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Useful advise, tips and business news.

Blog

Useful advice, tips and business news.

Apr 2, 2015
May 5, 2021

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Is your business taking advantage of e-commerce?

Between 2009 and 2013, e-commerce has more than doubled. It has long since ceased to be a marginal sales channel, and has been integrated into our lives.

Between 2009 and 2013, e-commerce has more than doubled. It has long since ceased to be a marginal sales channel, and has been integrated into our lives naturally. Even television ads now include many spots for all types of digital services. But how do you manage profit from this growth?

A market that continues to grow strongly

According to data, E-commerce has grown 22% more than the previous year. In all the years during the recession, the sector's growth has been in double digits. The lowest growth year (2009) still grew by 11%. This is proof that if you haven`t already, you should be getting in on some of the e-commerce slice.

There is scope for more

E-commerce still has the potential to quadruple in size given the current growth rates seen. The scope for e-commerce remains vast and as smartphone technology only increases, so too does the expectation of e-commerce as a mobile friendly facility. The trick is for you to take advantage of this and go one better than your competitors – don`t settle for second best, spend the extra money on getting a truly unique and fluid e-commerce platform up and running for your website.

Being present on the Internet is very simple

Today, there are no excuses. Anyone can start a website, the only thing stopping them are excuses. You don`t need a programmer to sort out your online business presence anymore. There are companies that provide you a hosting service with tools that allow anyone to create a site without technical knowledge. Even having a “turnkey” site and not having an online store with specific services will make life easier.

E-commerce has changed the way we buy

When I see that my parents' generation have become accustomed to looking for a product on Amazon and buy it online, I realise how far we have come in recent years. I still remember the sceptical comments when I bought my first airline tickets online many years ago. The forms of consumption have changed a lot, so it's important to have this in mind for the business you're thinking about promoting.

Apr 1, 2015
May 5, 2021

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Should you start a business continuity plan?

The business continuity plan, unlike what many people think, is not limited to creating mechanisms to react to the loss of sensitive information. Find out more.

Have you ever wondered what would happen if a natural disaster, epidemic or a widespread power failure affected the operation of your business? Do you think your company is ready to face this kind of adversity, without stopping its production processes?If the answer is no, it's time to think about implementing a business continuity plan. A BCP is a program of actions aimed at protecting the critical processes of the companies and of generating activities for risks and contingencies.The continuity plan, unlike what many people think, is not limited to creating mechanisms to react to the loss of sensitive information. It is also not exclusively a response to events that violate the technological infrastructure of business, or to create backups or backups of data - as envisaged by the disaster recovery plan – but to trace the guidelines for action if every segment of the business face risk.Experts note that the BCP is not only designed for corporations, but also for small and medium enterprises (SMEs), regardless of their order or their specific characteristics. The business continuity plan seeks to make events, such as those discussed earlier, have the least possible impact on the assets, human factor and finances of the company.Some of the risks covered or that should be covered by a business continuity plan are: infrastructural damage phenomena or natural disasters such as floods, high winds, explosions or fires, the loss of confidential information, computer breakdowns and diseases that threaten the health and productivity of workers.To develop this program, you must follow this process:1. Define processes and potential risks. The first step in creating a BCP is to analyse the operation of your business. Determine which are essential to generate profits and those you think are at most risk, so you can time the project activity after an unforeseen event. Identify weaknesses and work on them.2. Know your infrastructure. Check your facilities and equipment. Determine what its significance is for the purposes of your productivity and evaluate their strength.3. Fix critical needs. Imagine you experience any of the events described above and think about what you need for your business to remain active. Create multiple scenarios and define the activities that are most important for your business to remain standing.4. Solution Document. Create a document of possible solutions to the likely risk scenarios and include mechanisms you can use to implement them.5. Test the plan. You need to run simulations of dangerous events and define the roles of each area and make the necessary corrections. Remember that all staff must be capable of performing the practices mentioned in the plan.It should be added that while the development of this should be encouraged and promoted by the company management, the staff are key in detecting vulnerabilities and the subsequent execution of the program.

Mar 30, 2015
May 5, 2021

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The Current State of UK startups

2014 was a booming year in the United Kingdom for startups and small businesses. Around 5.2 million private sector businesses established this particular year.

