have gotten a DUI or DWI.
• There are instances when you have driven without a license and you have gotten caught.
• Street racing even when you know that it is illegal.
• You have done a traffic violation that has caused a fatality.

You may think that being a high-risk driver is only related to how you drive but there are also other factors that can make your car insurance premiums higher such as the following:

• Having a bad credit score. You may not realize this but this is still one of the things that insurance companies will look at when they are deciding on the premiums that you have to pay for.
• You may be a young driver that has no driving record yet. The fact that you are young already makes you a high-risk driver.
• Your previous auto insurance from another company has lapsed and you did nothing to stop this.
• The car that you are driving is considered to be unique and exotic. This is not the type of car that people will just see everywhere. This makes it high-risk because your car has a higher chance of getting stolen. If you get into an accident, the parts that you may need to improve the appearance of your car are expensive and hard to find.

How to Get the Best Auto Insurance?

You are a high-risk driver and getting car insurance is more challenging for you as compared to others. Do not fret because there are still a few things that you can do to get the best car insurance:

• Get an insurance agent. The agent will make it easier for you to compare and narrow down the different insurance policies available for drivers like you.
• Take some driving courses that may improve the way that you drive.
• Make your vehicle safer by installing the right security items that will protect your vehicle further.

Do not pick the very first car insurance policy that you see. You can actually take a look at CheapAutoInsurance to get to know the different policies that are being offered in your area. Having the right car insurance will allow you to stay protected every time you drive.

A beginners guide to Forex trading – All you need To Know About it!

It is fair to say that Forex is the most important financial market available today, having a daily turnover of more than $4 trillion. Some of you might also know it by the name of foreign exchange.

Forex represents an ability to buy or sell world currencies in exchange for another one. This is eventually creating such massive market in the world, so it is not surprising to see so many people trying to be good at it.

For example, the total sum of money traded here daily is much bigger than the whole GDP of many countries.

It is also worth mentioning that foreign exchange is one of the most liquid markets on the planet. The trick behind this is in business hours. It doesn’t matter if it is day or night, Monday or Sunday, the markets are going to be active which means you can trade at any time you want! There are no restrictions. The main difference from the stock market (besides the one mentioned above) is that trades in forex are taking place between persons holding currencies, not through the exchanges. Of course, there are peak hours when most of the forex traders are online.

All beginners who are interested to try it out should learn a couple of basic things before opening an account. The first and the key one is currency pairs – the most important component of the whole market.

The value of one particular currency in comparison to others is measured by a currency pair price movement.

The general division of currency pairs nowadays is to majors, minors, and exotics. The number of potential currency pairs on the market is unlimited, but of course, there are the most common ones, usually coming from the top five or six world’s economies (the majors). The minors don’t have any pair that includes currencies coming from tier one.

Some of the most popular exotic pairs nowadays are the Hong Kong Dollar, the Chinese Yuan, Russian Rubble and so on. We recommend rookies to forex trading stick to the majors. ‘Lots of betting sites are now offering also financial betting as trading on currencies is of interest of many punters out there’ said Ethan Rowe from leading UK site BestBettingSites.Online. ‘After all this is not surprising as after all there is just a fine line between trading and gambling’, added Rowe.

How The Trading Actually Works – Place Bids, Ask For Prices

All foreign currency trading platforms are offering two basic options – Bid and Ask Prices. A bid is where participants simply indicate their price to buy a specific currency. The prices are changing a hundred times per day, which is making this whole process even more interesting. The movements are of course caused by the demand and supply in the market.

The Ask Price is a feature used to let others know about the price one is likely to sell a specific currency pair. Like the Bid feature we mentioned above, there are many fluctuations included in the Ask Price as well! The main idea of making a profit here is buying a currency when it goes low or hopefully reaches the bottom, and then re-selling it for a much higher price when it gets up on the feet.

Some of the most common Forex trading terms you need to know about

If you get into a group or forum of people who are already experts at Forex trading or at least have a couple of months of experience, you might run into some terms never heard before. Some we are going to mention below could be of crucial importance for long term success, so make sure to understand them fully before trading anything.

A Pip is the first one and it refers to a changed value between two foreign currencies. Let’s say EUR/USD pair moves at price from $1.02 to $1.03. The difference between these two numbers, $0.01 is representing one Pip.

Second, we would like to mention here is a Spread. Spread is the difference presented between the buying and the selling price in Forex trading. Let’s take a look at another example. The Bid price for EUR/USD is 1.11 and the Ask Price is 1.12. The spread, in this case, would be 0.01 or one Pip. However, the price of this specific currency pair will have to be over the spread for a trade-to become profitable. The main advice here is to look for a smaller spread as possible – it may make it easier to make a profit on small price fluctuations. Many experts act rapidly when they see thin spreads. It’s a sign of an urgent trade.

The third on our list of terms is Margin. This one shows the amount of money in Forex account that allows the trader to do trades of certain sizes. It serves as collateral for trading. There were many misinterpretations of margins lately by the rookies – it is not any sort of a fee or cost for trading.

How To Get Started

The first thing you need to do before making the first trade is to open a Forex Brokerage Account. There are so many brokers available nowadays, and a big majority of them have an amazing welcome offer for new traders. Set it up, complete the registration, fund the account, pick a strategy and you are ready to go! We always encourage our readers to start building bankroll slowly, which means lower deposits and lower risks. Time is of the essence when it comes to being good at forex, as well as the experience.

Forex trading has many advantages in comparison to the stock market or similar activities. As already mentioned, their market is open 24 hours a day, seven days a week. It doesn’t matter where you are. If there is an internet connection, you can trade without any issues. Some of the other advantages we would like to mention as well are high liquidity, very low transaction costs (no clearing fees, exchange fees or legal taxes), leverage and absence of middlemen.

Effective ways to manage the cashflow of your business

Cash is a fundamental element of the management of a business, it is the financial pillar that keeps it in balance at the risk of seeing it languish under the weight of bankruptcy.

It deserves to be managed with attention and a lot of professionalism. How to get there? Here are some tips for managing the cash flow of your business.

What is cash and why manage it?

It is the capital available to a company to use for its needs. Cash allows the company to use its financial resources, but it often happens that some companies go through difficulties that do not allow them to have sufficient financial resources. In this case, the company is unable to finance some of its investments which can have serious incidents on it. This lack of availability can force it to close its doors, hence the need to manage cash well.

Good cash management enables the company to avoid cases of default and save money, like services such as pay calculator take home can serve you well for manages your cash flow. It also allows the company to grow the surplus through long-term investment.

How to manage the cash flow of your company?

Since the company’s survival depends on its cash flow, here are some tips that will help you manage it well.

Negotiate bank loans

Certainly, these rates and interest rates can weigh on the company, but it is always good to start an activity by using a bank for a loan to finance equipment, premises, stocks. To qualify for this credit, you must be a competent entrepreneur, stand up to the competition and have a viable business.

Using an indicator, build your cash flow

Enter your opening balance and any financial movements you make monthly. You will have the opportunity to appreciate, to comb through your cash, and even to anticipate some problems. Similarly, it is important to keep track of incoming and outgoing payments made during the month.

