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5 Digital Marketing Trends We Can Expect to See in 2022: What You Need to Know Now

danielle@coleaccounting.co.uk (Danielle Cole) — Fri, 04 Mar 2022 12:47:01 GMT

The digital marketing landscape is always changing, and it can be tough to keep up with the latest trends.

That's why we've put together a list of 5 digital marketing trends that we can expect to see in 2022. Keep reading to learn what you need to know to stay ahead of the curve this year.

#1 - The Need for Speed

According to Google, over half of users will leave a website if a page takes over 3 seconds to load.

Meanwhile, the demand for a speedy web experience is only increasing as Wi-Fi gets faster and 5G rolls out across the world.

That's why it's more important than ever to make sure your website is as fast as possible.

There are a number of ways to speed up your website, including optimizing images, using a content delivery network (CDN), and caching static files.

You can also use Google's PageSpeed Insights tool to get specific recommendations for how to speed up your website.

#2 - GeoTagging

Geotagging is the process of adding geographical information to digital content, such as photos and videos. This can be done manually or automatically using GPS data.

Geotagging has a number of uses, including helping people find businesses and attractions nearby, providing location-based ads, and improving search engine results. This makes your business more visible and allows you to show up in front of more customers.

You can add geotags to your content manually or use a geotagging app like Geotag Photos Pro.

#3 - Voice Search

Voice search is becoming increasingly popular, as more and more people use voice assistants like Siri, Google Assistant, and Cortana. According to DBS Interactive, 41% of adults use voice search at least once per day.

One reason for this is that voice search provides faster results than traditional text-based searches. Additionally, people are starting to use voice search for tasks that they wouldn't normally do on their phone, such as checking the weather or calling a business.

To make sure your content is optimized for voice search, you need to include long-tail keywords and use natural language. You can also use Google's Voice Search feature to get insights into how people are using voice search to find your content.

#4 - Short Form Video

Short-form video app TikTok exploded in 2020, and Instagram was hot on its heels with the release of its Reels feature. Some expected this trend to be a flash in the pan, but it's clear that short-form video is here to stay - and only growing more powerful by the day.

Short-form video is a great way to connect with your audience on a more personal level. It's also a powerful tool for storytelling, which can be used to engage and entertain your audience.

If you're not already using short-form video, now is the time to start. You can use tools like Instagram Stories or TikTok to create short videos that capture your audience's attention with relatively little effort.

#5 - Shoppable Social Media Content

Buyable social media content is a type of social media post that allows users to purchase products directly from the post. This can be done by clicking on a buy button or scanning a QR code.

Buyable social media posts are becoming increasingly popular, as they provide a more seamless shopping experience for users. They also allow businesses to sell their products directly from their social media accounts.

Buyable social media posts are a great way to increase sales and drive traffic to your website. You can create them using tools like Shopify's Buy Button or Facebook's Shopping Tab.

Final Thoughts

Digital marketing is an ever-evolving field, and it's important to stay up-to-date on the latest trends. These are five digital marketing trends that we can expect to see in 2022.

What do you think? Are there any other digital marketing trends you would add to this list? Let us know in the comments below!

6 Steps to Ensure That Your Business is Financially Fit and Healthy

danielle@coleaccounting.co.uk (Danielle Cole) — Mon, 07 Feb 2022 14:34:28 GMT

As a business owner, you are probably always looking for ways to increase revenue. But what about ensuring that your company is financially fit and healthy? While it may seem like the two are mutually exclusive, they are not. In this post we'll share six simple tips that will help ensure that your company is in tip-top financial shape.

#1 - Set a Goal

Ask any personal trainer if it's a good idea to set fitness goals and they'll respond with an emphatic "yes!"

The same rings true for your business' financial fitness. Setting goals is a great way to ensure that you're on track for success.

Remember that your goals should be SMART: Specific, Measurable, Achievable, Relevant and Time-based.

For example:

● Reduce expenses by 5% by the end of Q1

● Set aside enough capital to open a second location within three years

● Hire a full-time marketing manager by the end of Q3

#2 - Create a Plan to Achieve Your Goals

Once you've set your goals, it's time to create a plan for achieving them.

If your goal is to reduce expenses by five percent by the end of Q1, then list out specific areas that are ripe for improvement and identify potential solutions. For example:

● Reduce postage expenditure by implementing an online postage system

● Implement a more efficient way to track inventory

● Create new systems to increase productivity

● Increase hybrid working hours

● Relocate to a smaller office space

#3 - Track Your Progress

Just as runners track their miles on their Garmin watches or weight lifters keep a log of their sets and reps each session, business owners should keep track of their data in order to track progress and identify trends. However, instead of a smartwatch or phone app, business owners should opt for cloud accounting software.

