Business News

Sometimes the question is asked: can anyone start a business? Well, the truth is that yes, anyone can start a business, but if the question is "can anyone succeed in business?" the answer is no. This may sound a bit negative, but it`s a fact that many people start their business and fail before the end of the first year.Indeed, statistics will tell you that eight out of ten people who start a business, will fail in the first year. There are many reasons why people fail and here are mentioned some of them.

Among the most common causes are:

• They do not have enough experience in the field of business when they start or that sometimes they fall into a line of business because an uncle or friend is doing well.
• They are advised by people that have knowledge and experience, or rather "bad advice".
• People rush to start because they panic about leasing premises the selling of their equipment or franchise.
• They have not calculated the money needed to start and sustain the business.
• They have no money to live personally.
• Do not create or have the money for an advertising budget.
• They don`t trust certain sales tactic or are scared of trying them at all, such as door-to-door selling.
• Overestimate sales and underestimate or miscalculate expenses.
• Do not do a real research.
• Do not want to pay accountants, lawyers, business consultants, real tax experts and then end up in trouble.
• No matter if it's from family or friends, if they have the same values and beliefs, have drawn up a contract between partners, this sooner or later (almost always earlier) starting problems and differences and then comes the "divorce".

These are some of the reasons why people should NOT start a business. But do not worry, the solution is simple, makes a good business plan. Because someone can make a bad business plan and it will all go wrong nearly every time.If you are looking to start a business Your Virtual Office London can help you get started. If you are looking to form a Limited company please do get in touch with our team, we have a great deal of experience in handling new clients with starting a company for the first time. What are you waiting for? make the first move.

There are many reasons for beginning a start-up. Some believe that their only alternative is to start afresh after previous failure, or if the economic situation or state of unemployment leaves them no alternative; some people have a great idea or product and would like to start their business; and there are those who are not satisfied with their current job or boss and think they could do a better job for themselves.But whatever your reason or motivation to start a business, there are certain steps you should follow: First and most important is to understand and learn what a company is with all its components as well as the advantages and disadvantages of being a business owner and paperwork it entails.It is also important to investigate and learn everything you can about the business you want to start, starting with defining your market. In other words, who are the potential customers and why would they buy from you?Other areas to look into are the goods or services, the competition, all procedures, licenses and requirements for establishing your business. This is because sometimes poor research can cause big problems.There are two case studies to highlight this. The first was an owner who opened her salon in a small shopping centre, had invested and worked hard to modify and decorate the rental location. A few days after opening the doors, the pavement her salon stood on was broken up completely to make some changes to the pipes and drains underneath. As you can imagine, without car traffic or many people walking past, it became a very difficult start to build a business from.Another case is of someone else who made very large investments to install special equipment for their business. When they wanted to get their business licensed, the city denied it until they fulfilled certain requirements that had not been considered or that he did not considered necessary. These changes and plans he had to submit, cost money, which was no longer there. The man had to painstakingly borrow money for pay plans and make modifications which took many months.These examples reiterate the importance of research before even signing or investing in something for your business. Of course, not all cases are like this, but the emphasis should be on asking and planning their businesses first, to avoid headaches and loss of money by having poor planning on initiation.Your Virtual Office London has helped thousands of small business make the move from idea to reality. Starting a business can be a difficult and testing time, however our expert team are equipped with the right knowledge to ensure you are able to give your business the best possible chance of success.

The UK economic growth has elevated by 3.2% in the second quarter compared to the same time in the previous year. This is actually higher than the 3.1% original estimate.The growth was helped by the construction sector performing better than previously predicted.The figures show the best economic performance the UK has seen for over 6 years. The service sector which equates to 78% of the total economic activity grew by one percent in the second quarter. This was also the best performance this sector has seen for over 6 years.Also manufacturing output grew by 0. 3% however the agriculture industry actually shrank by 0.2%.The service sector was the overall winner, with widespread growth. Increases were seen in business services, transportation, hotels, food services, communication and storage.The service sector is now officially above the previous high by 3%, the last previous peak was in 2008. The latest figures are showing that the economy recovery is will underway and it is being led by consumer spending.However the UK manufacturing sector is still below by 7.5% below its peak in 2008.The Bank of England is not expected to raise the interest rates soon, interest rates were expected to rise in 2015.Your Virtual Office London provides professional business services, if you would like to discuss how we can help your company, dont hesitate to get in touch with us.