Maintain good relationships (trust) with your customers and suppliers

This in order to bring more money into your coffers . Offer discounts to customers who pay their bills instantly and request an extension within the timeframe for paying your bills to your suppliers . Once this period has been granted, pay cash and meet immediately. Likewise, do not be afraid to be hard on bad payers when it comes to recovering your debts.

Make your operations simple by avoiding enough waste

It’s a good idea to increase production and make your business profitable, but watch out for overproduction, bottlenecks and other waste that can lead you to bankruptcy. Have your employees participate in the growth of your business. 

Finally, finding the right balance to manage your business cash flow is a top priority for longevity and success.

Taking the next steps for your business

Running a modern business is something you need to take the time to get right. There are a lot of factors you have to keep in mind when you are looking to achieve business success.

You need to know what is involved in making a modern business successful, and that means taking steps to improve the process. Do as much as you can to improve the way you run your business, as well as the success can expect to get.

There are a lot of things that can play a part in this, and it is important that you come up with as many ideas as possible to improve the way you choose to run your company. This is something that plays a massive part in the process of running a modern company. Make sure you consider the different ideas that can improve your company, and this is something you need to make sure you keep in mind right now.

Make Your Website Better

You need to come up with some excellent ways of being able to improve your website as make it better as much as possible. This is something that is really important to think about moving forward, and there are a lot of factors you can use to help you with this. Your website acts like a calling card for your business, and you’ve got to make sure you are focused on improving the way the website is designed and working on what you can do to make the most of this right now.

Attach an Online Store

An online store can play a big role in the world of business, and this is something you need to consider for your website. By attaching an online store you are going to be in a better position to capitalize on impulse sales, and make things easier for your customers to make purchases. Head to kusuriexpress.com to find an example of a great online store that works on many different levels. Also see petkusuri.com for another great website that offers a diverse range of products and is simple to use.

Market Yourself Well

Make sure you look at some of the best ways of marketing yourself and taking the business forward to the next level. You need to make sure you think about the different ideas you can use to improve your business marketing, and this is something to consider for the future. Try to hire the right experts to take your business marketing to the next level, and make sure you have a diverse range of marketing methods to choose from.

These are just some of the factors that you need to consider when it comes to making the best decisions for your business. There are a lot of factors you’ll need to get right, and this is something that is going to help a lot in this respect. Make sure you focus on the best way of taking your company forward in the right sort of way.

Grand Theft Auto update banned in over 50 countries

For any business leaders who associate with the online gaming and gambling industries, it’s essential to be in the know regarding a new milestone that was recently crossed for both sectors.

After a lull in updates, Grand Theft Auto V (GTA 5) introduced its groundbreaking Diamond Casino & Resort update on July 23rd. As the game approaches six years of age, this highly-anticipated and free content update adds whole new dimensions of adventure, luxury, speed and gameplay to the world of GTA 5. The update developed by Rockstar Games shattered records for player numbers, making it the biggest day and biggest week in the game’s history. The casino floor features roulette, blackjack, three card poker, and slot machines.

Players in over 50 countries have been barred from purchasing chips due to gambling laws in their respective countries. Prominent countries among those banned from in-game gambling include:

• China
• Czech Republic
• Greece
• Iceland
• Liechtenstein
• Luxembourg
• North Korea
• Pakistan
• Poland
• Portugal
• Saudi Arabia
• South Africa
• South Korea
• Sudan
• Thailand
• United Arab Emirates
• Vietnam
• Venezuela

Off the casino floor, players can place bets on inside track horse racing, which is argued to be one of the most profitable gambling options in GTA 5. The only thing that doesn’t come free with this update is the online casino chips needed to gamble in this rowdy, virtualized reality. You can purchase $50,000 worth of virtual GTA chips for roughly £1.00 ($1.50) in real-world currency. Each virtual dollar equates to one virtual chip in GTA 5. As a means of preventing overspending, $50,000  is the maximum amount players can purchase every 48 minutes (equivalent to one in-game day).

Despite this sizeable legal barrier across the globe, the update is available nationwide in the United Kingdom and the United States. Many players have managed to purchase chips and participate in gambling activities by using a VPN at their own risk.

While you can convert your hard-earned currency into GTA casino chips, you can’t turn your casino chips back to real-world money, making this new virtual currency a somewhat controversial gaming concept.

If you’re of age and want to participate in higher-stakes online gambling to win real spending money, there are many alternative online gambling options available. One of the most noteworthy and reputable platforms on the market has been created by a company called Bovada, a pioneer in the creation of online betting experiences. They’ve created the Bovada Casino, offering premium entertainment value and opportunities for winning more than just virtual chips that can only be used in a virtual world.

Instead, Bovada accepts real currency, along with Bitcoin. Their online experience features live dealers and over 100 casino games. According to a Bovada review, the feature that makes their platform stand out most is the option to bet on real professional sports.

While the introduction of innovative in-game GTA gambling has disrupted both the gaming and gambling industries, the update has come along with a lot of other exciting perks that also drew much of the attention.

Primary among these perks is the introduction of luxury penthouses players can purchase with their winnings. If you can’t afford to live an extravagant lifestyle in the real world, GTA offers players the chance to become a virtual millionaire.

The game’s Master Penthouse features stunning views, an infinity pool, spa, lounge area, media room, garage and more. And what GTA update wouldn’t include flashy new cars? This one comes with highly customizable racing cars and luxury vehicles. Among these vehicles, the Vysser Neo Sports Car was announced shortly after the update on August 1st. This luxurious car is based on one of the most distinguished cars ever created in real life, the Spyker C8. Once you rack up enough digital winnings from the Diamond Casino, you can purchase this beauty for $1,875,000.

In addition to all the virtual material wealth offered, the update introduced a new storyline that tasks players with protecting the casino and its owner (Tao Cheng) from a hostile takeover by a cutthroat, oil-rich family hailing from Texas and seeking to build a financial empire.

The appeal of these luxuries and adventures demonstrates that gamers and light online gamblers have a healthy appetite for a virtual lifestyle akin to that of James Bond—a key consideration for both players and those designing these online gaming experiences.

Baroness Karren Brady & Lady Mone to headline Women in Business EXPO 2019

Two of the UK’s most well regarded businesswomen, Baroness Karren Brady of Knightsbridge CBE and Lady Michelle Mone, Baroness of Mayfair OBE, will be bringing their business experience to the first annual Women in Business EXPO in 2019.

Launched by Hub Exhibitions, Women in Business EXPO is a new free-to-attend event designed to provide an environment where women can learn, network and share experiences. The event, which will take place 16-17 October 2019 at Farnborough International Conference and Exhibition Centre, Hampshire, will provide attendees with a range of fascinating talks and access to leading companies, which will be providing business, franchise and career opportunities along with support for future career moves.

