Latest News

It’s all a bit hard at the moment: sales are down, and staff are more than usually grumpy. What do you think I should do?

01 April 14

There is no quick fix to this problem other than a load of sales and, whilst possible, it’s unlikely they are just going to materialise.

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I’d like to introduce some form of performance related pay or incentivisation into the business. Any suggestions?

01 March 14

A lot of people ask this question as either they want someone not to change or conversely someone to change. Whilst the two circumstances are clear contradictions often the same solution is chosen with the broad principle being – “if you do this, then you’ll get more money”.

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Any good tips for improving a cash situation?

01 February 14

Steal some? Nah, I’m joking. You’d get caught and it’s definitely not the best way forward as in an Island community people buy from people they like and getting a reputation for that is not going to be helpful to the long term interests of your business!!!

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Is there any benefit in doing formal business plans?

01 January 14

Well, that depends. If it’s to justify to the bank that you know what you are going to do and why, or the business isn’t paying you more than a wage you could get in employment then yes. If, however, it’s going to take two weeks writing it and during that time you could have focussed on changes to how your business actually works then really don’t bother.

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Which is the best accounts software for running my small business - Quickbooks or Sage?

01 November 13

Neither. Despite these both being well-known packages, there is a revolution going on in small business accounting. So much so, that I am predicting the end of bookkeeping as we know it within three to five years.

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Luke, are my annual accounts as costly and pointless as I think?

01 October 13

Annual financial accounts are only really ever needed by third parties - the bank, potentially customers and suppliers and usually the tax office. Other than that, they are often completed so far after the end of the period to which they relate, that their usefulness as a tool for running a business is close to nil.

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