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The instant your company begins trading, you are supposed to have learnt ways to be a professional juggler. Between landing huge sales and promoting your products, there are possibilities that you are going to forget to post the odd invoice or maintain updated invoices with details. Nevertheless, should you let several items slip under the carpet; you are likely to get your company in trouble. And this is the reason why you would need to think hard about record-keeping techniques.Fortunately, there are lots of techniques that you can put into practice to make record-keeping a rather fast and easy exercise. Listed below are three among the several requirements to assist you in getting started:

Understand the law

If you cannot create specific constitutional records, you may end up paying a £3,000 fine.Few records may be worth keeping as they give insights into the techniques wherein your business is functioning; conversely, there are several other records that your company will be officially required to record and also report to the HMRC routinely.Consequently, wherever relevant, you are officially required to update and keep up adequate records of the following:

• Your company`s register of members, stakeholders or guarantors;
• Your company`s record of directors with their regular home addresses;
• Your company`s record of secretaries;
• All service contracts of directors;
• A register of penalty charges and instruments that brought about the charges;
• Minutes of every shareholders and shareholders` company board meetings;
• Copies of every resolutions and conclusions that are made at these meetings;
• A record of all directors` insurances;
• A record of the company shares` sales

Additional records you need to keep have to do mainly with your company`s effectiveness, which you need to report to HMRC in your yearly tax return. To realise this correctly, you need to really know what amount of cash is coming in and out of your company, and the ideal place to discover the movement of these funds will be by way of company invoices.Invoices are utilised to track your income and consequently, they are necessary in estimating your financial well-being. When operating a business, it is an authorised necessity to be certain that you are keeping every invoice for at least six years. Similarly, company directors and sole traders should hold on to their invoice records for a minimum of five years and ten (10) months. Maybe you are in a partnership or self-employed? These records must be kept for at least five years.Although that may seem to be a long time to keep track of paperwork, in as much as you stick to a set of organisational settings, it is very easy to guarantee your invoices are satisfactorily handled. The secret relies on making use of a no-nonsense, sequential filing system. It is essential that you accurately number and date each invoice and likewise keep them in two different files, one for invoices not yet paid and the other for paid invoices. When you pay an incoming invoice, record the date and method of payment and move it into the proper file. Receipts must be handled in a similar fashion.When in doubt, get in touch with HMRC and seek advice. Besides, if you are unable to produce certain constitutional records, you could end up paying a fine of £3,000. You could even be penalised more should the records of your company show inaccuracies. Concealed and deliberate inaccuracies may end up costing you a penalty loss of up to 100% of the possible tax revenues through your non-disclosure.

Get the apps

HMRC creates a directory of safe and reasonable record-keeping apps, as well as simpler income tax apps.Nowadays, apps are available for almost everything – including company record-keeping. The majority of these apps can be downloaded free and some are easier to navigate than others. As you are technically not expected to keep a hard copy of receipts or invoices, you are perfectly advised to go paperless.In fact, doing this might even assist in reducing some of your printing and storage costs. To assist you get started; below are five among the most easy-to-use business record-keeping apps that are currently on the market:MyBizTracker: The creators of QuickBooks specifically developed MyBizTracker so as to provide small business owners with a fast, on-the-go snapshot view of their corporate financials.This app permits you to record income and expenses in real time and likewise also lets you snap photos of your receipts so that you have got multiple records of every trade. MyBizTracker costs nothing to download for every Apple gadgets.FreeAgent: another record keeping apps that boosts the same photo features just like MyBizTracker is the FreeAgent. However, FreeAgent is unique in that it is able to calculate a fairly accurate snapshot of your company`s tax liability at any given moment. FreeAgent is free to download for all Apple devices.Sage Record Keeper: Sage Record Keeper, created by Sage is one of the global most popular suppliers of enterprise resource planning. It provides business owners with an absolute accounting solution for daily use. The app has a number of advanced features and one among the most desirable aspects of Record Keeper is its ability to process Construction Industry Scheme reductions.Forbes Receipt Keeper: If you are an Android user, Forbes Pcs offer a sterling accounting product in its Forbes Invoice Keeper app. The Forbes Receipt Keeper have several of the same functions as the other applications listed; having said that, it enjoys a collaboration with the cloud service Dropbox that enables you to instantly back up every of your accounts.ZipZipBooks: ZipZipBooks is an Android app developed specifically for businesses operating in the construction or property sectors. That is because ZipZipBooks specialises in filing Construction Industry Scheme receipts that are not appropriate for several accounting apps.It is worth saying that not every record-keeping application is HMRC-approved. There are actually strict rules in place regarding cash basis and less complicated expenditures, thus it`s usually worth evaluating various recording specifications before investing time and energy into a record-keeping app.