Baroness Karren Brady will kick off the event on day one with an empowering session on business and career development, drawing on her work as Vice Chairman of West Ham F.C, a Peer in the House of Lords and Small Business Ambassador for the Government. Star of The Apprentice, Karren is recognised as the first woman in football, having transformed Birmingham City Football Club, taking it from administration to the stock market during her time, the latter of which made her the youngest Managing Director of a PLC in the UK.

Lady Michelle Mone is set to open day two of the conference with a fascinating and inspiring look at how she built her multi-million-pound lingerie business, Ultimo Brands International, from the ground up. As a peer in the House of Lords, OBE recipient and Start-Up Business Tsar for the Government, Michelle is one of the UK’s leading entrepreneurs and is set to provide attendees with practical and honest business advice.

Michelle commented: “I’m delighted to be speaking at Women in Business EXPO. This event is so important to highlight and show how women of today can overcome the unique challenges faced in work and business, and provide the inspiration for a new beginning.”

Christie Day, Group Event Director for Women in Business EXPO also commented: “According to the Women’s Business Council there has been a ‘significant shift’ in the experiences of women in the workplace in the last five years. But there’s still challenges to be overcome. We want to empower women to confidently take the next step in their working lives, and to feel comfortable juggling the work/life balance. Whether you’re returning to work, planning the next chapter in your career, looking to start a business or considering franchising, we launched Women in Business EXPO with you in mind.”

Other inspiring speakers at the event include:

• Caprice Bourret, the supermodel turned highly successful entrepreneur will share her incredible experience building a global company and share tips for setting up a business in changing economic times.
• Cynthia V Davis, founder and CEO of BAME Recruitment, will dig into the role female entrepreneurs play in being visible leaders and challenging the status quo with diversity
• Suzanne Burke, Head of Operations for the Office of the Small Business Commissioner, will be sharing her wealth of knowledge on the small business market in the UK and top tips to overcome some of the biggest challenges small businesses face around payments.

This year’s event, sponsored by NatWest, Sky, Vodafone, Avast,Pure Storageand Red Hat,will include dedicated areas on Women in Tech, Women in Franchise and Women in Finance. Attendees will also have access to a specialist CV and interview clinic, to help hone skills in applying for that next job, along with a franchise matchmaking service, which will provide advice on starting a franchise and suitable investments, and a focused wellbeing track, featuring top tips and interactive workshops to help improve wellbeing in the workplace.

How online casinos entice new business

The UK online casino industry is big business worth over £2.0 bn with hundreds of different operators. With so much competition we take a look how the best preforming sites manage to entice new business.

Most online casino and slot sites offer some kind of incentive for new players to join. Here we take a look at some of those new player incentives.

Free Spins & No Deposit Offers

When it comes to the free spins and no deposit offers that are available, all casinos have different terms and conditions. Some offer up to 50 free spins with no deposit required & players can keep what they win, others will require you to wager your winnings a certain number of times, so make sure you check this out beforehand.

What are the different types of casino offers?

There are many factors that have contributed to the rise of the online casino. The dominance of this internet phenomenon has also had knock-on effects for the consumer as well in the form of bonuses.

The abundance of online casinos means that they all have to fight against one and other to win your services. They do this by offering exceptional bonus deals, including free spins, no deposit deals and much more. This gives you the opportunity to make your money go a lot further and so it is definitely recommended that you keep an eye out for good deals. Luckily, you don’t need to go searching through every individual online casino to find the best bonuses as there are many reputable casino comparison sites with full listings and reviews.

Read on to discover more information regarding the various bonuses that are available for individuals who like to play slot machine games on the internet.

Welcome bonuses

The majority of online casinos offer a welcome bonus for new customers. This encourages people to use the casino in question because they know they will get a free £20 (for example) if they sign up. This is a great way of getting started.

Typically you have two different types of welcome bonuses. Firstly you have the no deposit bonus. This bonus gifts a certain amount of money for simply signing up, which is the exact category that the 50 free spins with no deposit offers fall into. You don’t have to enter your card details or deposit anything else. All you need to do is sign up to one of the casinos and you are going to receive 50 free spins as a gift to enjoy.

The other type of welcome bonus is when the casino offers to match your initial deposit. For instance, if you deposit £50 they will give you £50 free of charge, taking your balance to £100. This is will be capped at a certain amount. After all, there is no casino that is going to match a £100,000 deposit if somebody makes one – although there’s no harm in asking we suppose!

Refer a friend

Referring a friend is something we see rewarded by all companies; from gaming sites to online clothing stores. If someone signs up to a website because you have recommended it to them you will receive a bonus. When it comes to online casinos you will typically be rewarded with an amount of free game play or cash to play slot machine games with. How will the company know that you have referred the person in question? Typically you will be given a unique URL that your friend must usewhen signing up or they will have to enter a code you have provided them with.

Loyalty bonuses

The third and final bonus is the loyalty bonus. This is used to reward existing players. A lot of companies opt to go for a point scheme. This means individuals will get points every time they play an online slot. At the end of the month, the amount of points you have will be turned into cash and then deposited into your playing account. It is important to think about your current customer base and keep them happy, and that is exactly what a loyalty bonus does.

As you can see by the three bonuses that have been mentioned; there is something for everybody. It doesn’t matter whether you are playing slot games for the first time or the thousandth time; you will still be able to locate some great deals and discounts.

Is blockchain’s open financial tools and services an opportunity for entrepreneurs?

Outside of the novelty and consistent price speculation of cryptocurrencies, one trend that has fast materialized is for an open and more accessible financial ecosystem.

With the expansion of regulation and infrastructure, facilitating open financial tools loom large, and while this innovation is for the greater good, many entrepreneurs are stuttering at the scale at which this sector is growing. From open source tools to standardized identity protocols like anti-money laundering, the digital asset market is slowly converging with different economic structures that will help entrepreneurs in the long run.

Open and integrated finance

Decentralized or open finance is a type of interoperable financial system that involves transparency, standardization, financial inclusion, and increased accessibility. This opens the opportunity for financial tools to play a more crucial part. For example, crypto traders are using trading tools and indicators to check the market condition before investing. Tools like BTC Profit System offer the most accurate information of the currencies and their expected behavior by using a combination of algorithms.

This approach has also helped many cryptocurrencies to lower their barrier so that investors can access transfer mechanisms and value storage. The currencies are trying to create a separate class of assets and remove intermediaries that exist outside the existing financial system.

One of the most significant aspects of this movement is the emphasis on different financial tools built on blockchain protocols for digital assets. Since these projects are expanding on the basis of blockchain technology, they are useful to build open financial instruments that offer more transparency to entrepreneurs; something that they had been looking for all this while.

Open financial tools

The introduction of open financial tools is providing secured lending services. This sector has a massive potential to benefit new entrepreneurs as it constitutes the biggest part of the open finance structure. However, other financial systems that are also gaining ground are decentralized prediction markets and security tokens, especially after utility tokens saw a downfall in the last couple of years.

Although the potential of various open protocols is still there, experts believe that the market is highly unlikely to experience a wholesale transition when it comes to financial instruments operating on the blockchain.

