Author: admin

Posted on

How can I save the world?

Nobody can deny that times are tough at the moment with the double whammy of Covid and Brexit to cope with but we should still spare a thought for our environment and the world that we will leave for our kids.

The good news is that Covid has already prompted some good moves. Here are some ways that we can try to minimise our environmental impact.

  • Working from home or even at a serviced office close to home will eliminate the need to commute. If you need a commute as a mental break then try a walk around the block at the start and end of the day instead
  • Running a paperless office will reduce the amount of paper, ink and printers that are used as well as the file and furniture that we store them in. If you need some ideas then this is one of the free webinars that we run at least once a year
  • Online meetings where possible. Bingo! One of the benefits of Covid is that more people are doing this already. Once they’re interspersed with some real world meetings (business or personal) they should create a better balance
  • Walking, cycling and using public transport where possible will make a difference. Use a carbon offset scheme when car or even plane is the only option.
Posted on

Dealing with criticism

It’s happened to all of us at some time. In spite of our best efforts we have been on the receiving end of some sort of criticism. Here are some ideas on how to handle it:

  1. Stop. You don’t have to respond fully right now.
  2. If you must respond now then make it something neutral and agree that you will take their comments on board and give a fuller answer later (if required).
  3. Allow the emotion to die down. Nobody likes to be criticised. If it helps then get it out of your system by writing a response that will never be spent.
  4. Bear in mind that they may have had a difficult day/week/year and just lashed out at the first available person. This may not be about you at all.
  5. Having taken the emotion out can you see if there was a genuine problem or if there is something that might have been misinterpreted as a problem from their point of view?
  6. Can you do anything to rectify this now or put ego aside to apologise appropriately and compensate if necessary?
  7. Is there anything that you can put in place to stop the problem recurring on to prevent similar misunderstandings?
  8. Having learned the lessons go and read some of the positive things from your book of testimonials, awards etc*
  9. Set the matter aside and get on with your business

I appreciate that this is all a lot easier to type than to do but the important thing is not to inflame the situation further.

*If you don’t already have a Positive Book then start collecting nice comments now ready for when you’re having a down day.

Posted on

Budget Announcements 3 March 2021

The budget was primarily about

  • Support for Covid
  • Fixing the deficit
  • Rebuilding after Covid

1.Furlough

The furlough scheme will be extended to the end of September.

May/June – 80% with no employer contributions or NI

July – Employers to contribute 10%

Aug/Sept – Employers to contribute 20%

2.SEISS (self-employment income support scheme)

4th grant will cover Feb-April

5th grant will cover May-July for those most affected by Covid. Claims open July

80% of earnings. Calculations can now be based on 2019/20 tax returns for both grants provided that they were submitted by 2/3/21. This may bring support for an additional 600,000 people.

Turnover test: if turnover fell by <30% then only 30% grant (rather than 80%) is available

3.Universal credit

The £20/week uplift will continue for a further 6 months

4.Apprentices

The apprentice incentive payment will double to £3,000 for new hires of any age

5. Restart grants

Non-essential retail businesses will receive up to £6,000

Hospitality and leisure businesses will receive up to £18,000

Local authorities will have an additional £425M for discretionary business grants bringing this to £2.025B

6.National Living Wage (formerly minimum wage)

Increases to £8.91

7.Cultural Recovery Fund

£30M additional funding bringing this to £1.87M

£2.8M to support the UK and Ireland’s bid to host the 2030 World Cup

£25M to help grassroots football

8.Domestic violence support

Extra £19M. This problem has been highlighted during lockdown

9.Recovery Loans Scheme

These will replace the BBIL and CBILs which will end soon

Loans from £25,000 – £10M through to the end of this year.

Government will guarantee 80%

10.Business rates

100% business rates holiday will continue to the end of June

2/3 reduction for the following 9 months up to a value of £2M per business.

Eligible businesses will receive a 75% reduction next year

11. Reduced rate of VAT for hospitality and tourism

The VAT reduction to 5% will continue until September. From 1 October it will increase to 12.5% until March and will return to the full 20% from April 2022

12.Stamp Duty

There will be a tapered extension of the Stamp Duty holiday until 30 September. Remember that you must complete by this date to take advantage.

Those buying homes under £500,000 will have 3 months to complete

Those buying homes under £250,000 will have until September

The cut in stamp duty has had an inflationary impact on house prices

13.Mortgage guarantee

Government will offer lenders a guarantee to encourage them to provide 95% mortgages.

