BNI Apollo Blog
20.01.12
Top tips for tax payments
The end of January self assessment deadline now fast approaching. Tax payments are due at that point, in addition to a payment on account for the next tax year. To get prepared, it’s worth considering the following points.
Within the January payment is the first payment on account for the next tax year (2011/12). Be aware that this is calculated as half of the final liability for the previous tax year (2010/11). If you know that your income for the year 2011/12 has reduced, you can apply to reduce your payment on account. Bloomer Heaven advises that this is a key area for businesses to take advice on and should be considered if income is reduced, consequently making cash flow tight.
If you don’t believe that you’re able to pay your income tax bill or any other tax bill including corporation tax, VAT and PAYE, HMRC have introduced a Business Support Service to assist. Whilst this service doesn’t work like a bank and there are certainly no guarantees that HMRC will give you an extension on the normal payment deadlines, it is an option worth considering. Click onto the HMRC website for more details.
Bloomer Heaven strongly recommends that you speak to your accountant and take advice on both of these areas.
20.12.11
Signage that doesn't cost the Earth
If you’re reviewing or likely to review your business signage requirements, it’s worth becoming familiar with compliance to the Government’s Enhanced Capital Allowance Scheme.
The Enhanced Capital Allowance Scheme encourages businesses to invest in energy saving plant or machinery specified on the Energy Technology Criteria List (ETCL). The link to signage is that choosing the correct type of White Light Emitting Diodes and other materials will have significant tax advantages for your business. Under the scheme, a greater proportion of the cost of investment can qualify for tax relief against business profits. There are certain materials that comply with the criteria set by the scheme and Clarke Signs are assisting some of their major clients in reaping the benefits.
Although the financial benefits are valuable in today’s difficult economic climate, investing in the right lighting and signage materials will also enable your business to comply with corporate and social responsibility objectives. That generates great PR value to impress both customers and suppliers alike.
The Carbon Trust is supporting the scheme as it reduces carbon footprint, in addition to leading to lower energy consumption and reduced energy bills.
Taking advantage of the scheme could save you thousands in the lighting bill for your commercial premises. For expert advice, contact Nick Hargrove at Clarke Signs on 01827 66665 for a no obligation discussion.
02.12.11
A great week for BNI Apollo this week, with long-standing members Nick Hargrove of Clarke Signs and Chris Barlow of Bloomer Heaven deciding to renew their membership. Chris has been a member for 8 years and Nick for 6, showing impressive commitment.
Why have they committed to BNI for so long you may ask? In business (as in life), relationships need to be nurtured to grow. If you invest in your business relationships, you reap the rewards. Clearly, for both members to re-join the financial benefits are clear. However, the non-monetary benefits are just as strong. The friendships and close business relationships developed mean that the advice, support and assistance that members of the chapter obtain are invaluable. Advice you wouldn’t gain elsewhere or would have to pay a hefty amount for!
Strong business relationships and an effective networking strategy are essential to any business in today’s marketplace. There’s certainly nothing better than a referral from a business associate who understands and trusts your products and services. If you’re interested in visiting a BNI chapter, please come and experience the member benefits for yourself.
And keep reading our blog for news and views relevant to our member businesses. Also, thanks this week to Mick Perrier for an outstanding but simple quote, which emphasises the importance of self-belief in business:
“If you think you can’t do it, you can’t. If you think you can, you can.”
25.11.11
This week’s blog is a contribution by Chris Barlow, Director of Bloomer Heaven Limited. Chris is a long-standing member of BNI Apollo. 
Finance management – surviving the economic downturn
Cash is king. Undoubtedly this is true but you need to look at the whole cycle of work to ensure that “cash” is not being delayed.
Invoice early. There is always a case for early billing and interim fees especially if the job slows. This point, however should ideally have been addressed when the assignment was taken on. If it was not it is not too late – pick up the phone and speak to the client.
Be realistic about your work in progress. Do not keep costs that you will “hope to recover in the future”. If the time is dead write it off. By all means speak to the client if you believe that something can be recovered or contributed toward but don’t fool yourself by thinking that there are bills where there are not.
Agree your invoices, but also agree credit terms. If there is a need for cash consider early payment incentives but don’t get caught both sides by agreeing reductions for early payment and not getting the money!
Ensure you have a debt collection policy and stick to it whatever it is. There is always a temptation to allow larger clients to have a different policy and there is an argument here but a sale is only a sale when the money is in the bank. You are not their banker. Are you prepared to pay bank charges, interest and loan arrangement fees to fund your cash balance because your clients are not paying you?
Get involved. Often it is said that the salesperson should not collect the debts and ultimately the director/partner should not do this as it can change the relationship. But the client knows he has not paid you and sometimes that call from you as the owner is enough of an embarrassment to get things moving.
Legal action. One of the most significant things we did as a practice was use a solicitor to issue some final letters. Did it harm relationships? No, I do not believe it did. Did it get our debts paid – yes, it certainly did.
For further information on Bloomer Heaven, please visit www.bloomerheaven.co.uk
16.11.11
Welcome to BNI Apollo’s first blog
Our aim is to shed some light on our activities and progress to provide an insight on how BNI works for us, what our members are up to, general business and networking advice and why a visit to our Thursday morning breakfast meeting may be well worth getting up for! But this week, we want to get back to basics...
Question: What do an accountancy firm, graphic design company, IT Services provider and print consumables business have in common?
Answer: A lot more than you would think.
BNI members all have a comprehensive database of business contacts that can often benefit from the services of other member businesses working in seemingly completely unrelated areas. It never seeks to surprise even the more established members of the chapter quite how many valuable business referrals can be passed at one breakfast meeting. In September, for example, the chapter generated over £21,000 worth of invoiced business for its members. Not bad for a morning’s work…
All BNI members are interested in growing their business and there’s no doubt that BNI is firmly built on business relationships. Members support and advise each other and benefit in many ways from the relationships they build. The business world can be a lonely place and we all need support at times. Although sometimes we just need a favour!
Speaking as a relative BNI newcomer and the copywriter in the group, BNI has taught me that the value of strong business relationships cannot be underestimated. Yes, BNI will help you grow your business but expect it to benefit your business in ways you never expected. Come along as a visitor (only £10 for a brilliant breakfast) and find out for yourself. Although serious business is passed around the table, the atmosphere is fun. Now that’s something worth waking up for!