What is more likely to happen is the introduction of a hybrid ecosystem involving digital assets and open protocols with integrated businesses and traditional financial systems. It is still early days to consider a paradigm shift from traditional to digital in the next few years. So, a convergence is what everyone expects to happen.

If an open financial system has to exist, it will require a lot of innovation and proper infrastructure in different sectors. Financial and regulatory institutions in the United States are approaching a more mature market before jumping into the concept of digital assets. More startups are shifting their attention from ICOs to regulatory-compliant digital assets and transparent security tokens. Even ICO models are now focusing on anti-money laundering and KYC processes to reduce this transition and regain the market they have lost. So, entrepreneurs can be assured that the open financial tools and services will work in their favor instead of going against them.

HSBC CEO John Flint steps down from bank after just 18 months

HSBC boss John Flint has fallen victim to a top-level reshuffle at the bank despite racking up a 16 per cent rise in first half profits.

The firm said this morning it needed a change at the helm to deal with a “challenging global environment”. Flint, who has been chief executive for around a year-and-a-half, is stepping down “by mutual agreement”.

Reporting first half results this morning, HSBC said pre-tax profits rose to $12.4bn (£10.2bn), 16 per cent up from $10.7bn this time last year.

Revenue was $29.4bn, an eight per cent rise, while earnings-per-share increased to 42 cents.

The bank reported investments of $2.2bn in the first half of the year, up 17 per cent year-on-year, on “near and medium-term initiatives to grow the business and enhance digital capabilities”.

London-headquartered HSBC, which makes more than 80 per cent of its profit in Asia, said that its global commercial banking unit head Noel Quinn will be interim chief executive. The board would consider internal and external candidates for the new CEO, it said.

Chairman Mark Tucker is said to have disagreed with former CEO Flint on how fast the bank should have met profit targets.

Analysts predicted that Europe’s biggest bank would slow down in the second quarter, but after pre-tax profits of $6.2bn in the first three months of the year it has remained largely stable on profit.

However, in its lacklustre US division, it said it was unlikely to meet its six per cent return on average tangible equity (RoTE) target by 2020. This was in part because of falling interest rates in the US, and “geopolitical issues” which “could impact a significant number of our major markets”.

The bank also pointed to Brexit, saying the impact of the UK’s exit from the EU remained “highly uncertain”.

Tucker thanked Flint for his “commitment” and “dedication”. He said: “In the increasingly complex and challenging global environment in which the bank operates, the board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”

Chief financial officer Ewen Stevenson said this morning the bank was “not on track” with the turnaround of its US business. “The US revenue outlook has become more challenged in recent months.”

“We recognise the current returns in the US are not acceptable,” he added.

“We’re actively managing costs and investment growth in order to respond to a more challenged revenue outlook,” said Stevenson.

Flint said: “I have agreed with the board that today’s good interim results indicate that this is the right time for change, both for me and the bank.”

RBS provides loan victims new route to compensation

Business owners who claim they were mis-sold taxpayer-backed loans by Royal Bank of Scotland will be given a new route to ask for compensation.

The Financial Conduct Authority has said that it expects eligible companies that allege they were misled into taking an Enterprise Finance Guarantee loan to be able to use the business banking resolution service, which is being established to give firms another way of settling financial disputes.

RBS has already run its own compensation process for the loans, but the regulator believes that some complaints may need to be reconsidered.

There had been an expectation among the seven big banks taking part in the initiative that people who had been through previous redress schemes would not be able to use the new resolution service to ask for a fresh view on their complaint.

The Enterprise Finance Guarantee was set up to give lenders confidence to support viable small companies that lacked the security to get a conventional loan. It has underwritten more than £3.25 billion of credit to tens of thousands of small companies. The scheme provides a government guarantee to the lender covering 75 per cent of the debt. Crucially, this is solely for the benefit of banks, not borrowers, but RBS misled some owners of small companies by suggesting that they would be liable for 25 per cent of the loan at most and that the state would cover the rest.

In 2015 the bank admitted that it had mis-sold the loans and paid back £4.7 million it had wrongfully claimed from the government and £3.5 million to affected customers, or to their guarantors or insolvent estates.

The regulator did not say why it thought the complaints should be reconsidered, although RBS’s compensation scheme has been contentious.

It is understood that the FCA does not anticipate a wholesale rerun of every complaint, but people who can produce evidence that the outcome of their past redress decision was not fair may be able to get a fresh verdict.

The FCA also wants thousands of business owners who claim they were mis-sold business loans by Clydesdale to be able to use the banking resolution service. The loans were embedded with complex interest rate swaps, which left companies facing ruinously high costs when rates fell during the financial crisis. Clydesdale, which is due to be rebranded as Virgin Money, had already conducted its own redress review and has settled some complaints.

Ian Lightbody, a campaigner for people who say that their businesses were wrecked by tailored loans, said: “I’m pleased mis-selling victims will have another route for redress, but we are not waiting around. We are currently securing finance for legal action.”

The resolution service is due to be launched this year, but small business representatives who are helping the banking industry set it up have threatened to withdraw their support unless access is widened.

Danish taxman delivers £126m demand to Just Eat after London HQ move

Just Eat is embroiled in a row with Danish authorities over more than £100 million in back taxes.

Denmark has accused the fast-food delivery app of failing to pay enough tax after shifting its headquarters from Copenhagen to London in 2012. Last year the taxman made a £126 million claim against the company after an audit into how profits are allocated across the group.

Just Eat, which is in talks over a proposed £5 billion takeover by a Dutch rival, believes that the claim is without merit. Nevertheless, it has made a £21 million provision to cover the potential bill, accounts published last week show. It admitted that under the “most extreme” scenario it would have to pay the “full £126 million”, which includes back taxes, interest and penalties.

The online takeaway service was founded in the Danish capital in 2001 and established a British subsidiary five years later, which became its most valuable operation. The tax dispute is thought to centre on a disagreement over where Just Eat pays profits for use of its brand.

After relocating, Just Eat is understood to have begun registering new trademarks in Britain, paying HM Revenue & Customs taxes on profits generated from the intellectual property. The Danish authorities believe that they were shortchanged. They argue that Just Eat should have paid higher licensing fees for existing trademarks, which remained in Denmark. As a result, Just Eat paid lower taxes in its country of origin than it should have done, according to sources with knowledge of the dispute.

The Danish tax agency declined to comment. The company declined to answer specific questions on the legal tussle, but pointed to stock exchange disclosures on the “ongoing transfer pricing audit”.

The dispute is to be resolved through a “mutual agreement procedure” between British and Danish authorities. A decision is due next year and Just Eat said that it expected the “full elimination of the potential double taxation”.

“Such an outcome may result in a reallocation of income between the UK and Denmark, with different tax rates applying over different time periods and net interest charges,” Just Eat said in its half-year earnings statement.

Last week, Just Eat agreed in principle to an all-share bid from Takeaway.com, which would give Just Eat investors 52 per cent of the new business.

Heathrow strike action suspended on Monday as talks resume

A strike planned by Heathrow Airport workers on Monday has been called off, as talks continue to stop a further walkout on Tuesday.