Cloud accounting software gives you greater financial visibility and anytime, anywhere access to all of the numbers that matter. It also makes it easy to track your invoices and transactions, and get a handle on your cash flow. Cloud accounting solutions also enable you to visualise data, which can help you to identify problems and opportunities that might otherwise go undetected.

#4 - Prioritise Cash Flow

Cash flow is one of the most important aspects of a healthy business. If you don't have enough cash to pay your employees, suppliers and other bills then it doesn't matter how much revenue you're bringing in - your bottom line will be negative every month. Therefore, cash flow is central to the financial health of your business.

Keep on top of your cash flow by using a tool like Xero.

Xero lets you manage your cash flow to ensure that bills are paid on time and you're always aware of how much money is coming in, going out and whether or not there's a surplus or deficit. You can set up alerts for when invoices become due so that you don't end up incurring a late payment fee.

#5 - Hire a Consultant/Advisor/Accountant

Just as fitness fanatics hire personal trainers, business owners need the guidance of a quality consultant/advisor/accountant.

A great consultant/advisor/accountant will allow you to tackle the particular problems and pitfalls of your industry using a proven method for success. They will point out where there is room for improvement and identify opportunities for growth that you may have missed. Furthermore, they will coach you through the implementation of these strategies and keep you accountable, ensuring that your goals will be met.

#6 - Create a Culture That Fosters Financial Awareness

Finally, in order to ensure that your company is financially fit and healthy it's important to create a culture where employees are actively engaged in improving financial performance. This can easily be done with team-building exercises, like brainstorming new ways to decrease expenses or increasing profits.

Hire employees who are enthusiastic about improving the financial performance of your company by providing them with training and access to cloud accounting software so that they can monitor their daily tasks for possible improvements.

Summary

Don't wait until hard times start - be proactive about your company's financial fitness. Track your progress, prioritise cash flow and hire a consultant/advisor/accountant so that you can avoid paying late fees. Finally, create an environment where employees are actively engaged in improving the financial performance of their company. With these six simple steps, any small business can get itself into great financial shape.

5 Ways to Grow Your Small Business with Mobile Marketing Solutions

danielle@coleaccounting.co.uk (Danielle Cole) — Thu, 06 Jan 2022 13:46:32 GMT

If you're looking to grow your small business, then mobile marketing solutions are the way to go. Mobile marketing is a relatively new field but it's quickly becoming one of the most popular ways for businesses of all sizes to advertise their products and services. In this blog post, we'll discuss 5 ways that mobile marketing can help your company achieve success.

#1 - QR Codes

QR codes are a great way for your customers to access important information.

They can be used to direct people to websites, give discounts, access content and even pay bills.

QR Codes work by allowing you to scan them with a smartphone and accessing the web page that is linked. They're very easy to set up, use and track, so they give you more control over and insight into your mobile marketing. Unsurprisingly, these codes have exploded in popularity recently. If you haven't yet capitalised on this trend, don't delay any longer.

#2 - SMS Marketing

SMS marketing is another great way to reach out to your customers.

You can use it to send special offers, alerts about sales or new products and even surveys.

SMS messages are also very affordable, which makes them a great option for small businesses.

You can even use SMS Marketing as an effective tool for customer support, which is one of the most important aspects of any successful company.

#3 - A Mobile-Friendly Website

According to Statista, mobile devices have accounted for over half of web traffic since 2017, so it's vital that your website is mobile friendly - yet you would be surprised at just how many businesses overlook the importance of mobile optimisation.

Having a mobile website is especially important if you're doing any sort of e-commerce.

Your customers need to be able to easily search for products, compare prices and make purchases from their phones - otherwise they could simply go to your competitor's site instead.

If you don't already have a mobile friendly version of your website, start planning one now. It's not as difficult or expensive as you might think and it could make a huge difference to your business.

#4 - App Development

If you're looking for a more comprehensive way to reach out to your customers, then app development might be the answer.

Apps can do everything from providing product information to letting customers make purchases, payments and reservations.

Your customers will definitely appreciate the convenience of being able to access all your services from a single app instead of having to visit multiple sites on their phones. If you want your business to stay ahead in today's competitive market, then investing in mobile apps is an excellent idea.

Creating an effective and compelling mobile app is no easy feat.

You'll need to hire a reputable mobile app development company, which can be very expensive and time-consuming, so make sure you get it right the first time. As an added bonus, your customers will appreciate being able to access all of your services in one place on their phones.

#5 - User-Generated Content

User-generated content (UGC) is one of the most effective ways to increase brand awareness and boost sales.

It involves your customers creating their own content about your product or service, which can be anything from photos and videos to reviews and blog posts.