14.Tax thresholds

The personal allowance has been increased to £12,570 and the higher rate kicks in at £50,270. These are frozen until April 2026 so more people will gradually pay tax at higher levels

IHT, CGT and pensions lifetime allowance are also frozen until 2026

VAT threshold stays at £85k for two years

15.Taxpayer Protection Force

A new £100M team of 1,250 staff will crack down on Covid fraudsters

16.Corporation tax

From April 2023 corporation tax will increase from 19% to 25%!

There will be a Small Profits Rate of 19% for a business with profits of £50,000 or less so that 70% of businesses (1.4M) are unaffected.

There will be a taper from £50,000 t0 £250,000 profit so only 10% of companies will pay the full rate.

Loss allowances will be more generous so companies can carry back losses of £2M for 3 years and claim tax refunds of up to £760k on losses

17.Super Deduction

For the next two years companies investing in new equipment can reduce their tax bill with a super deduction of 130% of the cost. This will encourage companies to invest sooner. (130% x 19% current CT rate =24.7% so approximately the same as 100% x 25% when CT rates increase in two years time)

Worth £25B over two years

18. Alcohol and fuel duty

Increases are cancelled so these will remain the same

19.Help to grow

Executive development programme delivered through business schools over 12 weeks from June. Practical curriculum, 1:1 business mentor, peer-learning sessions and alumni network. 30,000 places over 3 years. 90% subsidised so cost to participants is £750

Free online advice and 50% off software worth up to £5,000 that will help businesses:

  • Build customer relationships and increase sales
  • Make the most of selling online
  • Manage their accounts and finances digitally

Must be purchasing the software for the first time.

Available to UK businesses that have been operating >1 year and have 5-249 employees.

Full details to follow in the Summer gov.uk/helptogrow

20.Visa changes

Fast track for high-skilled workers including researchers, engineers, scientists, and tech sector.

New unsponsored points-based visa for science, research and tech

Expanding UK’s Global Entrepreneur Programme for scale-ups and entrepreneurs

21.EMI and R&D relief

Consultations our today

22.Future Fund

Scale-up funding for innovative technology businesses

Companies with high R&D intensity that are aiming to raise at least £20M funding

23.Capital Gains tax

Annual exempt amount is frozen.

24.Eight freeport locations

  1. Thames
  2. Liverpool City Region
  3. Solent
  4. East Midlands
  5. Freeport East (Felixstowe and Harwich)
  6. Plymouth and South Devon
  7. Humber
  8. Teeside

This is all the information that we have for now

  • We will update this blog as we receive and digest further general information
  • We will contact clients directly where we believe that they need to take action.
Posted on

Seeing the other side

I like information in order to make decisions.

In order to understand both sides of an argument I need to ask questions. And I make my kids do the same. Those of you who follow me on social media may have noticed that I have strong views on Brexit but I still want my kids to think for themselves so, even back in 2016, I challenged them to give me 3 arguments for and against leaving. 

As business owners we often have to make fast decisions based on incomplete information but it is still important to look at the information that we have and to weigh up the alternatives. Throughout the pandemic and lockdowns businesses have been forced to pivot faster than the 32 fouettés in Swan Lake but pivots and fouettés are both about turning on the spot.

We run monthly Flyby sessions where business owners (accountants and others) can pop in to update their action plans monthly, quarterly or whenever, to that they are moving forwards rather than turning on the spot. It’s much more short term than our full Strategic Planning Day but it will keep you on track for the next month or quarter to ensure that you make real progress. 

Posted on

How to manage a 25 hour working week

Initially I chose a 25 hour working week in order to fit around my small kids. These days they’re teenagers and (in normal times) busy with their own lives but I still continue to work shorter hours because, as the advert says, I’m worth it. But it’s not just me who is worth it, we all deserve a decent work-life balance.

It’s up to you whether you structure your time into fewer days a week, or 5 shorter days, or any other work pattern you fancy. Personally I prefer shorter days because I notice myself getting less effective as the day goes on.

Writing my first book made it quite clear to me that I have peak creativity and mental energy for about two hours per day. This is the time for tricky jobs or the really good quality stuff that moves my business forwards.

After that I switch on to less demanding jobs, the bread and butter of what I do.

Finally I move to admin and emails.

I flex the time to suit myself and I particularly like to take time to have lunch with friends or for language or singing lessons. This leaves the evenings free to focus on family. At the moment I’m using the time to get out of the house in daylight hours to get some exercise and increase my mental wellbeing.