Some 2,500 workers had planned to strike on both days in a row over pay.

Britain’s busiest airport cancelled 177 flights – roughly one in seven departures – after the Unite union rejected a pay offer.

But British Airways said it will now reinstate flights from Heathrow on Monday.

Air Canada said it is planning to operate its full flight schedule on Monday.

Virgin Atlantic has not cancelled flights but will continue with its plan to move them from Heathrow to Gatwick.

A spokeswoman for Virgin Atlantic said: “These services will not revert back to the original London Heathrow schedule and will remain in place.”

A Heathrow spokesman advised passengers to check with their airlines to see if there were any changes to cancelled fights.

He said: “We regret that passengers have been inconvenienced by this and urge them to contact their airline for up to date information on the status of their service.”

Flybe, Swiss, Lufthansa, Etihad, Qatar Airways, Aer Lingus, and TAP Air Portugal were among those to have confirmed cancellations, but it is not yet known if they will now reinstate flights.

Prior to the suspension of Monday’s strike action, airlines had begun to contact affected passengers, after some complained they had been left in the dark about whether their flights were affected.

Heathrow warned that security queues at the airport would be longer than normal, with passengers advised to arrive at least three hours before long-haul departures and two hours before short-haul.

Airlines also said they would impose restrictions on hand luggage to speed up boarding.

Paul Icklow from London, who is meant to fly to Spain with his family on Tuesday, told the BBC earlier that British Airways had been unable to give any information on Sunday morning, leaving him “frustrated”.

Meanwhile, Sarah McFadyen from Eastbourne said her flight to Abu Dhabi had initially been cancelled, then Etihad told her it “might still go”.

“So I have to turn up at Heathrow four hours before my flight to find out if it’s going… I am confused, frustrated.”

Heathrow says passengers will be able to rebook their flights for a different day, although choices may be limited given that August is peak holiday season.

RBS reveals bumper £1.7billion dividend windfall for shareholders

Royal Bank of Scotland has unveiled a bumper £1.7 billion dividend payout, delivering a welcome boost for shareholders including the British taxpayer.

The partially state-owned bank announced a special dividend of 12p per share alongside an ordinary interim payment of 2p per share this morning.

Approximately £1billion of the £1.7billion total will go into the Government coffers thanks to the stake in the bank taken as part of its financial crisis bailout.

The hefty payout has been facilitated by the bank’s highest half-year profits in more than a decade, with a 130 per cent jump to £2billion.

Meanwhile, operating pre-tax profits outstripped forecasts, rising 48 per cent to £2.7billion.

Shares in the bank have fallen 5.6 per cent to 204.8p following the update though.

The figures were boosted by the sale of its stake in Saudi bank Alawwal, which completed its merger with Saudi British Bank in June.

Attributable profit for the second quarter was up 35 per cent to £1.3billion. Costs were down by £173million, with a target in place for £300million savings by the end of the year.

Net lending was up 2.5 per cent, while the bank recorded £14.3billion in gross new mortgage lending.

No new provisions have been made for further PPI claims ahead of this month’s deadline.

Chief executive Ross McEwan said: ‘Given the uncertain and competitive environment, we are focused on the areas we can control; costs are down, capital and liquidity are strong, and we continue to grow lending to the real economy.’

No announcements were made regarding the hunt for McEwan’s successor, who is leaving to become boss of National Australia Bank.

Russ Mould, investment director at AJ Bell commented:  ‘Despite all the excitement about Royal Bank of Scotland paying £1.7 billion in dividends to shareholders – including the Treasury which will get about £1 billion given it still holds a major stake in the company – the real story is that the bank is highly unlikely to meet its financial targets.

‘If you exclude the sale of a stake in Saudi Arabia’s Alawwal Bank then its return on tangible equity in the first half of the year was only 7.5 per cent. That’s some way short of the 12 per cent target for 2020.

‘Elements of the story are unchanged, namely that RBS is still suffering from margin pressure thanks to a price war in the mortgage market,’ he continued.

‘With the increasing prospect of a Brexit no-deal on the horizon, Royal Bank of Scotland looks to be in a difficult situation.’

‘And for investors holding the shares as a source of income, they will need to consider the risk of a volatile share price and the potential for capital losses. The market is certainly spooked by today’s announcement given how the shares have fallen.’

Food prices to rise by £220 in 2020 over no-deal Brexit

Researchers at the University of Sussex have suggested the cost of a family food shop will rise by £220 a year if the UK leaves the EU without a deal.

Researchers said that food will increase by 7% next year in the event of a no-deal Brexit.

Trussell Trust the food bank charity said there needs to be a “dedicated hardship fund” to help those who will be affected by the rise in food prices.

Labour leader Jeremy Corbyn accused Boris Johnson of “gambling with people’s lives” by threatening a no-deal Brexit.

Corbyn added, “After nine years of austerity holding down people’s pay, with food bank use at an all-time high and with millions of people living in poverty in one of the richest countries in the world, a hike in food prices will be unaffordable for many families.

“Instead of handing out tax cuts to the richest and staking all our futures on a trade deal with Donald Trump that risks the takeover of our NHS by US corporations, the prime minister should rule out no-deal and concentrate on improving the lives of people struggling to get by.”

Garry Lemon, the Trussell Trust’s director of policy said, “Any form of Brexit risks increasing the cost of food and essentials, and therefore increasing need for food banks.

“We’re giving Brexit guidance to food banks, but there’s a limit to how much we can prepare for and mitigate its consequences.

“The responsibility to prevent more people being pulled into poverty lies with our government.

“We cannot rely on support driven by volunteers and food donations to pick up the pieces, particularly in the event of no-deal.

“To anchor people from poverty as Brexit unfolds, our government must ensure additional protections such as a dedicated hardship fund are in place throughout, alongside an end the five-week wait for Universal Credit payment.”

Security staff at Gatwick Airport to strike at business period of the year

In a dispute over pay Gatwick Airport security staff are set to stage a two day strike on 10 August from 6am which will “cause travel disruption” the union Unite said.

The union said most of the 130 staff who scan passenger’s luggage and are employed by ICTS are paid less than £9 per hour.

Jamie Major, Unite regional officer said, “It is high time the airport got its priorities right and starts investing in its hard-working staff, instead of paying millions to its shareholders.”

Coby Benson, of compensation law firm Bott & Co said the strike are to fall “in the midst of peak holiday season in a busy month for air travel in general.”

Global trade war beckons as China to retaliate if Trump increases tariffs

China has pledged to retaliate if President Trump goes ahead with his threat to impose more tariffs on its exports, escalating the trade war between the biggest economies in the world and rattling global markets.

Beijing said that it would not succumb to blackmail after the White House revealed plans to extend duties across almost all Chinese goods exported to the United States within weeks.

The rise in hostilities hit equities, with indices across Asia, Europe and America falling into the red. The FTSE 100 fell by 177.81 points, or 2.3 per cent, to 7,407.06, while the CAC 40 in France and the Dax in Germany fell by 3.2 per cent and 2.8 per cent, respectively.