UGC is incredibly powerful because it's authentic - it comes from real people who are genuinely interested in your product or service.

As a business, you should encourage your customers to create UGC and make it as easy as possible for them to do so.

You can do this by setting up social media accounts specifically for user-generated content, providing ready-made templates or even offering rewards for the best submissions.

Final Thoughts

If you want to grow your small business, you can't afford to overlook mobile marketing solutions. Not only can they drive traffic into your funnel and convert casual visits into sales, but they're also affordable for all budgets. The digital age is only just beginning, so it's time to incorporate mobile marketing solutions into your overall strategy.

The 6 Biggest Business Trends to Look for in 2022

danielle@coleaccounting.co.uk (Danielle Cole) — Wed, 01 Dec 2021 13:58:11 GMT

The world of business is ever changing, and the year 2022 is unlikely to be an exception to this rule. Business owners should always be aware of new trends on the horizon and the challenges or opportunities that may come with them.

Let's make sure that you're prepared by diving into the biggest business trends to look out for in 2022.

1. Sustainability

Sustainability isn't perhaps so much a trend as a principle that's here to stay, but that only makes it more important.

As consumers become increasingly conscious, it's important that businesses take purposeful steps to reduce their environmental impact and learn how to communicate this to their customers and clients. Climate issues are only becoming more immediate, so the pressure is on for businesses to step up.

2. Employee Experience & Engagement

In 2022, employers will have a new challenge: how to engage and inspire their workforce. The pandemic has left many workers disillusioned, and this is only compounded by the fact that jobs are becoming increasingly automated. The key to success in 2022 will be finding ways to create value for employees before they leave you behind.

Although automation can, in some instances, alienate workers, it's possible to use AI to make jobs more engaging. By taking care of menial tasks, AI technology allows employees to focus on more complex and interesting issues and increase their sense of value.

3. Greater Organisational Agility

The pandemic proved that the entire world can change in an instant. Businesses that are unable to adapt quickly enough will be left behind, so it's crucial that organisations take steps now to ensure they're agile. More and more businesses are shifting towards leaner management styles and eliminating a lot of middle management to make their businesses more efficient.

4. More Authentic Connections

Chances are that you've already noticed a change in social media and the way we interact with brands over the past few years. The rise of influencer marketing is evidence of this; people want to see who's behind their favourite brand or product and make sure they're getting an authentic connection.

5. Flexible Working

In 2022, flexible working will become a standard feature of most jobs. In fact, it's already happening in some sectors and industries – just look at the huge numbers of gig economy workers that are able to work from home or on their own schedule.

Businesses that are unable to adapt quickly enough will lose out on talented workers who can work from home or even remotely abroad.

Now that many of the pandemic restrictions have been lifted, we'll also see more integration between physical and digital space as remote employees find new ways to interact with their colleagues and customers.

6. Hybrid Events

In a similar vein, hybrid events will also become part of the norm in 2022. In a world where remote working is more and more common, it's becoming increasingly difficult to keep everyone engaged face-to-face at industry events. The solution? Hybrid conferences that take place online as well as offline – think virtual speaker sessions or breakout areas for networking with people from all over the world.

There's a reason why more and more businesses are opting for hybrid conferences. They're an effective way to keep your team engaged in the physical space while also giving them the opportunity to network with colleagues from all over the world online, too.

Summary

These are just some of the biggest business trends that we'll see play out over the next few years. By thinking ahead, businesses will be able to adapt as the world continues to evolve around them and even use these changes to gain a competitive edge.

Want to know how we can help your business? Let’s talk!

How Online Businesses Can Create a Great Customer Experience From Start to Finish

danielle@coleaccounting.co.uk (Danielle Cole) — Wed, 03 Nov 2021 13:40:05 GMT

Creating a good customer experience is key to the success of a business, and online enterprises are no exception to this rule. Many business owners fail to realise that customer experience matters every bit as much in the online dimension as it does in the real world, and fail to create a positive experience that converts and retains customers.

In order to achieve success with your online business, you should make the most of every virtual touchpoint to convert as many prospects as possible and build a loyal customer base. Let’s take a look at how you can create a great customer experience from start to finish.

Pre-Purchase

Online businesses deal with customers in a different way than brick and mortar stores. When you’re selling from behind a screen, you are reliant on web design and content marketing to make a great first impression.

Your Website

Your website homepage should be visually appealing and reflective of your brand. Then, your web design should be easy-to-navigate so that people can find what they are looking for quickly and easily. You should also have a “shop” or landing page that provides a lot of information about your product and experience.

Content Marketing

Of course, before your customers arrive at your website they may discover you through your content marketing. They might find one of your blogs or videos on Google when searching for information, join your Facebook group or see you pop up on Instagram or LinkedIn.