2014 was a booming year in the United Kingdom for startups and small businesses. According to the Department of Business, Innovations, and Skills, there were a record 5.2 million private sector businesses at the start of 2014, which was the first recorded time that the business population had exceeded over 5 million in the UKThis record increase of 330,000 new businesses since 2013 validated the 2015 public perceptions that the economic woes of 2008`s Great Recession are finally a thing of the past, and a quickly fading bad memory in this part of Europe.99.3 percent of the businesses in 2014, out of the 5.2 million private sector businesses, were small businesses that were once fledgling startups. They established themselves on the road to success by pure economic courage, perseverance, and a newfound faith in their nations` economy.

The three main categories that made up the business population at the start of 2014 were:

1. 1.5 million - Large companies - 29% of the total.2. 460,000 self-employed partnerships at 9%.3. 3.3 million - Were sole proprietorships that made up an astounding 62% of businesses.They say that statistics don't lie. It would seem a safe assumption that 2015 is going to be one of the most opportunistic times in which to launch a new startup in the United Kingdom.When speaking recently to Ryan Gallagher, the CEO of IOVOX Call Tracking and Phone Analytics, he had some wise words for anyone contemplating a start up in today`s economic, technological and social climate.I had a boss in Alstom once who had a saying that always stuck in my head. His name was John Rebus, and he used to tell me speak with data. If you believe something, go and prove it, or get as near close to that as you can then come and talk to me.” This has been one of the many useful pieces of advice that I have acquired over the years, and I still constantly use it to this day.Following this useful and professional advice in life has led to huge amounts of opportunities that might never have come about otherwise. Rarely do I ever act upon something these days without thoroughly evaluating and properly assessing it first.Wise words from a successful man and when you follow suit and evaluate and assess the current state of UK start-ups, it is clear that now is the perfect time to seize the momentum of a recovering economy that has been held back for far too long. Now is the moment to seize the bull by the horns, and tame it to your needs and aspirations in life. These are not things that are easily given; they must be taken by force with one`s sheer strength of will, intelligence, and abilities.Markets globally are expanding at a steady and encouraging rate in Asia, the U.S., and Europe, offering business opportunities locally with bigger markets opening up almost daily across the world; all eager to promote their businesses and trade abroad.With this trade, brings the need for more services with these new services comes more employers with more new jobs to offer, which circles around to more disposable income to be spent locally on small businesses and entrepreneurial startups.This in turn completes and repeats the cycle of growth by fueling and supporting the rising local economy. Understand this cyclical pattern and you can ensure your future success.Listed below are a few other inspirational quotes by successful modern day entrepreneurs, who envisioned their goals, seized the moment, and then strategically ran with them to create successful operations:

Matthew Woodward of Matthewwoodward.co.uk

"When starting out in business you should discover what you love in life first. Then, find a way to make money at it"

Patrick Drake - Co-founder and head chef at Hello Fresh - Hellofresh.co.uk

William Wordsworth, said "To begin, begin" and the advice still rings true today. One of the greatest killers of a new business is hesitation and procrastination. Don't spend 6 months creating (what you think is) the perfect product, take it to market and realise it's not what the market wants. Instead release a prototype early to test the reaction and then develop your product based on real customer feedback. In other words - Just Do it!"

Adam Connell of Bloggingwizard.com

When you start a business you can either dive into an ocean full of bigger fish and fight to get your fill or you can swim further out into uncontested space. This means either coming up with a unique idea or finding a market with very little competition. When you make the shift into uncontested space, you'll notice a significant positive change to the growth of your business.” This is also known as the Blue Ocean Strategy (also a great book worth reading).

Sofia Quintero - Head of growth at Geckoboard

"Focus on what matters. Anything that is not helping your customers to succeed with your product is a distraction."Great minds, great quotes, great ambitions, who utilised great opportunities in order to fulfil great dreams; this is what all these people above have in common.Last year, the International Monetary Fund`s Managing Director Christine Lagarde, had to publicly eat crow by admitting that they totally underestimated the strength and potential growth of the UK`s economy. This year and beyond will be the time that the great lamenters of the world will feel the same embarrassment that the IMF did in 2014, because they also underestimated, and failed to realise the potential growth for entrepreneurial startups in 2015.The United Kingdom`s future CEO`s however, will be the ones with the drive and vision to enter themselves and their businesses into the up-and-coming positive economic upswing to come, and will become the envied happy and successful haves of the U.K. Unfortunately for those who do not, they will be destined to remain the have nots of years past, by failing once again to seize the moment of today.

