Company mission, vision, values

Mission statement vs. vision statement

 

Even if prices are raised and there are more affordable alternatives on the market, we will often continue to buy products from the same brand. The reason for this is the same as explaining why we always choose to fly with the same airline or get our coffee from the same place:...

 

What is a small business?

Small businesses, explained

 

According to the Her Majesty’s Revenue & Customs (HMRC), a small business is a privately-owned and operated business with a small scale of trade and a small number of employees, depending on the industry. Small businesses are commonly referred to by the European term “SME” which...

 

Work-life balance

Work-life balance

 

A work-life balance involves a lot more than simply dividing working time and personal time equally. The concept is often viewed as a philosophy that determines many aspects of a person’s life. In order for it to succeed, both employers and employees must make an effort to create...

 

Job Interview Tips

Interview tips for making a great impression

 

You’ve made it past the application process and the initial screening and you’ve been invited to an interview. It’s normal to be nervous, especially if you have limited experience in selling yourself. There are a few unwritten rules that apply for all interviews. As soon as you...

 

Types of taxes in the UK

Taxation and the different types of taxes in the UK

 

Keeping track of taxes in the UK isn’t exactly a piece of cake. There are so many types of taxes that it’s difficult to know which ones apply to you and/or your business. If you don’t file your taxes correctly with the HMRC, it could result in penalties, which could cost you...

 

CRM tools: customer care made easy

CRM tools: software for customer care

 

Customer care is one of the corner stones of a successful company – whether you are running an online shop or offering bank accounts. Even smaller companies can benefit from the use of CRM tools, which help to organise customer- or buyer data. These software systems automate and...

 

Ansoff Matrix – what actually is it?

Your company should grow, that much is clear. But how? And in which direction? The mathematician and economist Igor Ansoff already dealt with these questions in the 1950s and as a result developed the Ansoff Matrix, which is aptly named after him. We explain to you how the individual Ansoff strategies work – by using a simple example.

Researching the right target market with Sinus-Milieus

What are Sinus-Milieus? If you are unsure about your target market research, this classification from the Sinus Institute can help you. The market research institute created a model of society with 10 groups, and provides a comprehensive profile for each group based on scientific research. We explain how the model works and provide an easy-to-understand Sinus-Milieu definition.

Balance sheets: the basics

Creating a balance sheet can give business owners and entrepreneurs a headache. After all, proper bookkeeping with a balance sheet and a profit and loss account is far more complex than a simple income statement. But how do you know whether you are obliged to create a balance sheet? Here, you can find out why you might need to keep a balance sheet, and what they mean for you and your company.

Due diligence: definition and history of precautionary risk assessment

By definition, due diligence is pretty much risk assessment undertaken with great care. Anyone who buys a company, or has shares in a company or in real estate, should carry out due diligence procedures to protect themsevles from unpleasant legal or financial consequences. Although this examination can sometimes be complex and expensive, failing to do so and paying the price later is usually more...

Lean startup: reasons without risk?

Dropbox, Airbnb, Twitter – all these succesful companies have one thing in common: they became successful using the lean startup model. This method questions traditional business concepts and procedures, and instead promises greater flexibility and innovation. But what do lean startups mean for product development and company culture, and how can you benefit from these new ideas?

How do you pay tax correctly as a freelancer?

Either October or January (depending on whether you submit on paper or online) are usually the deadlines for submitting tax returns on the previous financial year in the UK. This process often leads to questions: How do I determine my earnings? What can be deducted? Which forms need to be filled out? What are the deadlines and extensions? Something that often escapes many freelancers is that...

Annual accounts – an overview of the financial year

For publicly traded companies, annual accounts are due at the end of the year. This report allows you to present your company’s financial situation to the public, answering questions like: How much balance sheet profit did you make? What is the composition of income and expenses? What risks will investors be taking if they want to work with you? Drawing up an annual account will help you answer...

What is a low-value asset (LVA)?

By depreciating your low-value assets, you can get a better idea of your financial status, enabling you to work out when assets need replacing and their cost. There are two different depreciation methods: straight line depreciation and reducing balance depreciation – but you need to work out which of them works best for you and your business. Software can also facilitate the task and work out the...

Guidelines for a proper balance sheet, clearly explained

Anyone who is required to prepare accounts needs to pay attention to the guidelines and principles that come with them, especially when it comes to balance sheets. We expect the data to be reliable, verifiable, and objective, as well as consistent and compatible. Knowing these objectives helps you to prepare accurate annual financial statement for your company. We explain what is meant by the...

What is inventory?

For many businesses, inventory management is their lifeblood; regular stocktaking is essential in order to ensure that you’re working with the correct figures for your accounts. We explain the subtleties of inventory counts, which inventory types and inventory procedures there are, and how to carry out the complex process as quickly as possible without encountering any problems.