Your content marketing should be informative and helpful, and convey your brand message and values accurately. Use your content to create a great experience for your audience, whether that means answering a burning question, educating them on a new concept or helping them to understand which products or services will help them solve their problems.

Shopping and Purchasing

Browsing

Make it easy for your customers to search and shop by providing categories, filters or a “shop by” section where they can choose the type of product they are looking for. This will help ensure that your customers have a great experience shopping on your website, and they will be more likely to come back again!

The Checkout Process

The checkout process is the last stage of converting your website visitor into a paying customer, so make it as seamless as possible. It's also one of the most crucial - research by Nosto found that a complicated or inefficient checkout process is the third most common reason why customers abandon their carts.

Offer different payment processing options and provide the option for customers to create accounts during checkout, or to sign in with social media if they already have an account on your site.

You should also offer phone support in case people get stuck along the way; this will make them feel like you appreciate their business and want to help.

Once a customer does pay, send a confirmation email letting them know that their order was placed and when it will arrive.

Then, in the days following delivery of their products, check in with your customers via social media or an email survey to make sure everything arrived as expected. This is another opportunity to make a good impression and build trust with your customers.

Post-Purchase Care

Finally, once the transaction is complete you need to provide excellent post-purchase customer service. Follow up with customers who haven’t purchased from you yet to let them know what they can expect if they become a customer of yours because this will build trust and show that you care.

You can also use social media to check in with current or past customers and offer help if they need it. This is a great way to show appreciation for your customers and to help them get the most out of their purchase.

Remember that what you do after someone has purchased from you is just as important, if not more so, than the rest of the customer experience.

Summary

In order to achieve success in today’s digital marketplace, you must make sure that your website provides an excellent customer experience. Content marketing shows online shoppers exactly what you offer, whilst good web design makes it easy to find their way around your site. Your purchasing experience should involve as few steps as possible and you should follow up with customers via email after they have made a purchase.

The way we do business may have changed, but a great customer experience remains key to your company’s success. When your business puts in effort to create a great customer experience throughout every step of their journey, you will have loyal customers for life.

Got any questions about investing in your business then get in touch as we are always happy to help.

5 Ways to Boost Staff Productivity Whilst Maintaining Morale

danielle@coleaccounting.co.uk (Danielle Cole) — Wed, 06 Oct 2021 10:42:37 GMT

Increasing staff productivity is an effective way to boost profits for your business because it essentially means that you get more for your money.

However, pushing your staff too hard can have the opposite effect and result in declining morale, which has serious knock-on effects for the rest of your business.

A study by Oxford University found that happy workers are 13% more productive, so here are five ways to make your staff do more whilst keeping their wellbeing in mind.

What Makes a Good Company Culture?

Before we dive in, let’s take a look at what makes a positive company culture. According to the Harvard Business Review, it should consist of the following:

● Plenty of available support for staff

● An inspiring environment

● Recognition for the value of each employee’s work

● Respect

● Being able to trust senior staff

● Forgiving mistakes rather than penalising them, and using them as a learning opportunity

● Transparency

With this in mind, here are five ways to boost staff productivity whilst maintaining morale.

1) Ensure Your Staff Have the Right Tools

The easier you can make life for your staff, the more productive they will be. Equipping your team with the right tools allows them to work as quickly and efficiently as possible, speeding up workflow and decreasing stress.

Productivity tools help to streamline workflows, whilst collaborative software ensures seamless communication and reduces time wasted sending emails back and forth. Although this may require you to spend more on subscriptions, the right programs will generate a great ROI.

2) Prioritise Employee Wellbeing

Businesses who put employee wellness first see increased productivity and reduced turnover rates. It’s a win for both parties.

A white paper by Employee Benefits found that a sense of wellbeing amongst employees resulted in 31% higher productivity rates and 59% greater loyalty. A study by Deloitte had similar findings, showing that 60% of employers believed that employee wellbeing initiatives had a positive impact on employee retention, engagement and productivity.

Ways to foster employee wellbeing include:

● Physical activity initiatives

● Ensuring you have necessities on site, such as tea, coffee and bread

● Encouraging staff to take regular breaks and maintain a healthy work-life balance

● Organising social groups or bonding events

3) Positive Reinforcement

Showing appreciation for your employees is an important part of motivating them and fostering a positive company culture. Set clear goals for staff and celebrate them for their achievements. Recognise and reward employees that go above and beyond. This not only prevents high-performing employees from becoming complacent, it also motivates other members of staff to follow their lead.