Next week I’ll write about how you prioritise the work you do. (Or, if you’d like a hand to build a business you love, just book a chat about how coaching can help https://calendly.com/hudsonbusiness/consultation )  

Posted on

Charlie’s MOT reminders

Are they helpful or salesy?

Charlie runs my local garage. As it’s just 15 minutes walk away it’s a convenient place to get my MOT done each year. And every year Charlie, or one of his team, sends me a reminder a month before my MOT is due.

I know that it’s now possible to get an email reminder via the .gov.uk website but Charlie has been doing this for years.

That reminder is true customer service because it helps me to ensure that my car is safe and compliant.

That reminder is good marketing because Charlie knows that I will pick up the phone and book my MOT with him. And, whilst doing the MOT, he may pick up additional work. And, as I see him as my regular garage he’s the first person I think about when the Service light goes on in my car.

What can you do to genuinely help your clients that will also lead to a sale?

Posted on

How to separate amicably

… with the help of a shareholders’ agreement.

A shareholders’ agreement is a bit like a pre-nuptial contract. I always encourage businesses with more than one director/shareholder to get one drawn up and, if they can’t afford the legal fees initially, to at least discuss and document the important parts.

It’s all very well going into business with a friend but I really want them to remain friends when the business has ended.

The agreement includes details of how the company should be run and how each director shareholder will be remunerated.
• What if one wants to work part time while the other is full time?
• What if one is out meeting and greeting and bringing in new clients while the other is in the back office fulfilling all the ‘work’ or operations of the business?
• What if one invests cash instead of labour?
• What if one has a long term illness and has to be carried in the business for a year?

It should also contain details of how the relationship should end.
• Can a minority shareholder be forced to sell out because the majority has found a buyer?
• Can a minority shareholder be tagged onto a sell out by the majority rather than be left with a partner they didn’t choose?
• Can shares be part of a divorce settlement so that a divorced spouse becomes involved in running the business?
• Can shares be inherited if one shareholder dies or will the company buy them back?
• How will the business be valued if one or more directors decide to go their separate ways?
• Can shares be sold to third parties or must they be offered to existing shareholders first?

If you don’t already have a shareholders’ agreement in place consider getting one drawn up now.

Posted on

How do you eat an elephant?

… One bite at a time. Or so the saying goes.

How do you complete a big project? One step at a time.

Whether completing a tax return, growing your business or constructing your dream house the steps are pretty much the same.

  1. Decide what the finished thing will look like and when.
  2. Work out the steps that are needed to get there
  3. Put the steps in order of what has to be done first and what can be done in parallel. Some steps will be dependent on others. Eg You can’t put windows into your house until you’ve built the walls.
  4. This is you project plan and can be mapped on software or just a simple checklist.
  5. Break each step down into bite sized pieces. I like to tie this into the Pomodoro 25minute cycles* but this isn’t always appropriate. Eg writing my books I can do about 2 hours at a time straight off (if I’ve already done the research) so it’s better without interruptions.
  6. Work out what resources you need for each step. eg You need all the paperwork etc before starting a tax return and you may want a coach or mentor to help grow your business.
  7. Now that you have the steps and resources add some timings; working back from the final deadline.
  8. Start. Don’t just dream but take action.

*For more on Pomodoro technique see Pomodoro Technique – Hudson Business Advice

Posted on

Is work-life balance really achievable?

Yes.

I started, grew and finally sold my first business all while working just an average of 25 hours a week. Some weeks were more but others were less. Here’s what I focused on to do it:

1.   Make it a priority otherwise you’ll drift into overwork habits.
2.   Focus on the non-work option. Mine was 2 small kids – see my Balanced 10 Talk.
3.   Focus while in work – see my articles on Pomodoro Technique etc.
4.   Say no to the wrong type of work – learn about marketing avatars in my books and courses.
5.   Set your prices to ensure that you cover your business and living costs – see my pricing articles and webinars.
6.   Systemise for maximum efficiency – see Scale Up Blueprint talk and course.
7.   Automate where possible.
8.   Delegate to free up your time.

Posted on

Successful People

“If you’re ever lucky enough to be successful in what you choose to do, don’t ever believe your own hype, and remember it could all stop tomorrow.

Do whatever you can do to the best of your ability. Take the job seriously, but not yourself. And most of all, be nice to work with.”

  • Olivia Coleman

Proudly powered by WordPress