Mar 30, 2015
May 5, 2021

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Network your way to a successful business

For an entrepreneur, networking (i.e. creating a network of personal contacts) is very important for long term success. Find more tips on networking.

For an entrepreneur, networking (i.e. creating a network of personal contacts) is very important for long term success. Even if your project is 100% online, you should not reject the idea of personally meeting other professionals - it has many advantages for the new business owner. Its important you network the right way, Forbes produced some tips on networking.

We trust who we know

One of the main benefits of networking is to enter a circle of trust of like-minded people. It's very simple: between a stranger and a person you know, the chances are you're going to trust the one you`ve made a connection with. Therefore, in the medium term, having a wide network of contacts will improve your chances of getting customers, partners, strategic suppliers, and various collaborations.

It is very easy to build a network

Anyone can network; it boils down to motivation and perseverance. Look to directories for similar companies to your own. Commit to visiting relevant industry exhibitions or conferences and lectures about your own business line. Opening the doors to communication often opens the doors to success, so share stories and gain valuable knowledge from others who have experience too. Make sure you take their contact details down to create a bond of trust. You never know when you might need their advice!

It is timeless

A network of contacts is always useful. This is because even if you change your occupation, many of the people you've known previously will remain of interest. And eventually others also are changing in their respective careers, so you'll have access to other sectors very naturally.You don`t have to go looking for a short-term outcome with networking. Just know what you're doing and let collaboration opportunities arise between people.

A source of motivation

Starting, consolidating and maintaining a business is a difficult task, especially if you undertake it alone. It is normal to pass through phases of discouragement. Having a network of contacts allows you to exchange these times with others, see that you are not the only one with concerns. It offers a change of scenery, advice, and to help recover lost motivation.

Mar 23, 2015
May 5, 2021

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Offline communication & marketing still vital for a grounded business

The importance of offline communication and marketing for your business in this digital world. Here are some examples about both to help you gain success.

We live in a digital world, and new communication tools like SEO or strategies in social networks can make a big difference for start-up business. However, it`s easy to forget that offline communication can also be very important to your business. Here are some examples.

Your brand

Before you start talking about offline advertising media, I would emphasise how important your brand is, and to build it can be very interesting using some classic tools.The exterior decoration of your office, especially the signage is the first thing potential customers will see. This first impression can convince them to find out more.The business card is another classic tool that should not be neglected. You never know when you'll be able to talk about your business, and to give a card out is an excellent way this person with whom you exchange a few words with, can remember you and possibly contact you later.When you try to explain what makes your company, sometimes there's nothing better than a graph. A well-constructed prospectus can convey ideas in a much more powerful way than words.

Offline advertising

People have continued to see and hear ads through traditional channels, be it published or broadcast. The TV still has a large audience, much like the radio. It is true that newspapers have suffered, but they still remain considerably popular. But as an entrepreneur usually doesn't have the budget to advertise on television, radio or national newspapers, look into the vast array of alternatives.

Marketing strategy

The mailing, distribution of flyers or placing advertising on shop windows is still very effective methods to seduce a local clientele. Everything depends of course on the type of business you have, but for hotels, gyms, shops and local services for the public – this will work very well. In order to print these formats, you can come across good deals on the Internet and test online printing services.Sending letters by physical mail can also work very well, especially when targeted to customers who have already purchased products or similar services. This then means you can send a promotion or other important information.Advertising in trade magazines can be very effective depending on the sector too.Local advertising on radio, television, outdoor signs or local newspapers can also be very interesting if you have a local activity for the general public. In a big city, placing an ad in a tube station near to your business can bring in important clientele.You can also organise events, participate in trade fairs and conferences.All these options are part of your strategy of offline communication.