4) Listen

You can learn a lot by listening. Not only does this allow you to anticipate and quickly solve problems, it also encourages a stronger work ethic and cultivates staff loyalty. On top of this, listening to your staff gives you a useful insight into the day-to-day workings of your business.

5) Offer Flexibility

The covid-19 pandemic has proved that your staff are capable of working well from home, so be sure to continue to give them flexible working options as the world opens up again. Research has found that employees tend to interpret flexible working as a signal of trust and respect from their manager, so this is a great way to make your staff feel appreciated.

Summary

A strong company culture is key to boosting staff productivity. Listening to your staff, caring for their wellbeing and equipping them with the tools they need lays the foundation for their success. A happy team is a productive team, so keep the big picture in mind and work hard to make sure your staff feel seen, heard and valued.

Got any questions about investing in your business then get in touch as we are always happy to help.

Four Ways to Reduce Costs and Boost Your Profitability

danielle@coleaccounting.co.uk (Danielle Cole) — Tue, 07 Sep 2021 09:21:05 GMT

Not sure why your bottom line isn’t pretty? Sometimes, overspending can hurt your profitability despite your record sales.

Profitability doesn’t only come from sales numbers. And a profitable business isn’t always the one with the most customers and the highest sales.

The sign of a business profitable depends on what’s left in the account at the end of the month or the fiscal year.

It’s important to account not only for the money coming in but also the money going out. That’s why cutting costs is one of the best ways to boost profitability… assuming that you do it right.

Tip #1 – Address Material Costs

Sellers of products are most concerned with raw material costs. That’s why increasing profitability can be as simple as lowering manufacturing and or development costs.

You’d be surprised at how much this move can make your business profitable.

Tip #2 – Reduce Labour Costs

Is there something in your business that you can replace with an automation system?

Have you considered hiring a VA as opposed to an on-site assistant?

Reducing the amount of money spent on wages can also boost profitability when you draw the line on your finances. So, evaluate the daily tasks that your team members perform and look at some of your own duties as a business owner.

In today’s environment, outsourcing is one of the best ways to cut costs. It’s also one of the smarter ways to hire as you may have access to a wider pool of experts.

Properly executed, you can lower costs and maintain a high level of quality with outsourcing.

Tip #3 – Manage Expenses

Many businesses are overpaying for marketing.

For example, hotels may work with a variety of travel agencies even though a couple of them may be bringing in the bulk of the bookings.

In that scenario, it may be a good idea to drop the non-performers.

The same principle applies to all other expenses and services. If you pay for things and they don’t end up improving your business or what you offer, these may be expenses worthy of the chopping block. Needless to say, this would affect your bottom line directly.

Tip #4 – Know What Costs to Cut

If only cutting costs were simple, right?

Most business owners don’t know where to start. If you’re one of them, it’s ideal to start by performing an internal audit of your finances.

Identify where all the money comes and goes and decide what you can or can’t cut.

Tip #5 – Get Better Deals

Many industries work with vendors, which happens to be a great area to look at if you want to boost profitability.

You may already know that it’s possible to renegotiate vendor contracts, though it’s easy to be put on the back burner. Getting better deals, however, doesn’t always have to involve other vendors, as you can also leverage your relationships with existing vendors.

You can even consider changing service providers and utility contracts.

Cut Costs Smarter, Not Harder

You don’t have to make massive cuts in a single department. Even small amounts add up to significant savings if you make enough of them here and there.

These tips are particularly helpful to anyone operating a cash flow-dependent business. That said, they apply to both B2B and B2C companies looking to boost their bottom lines.

The Fear of Money and Four Ways to Overcome Your Money Blocks

Wed, 04 Aug 2021 10:19:51 GMT

F ew people are wizards at making money. But it IS possible for anybody to get rid of their money blocks.

Businesses exist to make money. But even with that goal in mind, it doesn’t mean it’s an easy ride to the top.

Money blocks are all too real and common in personal and business finance. Learning to overcome them is an essential thing to do early on.

Here are four ways to help you overcome your own fear of money.

1. Acknowledge the Fear

As is the case with any fear, the first step to overcoming fear of money is to recognise it. Do that and it becomes easier to identify what’s actually scary.

Do you fear the thought of losing money? Or do you fear not making enough money?

Acknowledging your fear, whatever it may be, helps identify the real underlying issue.

2. Ask for Help

Whether it’s personal or business finances, there’s always someone out there that knows more.

People who hit money blocks and develop a fear of money are those that never ask for help. But there’s no shame in asking someone more qualified about what you can do in this regard.

Accountants, financial advisors, successful investors and entrepreneurs are all people that may be able to help. Salespeople and professional marketers can also provide insights into specific money problems.

3. Ask for Money

Are you not generating enough revenue? If so, why not consider asking for money?