Earlier, the CSI in China fell by 1.5 per cent and the Nikkei in Japan lost 2.1 per cent. On Wall Street, the Dow Jones industrial average closed 0.4 per cent down, while the technology-focused Nasdaq dropped by 1.3 per cent.

The US has imposed import levies on Chinese exports worth $250 billion as Mr Trump sought to assert a protectionist trade agenda. Beijing has hit back with tariffs on American products worth $110 billion.

Mr Trump surprised markets on Thursday by announcing that a new $300 billion catalogue of goods from China would face US duties of 10 per cent from September 1. This is set to include consumer goods such as mobile phones, toys and shoes.

Chinese officials expressed hope that the Trump administration would “give up its illusions” and resume negotiations based on equality and mutual respect. “If America does pass these tariffs, then China will have to take the necessary countermeasures to protect the country’s core and fundamental interests,” Hua Chunying, a foreign ministry spokeswoman, said. “We won’t accept any maximum pressure, intimidation or blackmail. On the major issues of principle, we won’t give an inch.”

Wang Yi, the Chinese foreign minister, said that introducing more tariffs “is definitely not a constructive way to solve the economic and trade frictions”.

Mr Trump indicated that talks between American and Chinese officials in Shanghai this week had failed to bear fruit. He accused Beijing of failing to deliver on a series of promises and said that President Xi was “not going fast enough” in seeking a deal.

He has vowed from the outset to shield his country “from the ravages of other countries making our products, stealing our companies and destroying our jobs” and has claimed that trade wars are “good, and easy to win”.

Mr Trump’s officials also have sought to put China’s alleged illicit trading activity, which include forced technology transfers, at the centre of talks. Mike Pompeo, US Secretary of State, lamented “decades of bad behaviour”. Beijing denied claims of economic malpractice.

The president unveiled an agreement to open European markets to American beef exports yesterday, which allows the US to fulfil up to 35,000 tons of the EU’s 45,000-ton annual quota for hormone-free beef imports. It comes after repeated threats from Mr Trump to launch a full-scale trade war against the EU, by imposing

25 per cent tariffs on all vehicles imported to America from the bloc, among other things. Negotiators from both sides of the Atlantic continue to try to thrash out a broader trade agreement.

Mr Trump said yesterday that the beef deal would increase American exports by 46 per cent in the first year and by 90 per cent within seven years, and ultimately to $420 million annually from $150 million today.

His latest blow in the tit-for- tat row with China dominated markets, however. Gold and government bonds — assets deemed to be safe havens at times of uncertainty — jumped as investors sought security. Oil prices, after their worst day in three years, recovered slightly. Brent crude rose by 2.6 per cent, or $1.56, to $62.06 per barrel.

Hu Xijin, editor of the Chinese state-run Global Times, said that Beijing “will focus on the national strategy under a prolonged trade war” and wrote on Twitter: “New tariffs will by no means bring closer a deal that the US wants, it will only make it further away.”

Oxford Economics, the consultancy, said that US-China relations had “obviously soured” further, and added: “We expect this step to make China less keen to achieve a deal and more determined to prepare itself for long-term economic tension with the US.”

Majestic Wine sells retail arm for £95m to focus on Naked Wines

High street retailer Majestic Wine is set to sell all its stores for £95m as it transitions into an online-only company.

US private equity firm Fortress is buying the outlets, securing 1,000 jobs as it committed to keeping the 200-store network, which had a turnover of £300m last year.

“Majestic has grown through periods of dramatic change, I know we have the recipe to do it again,” said a Fortress spokesperson.

“We want to keep investing in our stores, in our people and our product – everything you can feel, touch and sip. After all, you cannot taste wine online.”

Majestic managing director Joshua Lincoln added that he had received “thousands” of emails from concerned customers when the retailer looked like it may close in March.

At the time Majestic said it would focus on its online division Naked Wines, which it bought in 2015. Money from the sale of Majestic will be used to cut debt and invest in Naked.

A separate sale of a freehold property to a separate third party buyer will bring Majestic’s full retail proceeds up to £100m.

“I am delighted that we have managed to secure an independent future for both Naked and Majestic Retail and Commercial, allowing both companies to pursue growth by focusing on their unique propositions,” Majestic chief executive Rowan Gormley said.

Major Majestic shareholder Gatemore Capital Management, which bought a stake in early 2019, welcomed the sale.

“Having worked closely with the board and management to ensure shareholder value is maximised, we are excited for the company’s prospects going forward as a standalone, high-growth and profitable business,” managing partner Liad Meidar said.

The investor had pushed for any sale to divide Majestic and Naked, believing the two woudl perform better independently of one another.

Gatemore also has a 3.8 per cent stake in Naked Wines.

Majestic said it had received multiple bids in June as it pushed to sell off its store network to focus on Naked Wines.

At the time it said Naked had “a greater potential for growth”.

Activist investor Elliott and private equity firm Opcapita were also reportedly in the running to acquire Majestic’s bricks-and-mortar business.

British travel group goes into administration affecting 50,000 travellers

Two package holiday firms have collapsed, affecting more than 50,000 travellers.

Malvern Group, which incorporates Manchester-based Late Rooms and York-based Superbreak Mini Holidays, known as Super Break, has ceased trading.

The group said Super Break hotel-only holidays would be cancelled and people currently on holiday might have to pay again.

It said it “anticipated” bookings through Late Rooms would be secure.

Malvern Group said those on package holidays would be protected by the travel association Abta.

But vouchers and tickets for entertainment, attractions or the Incredible North Iceland Charter were no longer valid, it said.

Late Rooms, acting as an agent, had not taken money for bookings, which would be payable to the accommodation supplier direct, the company said.

‘Vast majority’ covered

Malvern said its contact centre had closed and it intended to appoint administrators on Friday.

It advised customers to contact Abta, their travel agent or their credit card provider for further help.

Abta has issued advice for customers of Super Break, but said it did not cover Late Rooms.

In a statement, it said the “vast majority” of Super Break holidaymakers’ arrangements would be covered through Abta, Atol or their credit card companies.

“These customers will either be entitled to a refund or, if they’ve booked through another travel company, they should contact them to discuss options which may include continuing with their booking, re-booking or alternative arrangements,” it said.

Super Break has about 250 employees and had approximately 20,000 bookings, involving about 53,000 people.

About 400 customers are currently on holiday.

Abta suggested rail, coach or Eurostar tickets might be valid for travel. Rail company LNER said it would honour all existing tickets.

Millions of Brits are boosting income by £6,600 with side hustles

Millions of Brits have a ‘side hustle’ to boost their incomes and pursue their passions, according to research.

A study of adults in full-time employment found that almost one quarter have already turned a hobby into a side business alongside their career, while a further 56 percent aspire to.

Those with a side business top up their income with an average of £6,604.80 per year post-tax, while 15 per cent of side hustlers even make £12,000 annually.

Beauty and wellness was found to be the most popular side business sector, which includes hairdressers, personal trainers and dieticians.

Arts and entertainment such as artists, DJs and designers, and home improvement including self-employed decorators and gardeners are also popular areas.

