What the UK Government defines as micro and small business communities (less than £440,000 turnover and ten or fewer employees) constitute approximately 60 per cent of all companies registered at Companies House, plus there are the tens of thousands of sole traders and partnerships in Britain. So, it is no surprise – and indeed it is good news – that the Government is looking at how it can help small businesses play their part in steering the nation away from an economic abyss.
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Becoming self-employed is a big step to take, but it can provide many benefits such as freedom, intellectual fulfilment and flexibility. There are also financial benefits as some self-employed people earn more than they would as an employee. However, there are also higher risks and disadvantages if you are not prepared…
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In the current economic environment with many companies in financial turmoil, having to cope with budget cuts and austerity measures, a good cash flow is the lifeline of any business. If there is problem in cash flow and the company is having trouble collecting cash, and using it wisely, there is every likelihood that the company will struggle to survive in the current economic environment. There is why the old adage ‘CASH is king’ is particularly true in the business world of today.
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Large businesses are notoriously bad at paying the invoices of smaller ones. However, one option to speed up cash flow is invoice factoring. However, there are pitfalls as well as benefits.
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