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Useful advice, tips and business news.

April 28, 2015
May 5, 2021

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Work from home? Read these tips

When starting a business, one option is to work from home; however, doing so implies certain responsibilities and rules to establish from the outset.

When starting a business, an entrepreneur may not always have an office to conduct operations, since this would mean paying monthly rent, plus all the services like water, electricity and telephone, among others. One option to solve this problem is to work from home; however, doing so implies certain responsibilities and rules to establish from the outset, to maximise time and not fall into the routine.

  1. For starters, someone who works from home should enjoy what they do, so it is important to fully believe in the project or task in which they are involved.
  2. Personal image is another aspect that should not be neglected, since you must constantly remember that even spending a lot of time at home means you can`t spend all day in panamas. If so, then this situation will eventually be counterproductive to your motivation.
  3. Establish work schedules and respect others around you, as if this is not done, you`ll gradually lose the personal life and everything becomes work.
  4. Choose an area to work that is away from distractions like television. This will be helpful to avoid pausing while working, so it's easier to concentrate on customers or suppliers.Talking about your business some of the time with your family and friends can be a good option to vent your problems; however, if you want solutions, it`s better to surround yourself with entrepreneurs or a coach you occasionally can contact about business.
  5. If you have people working with you, the best way to avoid problems in the future is to establish rules from the start, because if not, it will invade the space of your family, which in the long term will be annoying for everyone.
  6. Finally, organise your time developing methods and organise processes to help you avoid deliveries outside of your work time and make your work more efficient.
March 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.

March 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.

December 3, 2014
May 5, 2021

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Tips for keeping order in the office

Keep order in the office. Maintaining order in the office is important to promoting good energy around the workplace. Here are just some of the ways to do so.

Keeping order in office is important to promoting good energy around the workplace. Here are just some of the ways how to go about it.

Order and Power

Keeping the office in order is not only convenient; it is also a way to be more productive. Ordained environments motivate us to perform the work, relieve our pressure and minimise the feeling of general discomfort. Also, having order promotes the free movement of productive, creative practises and is essential for the proper performance of our duties.To maintain order, we need to have a suitable and visible place for all papers, elements and tools. Do not try to hide everything in a filing cabinet or clutter up drawers so it is out of sight, but rather, keep "everything in its place".

The key area to maintain order

We need to have enough space to put each item away tidily, so that it is always close at hand. We can allocate drawers or shelves for each type of items, such as pencils, staplers, punches, grinders and others in a drawer. For others, such as printing papers, we can dedicate a shelf to them, along with folders etc.So, you always should have everything you need without having it permanently on your desktop. Keep everyday items around, to avoid interrupting your work when you need them. For example, you often need to hold papers together. Do not let the clips and staplers stray from your desk, because if you get up to go and get them, you will invariably be interrupted from your work.

The order in the office has its advantages

Similarly, keeping as much free and open space (particularly the work area, such as office and desktop) will allow for better concentration and less distractions. You can focus on the task at hand without getting interrupted in your work analyses or mental fixation on other issues, such as when we procrastinate and hold back on tasks yet to be finalised.Finally, having order allows the circulation of energy. Cluttered environments produce tight feelings of chaos and lack of space to move. This perception is harmful to your productivity. Instead, the orderly, neat and spacious environment will allow for a perception of freedom, space for growth, and will facilitate the movement of the energies in the work place. It's a big decision, but it is easy to apply these simple steps.Your Virtual Office London are a leading virtual office provider in the UK. We provide meeting room space, mail forwarding addresses and call answering services. If you would like to discuss your new business idea with us we are happy to help advise on how to get off to the best possible start.

November 17, 2014
May 5, 2021

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How to optimise your start-up

It is important to have a good business plan and marketing in which you will base the development of your idea. Learn certain ways to optimise your start-up.