Seek the right solution for you

Clearly, if what you have is an online store, your main communication strategies are going to be through the Internet. But for a ‘bricks and mortar` business, offline communication cannot be underestimated. You have to proceed with a trial and error strategy, and see what works for you and what does not. You will have to try to associate and track each communication technique until you discover one that suits you best.

Mar 20, 2015
May 5, 2021

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Find out if your project is possible with a feasibility study

A very useful tool for new business owners to help answer these questions is the feasibility study. Experts define it as the feasibility analysis of a project.

Imagine that you are starting a business or need to find the right site for a new store. How do you calculate the potential of each project? How do you determine if these projects are economic, financial, technical, legal and socially viable?A very useful tool for new business owners to help answer these questions is the feasibility study. Experts define it as the feasibility analysis of a project that aims to invest. It's essentially an investigation aimed at identifying the possibilities for an initiative to be executed and then to succeed.Indeed, it could be argued that any person or organisation wishing to realise a business proposal requires a feasibility study.

The reasons to support this argument are:

The feasibility study is key to quantifying the resources available and needed to implement any project.Facilitates the detection of activities essential to execute an idea and deleting unnecessary practices.It is essential to optimise costs and maximise the resources available to invest, from time to money, without forgetting the human factor.Defines the roles that members of staff accompanying the business owner play in the implementation and development of the project.Allows clarification of the conditions that the initiative needs to be profitable. That is, to produce the maximum benefit with the least amount of high-quality resources.

If you are creating a business for the first time, the feasibility study will help you:

1. Know in detail the environment in which your project will be developed.2. Define the nature of your initiative.3. Analyse your offer and make projections on the potential demand for it.4. Whether appropriate and sufficient tools are available to develop your business.5. Identify the financial requirements of the new business. Is there capital available to realise the project resources; to acquire assets; the relevance of specialised SME financing or other forms of bank credit, among other aspects.6. Setting prices and designing marketing strategies.7. Give legal certainty to the project.If you already have a business and are looking for new outlets, the feasibility study will allow you to find the best location and so on, based on your ability to do business.With it, you get relevant information about traffic flows of people, proportion of tickets generated, physical dimensions of potential venues, visibility, and accessibility, amongst others. Based on this, you can make estimates and projections of sales transactions.Small and medium sized businesses must often resort to specialised consultants for advice and guidance. The choice of companies involved in the execution of feasibility studies should operate on the basis of quality and of public recognition.Most importantly, you get tools to refine your project, and to increase your chances of success in a highly demanding business environment.

Mar 19, 2015
May 5, 2021

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Know the difference between equity and working capital

Many new business owners dont fully evaluate the variances between equity and working capital which could represent a clear financial error. Find more info.

While they are two substantially different concepts, many new business owners dont fully evaluate the variances between equity and working capital which could represent a clear financial error.Indeed, according to specialists in the field, stockholders' equity and working capital operate two completely different areas of business.Stockholders' equity, strictly speaking, is nothing more than business assets. That is, the difference between assets and total liabilities of a company.Stockholders' equity, experts add, consists of the capital, which basically refers to the assets assigned by the members to the company in which participants, reserves, dividends, profits and, in general, all assets net for those entitled owners or partners of the company.In simple terms, equity is what actually owns a business.Working capital, on the other hand, refers to the operational capacity of firms, i.e. the implementation of activities that typically allow them to create benefits.While working capital also requires the comparison of assets and liabilities, the analysis has a short-term approach and does not consider the total assets and liabilities.In simple terms, working capital is the difference between assets and liabilities for the short-term flows of your business.

Current assets to consider:

- The cash at hand- Short term accounts receivable- The bank accounts of your business

Within current liabilities, you must include:

- Payable to suppliers- Taxes- PayablesThis working capital is needed to resolve unforeseen events that endanger the operating cycle of your business, such as machine breakdown or replacement of materials.In short, stockholders' equity refers to the actual value of the company, while working capital concerns what it has to remain active.

Mar 17, 2015
May 5, 2021

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Do you know what a cash flow statement is?

An essential concept in the financial management of business is cash flow. It refers to the resources generated by companies to gain incoming cash and profits.

