Whether you’re self-employed or employed – a growing number of professionals are working from home and many even set-up a dedicated space to perform their job duties. To reduce the tax burden, the costs for working from home can be tax-deducted. However, certain conditions need...
When planning the finer details of your online shop, rushing through your financial plan can lead to chaos. It’s important to be aware of how much money you need to spend, and only an extensive finance plan can provide the necessary security for the development of your web store....
Have you heard of SMART goals, but you’ve never used an organised and effective method for setting objectives? We’ll explain the advantages of SMART goals, how to use the technique for your personal and business goals and what to watch out for with this method. Because, like all...
Neuro-linguistic programming, NLP for short, is a collection of tools and models designed to facilitate and strengthen communication in various areas of life and work. The goal is to better understand oneself and others, and to make positive changes. We will tell you exactly what...
The profit and loss account (P&L) is also called an income statement. All general ledger accounts are summed up with expenses subtracted from the income to leave a profit or loss amount for the period, which is usually one financial year. Daily operating expenses are summarised...
It’s easy to become self-employed in the UK. All you need to get started is a business idea and a bit of courage. The one-person business does require registration with the HMRC and there are a few other requirements you will need to fulfil. It’s important to understand the risks...
Double-entry accounting or double-entry bookkeeping is an essential part of the accounting system. Lots of entrepreneurs have a hard time with bookkeeping, when in fact it should be a boon and provide a detailed overview of your finances. Double-entry accounting isn’t an...
Many companies are looking for an alternative to Microsoft 365. It is not always an easy decision to make as there are now numerous free and paid options on the market. Not every option will be right for every company and their requirements. Here we will present a variety of alternatives to Microsoft 365 and discuss their respective advantages and disadvantages.
It is important for companies to have an objective picture of their current market position when making strategic decisions. Analysing your own business activities in comparison with the competition involves comparing your internal strengths and weaknesses with the opportunities and risks posed by micro- and macroeconomic environmental influences. These factors can be determined using PESTEL...
Entrepreneurs face problems on a regular basis. However, in order not to postpone but instead to solve these problems, it is important to look not only at their effects but also at their causes. The fishbone diagram is a tool that helps to identify causes of a problem in a structured way. We explain the principle of this cause-effect diagram.
For many, asking other people questions can take a lot of effort. But those who succeed in finding the ideal mix of attentive listening, showing interest, and questioning at the right times can also benefit professionally. The deliberate use of questioning techniques also helps you to promote communication based on trust and find the optimal answers to relevant questions with your coworkers.
Obviously, work hours need to be accurately recorded. The question is how and with what tool? There are a variety of time tracking systems on the market with varying prices and functions. However, the right solution for you is not necessarily the one with the lowest price or the largest range of functions. The system needs to be the right fit for your company for everyone to benefit from it.
How you make sure that your project will be a success? With a well-thought-out project plan. When creating a project plan, you should make the work stages clear, as well as the requirements that the project has to be successful. In doing so, you’ll always know what the next steps are in the project, and if you are still on schedule and within your budget.
“Agile working” is currently one of the biggest trends in the corporate world. It’s seen as the best way to master the challenges of digitalisation. How does the agile approach work? What opportunities and risks does it involve? And what role will this hot topic play in the future? We provide an overview.
If the price of a product is increased or decreased, this has an impact on demand. The price elasticity of demand indicates how strong this impact is. It shows whether the demand for a product or service is elastic (fluctuating) or inelastic (stable) when the price changes. We explain how this value is calculated and provide an example.
Shopping for bread at the bakery, grabbing a coffee at the station, ordering online: Every day, we get involved in legal transactions, and each time, we enter a declaration of intent. From a legal perspective, the process covers many different aspects. Which elements belong to a declaration of intent, and what types exist? We’ll explain the meaning of a declaration of intent with some examples.
Starting a business can be a dream come true for many entrepreneurs. Once you’ve decided on the right legal structure and told HMRC about your plans, you may think you’re ready to get going. But depending on the type of business you operate you may have to apply for a licence or permit to sell goods or services. Here’s what you need to know.
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