London was named the most influential city by the media outlet Forbes.London beats New York, by a modest margin, the decision was based on 8 key factors which included the following criteria: How many business headquarters are based there, the amount of investment from foreign investors, how many business sectors are the main players, how easy it is to travel, the strength of the financial sectors, technological and media power and finally racial diversity.London is ranked top for finance and is Europe`s main technological powerhouse, according to the research that was conducted.However this didn't come without criticism from Forbes, they suggested that the country was punching above its weight considering it has faced a century of imperial decline.They also went on to say that it was a second rate power; however the City`s legacy as the global financial capital underpins its power post empire.Your Virtual Office London can help your business start up in the worlds most influential city. We provide a range of business services, if you are looking to form a Limited company we can help you start up in the power house of central London. We also provide services such as registered office address, a London mail forwarding address, directors service address in a prominent London location and business accounting.

Europe-Zone economies under-performed worse than what was predicted in the second part of the financial year. The German Gross Domestic Product contracted by 0.22% in the last three months leading up to June. This is in contrast to the first part, the German economy grew by 0.7% in the first three months of this year.The German Federal Office explained that they were losing momentum due to the trade balance directly slowing the growth of the economy.The French economy remained stagnant; the economy had 0% growth. This is the second quarter where no growth took place; again the official figures were not what was expected. The French economy was predicted to have a slow positive rise in growth; this is suggested to be due to weak manufacturing output. Another aiding factor has been sighted that the second quarter has a larger number of public holidays which can also slow manufacturing output.The minister of finance for France, Michel Sapin, has explained that France is not expected to meet its deficit reduction target in 2014.Other causes have been signalled to possible reasons for slow growth. The Ukraine fighting has possibly affected confidence in both countries. Along with Russian sanctions, investments may be reduced and overall confidence lowered in the region.If you found this news article interesting, you can read more on our economy blog section.

The EU economic recovery is looking more and more bleak now. It's unfortunate, as the UK's largest trading partner has become stagnant. One Bank of England policymaker has said the exports to the UK are dead in the water.The same policy maker explained it was looking more and more difficult to see any exports grow because of the ongoing economic issues in the Eurozone. He went on to say the UK`s economic growth was no longer being led by consumer spending.UK exports figures have been very low, growth has been slow over the past 2 or 3 years, according to one professor. He suggested the main reason for the slow growth was due to the Eurozone and the economic issues the member countries are facing. He added that it is hard to see exports growing in the near future.The UK government has place a target for UK exports, it wants UK exports to reach the £1trn mark by the year 2020 and 100,000 more UK companies are needed to start exporting if the UK is to meet this target.If you found this blog interesting you can find more posts in our economy blog section.

Unemployment in the UK has hit a six year low in the last three months. The ONS (Office for National Statistics) has reported that the amount of people out of work has fallen by to 6.4% in the last quarter. This is the lowest level since 2008 and it has gone done from 6.5% in May.The actual figure of people out of work decreased by 132,000 to 2.08 million, however average wages rose at the slowest rate since records began in 2001.The Office for National statistics suggested that the slow wage increase was affected by a large number of employees actually deferring bonus payments in the hope of the top rate of tax being cut.This deferment is thought to have affected the actual real rate of increase, which would have been higher if it was not for the bonus deferring.Low salary inflation, the rate at which the real value of a salary increases is a growing concern for top financial decision makers in the Bank of England, it could ultimately have an effect on the timing of when to raise in the interest rate.The Bank of England has now reduced its forecast by more than half, saying the average salary increase would be around 1.25% for 2014.The slow salary growth is likely to prevent an increase in interest rates this year, mainly due to the average person being made to pay more for their mortgage and subsequent knock on effects to the cost of products and services.The slow increase also suggests that the economy is still fragile; the figures should be used seen as a warning sign that the economic recovery still has a long way to go.The unemployment is still expected to fall further as we move into the second half of the year. It is also very probable that the unemployment rate will fall below 6%.If you found this news article insightful you can find more economy posts on our blog.