An essential concept in the financial management of business is cash flow. Financial analysts explain that cash flow refers to the resources generated by companies in a given period from its operating activities, investing and financing. The indicator is the result of the comparison of the financial inputs and outputs over a financial year.The measure of cash flow represents the ideal solution for companies to identify their value, assess their finances and make decisions for the future.Such measurement is the basic substance of cash flows. It portrays the sources and uses of money in circulation by companies, i.e. where it came from and what was used.The cash flow statement includes three types of activities:

1. Operating activities. This is the main source of cash for companies without considering those practices relating to investment or obtaining financing.

Within this category you have to consider:

  • Collection of cash from the sale of goods and services
  • Cash payments for the acquisition of goods and services
  • Collections and payments made to ensure the operation of your business
  • Lost income, be it interest or cash payments.

2. Investing activities. These are the activities that relate to the acquisition or sale of fixed assets.

In this category are:

  • Payments and receipts inherent in the sale of machinery, buildings, equipment, and in general all those enduring intangible assets and fixed assets.
  • Investments in debt management and loans made by your business.

3. Financing activities. These are the practices associated with the hiring of financial obligations.

In this section you should include:

  • Obtaining external financing or any other source provided it is not operating an internal financing source.
  • Cash payments for the obligations of your business.
  • Disbursements, cash reimbursement or distribution partners of your company.

After analysing all these components, your company should know its liquidity. This means its ability to meet financial commitments and generate immediate cash.

Mar 16, 2015
May 5, 2021

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Startup Interviews: Kimanzi Constable

Startup interviews: Kimanzi Constable is a former bread delivery guy who self-published two books and sold over 86,000 copies. Here’s his interview.

Startup Interviews: Kimanzi Constable is a former bread delivery guy who self-published two books that have sold over 86,000 copies. In the last year he has lost 170 pounds and moved his family to Maui, Hawaii. You can usually find him writing while enjoying an ocean view. He is a published author, international speaker, and coach.He's a contributing writer for The Huffington Post, Entrepreneur Magazine, andMind Body Green. He is a business editor at The Good Men Project. His mission is to help men and women create true freedom in life. Join him at KimanziConstable.comand on Facebook at Kimanzi Constable.A great product or business idea is only the beginning. Gaining exposure for your new venture is critical, but many new entrepreneurs/businesses struggle with this. What is the key to getting attention and getting ahead of the crowd?You have to go where others won`t. Too often, entrepreneurs stay inside their comfort zone by focusing on what they know. They see top entrepreneurs posting on a certain website, or getting interviewed on a certain podcast, and think that`s where they need to be.There are over 900 million websites and 250,000 podcasts. There are many places to get exposure that are far less crowded than the ones we typically know. Research new and better places to get exposure. Go where the crowd isn`t, and as much as possible, go mainstream (Such as traditional media).

What advice do you have for new companies looking to gain media exposure?

Research. You have to figure out what are going to be the best outlets to get exposure for your business. Once you figure them out, study what the best practices are. If you`re writing, what are the terms of service and the guidelines? What kind of content works best on that outlet? When a pitch isn`t successful it`s usually because the business hasn`t done its research.It starts with an incredible business and product—let`s assume you`re already there. Then, it`s a matter of reaching out to as many top outlets as possible. You can also form a relationship with the editors or writers at an outlet. It`s also the same with podcasters.

Do you have any tips for pitching your business or product to the media or reporters? Do`s and don`ts for a media pitch?