Here are some important ways to optimise your start-up:

1. Find a balance between your business plan and its execution.

It is very important to have a good business plan and marketing in which you will base the development of your idea, but do not forget that on paper often, things are very often different from reality. Of course, it is essential to know where you are going, but it is also essential to be flexible enough to change your plan when setbacks or changes occur in your internal or external environment.Keep simple and easily identifiable, measurable, achievable objectives in the plan. Keep in mind a clear picture of where you want to go and get ready to follow a path. But do not forget that in general, it is important to keep an open mind and be open to achieve the goals that you have set in a long-term plan. Remember that although the idea precedes action, it is through action that the idea is valid and takes its final form. In the end, the rule is: adapt or die.

2. Optimise your resources.

You are at an ideal time to start a new business, but it is also a time when it is difficult to obtain resources for the early stage of a new business. This is why the ability to maximise and conserve resources at an early stage of the business, dramatically increases the likelihood of success. Even with a large budget, companies that survive best are those who know how to manage their resources efficiently and live "below their means". Solve this problem and work is much more effective and efficient to fix the finances. A virtual office can help reduce overheads whilst boosting your image, this is a good way to make the most of your capital resource.

3. Build the right team.

It is important to realise when to lean on the right people for the activities that make you lose focus. These may be areas where you are not the most competent, or activities that consume valuable time you could spend on more productive issues. Building the right team also means doing it in good time. Hiring more people ahead of time can provoke capitalisation and expense or undue pressure. Always remember that spending / investment must always be preceded by a real need arising from growth in income.

4. Be a good communicator (or get one).

Building trust and good communication always go together. A good communicator is essential, since the presentation of an idea to potential investors, partners and customers is crucial; to convey good news to motivate your people or bad news to instill empathy and sense of responsibility are all effects of a great communicator.

5. Get a mentor.

The fact is that your business does not mean you should be alone. It is important to recognise that in an early stage you do not know everything, nor are good at everything. So getting someone who can guide you through your "slim" areas is a great way to plug the 'leaks' of your business. This is not always possible to achieve, but if you succeed, it's a golden opportunity, as through a mentor you can get the advice of someone who has been in the position where you are and who has significant experience. Use your judgment to determine whether criticism or advice will warrant a change in direction. Do not forget that in the end, only you are responsible for your business.This is not a recipe for an "infallible" business - there are companies that have met these criteria and fail, but in general these points will help you dramatically increase your chances of success.

October 27, 2014
May 5, 2021

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How to properly greet people

Always greet people in a positive way, as it creates the right impression. You must special care to people who you have not seen or met before.

It is always important to greet people in a positive way to create the right impression. Of course, you should take special care to people who you have not seen or met before. Wether you have a virtual office or a mailing address you will still need to ensure when you meet a client for the first time you properly engage. First impressions are everything and something as simple as a greeting can have a lasting impression on your client.You want to get people in the mood to attend the meeting. For this to happen, it is important to make everyone feel at ease. Some participants may have had a stressful journey. Keep this in mind and be as careful as possible, and be sure to comply with professional standards. The following tips may be helpful to you:

Warm smile

A smile can go a long way to get a first meet just right. Shy people can fully appreciate a smile, even if they are about to enter the room for a family reunion. What's more, you can give them the confidence to perform well in the session. If you're a little unsure, practice your smile alone.

Eye contact

Eye contact is essential when welcoming someone new. However, it is important to not stare - you do not want anyone to feel embarrassed. If people feel inhibited before the start of the meeting, their nervousness may limit their participation to the detriment of the results of the meeting.

Shake hands firmly if necessary

A firm handshake may be a reasonable way to greet someone. However, not everyone likes this kind of contact; therefore adapt your behaviour to the situation that is before you. Also, see how to approach the person; do not feel tempted to sneak up on them, as this may have an effect that was not intended.

October 23, 2014
May 5, 2021

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4 great tips to increase your productivity

Four tips to increase productivity. All companies need to maintain high performance. It is important to develop specific procedures to increase the efficiency.

All companies need to maintain high performance. It is important to develop specific procedures that increase the efficiency of the collective. Many of our virtual office customers ask us how they can increase their businesses productivity.You`re probably trying to maximise the performance of your business right now. However, you may find that your positive intentions do not translate into action. It can be difficult to maintain general habits, especially if you are a person who finds it difficult to meet the New Year`s resolutions. Develop a plan for the whole team to come together and you'll be in a good position.