Electronic billing is constantly evolving. In Europe, the European Commission requires Member countries of the EU to implement electronic invoicing. The purpose of the Commission is to get in Europe a predominance of electronic invoicing in the very near future, so it is very important to all SMEs, freelancers and entrepreneurs at the forefront in the opportunities and advantages offered by this technology. Here, we will analyse three of the most critical trends for your business and how to answer them.

1. Crucial Benefits

The benefits of online billing software align with the improvements in the speed of processes and resource efficiency. According to a global study conducted in 2012, 67% of companies believe that e-invoicing could improve operational efficiency, compared with 50% in 2011. Faster billing cycles and cost savings on billing paper are the two main benefits experienced by issuers.

Save time, money and space

Savings in administrative costs and manual labour are clear. It is easier to reduce the annual costs of messaging, mailing and faxing; printer paper and even volume of printing. No more printing costs of bills and handling of paper invoices. Speed and efficiency is the aim and now you can instantly send invoices via the Web. Up to 8 invoices can be processed every second on average.You manage all the information and only you have access to it, meaning security is tighter. No more typos, you can be sure that all your bills are generated with the appropriate data.A safe investment for any business is to have a flexible electronic invoicing system, even if there are changes in your system. Adaptable to any operating systems and platforms, there are major companies requesting electronic invoicing that are mandatory for its suppliers.

2. The Electronic Invoicing

At this time, customers have high expectations of those who bill, so excellent customer service over the Internet can be a key factor to converting into real customers loyal followers of the company, which is an aspect that should not be neglected. In this respect it is necessary to adopt the concepts of Web 2.0 and social marketing, which can be done by using cloud-based Software as a Service (Saas).

3. Comprehensive Customer

Knowing the customer is vital in business. This information can be extracted by digitising billing processes and provides a strategic basis for decision-making at the level of business. SMEs, freelancers and entrepreneurs that issue electronic invoices recognise the power of intelligence they can get about their client to boost ties with them and make them more profitable and beneficial through behaviour-based experiences. This improves loyalty and sales.For SMEs, freelancers and entrepreneurs, it is important to adapt to the digital environment and adopt solutions that help the company to be in a position of advantage. Today, there is great interest in the billing software online, as they are now available to companies who could not afford to adopt a proper solution beforehand.Electronic billing software in the cloud must maintain assurances that it is issuing and filing invoices in accordance with regulations. With billing software in the cloud, organisations experience a lower percentage of discrepancies in receipt of your payments, save on printing, time, space and may have access to an automated and integrated system that helps improve the efficiency of processes. It also allows access to the control of the company from any computer without installing any application on your PC, Mac, Linux, tablet or Smartphone.Today, SMEs, freelancers, companies like Your Virtual Office London and entrepreneurs can deepen relationships with their customers, improve your cash flow, reduce costs and accelerate sales through the use of programs for billing in the cloud. If you enjoyed our business article you can read more articles in our blog.

Leading UK firms BDO has suggested that its job index for July which measures hiring plans for the coming three months was at the highest level since 1998.The report has seen a large increase in firms looking to hire new staff. An increase in the rate of new jobs that are being created is expected to last for the rest of the year.Another index report from BDO which measures businesses expectations over the next 6 months was at the highest level for more than one year. This is testament to the UK`s economic growth and increase in consumer confidence.The increased optimism will only have a positive real outcome on the UK economy and employment figures, which is great news for Britain as a whole.However increase employment can lead to a shortage of skilled workers and it is thought Europe will help fill gaps in the employment market.If you enjoyed this business and economy article you can read more on our informative business blog.

Over 30% of business managers in the UK did not use their full holiday entitlement. This comes as a warning to business owners, holidays are an important part of the workforces entitlement and can lead to increased productivity and happiness.The institute of Leadership and Management said that firms should make sure all staff take their full annual leave entitlement.One in 20 UK business managers has said that they have lost a week or more due to the annual allowance not being taken.It is known holidays help creating a happy and healthy workforce. When staff return from holidays they are refreshed and re invigorated which is ideal for businesses to increase productivity.