Keep personal finances separate

It is not unlawful to make use of your personal bank account for business – however it`s absolutely more challenging.Several small entrepreneurs often treat their company's bank account like a personal income pool – but that`s the first step down a long and winding road to financial self-destruction.From the moment you form a brand new company, your company operations turn out to be their own separate entity in the sight of the law. This implies that your company need to have its personal bank account so as not to confuse its earnings with your personal finances.Furthermore, even if you are building a limited company, opening a separate account for it makes sense so as to separate business bank account due to the fact cheques issued out to a limited company usually cannot be paid into a personal bank account..Having said that, it is not against the regulations to make use of your personal bank account to operate a UK business. Though it results in a more challenging accounting circumstance, HMRC provides a bit of guidance on the kind of records you may be required to maintain in case you decide to go this route.

These records include things like:

• Bank and building society statements
• Retain duplicates of every bank statement and
• Passbook for every account containing cash from your business.

Personal drawings: In case you fail to have a different business bank account, you will have to maintain a comprehensive analysis of every bank statement outlining which cash withdrawals were business-related as well as personal.Source of funds: You are expected to record any private money introduced into the business and from where it came from – regardless of whether it was gifted from a friend or relative.

If we talk about impact and freshness in the universe of social networks, then you've got to think of Instagram, an interactive platform with stunning visual potential; however, as a tool for brand positioning, it has generated more doubts than certainties.The situation is logical if we consider that is the subject of recurrent comparisons with Facebook and Twitter - historically the preferred access routes to the digital environment. But sometimes logic creates myths, and myths are to be broken. What do we mean? Instagram offers entrepreneurs and especially SME`s, outreach opportunities and valuable promotion that could help them break out strongly in the Social Media.Instagram is a useful and easy-to-use tool for community managers, the general public and, of course, companies.If you want to know other benefits of this site that emerged in 2010, look at what we present below:

• Less competition: the number of brands on Instagram is lower compared to Facebook and Twitter. This means that many companies wasted a reach of 150 million potential users and that new firms have a large area to fertilise.
• More inspiration: Instagram is highly experiential i.e. users enter and share their daily experiences. This feature is critical for budding businesses, because new business players are more likely to exhibit freshness and innovation - always worthy of shared elements.
• Visibility: publications related to your brand reach everyone; that is, each and every one of the users assigned to the platform will have access to your content without restrictions or algorithmic rankings.
• Mobility and location: Instagram can travel to your phone or wait on the web. Also, it offers a map of photos and the ability to synchronise with services like Foursquare - traits that will help you win your own space in the world.

If you enjoyed this article you can read more insightful posts on our business blog. Your Virtual Office London help countless startups become more successful.

The entrepreneur usually has their business idea and goes in search of it, however it is advisable to reflect on the road ahead and question about their entrepreneurial skills, their strengths and weaknesses. Performing this step along the way, may have a great impact and help to facilitate your startups.

Basic questions for the entrepreneur

If you are an entrepreneur or are in the beginning of the creation of a small or medium enterprise (SME), you should be aware of the following:

What is the ease of starting a business?

Ask yourself this, since the procedures according to the type of business are sometimes very repetitive and require multiple visits, paperwork and negotiations.

What support is needed?

It would be desirable to have comprehensive support according to the segment of the company which can offer both onsite and offsite forms, bringing a new way of bonding between SME entrepreneurs and government.Among the main supports that an SME may require are having campaigns to encourage the consumption of their products, support through a wage subsidy of SMEs in growth, training, adequate funding and a productive network that allows access to markets.

Should I take into account the culture of the region?