Prioritise work properly

Personnel work will not go well, if the work is not a priority. Important tasks must be performed prior to trivial matters. You must assign topics and activities rationally and within a reasonable time, or the quality of work may suffer if you do.

Avoid multitasking, if possible

Your team can not do it right if you are trying to do everything at once. It's a great idea to make the most of them focus on particular aspects of the project, who will then be able to concentrate.

Keeping things tidy as the work progresses

Being tidy is a must if you want your employees to be more effective. The office should not be allowed to become a mess for even half a day, so you may want to encourage people to eat away from their desks.

Colleagues should cooperate

While some tasks require a special unit, it is necessary to promote cooperation between members of the team and create a united effort. Someone can be re energised if they help another person achieve something. An act of kindness can be beneficial for both parties, so remind people of the value of teamwork.When a business achieves an efficient work flow and is properly organised an increase in productivity and output will be achieved. The business will then be properly positioned for growth and should see steady incline in new business.If you would like to talk www.yourvirtualofficelondon.co.uk please do get in contact with us today, we are always happy to help discuss your requirements and provide expert advice where needed.

October 21, 2014
May 5, 2021

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What addresses are required when forming a company?

When applied to form a new company, you have to complete various addresses. Here’s a guide that explains what different types of addresses are needed.

When applied to form a new company, you have to complete various addresses. The requirements of the Companies House can sometimes lead to confusion, so this guide will explain the different types of addresses - including office management, administration, and secretary of address, correspondence address and home address common shareholder administrators - in short, why they are relevant.

Address of the head office

The company's head office; this is the direction in which authorities such as HMRC or Companies House will send all correspondence and legal documents. When thinking about your business address, you should bear in mind that:

  • It will appear on the public record.
  • Must be the same part of the United Kingdom, which is registered. For example, a company registered in England and Wales, registered office address cannot be in Scotland.
  • This could be your home address (but remember to be included in the public record).
  • If you do not use your home address, but not the owner of your property, you should check any lease, so you can use the address for commercial purposes.
  • You do not have to be the address of the trading business, but it could be.

Once your company has been formed, the law requires the disclosure of UK companies to include your postal address on company letterhead, business correspondence, requests, email messages, and the company's website.

Director / Secretary Address

This is the direction in which authorities such as HMRC or Companies House will send any correspondence with the director or secretary. When considering the directions, you should note that:

  • It will appear on the public record.
  • It can be anywhere in the world.
  • This may be the same as the location of the head office (but need not be).
  • This may be the same as the address of the worker (but note that will appear in public).
  • This could be the corporate address, because it is a complete address.

Each director's secretary may, if they wish, use a different directors service address or they may be one and the same. It is very common for the service address for all officers to be the same as the address of the company headquarters.

The usual residential address of a director

This is simply the address of the director`s house. Remember:

  • It will not be shown publicly.
  • This may be the same as the address of the office (remember that the address of the Office is disclosed on the public record).
  • This may be the same address of the service

Shareholder's mailing address

You must provide an email address, to each of the shareholders (often referred to as customers), of a newly formed company. With each e-mail address of the shareholder, it is important to note that:

  • It will appear on the public record.
  • You do not have to be an ordinary residential address of the shareholder.
  • This may be the same as the address of the headquarters.
  • If the shareholder is also a director and a secretary, then it may be the same as your service address.

Your Virtual Office London provide professional registered office address services which include directors service address and a mail forwarding address in London for a very cost effective price. Our service is designed to improve the corporate image of your business with the use of our prestigious London addresses. Using a virtual office provider such as yourvirtualofficelondon.co.uk can really help convert prospective enquiries into paying customers. Many clients see an excellent return on investment when taking out our complete virtual office package.

October 18, 2014
May 5, 2021

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Do I need business interruption insurance?

To avoid any shortcomings for your business, it is a good idea to opt for business interruption insurance. This is the best step your company can take.