Normally a pitch isn`t successful for a few reasons, but the main reason is the “ask” exceeds the relationship. Your first interaction shouldn`t be to ask for something. That`s the equivalent of meeting someone and asking them for a kiss on the lips. Your first interaction should be to form the relationship. This should be done on social media.Be Patient and don`t send a follow-up email. I understand how frustrating waiting can be, but if you want to successfully land an article on some of the largest websites in the world, you have to learn how to wait. More than that, the wait will be worth it. Editor`s priorities aren`t the same as ours.From what I`ve seen—on average—it typically takes three-weeks to get a response, and another three weeks before the article runs. For some, it happens quicker. For others, it takes longer. Realize that this is brand new; there are no definite criteria.We see no problem in sending a follow-up email to see what`s up. From an editor`s perspective, it`s annoying. To them is says the person will be difficult to work with. They are getting a pitch from a stranger, and then the stranger is questioning why things aren`t moving quicker? That`s how it comes off even if that`s not your intent. The follow-up email could cost you the opportunity. How do I know this? I had an email exchange this week with an editor at the Huffington Post. She told me this is the reason most pitches aren`t successful.Target the right publications. I get a lot of articles sent to me for The Good Men Project. Instantly, I can tell if an article will get the desired result for that person. I have people write articles about parenting who are in the online business space. Those articles won`t get them any clicks.If your goal is to get credibility to leverage other places, that`s one thing, but if you write somewhere just because they have a lot of traffic, you won`t get your desired result. When someone reads a parenting post, and then your bio says you`re an online marketer, there will be a disconnect in the readers mind and they won`t click. Target the publications that best fit your message.Connect with an editor. One of the first things you should do is Google the editor. See what they`re up to. Connect with them on Twitter and share their content. If they have a blog, comment and share their blog. Nothing fake, actually read and understand what they`re saying. Your goal isn`t to be their best friend, but you do want them to recognize your name. It will make the pitch smoother and more effective.Don`t pitch multiple editors or different publications. Pitching multiple editors would get you better results, in theory. However, in reality you end up coming off as a spammer. Editor`s talk, and when they enter the article in the queue, another editor who you pitched would see that. Your article gets rejected and you get put on a “do not accept” list.Don`t pitch multiple publications with the same article. I know of a few people who had their articles accepted in all three of the places they pitched the same article. When he informed one, they emailed the other two and the article was rejected in all three places.This interview was brought to you by Capital Office Your Virtual Office London.

Mar 15, 2015
May 5, 2021

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10 excuses for not starting a business and how to overcome them

If want to start a business, but feel that something is holding you back, these are mere excuses. Here are 10 tips to refute excuses and move on to success.

Are you one of those who say`s "I`d like to create my business but ..."? If you really want it, it's likely that what is holding you back are not valid reasons, but excuses. And the excuses often disguise apparently very rational reasons. So here is a list of 10 tips to refute excuses and move on to success.

Are you afraid?

Normal. Doing something different always produces some fear. But do not confuse fear and real risk. Instead, streamline. Discuss what might happen and see how you find solutions to keep going even if things go wrong. If we let fear control our lives, we would not come out ono the street. And what about the feeling of overcoming your fears? It's called courage, and it is very rewarding.

Don`t have contacts?

Nobody has at the beginning. Unless you come from an entrepreneurial family, the contacts you build will come slowly. There is no magic formula, but it gets easier.

Do not have money?

This is even more common than having no contacts. It means that you`ll have to think of a more efficient system. Look for ways to start small, get your first customers, and see it grow. If you need a little more money, then work and save. You can also borrow money from family and friends. But again, there are ways to start a business without money, especially online.

Do not have time?

This excuse is also used by those who do not want to do sports or always postpone the day they will learn this or that. We all have some time spare. If you want something bad enough, you have to prioritise what you do.

Do not have the knowledge?

Before you learn something, usually no one knows. This is an easy solution and it`s called training. You can read information online as you are doing now or look for something more structured, online or offline, through public or private education. You have many options.

Do not have the required skills?

One of two things: either you have chosen a business that does not suit you, and then the solution is to perhaps look elsewhere. Or you only have some skills because no one can do everything, and in this case you need to surround yourself either with external advisors or professionals who can guide you.

Do not have a business idea?

Sure you have it. How many times have you seen the failures of other business and thought you'd do differently if you were the owner? Those are business ideas. What works best is to improve the existing ideas. Do the same as the other, only a little better.

Cannot afford the risk?

You may have the responsibility of a family, but this is again turning to the excuse of fear. To live is to risk. Starting a business is risk. The issue is you have to take calculated risks.

Are you still refining the concept?

There is no perfect product. When you put your product or service in the market, you might feel a little embarrassed because it will never be as you wished it to be. You have to then strive for a better version depending on what your customers want, not your personal concepts.

Are you too old, or young, or your health is not perfect?

There is no optimal age to undertake ventures. Young people are generally more enthusiastic and have greater energy, while the older enjoy a wealth of experience and more contacts. And health? Unless you have something very serious, it should not be a barrier. As mentioned earlier, when you undertake what you choose, you can usually find a way to overcome your problems.

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