Each SME has the idiosyncrasy of the region where it is located. Therefore, considering their culture can stimulate the consumption of products and services of the town to promote the creation of new SMEs. This regional domestic consumption and the recovery of traditional sectors that have long-established locally are encouraged.

Where can I receive care and support?

It is preferable to have support in one place; support. Having a single point of care where practical and concise solutions are offered, is essential.Ideally, the government will look to companies to offer services and not wait for these applying to receive support, which allows them to offer advice directly where required by the employer.

How to organise support for my business?

This can be answered by boosting business accelerators, incubators and schemes that generate the development of new processes to strengthen the competitiveness of SMEs globally.It can be said that the comprehensive support to SMEs can be given in five aspects: training and assistance, financing, production linkages, technology development and market access. Considering these factors will help you to get better benefits and find support.

Where to establish my SME?

This can be performed in industrial parks specially designed for your type of company, where they can link the incubators, business accelerators, as well as the exchange of services among SMEs.For office based businesses, there are now numerous managed or serviced office spaces available to rent for companies. These can be especially beneficial to start-up businesses due to competitive packages that take a lot of the pressure off of the new business owner. These packages are flexible and can be tailored to your own budget and requirements.

Additional issues to the entrepreneur

What purposes do you have for your business in the coming year? Where should you start? What comes first, what will follow, and which of them is most realistic? what goals are aligned with the mission of the company? Which can generate a competitive advantage?Considering all these factors, make every effort that your SME is not left alone in wishful thinking, but remember that one of the main advantages of being a small or medium business is the flexibility to meet challenges.The work of an entrepreneur is hard, but the positive results after good analysis of these questions, can help the company to succeed in the future.

The current market scenario is moving at a rapid pace and requires businesses, especially small and medium enterprises (SMEs), to have an impressive capacity for innovation and adaptation. If they merge these elements, their stay in the market will be virtually guaranteed; if they fail the mission, then failure is imminent.In a process like this, the human factor plays a key role because their skills, talent and willingness depend on corporate development.SME`s require passionate, committed and staff that are willing to work together to hold a world full of opportunities, where technology has become a detonator of new success stories.Therefore, the strategic thinking of SMEs must not only concentrate on operating the business and the consolidation of a sound financial structure, but also in attracting talent that will match your needs and goals.

Analysts assert that SMEs should consider the following topics:

1. Structuring systems with full awareness. These economic units have to define the structures and systems that enable them to fulfil their goals. From them, they must guide their search for talent.2. Create job profiles. The SMEs have to identify the characteristics, knowledge and attitudes that every area of the business demands. For example, look for staff to monitor and manage corporate finance; talent to ensure technological efficiency of the company or to develop marketing activities.3. Make a market survey on wages. The SME must identify what type of salary offered by their rivals. Based on that information, they should create competitive wage plans.4. Think about professional development programs. It is essential that SMEs develop programs such as these so that their partners can grow and move up.5. Find ideal candidates. Getting the best talent is the next step. To achieve this, SMEs have to prepare thoroughly their interviews and get the information they need about the tastes, experience and attitude of the candidates.6. Provide a great welcome. After weighing up the interviews and references of the applicants, and chosen your new employees, the task of SMEs is to give an excellent welcome. This includes giving a good induction process, where new workers are familiar with the productive activities and corporate business image.

Strategies for retaining talent in SMEs

Due to the corporate inexperience of SMEs, the learning curve to grow and the economic challenges they face in their first years of life will test their ability to deliver high-quality jobs and retain their talent.HR specialists explain that, despite the difficulties, SMEs have other alternatives to keep their employees build lasting relationships with them and keep the evolution process of corporate assets; all this without large cash charges.Among the options available to SMEs to retain their talent and provide a sense of belonging include the following:1. Personal Recognition. Experts in coaching and human development indicate that to communicate the value of their team`s work will directly affect their mood and conviction to achieve objectives. For employees, it is constructive and encouraging that they really matter to their leaders.2. Rewards. SMEs can also endorse its commitment to its employees through small actions such as the allocation of free afternoons, the realisation of recreation, outdoor work and so on.3. Training programs. Investment in the personal and professional growth of the human factor is an excellent mechanism for them to be loyal and increase productivity.Training solutions, both onsite and virtual, have adapted to the needs of SMEs, making them both affordable and practical.4. Relaxation of time schedules. Today, employees look comprehensively to balance their personal life with work, a trend that SMEs cannot underestimate. These economic units should analyse the qualities of its employees and the significance of their activities; they can perform management schedules that are mutually beneficial.