Do your due diligence on potential partnerships, investments, and loans.

In some cases, overcoming a money block simply requires an influx of capital from outside sources. It may not seem like the most appealing idea, but it is an option.

4. Develop New Money Habits

Sometimes, the best way to overcome a block is to step outside the comfort zone.

People run into money blocks because they are fixed in their ways. That’s why making adjustments and developing new money habits can help overcome the fear of money.

It will take work and time. But you already know that one’s mindset can’t be changed in an instant.

The idea is to try new things and make progress. After all, small successes add up and can alter the mindset.

Taking Action

The fear of money and money blocks don’t always cast a veil on what needs to change. It’s possible to identify solutions and still not overcome fear.

Why?

It’s because the fear of failure can also creep in. When that happens, people refuse to take action and make the required positive changes.

Tackling the fear head-on is always a good thing. Identify what action you should take and pull the trigger to break through the money block.

Learn to Overcome Common Money Myths

There are well-founded fears in the world. But when it comes to entrepreneurs and business owners, the line between facts and myths involving money is not all that clear sometimes.

It’s vital to learn more about the economic environment as those without knowledge of this area can fall prey to money myths.

They can end up creating entirely fictional and impossible scenarios for why they have money blocks. That’s also a reason why it’s difficult to see the solution when the issue doesn’t have a strong foundation to stand on.

R&D tax relief: what it is, and how YOU can benefit

richard@innuo.co.uk (Richard Jaques) — Thu, 30 Jul 2020 11:11:59 GMT

If your company carries out research and development, you may be surprised to learn you can qualify for R&D tax relief.

R&D tax relief is a financial incentive offered by the government to encourage British businesses to innovate, through new research and development (R&D) projects.

It can provide a valuable source of funding, but many companies fail to apply – either because they don’t know about it, or because they think they’ll have to jump through too many hoops to get there. However, it’s easier to claim than you might think. We’re here to tell you how.

How does it work?

If you qualify for R&D tax relief, you can reduce your tax bill or claim payable cash credits as a proportion of your R&D expenditure.

The definitions of eligible R&D and eligible costs are reasonably broad. Eligible R&D activities often take place across the whole range of company operations.

What counts as R&D?

The term R&D is used to describe any activity that aims to advance knowledge or capability in science or technology. This may include:

creating new products, processes or services
changing or modifying an existing product or service

Any business carrying out R&D can apply for R&D relief.

When applying, you’ll need to ask yourself the following:

1. What is the scientific or technological advance?

To qualify for R&D tax relief you need to operate in a scientific field and be able to demonstrate your aim to make a scientific or technological advance.

Rather than focusing on the product or process you’re developing, think about how that product or process benefits the wider scientific community. It’s not enough for a product to be commercially innovative – it must advance scientific and technological knowledge and development.

2. What scientific or technological uncertainties have you encountered?

To qualify for R&D tax relief, you’ll need to demonstrate you’ve achieved something new or innovative. The project you’re working on should attempt to solve a scientific or technological uncertainty that competent professionals working in the field can’t readily resolve, and where solutions aren’t common knowledge.

3. How and when did you overcome these uncertainties?

What methods did you use to overcome the uncertainties, and what investigations and analysis did you carry out in the process?

How did your successes and failures impact on the project? Even if the product or project was a commercial failure – or you were unable to overcome scientific uncertainties – you may still be eligible for R&D tax relief.

4. Why does your idea require development? Why isn’t the knowledge you’re working towards readily available

This is your change to demonstrate how innovative your idea is, and why it isn’t achievable by just anyone. Perhaps you’re aware that others have tried and failed to implement your idea – or maybe they’re achieved it, but the results of their efforts aren’t in the public domain.

Either way, it’s up to you to prove a valid technological uncertainty, and that the people who are working on the project are competent professionals, working in the relevant field.

Can I make a claim?

You can claim R&D tax relief if you’re an SME with:

fewer than 500 staff
a turnover of under €100m or a balance sheet total of under €86m

If your company is funded by external investors, this may affect your SME status.

How much tax relief will I get?

If you do qualify for SME R&D tax relief, you will be able to:

deduct an extra 130% of your qualifying costs from your annual profit, in addition to the normal 100% deduction (making a total 230% deduction)
claim a tax credit if your company is loss making, worth up to 14.5% of the loss surrendered

How do I know if my claim will be accepted?

If this is your first R&D claim, you may be eligible for Advance Assurance. Qualifying for Advance Assurance means any R&D claims you go on to make during the first three accounting periods are guaranteed to be accepted (as long as they reflect the information you provided). Your accountant can provide support with Advance Assurance if you need it.

How can we help?