To avoid any shortcomings for your business, it is a good idea to opt for business interruption insurance. This is the best step your company can take, to ensure that there are no losses incurred due to an interrupted business.By getting covered under business interruption insurance, one can ensure that their business would not face any losses due to an abrupt interruption and they would be able to get the business back on track with much ease. This is mainly because the incapability to generate revenues when the business is subject to damage would be covered by the insurance. Business Interruption Insurance can be procured as an additional extra to the existing business insurance package.

When can I raise a claim?

When your business is subject to any of the above mentioned conditions, you are liable to claim a compensation fee. Based on the below mentioned factors, you may raise a claim with the insurance provider when you are not able to generate sufficient revenues.a) The margin between the estimated and actual profits, which occurs due to a business interruption.b) Reduced income due to high operating costs, such as temporary relocation, procuring goods at higher prices due to various factors etc.c) Damage to the records of accounts of customers due to which you are unable to recover revenues from them.When you raise a claim, the payment is made subject to the policy constraints. By opting for business insurance, you would be free from losses when your business is interrupted. Moreover, the chain reaction would be avoided due to which a business slips to losses and is unable to raise funds.Also, in events of shortcomings or interruptions, your business would be able to bounce back and resume with the business. However, it is best recommended that you understand the scope and limitations of the policy precisely before opting for one.Your Virtual Office London have helped thousands of small businesses progress to become successful enterprises. If you would like to discuss how we can help you please contact the team today.

September 23, 2014
May 5, 2021

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What to do if a director resigns?

The director and the company secretary will usually change the life of a company. But what to if a director resigns? Find out in this article given here.

The director and the company secretary will usually change the life of a company. Changes can arise however, for a variety of things such as:

  • Reaches retirement;
  • The director's death
  • Resignation due to prolonged illness;
  • A director resigning to move to a new job;
  • A disagreement that leads to corporate shareholders - for example, where the main shareholders re-appoint a director or a vote to remove a director from the company;
  • Not seen as suitable as a leader.

How do I resign as a director?

In the first place to find answers, is the director`s service contract. This will help in answering questions on resigning as a director of the company. There will be both a time of notice needed, as well as other procedures.If the service contract is silent, the company's Articles of Association is a good guide on director resignations. Sometimes, the company board may be needed to approve of a resignation leaders - that can create unforeseen issues for small companies that, especially where there is some problems among the board.

It is a duty for the company to tell Companies House

In some circumstances, the director may also want to send the notice to the company registered office address - this will be useful where the content is or when the director believes that the company will soon update its records and notify Companies House of resignation. It is necessary to remember that it is a duty of the company, not the resigning director, to inform Companies House.

When a director resigns, they will usually have to think about other issues, such as:

  • Is he or she a shareholder? If this is the case, then it is best to check for an agreement under the Articles of Association if the shares can be transferred.
  • Have there been loans made to the company and need to be cleared?
  • Does the company owe the leaving director any amounts?
  • In many cases, the leaders (as well as the company) may seek legal advice on the matter.

How does the company manage after the director leaves?

The Director shall be required to serve a period of three months or more, and therefore the company will have plenty of time to become familiar with the change. However sometimes, for example, it can be quick and unexpected – take for example a sudden accident or death. Guidance and planning is therefore necessary for the company and it is best if this can be achieved in a way any disruption to a minimum.

When a director leaves, the company will need to consider:

  • Will the work be covered appropriately in the interim period?
  • Leaving agreement requirements;
  • If the resigning is stop all work with the company directly or to go on leave indefinitely;
  • Making it known to the bank and removing the director of the bank`s details and other mandates;
  • Letting the staff know, as well as suppliers and customers;
  • Letting Companies House know of the change;
  • Talk with the officers' liability insurers;
  • If the person is a company secretary, then there will need to be a change to the role;
  • If this person is the only director, then a change will soon need to be in line with the needs of Companies Act 2006.

The company must report to Companies House within 14 days. Whatever outcome for the company, there must be communication with Companies House within 14 days of the date of their leaving. This is done by the showing forms TM01 for directors or TM02 for the company secretary.If you would like to discuss your company formation needs please contact Your Virtual Office London today. We have a wide range of industry experts who can help discuss any of your business needs, we have developed a broad range of professional services tailored for the start up business.

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