The general perception of employees in a company is that working meetings can be tedious; it will last a long time and will have little effect, since the conversation invariably departs from the main objective.However, you can change your employee`s personal thoughts on the meetings in your company if you modify just the first and last five minutes. It`s a well-known phenomenon, used by stand-up comedians who must ensure a strong start and to also end in the same way. Therefore, we recommend you try and apply the following recommendations to the meetings of your business to allow them more interaction and stimulate the interest from your staff.

Set the example

If your goal is that the staff of your company show genuine interest and energy, you must be the first to show these characteristics from the time you head to the boardroom. In case at the start of the meeting you encounter a negative environment, lead with your body language and tone of voice and stay focused. If you have come prepared, you should be able to reconnect the group.

Make eye contact with everyone

It is common for each meeting to start with the leader reading the topics and for others to perhaps read too, without making eye contact between them. The challenge at this point is to meet up face to face with your employees, so one of the priorities of the board should be to build and maintain understanding, so that collaboration can be always healthy. To overcome this point, we recommend allocating no more than three minutes to explain the reasons why you met and make eye contact with each of the participants.

Follow up

Before ending the meeting, make sure your team know the steps and instead delegate or say who is responsible for what; ask everyone to say a few words about what they are responsible for. This will help ensure that everyone is on the same page and gives you an opportunity to listen and observe.When a person speaks, pay attention to what they say and how they say it. Do you really understand the idea? Is your body language congruent with what they say?

Recognise the work of others

For your company to have a positive culture, you need to recognise the work of each of the members of your team, so the recognition and rewards should be on your to-do list for each meeting. You can always find someone who is doing a good job. Say, "I love the attitude Mark" or "Thank you for your valuable contributions Beth.” This positive language can generate very positive results. It is important that the meeting leaves on an optimistic note.

Ending where you started

It is imperative that you have an idea of what you will say before the end of the meeting. The idea is that closing arguments reflect the opening, so it must reinforce the vision and the bigger picture.If you found this blog interesting make sure you favourite this on your social networks. Your Virtual Office London are the leading virtual office and business address service provider in the UK.

Employee performance directly impacts the results obtained by a company, so if members of your team perform an incredible job, the business progresses; by contrast, if employees perform poorly, the company stagnates.Against this background, it is always difficult to know whether the members of your team who are not performing well will be reflected in the scope of the goals set. Therefore, we suggest setting goals and metrics to evaluate to each employee.With this practice, each worker will know what works and where to go, while the results arising from performance measurement helps you both know if they are on track.As we know, setting goals and metrics is not a simple process, so we share some recommendations for you to overcome this process within your company.

Ask them to set their goals

This simple exercise will motivate your employees, since they are the ones who must define the objectives to be achieved while working in your company.To overcome this step, we recommend you speak to your whole team, and ask them to set each of their goals. Then you must evaluate these objectives and approve or modify them if necessary.

Realistic goals

Once you start to review the objectives proposed by each worker, it is necessary that you are sure that each member of your team maintains control over the possibility of achieving their goals or not.This is done in order not to promise things that cannot be met, either by lack of resources, or because they are out of reach or relies on a third party.

Think in the short term

Your employees must set monthly goals; so you should consider scheduling regular meetings to discuss the results that have been achieved.For that reason, it is important that measurable objectives are established with clear methods. Otherwise, you and your team will not know whether they have been met, which may affect their motivation and lower morale.

Drive the group recognition

Gather your team together in a group at the beginning of each month. At this meeting, each team member must set out the goals reached last month, what their performance was and what their goals are for the next month.Such meetings provide positive feedback and collaboration. This will make the team improve their performance, and in so doing, will obtain the satisfaction to share it with the rest of the team.