Generating extra cash was found to be the top reason Brits either have or would like to start a side business.

But 36 percent started a side business to pursue a passion and over one third did so to spend more time doing what they enjoy.

A desire and drive to follow one’s true calling is further supported by the finding that over half of Brits can’t find a full-time job related to their interests.

Simon Braier, Customer Strategy and Insights Director from Vistaprint, who commissioned the research, said: “Britain’s side business economy is booming, as employees increasingly look for financial, professional and personal fulfilment that may not be present in their main job.

“While many side hustles are born out of a personal interest or hobby, they don’t have to stay small.

“Side business owners can test their venture’s long-term viability, growth and marketing opportunities in a safer setting, helping them to ease the transition into full-time entrepreneurship and spend more time doing what they love.”

The study also found that almost two thirds of entrepreneurs treat their enterprise as a ‘5-9’ and work on it in the evenings in order to fit around their career.

A further one third also work on their side job at the weekends, while one quarter do so during the morning.

A typical side business takes up 13 hours a week, while 17 percent of those polled spend 20+ hours a week working on it.

It also emerged that one-third of side business owners hope to grow their venture in the future.

But an average of £2,711 a month post-tax would need to be made to consider turning a side project into a full-time job – a figure well above the average side hustle earnings.

When asked for their advice on growing a side business, successful side hustlers recommended focusing on tasks which generate the most revenue, setting long-term goals and ensuring your side business is something you truly enjoy.

Networking with people who run side businesses and building a strong social media presence rounded off their top five tips.

Vistaprint’s UK Market Lead Charlotte Holmes-Darby said: “To grow your side business, you need to think and act like a full-time entrepreneur.

“That also means you should be prepared to seize any opportunities that come your way and enable you to take your side hustle to the next level.”

It’s the right time to embrace the cloud accounting for SMEs

In the age of rapid technological growth, times are changing, and this doesn’t exclude how businesses work.

As mobile technology evolves, our requirements for accessibility changes too, meaning running a business from a central, stationary, hub, is no longer a necessity, or even convenient. These days, being able to travel and remain connected is an integral aspect of modern life, both personally and professionally.

An estimated 70% of all workers now work from home at least once a week, while it is estimated that, in just a few years, 40% of all workforces will do so remotely. The shift from working on site is in full progress, and at this moment, it’s the right time to embrace the cloud accounting for all SMEs.

What is the cloud accounting?

If you’re unfamiliar with the cloud, what you need to know is that, in essence, it is simply an online resource for the storage and access of data and programs. In the same way, you access information on your localized hard-drive, the cloud allows you to do so online. Therefore, you can access and use any cloud compatible software using any device that has internet connectivity, anywhere in the world.

The reason the cloud is different is that it facilitates for shared data to reach all intended people with access immediately, in real time, with a user-friendly interface. The cloud accounting integrates this superior accessibility with familiar accounting software, like QuickBooks 2019 Desktop, offering you quick, shareable, up to date information, and an improved overview of your current finances. 

Is the cloud safe?

Managing your business accounts online may sound like a risk, however, you’ve more than likely already had experience using something similar if you’ve ever used internet banking. Information stored in the cloud is only accessible with personal account information and is otherwise encrypted for your protection. Here’s some essential  cloud storage solutions you would want to look into to boost small business.

In many ways, data stored with the cloud is safer than on your hard-drive, as your information is not vulnerable or at risk from device theft or damage. Online sharing and accessibility remove the need for physical file sharing, like with USB drives, email, etc, so data is at less risk of being copied and falling into the wrong hands. With your data being stored and accessed online eliminates the need to make copies and gives you greater control over who has access. 

How can any SME benefit from the cloud accounting?

Aside from the greater security of your data, there are many ways in which the cloud accounting can benefit SMEs. If you’re considering utilizing the cloud and integrating QuickBooks 2019 Desktop, or any other accounting software, we have listed just some of the improvements it can make within your business below.

• It is cost effective.

As managing your accounts with cloud compatible software is provided via a subscription service, all the maintenance costs are upfront. There are no potential unexpected fees or additional charges for customer support, software updates, etc, as all aspects are managed by the service provider remotely.

• It is time effective.

As software changes, upgrades, and maintenance are all managed online, it saves you all the time you’d usually spend downloading and installing programs to keep your system up to date with traditional software. This allows you to reinvest your time better in other aspects of your business, or even your personal life.

• It offers flexible accessibility.

The flexible access afforded to you by online accessibility means the opportunities are endless. With the cloud accounting, you can manage your business at work, from home, or wherever you need to be in the world.

In addition, the ability to share data across any device with internet connectivity, allowing for multiple users to access the same data simultaneously, improves productivity and collaboration. The cloud will contain all up to date information pertaining to your business in one place, with an easy to use operating system, both fully customizable and manageable.

Important things to know about real estate value estimation

Property valuation is essential in the real estate industry. It gives an insight to the seller and the buyer about the approximate value of a house.

There are different ways to evaluate the net worth of a property. You can follow either a single method given below or combine them to find the most accurate figure.

Comparable sales method

The value of the property depends on the prices of similar apartments or houses in your neighborhood. It is also known as residential real estate valuation. How much you need to invest depends mostly on the present value of the properties. However, this is an old-school concept.

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You can check the neighborhood, building regulations, location, and condition of the property before investing. Upon completing the program, you will become a citizen of Dominica.

Discounted value of rentals

Unlike the comparable sales method where the price of the property reduces in the presence of defects, the discounted value of rentals works differently. This method helps to understand the future rental appreciation of the apartments.

For example, consider the busiest place in your city. Properties in this location are more likely to have a high price, and the cost will be higher in the future. The discounted value of rental for this location is calculated after inspecting the growth in demand in the real estate of this location and also the availability of properties. It is the demand-supply relationship that determines the value of the property.

Automated valuations

This is the fastest way to evaluate the value of a property. It is a cost-effective method that uses computer-generated models. The automated valuation model considers the historical data indexed to predict and calculate the present value of the property. However, it does not consider the real comparison of the other properties in the same neighborhood. So, you may find different valuations for different apartments even though they are right beside one another.

Income approach

It is also known as the intrinsic or fundamental method of estimating real estate value. This approach focuses on the property value instead of comparing it with similar properties. Two factors determine the worth of the property you want to invest in: the projected future net income and the resale value of the apartment. This is a more realistic approach to find the real estate value estimation. When you consider how much the property value will increase, you get the approximate amount of maintaining its revenue.

Most real estate companies follow these methods to evaluate the value of properties on sale. This helps them to negotiate better with the clients. And, if you are interested in the citizenship program, it is a win-win situation for you. You get the chance to invest in an excellent property and acquire citizenship at the same time.

Bank of England cuts UK growth forecast and warns over no-deal Brexit

The Bank of England has cut its forecasts for UK growth over the next two years and also warned that a no-deal Brexit would hit the economy and trigger a further drop in the value of the pound.

The Bank left interest rates unchanged at 0.75% against a backdrop of weaker global growth and ongoing trade tensions between the US and China.