AccounTech Professional exists to help IT businesses get ahead – and stay ahead – of the competition. We provide a complete accountancy service to help your business get from where you are now, to where you need to be.

Need support applying for R&D tax relief? Got questions about eligibility? Email activate@accountechprofessional.co.uk . We’re here to help.

9 effective ways to attract investors to your company

richard@innuo.co.uk (Richard Jaques) — Thu, 30 Jul 2020 11:11:59 GMT

Securing third party investment can be a great way to take your business to the next level. But how do you go about it? Here are 9 factors investors look for – and how you can get your business investor ready for growth.

1. Does your business represent a dynamic market opportunity?

Most investors start by looking for an opportunity, and most commonly invest in new, promising sectors. What share of the market do you want to attract – and do you have the capability and potential to achieve it?

T hey’ll want to assess where you are in the current market and where you could be in the future. If you operate in a crowded market, get crystal clear on the things that make you different. If you’re trading in an emerging market, they will want to focus on probable market growth, and the factors driving it.

2. Can you demonstrate solid project management skills?

Sound project management is key to executing your business growth strategy, allocating resources and funds and spending investors’ funds. Fast-growth businesses taking investment tend to be involved in a number of complex projects and initiatives to meet challenging milestones and an ambitious strategy.

Control extends to governance of projects and, importantly, how funds will be spent. Demonstrating strong project management governance and discipline before investors make the leap of faith will give them additional confidence.

3. How capable is your team?

Any potential investor will want to investigate why your team is well positioned to build and execute your plan and become a market leader. What expertise do you offer that makes your business a thought leader or influencer in your market? Do they have the skills required to drive sales, exploit marketing opportunities, develop leading products and services and – of course – to run the business efficiently? Do you work together well as a team, without friction?

4. Do you walk the talk?

You may be able to give yourself a head start by demonstrating that you’ve already taken action and made progress on your goals for growth.

Being able to produce data to support your forecasts – and proof that the market is already engaging with your product and providing helpful feedback – will go a long way to prove your commitment and set your business apart from the competition.

5. Is your data accurate?

The integrity of your data is a vital piece of the jigsaw, and a key hurdle in the process of due diligence. Clean, complete and accurate data can help to instil confidence among potential investors, which should always be presented wrapped with a solid governance strategy.

6. Are your processes and controls in order?

Fast-growth businesses all too often overlook processes and controls in favour of speed and agility, yet procedures can empower innovation, rather than the contrary. Providing potential investors with an up-to-date, in-depth process manual will give your business the edge, and answer any questions. Management information should be aligned with your business strategy, and any discrepancies in budget should be clearly explained.

7. Do you monitor your risks?

As a management team, you should be able to demonstrate that you’re aware of potential risks in your market and your business – and that you have plans in place to mitigate them.

It’s good practice to have a risk register regardless of whether or not you’re seeking investment. The level of detail this needs to contain will depend on the maturity and complexity of your business, the environment you operate in, and the amount of funding you need.

8. Does your business have the X factor?

This is the piece of the puzzle that can be hard to quantify – that special something that sparks a genuine interest in your potential investor, or a defining moment that impacts the investor’s decision. Sometimes it’s easy to spot – perhaps you share a common background, or trusted mutual connections.

In other cases, it might be harder to define, such as likeability or a hunch the investor develops. It pays to spend time researching your potential investor’s background to spot these connections, and it’s important to be authentic throughout the process.

9. Are you the right fit?

Never underestimate the importance of investor fit. This includes factors such as the stage your business is at, the industry you operate in, and even the investor’s experience in your market.

The greater the connections between your business and your potential investor, the better the fit. Start by doing your research so you don’t waste time with an investor that isn’t in the right space to help your business grow.

How can we help?

If you’re keen to attract investment in your business, get in touch to discover how we can help get your business investor ready. Email us today: activate@accountechprofessional.co.uk

Common cashflow management mistakes and how to avoid them

richard@innuo.co.uk (Richard Jaques) — Thu, 30 Jul 2020 11:11:59 GMT

Cashflow management is a critical factor in the success of your IT business. We look at some of the most common causes of cashflow struggles, and how to address them.

1. Your customers are late paying you

We’ve all experienced it: you delivered your service on time – so why can’t your clients pay on time?! Even the most established and successful businesses struggle with late-paying clients. If only they’d adhere to your terms!

Here are some effective ways to tackle these troublesome tightwads!

Get a good credit control system in place 

Your accountant can provide this service if you lack the resource or skills to do it yourselves.

Set up a direct debit system for your invoices

Encouraging clients to pay you by direct debit means less admin for them, and more regular payments for you.

Send invoices out promptly 

When it comes to invoicing, don’t hang around. The more efficient your invoicing system, the better your cashflow will be.