Define goals when necessary

For some departments of your company, such as the sales area, the objectives are easy to develop. In other places, it can be a challenge because they are not entirely obvious or quantifiable.To overcome this situation, you must think of the ideal scenario in which the person would do excellent work that contributes to the good of the company.By aligning business goals with employees, and providing real-time visibility, it will enable them to know their progress, from which both your company and your workforce will benefit.

Many times, young graduates from different universities no longer find employment (or paid employment). A solution is for them to create their own business and generate wealth in their community. That is the great contribution of business incubation in the context of the national economy. Business incubation is classed as the "creation of micro, small and medium enterprises (MSMEs) and to support them during their early stages of life."Many business mentors complement this view and explain that incubation aims to create projects that have a high potential, a certain degree of innovation and that are distinguished from what already exists in the market. It's also an area where entrepreneurs with good ideas receive counselling to generate their model and business plan, create networking and obtain resources.

For a business incubation initiative to succeed, it is essential that two factors are combined:

1. A good project, which can count on these features: a promising market, a good business opportunity, the existence of certain financial resources, knowledge and contacts; the definition of competitive advantage and the definition of needs.2. A good entrepreneur is usually one who exhibits the following qualities: Hunger for victory, determination, leadership, keen market insight, tolerance, as well as the ability to interact.If this combination is present, it is possible that the incubation process can begin to boost a business and earn it a place in the market; to survive beyond two years after it has been formed. A good entrepreneur will make any project succeed that comes their way, which is often not true in reverse: if there is a good project and not a good entrepreneur behind it, the best results will probably not be obtained.

Incubation process

The business incubation process consists of three stages: pre-incubation, incubation and post-incubation.This process meanwhile must try and meet these steps below:1. Selection Process. The incubators instruct the creation of an evaluation committee, to which entrepreneurs must submit their business idea.2. Pre-incubation. During this phase, the entrepreneurs selected will receive counselling to aid their entrepreneurship.3. Incubation. In this period, which can last from six months to a year, a mentor helps entrepreneurs to develop their business model and plan. Potential entrepreneurs also receive specialised advice on various issues: from intellectual property and funding to legal issues.4. Creation of the company. The incubators link entrepreneurs with public networks to formalise the establishment of their business. The company starts operating.5. Follow post-incubation. Incubators provide specific consulting on business operations, in order that it be consolidated and be successful. This support extends normally one year after the incubation process.Many in the industry say that incubation is a service, which requires future business leaders to invest some money. They also mention that some incubators for entrepreneurs seek a stake in the shares of their companies, but this is not a general rule.Moreover, business incubation is key to the emergence of MSMEs, which, according to recent data, suggests that they are the lifeline of the country in terms of volume business and jobs.Therefore, it is essential that both public and private sectors work together to try and strengthen the business incubation system, such as the UKBI, operating for 16 years now.Incubation is a very powerful tool that countries have to continue to try and grow, to generate wealth, employment and other successful growth mind-sets. When an entrepreneur creates their own company, they will change and become more responsible, a leader is a person committed their workers, their community and who takes pride in their surroundings.

Companies are not isolated agents, but economic entities affiliated to a full stakeholder environment. In this category, they are included alongside other businesses which, based on similar characteristics or diametrically opposite features, seek to keep consumer preference. In general terms, companies will have to beat their competition on their way to success; to do whatever is in their power to woo users and make a difference in the market.It is therefore essential that new owners understand that the evolution of their business depends not only on creating an attractive product, but that it is sufficiently different and helpful to leave an indelible mark in the minds of customers.For this to happen, corporate leaders, far from shunning competition, should think carefully about what their opponents are doing. Depending on that analysis, you can then design and implement an action plan that allows you to catch the public who are interested before anyone else.Experts in business development and marketing, point that every business leader in the making must study their business opponents. Here we explain in detail:1. Preliminary study. First of all, you should clearly define who your competitors are, for example: if you have a company dedicated to the production of glue, you cannot make a comparison with a restaurant. Your mission is to identify those who can take away customers or at least compete for them.2. Similarities. Look to provide products and services that could be confused with yours and make them look even better. If there are similar products or services, it is essential that the characteristics of your offer reflects added value. Remember that with similarities, the differentiating factor is the key to beating competitors.3. Marketing strategies. Have you thought about analysing communication channels using your opponents to spread their products? Do you know what is said about them in the traditional media and digital channels? Do you know what marketing strategies they used to woo their customers? Resolving these questions are essential to obtaining information that can compare with your market related actions. This will help you find the best ways to promote what you do and capture public attention.4. Digital-Mobile Presence. It is also essential that you analyse your own online presence. Do you have a website or a blog? Do you have profiles on Social Media? What kind of content is generated? Do you have a virtual shop? Do you accept payments by credit card or debit? Have you got feature Apps as mobile payment? The data emanating from these questions will help you visualise areas of opportunity that should be explored to get you on top of your industry.