It said the UK economy was expected to grow by 1.3% this year, down from a previous projection of 1.5% in May.

The Bank also cut its outlook for growth in 2020 to 1.3%, from a previous projection of 1.6%.

The forecasts are based on the assumption that the UK leaves the EU with a Brexit deal – however it suggested growth could be much slower in the event of no deal.

Why has the Bank cut its forecasts?

The Bank’s Monetary Policy Committee (MPC) that sets interest rates said the UK was likely to have stagnated in the three months to June.

Its quarterly Inflation Report predicted only modest growth in the coming months due to ongoing uncertainty over the UK’s future relationship with the European Union.

It said there was a one-in-three chance that the economy will shrink at the start of next year, with global trade tensions also weighing on the UK outlook.

And it said there had been a “material and broad-based slowdown” in world growth since the end of 2017.

How is Brexit affecting business?

The Bank said UK economic growth was “likely to remain subdued over the coming year, with Brexit-related uncertainties weighing on spending to a greater extent than in May”.

Its latest survey of businesses showed that 90% of them had implemented contingency plans ahead of a previous March Brexit deadline.

Three quarters of respondents said they were also “as ready as they can be” for a no-deal scenario.

However, the Bank warned that “material risks of economic disruption remain”.

It noted that 240,000 businesses that currently trade solely with the EU were not ready for sudden EU border inspections in the event of no deal.

Many others did not have the right documents to keep selling to the EU if the UK left the bloc without a deal.

BMW pleads with Prime Minister to rule out no-deal Brexit

The chairman of BMW has warned Boris Johnson no-one would win from a no-deal Brexit and urged the new Prime Minister to listen to business.

Harald Krueger said leaving the EU without a deal would be “lose-lose” for the UK and industry.

Mr Krueger advised Mr Johnson: “Listen to the economy and listen to the people. He needs to be in a dialogue with business.

“I would visit Johnson to tell him this,” he added.

BMW warned earlier this year that if the UK leaves the EU without a deal it would threaten production of the Mini which is produced at its Cowley plant, near Oxford, where it employs 4,500 people.

BMW is one of a number of car companies that have expressed concern about leaving the EU without a trade deal.

This week, Vauxhall-owner PSA said it could move all production from its Ellesmere Port site, where it builds the Astra, if Brexit makes it unprofitable.

Such a move would put 1,000 jobs at risk.

BMW closed its Cowley plant for a month in April after planning for the original Brexit deadline of 29 March.

However, last month it committed to begin building its new electric Mini at the site in November.

In his previous role as foreign secretary, Mr Johnson last year allegedly used an expletive when discussing business concerns about a hard Brexit at an event for EU diplomats.

When pressed about using the word, Mr Johnson refused to deny the claim and said he may have “expressed scepticism about some of the views of those who profess to speak up for business”.

Mr Johnson has said the UK will leave the EU by 31 October, with or without a deal.

Recent figures reveal investment in the UK car industry has fallen sharply to £90m in the first six months of this year compared to £347m in the first half of 2018.

The Society for Motor Manufacturers and Traders said, however, that companies’ spending on contingency plans for a possible no-deal Brexit had now reached £330m.

Mr Krueger made his comments after BMW reported a 28% drop in pre-tax profits for the second quarter of the year.

The firm attributed this to investing heavily in electric car production and said it still expected to hit its financial targets for 2019.

2020 foresight for employers

There are several practical steps which businesses should be taking now to prepare themselves for important changes to employment law which will take effect on 6 April 2020.

Statements of written particulars

The obligation for employers to give written statements of employment particulars will be changed in three key ways. The right will be extended to cover workers as well as employees. The statement will have to be issued on or before the first day of employment, rather than within two months after employment starting. It will need to cover additional information, such as probationary periods, benefits and how any variable working hours are decided.

Businesses should review their template contracts for employees and casual staff in preparation for taking on new joiners. They should assess which benefits will need inclusion as contractual benefits. They will need to determine how to articulate their flexible working patterns, for example covering shift workers or staff on zero hours contracts, in the contracts.

New rules for calculating holiday pay

Currently holiday pay for employees with variable pay is calculated by looking at the pay received during the previous 12 weeks. This reference period will be changed to 52 weeks, or the total length of employment if the employee has been employed for less than 52 weeks. The reason for this change is to ensure that holiday pay reflects the employee’s normal remuneration, and to remove anomalies in holiday pay calculations depending on the particular time that holiday is taken.

This change will affect employees who do not have normal working hours, and those who have normal working hours, but their remuneration varies with the amount of work done, or the time the work is done – which includes employees who are regularly paid overtime or sales-based commission.

Employers will need to ensure that their payroll systems are brought up to speed with the new reference period for calculating holiday pay, liaising as appropriate with their external payroll providers. They should assess whether this change to the calculation of holiday pay will have an impact on the annual costs of paying holiday pay, for example if staff typically take their paid holiday during quieter periods of the year when there is little paid overtime. They should also plan how and when to introduce this change, for example whether to implement this change from the start of their next holiday year rather than when the law changes in April 2020. It will also be a good opportunity to review variable pay arrangements across the business and to check which elements ought to be included in holiday pay calculations in order to comply with the Working Time Regulations.

Changes to the tax treatment of off-payroll working

From 6 April 2020, changes to tax legislation regulating off-payroll working (known as IR35) also come into effect. These new rules will require larger private sector businesses to deduct income tax and National Insurance contributions via payroll from fees for services paid to a personal service company (PSC) in cases of “disguised employment”. These are where the business determines that the individual performing the services would be regarded as their employee for tax purposes if they were engaged directly and not through their PSC.

The reforms will require the client company to determine the correct position for each engagement and notify the other parties involved. The client company will also need to review its determination, if this is challenged by the individuals, or their PSC. These reforms are already in place in the public sector.

Companies should firstly check whether they will be in scope of the IR35 changes. The changes will not apply to a company which falls within the definition of a ‘small company’ under the Companies Act 2006.

They then need to undertake a comprehensive audit of all their off-payroll working arrangements. This will require a factual investigation looking at the specific working practices on the ground, as well as a review of the relevant contractual documents. The Government’s online CEST tool can be used to assist. This audit process should be started as soon as possible, to allow time to reflect on the outcomes of the audits, to obtain any necessary legal advice and to discuss the results with each PSC.

Businesses should also consider the potential for wider implications of their IR35 determination. Strictly speaking the legal test for deciding employment status for tax purposes is distinct from the similar tests for employment law purposes, however relevant factors which are considered substantially overlap. If the individual should be taxed as an employee, there is a strong chance that they could be considered as an employee or a worker for employment law purposes. This may lead to expectations from the individual that they should receive associated statutory entitlements such as paid holiday and sick pay.

In addition to the provisions highlighted above, there are further changes which will come into play from 2020 onwards. With this volume of change, preparation will be key, if businesses want to be in shape before the changes take effect and they want to minimise the financial impact of those.

Rhona Darbyshire, Partner and Head of the employment team at Cripps Pemberton Greenish