Set reminders once the due date hits

Those invoices won’t chase themselves, you know! Some cloud-based accounting systems can send automated payment reminders. It’s a great way to save time and reduce admin.

Offer discounts for early payment

 Incentivising prompt payment is a great way to speed up payments and get money in your bank where it belongs. Who doesn’t love a discount?!

Run credit checks on your customers first

 It may seem obvious, but if you’re not doing your due diligence before taking on a new client, you could find yourself in deep water!

2. You don’t have enough of a cash buffer

Your systems are in place and your clients are behaving – but you’re still struggling to pay the bills! Chances are you haven’t built up enough of a cash buffer.

Calculate how much of a cash buffer you have by dividing your cash balance by your cash outflows 

Figures don’t add up? Time to make a change.

Renegotiate your supplier terms 

Having a frank and honest discussion with your suppliers may be uncomfortable, but an in-person conversation can be an effective way to strengthen your relationship, improve their understanding, and make a change.

Have a cash-flow forecast in place 

An accurate cashflow forecast is a vital document for any business. But producing a cashflow forecast isn’t enough! Make sure you regularly review and update it – preferably with your accountant, who can provide expert advice on how to improve your forecasts.

3. Your business has grown rapidly

Rapid growth is great – but only if your systems and processes can keep up!

Identify your future business goals and determine your needs from there 

Planning ahead is the best way to achieve sustainable growth. As part of your extended business team, your accountant can help you decide on your next steps.

Only hire when you absolutely need to

 If you’re struggling to keep up with demand, recruiting can appear to be the obvious solution. But hiring new staff is a significant commitment. Can your business really take the strain? Speak to your accountant before you speak to your recruiter.

Having a good tech stack that grows with you is paramount 

Smart software and clever apps are all very well – but is your tech capable of growing with your business?

4. You’re undercharging

It’s a cold, hard truth that undervaluing your service and undercharging as a result is one of the most common reasons for cashflow challenges – even among established businesses!

Check your profit margin is comparable to your industry average

Revisit your SWOT analysis. What are your competitors delivering, and how do they charge for their services? Is your offering in line with expectations? You may be able to charge more than the market average if you have a particular niche, approach or set of skills that others don’t offer.

Are you too busy and do customers accept your fees without question?

Being falsely over busy is a classic warning sign that it’s time to up your rates. Okay, so we’re not suggesting you go this far, but think of it this way: if you doubled your rates and lost half your clients as a result, you’d still earn as much… and have twice as much time! Food for thought, right?

5. You’re simply not selling enough

It’s a tough challenge that most businesses will face at one time or another. But what should you do about it?

Is your marketing resonating with your customers?

Revisit your marketing strategy. Take a close look at your marketing. Does it connect with your customers? Ask a handful of trusted clients what they think. If they weren’t already working with you, would your marketing attract them to your business? Be prepared for the brutal truth!

Are there other external factors causing this problem?

It’s not unusual for fluctuations in the market and economic pressures to result in a downturn in sales. While it’s vital to be aware of issues within your market, it’s important to accept that there are some things you can’t control. Rather than worrying about factors that are out of your hands, try to focus on the things you can do to influence sales.

Have you overestimated your sales?

It’s a common mistake. For help and support with effective cashflow management, talk to your accountant.

Accountech Professional exists to help IT businesses get ahead – and stay ahead – of the competition. We provide a complete accountancy service to help your business get from where you are now, to where you need to be.

Need help keeping your cashflow in check? Drop us an email activate@accountechprofessional.co.uk – we’d love to help.

cole-accounting-ltd

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#2 - GeoTagging

#3 - Voice Search

#4 - Short Form Video

#5 - Shoppable Social Media Content

Final Thoughts

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#1 - Set a Goal

#2 - Create a Plan to Achieve Your Goals

#3 - Track Your Progress

#4 - Prioritise Cash Flow

#5 - Hire a Consultant/Advisor/Accountant

#6 - Create a Culture That Fosters Financial Awareness

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Not sure why your bottom line isn’t pretty? Sometimes, overspending can hurt your profitability despite your record sales.

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Tip #5 – Get Better Deals

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4. Develop New Money Habits

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How does it work?

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Can I make a claim?

How much tax relief will I get?

How do I know if my claim will be accepted?

How can we help?

9 effective ways to attract investors to your company

1. Does your business represent a dynamic market opportunity?

2. Can you demonstrate solid project management skills?

3. How capable is your team?

4. Do you walk the talk?

5. Is your data accurate?

6. Are your processes and controls in order?

7. Do you monitor your risks?

F ew people are wizards at making money. But it IS possible for anybody to get rid of their money blocks.