Statistics of the latest reports conducted in 2014, indicated that the UK has 22 million households (84%) with Internet access, up from 57% in 2006. Various consumer profiles showed that around 76% (38 million) people in the country used the internet every day and a similar percentage (74%) made purchases through the internet, up 23% from 2008.Given this scenario, the micro, small and medium businesses (MSMEs) must develop online sales strategies, such as e-commerce to capitalise on this massively growing industry in the country.To develop a successful strategy into online commerce, it is necessary to make good market research and create a profile of the current buyers who have entered into sales and made online payments.The recent study by an e-commerce portal produced an analysis of the different profiles of users who make purchases on the Internet and we will share the results.

Detective

This is a person who likes to surf the internet and find out where they can get the best price for the product they want. The detective therefore spends a lot of time visiting all pages of online stores.

Critic

These examine in great detail the whole process of purchase. They also rate customer service and delivery procedures etc. and are inclined to give positive or negative comments about their experience so as to pass the information on to others.

The fan

This is a person with active profiles on social networks and who knows and is convinced of the benefits of electronic commerce. Moreover, unlike the detective, the fan does not inquire much about deals.

Impulsive

These are people who are driven by their instincts and are regulars to making purchases online.

Bargain hunter

This user will only take advantage of purchasing the product if it`s at a lower price. They will not necessarily value the additional services such as delivery, customer service and technical support.

Rational

Their online purchase process is balanced, and will not make any sudden, rash decisions - similar to the detective type, but less analytical in approach.

The cautious

This person has little or no experience in online shopping. They will buy only from highly recognised websites or brands and will not make the payment without being sure of the reliability of the site.

Inventory management is an operation that Small and Medium Enterprises (SMEs) should not exclude from its sales strategy if you want to generate profits and avoid economic losses.Inventory management is the efficient handling of raw materials, manufacturing phase items and finished products. This process requires the involvement of the entire corporate structure, in order to perform specific actions and to facilitate proper handling of the goods.Here are the kinds of tasks that each corporate division must run to meet that goal:

1. Procurement

This sector is responsible for relations with suppliers. The duties are:a) Check the availability of delivery agents by type of manufactured item.b) Manage the delivery time of the requested orders.c) Negotiate the price of inputs.d) To process credit with suppliers and define their terms.e) Report the difference between the prices of inputs to cash and credit.2. ProductionThe request for purposes of inventory management is to provide information on the number of items that can be manufactured every day and spending inputs required for that process. This area is also responsible for recommending the use of racks or shelves for storage of merchandise.

3. Storage

This segment must be designed and the necessary space to store supplies and products to be installed, depending on the goals and production requirements.

4. Finance and Accounting

The objectives of this department are:a) Valuing inventory, determining production costs and defining sales prices.b) Determining the prices of finished goods on credit.c) Assess the availability of resources to purchase inputs and store all types of inventories.d) Define the right time to hire financial solutions such as Credit Card Working Capital, designed to meet operational needs as inventory management.e) Calculate inventory turnover and create strategies for managing surplus or missing supplies.f) To establish the balance between revenues and expenditures associated with the handling of goods.

5. Administration

This division is responsible for plotting escape routes to the unexpected, such as the absence of a supplier, the lack of key inputs, production equipment failure, reduction or the occasional increase in productive capacity.

6. Sales

This department is responsible for establishing direct contact with consumers and implementing strategies for placing manufactured products and even agree to acquire items in progress.Read more helpful and insightful articles brought to you by Robert Carter from Your Virtual Office London on our startup and business blog.