Alliance & Leicester Commercial Bank have put this top 10 together for small business. There is no mention of selling your business to a Spanish Bank, but it was possibly at number 11!
— However solid your business plan, there is no way to predict the future, but what you can do is to plan for unforeseen circumstances. There are a whole host of factors that can have a financial impact on a small business, and in times of economic uncertainty, it is a sad fact that many small businesses that encounter a major disaster never resume trading.
Steve Jennings from Alliance & Leicester Commercial Bank has the following advice to help businesses to plan for the future to prevent the unpredictable from becoming the unmanageable:
1. Keep a business diary. New legislation can have a major impact on your margins, so make a note of dates when legislation or tax changes come into force so that you can prepare well ahead of important deadlines.
2. Market changes. Your market can change in a number of ways from new competitors through to changing initiatives within your industry. By keeping abreast of any changes you can make appropriate adjustments to your business plan, and prepare for the impact of any major market changes.
3. Monitor interest rates. Business banking interest rates can change quickly, and are announced on a monthly basis. A rise can have a big impact on your outgoings and income, so if you are borrowing money, look for a fixed rate, as this will allow you to budget more effectively.
4. Be prepared for disasters. Every business needs a continuity plan that outlines key members of staff along with specific tasks, this will allow a swift recovery and a quick return to normal business operations. If your business makes use of a computer system, off site storage and back ups should be incorporated into it to ensure that IT problems are minimised in the event of an emergency.
5. Reduce your outgoings. By looking at regular costs such as utilities and bank charges, you may well be able to find many savings. According to research, a UK small business can save around £3,500 each year on their banking costs by shopping around for the best possible deal.
6. Deal with bad debts. Late payments can be crippling, especially if they account for a large proportion of your business’ income, so credit check new customers, and dedicate some time each month to chase outstanding money.
7. Create a contingency fund. You need to have a financial buffer in the event of an emergency, so don’t leave surplus funds sitting unused. Set aside regular sums in a high-interest business deposit account. Interest earned on this money can be used to pay for your quarterly VAT or annual tax expenses.
8. Update your business plan. Changes to your situation can cause your business plan and budget to go out of date relatively quickly. By keeping a record of actual figures against predictions, you can spot variations quickly, and amend your forecasts to take them into account.
9. Insure yourself. Ensure that you have the right type of cover for your business. By finding a flexible insurance policy with business interruption, as this will provide for you under circumstances that could otherwise result in loss of earnings.
10. Arrange an overdraft. With a business overdraft, you can get access to short term finance. Unlike a loan, an overdraft will only charge interest on the money that you need, and can be arranged easily as a service from your business current account provider.
MEATINFO.co.uk
The meat industry could be facing job cuts in the thousands over the next 12 months, analysts have warned.
More than 7,000 jobs will be affected by further consolidation across the sector, according to research by Plimsoll in its annual analysis of the meat industry. The study coincides with a British Chamber of Commerce survey, which suggests unemployment could rise by up to 300,000 over the next 12 months as the UK economy experiences a “prolonged and bumpy landing”.
The Plimsoll study looks at each of the 1,002 leading UK companies and assesses each businesses chance of survival. The report reveals:
• 7,267 jobs could go, as companies seek to get costs in line with sales
• As many as three-quarters of the firms analysed will need to reduced their head count
• One of the largest firms could see up to 843 jobs lost alone
• Almost a quarter of the companies surveyed are already running at a loss
• Companies need to aim for at least £283,000 sales per employee in order to stay competitive.
Of the 1,002 firms individually assessed, Plimsoll said 194 were in danger and needed to take drastic action to survive. A further 349 companies need only to “tweak” their businesses, making small and simple changes.
Meanwhile, 459 companies are currently leading the market with sales per employee figures of well over £333,000. These super-productive firms are generating over £8,000 worth of profit per employee and are well-equipped to see out the next 12 months in good shape, almost certainly prospering from their weaker competitors’ demise.
David Pattison, senior analyst with Plimsoll, said: “The 194 companies we have identified as in danger need to act now if they are to survive. It very important they review their entire business cost base and take action to significantly reduce their outgoings.
“While job losses are undoubtedly bad news for any company, such decisive action may be called for to guarantee the ultimate survival of the business – even if this means the business is 30-50% smaller than it was.”
What password do you use? Regardless of all your other security measures, a password is the last door to your secrets. Pick a poor password and others will see your files.
How do you choose a good password? The rules are simple. If you can guess the password, so can anybody else. There are lists on the internet of popular passwords - if any of these are yours, change it and slap yourself on the hand!
10. ‘thomas’ (0.99‰)
9. ‘arsenal’ (1.11‰)
8. ‘monkey’ (1.33‰)
7. ‘charlie’ (1.39‰)
6. ‘qwerty’ (1.41‰)
5. ‘123456′ (1.63‰)
4. ‘letmein’ (1.76‰)
3. ‘liverpool’ (1.82‰)
2. ‘password’ (3.780‰)
1. ‘123′ (3.784‰)
These are the top 10 most popular passwords on the internet in the UK. Between them they account for 1 in 5 of all passwords. This is assuming you use your own password. Some people stick to the default one - the one that came with the machine. For them, we have default lists of passwords.
So if you are not using one of the popular passwords, or a default password are you safe?
The easy answer is, it depends. If your password is found in the dictionary, then no. You might try and be clever and use a different language. They have dictionaries for them as well!
Without using a word found in the dictionary, the choices would seen to be quite small. That is not the case. The solution is to use the whole keyboard. CAPS, lower case, num83r5 and the $/#&@|£ are a hint of how to do it!
One of the issues with Windows is that breaking the password are a collection of tools which really put the password through the ringer. One of the points that have been found is that the length of the word is critical. However, it is more complex than that. Passwords are broken in sets of 7 characters. So, if you have an 8 letter password, the cracking program will treat it as a 7 letter and a 1 letter password - potentially making it easier to crack. For this reason, passwords should be 7 letters or more than 12 letters long.
Finally, there is the issue of memorising the password. You need a 7 character password, which isn’t found in the dictionary, uses the whole keyboard and isn’t easy to guess …. how about using a popular coding system which is used on a daily basis to aid you?
Postcodes, car number plates, NI numbers, telephone numbers, other people’s email addresses are all great examples of codes you could use to help you secure your data.
If you want to take the ultimate test, you could try and break your own passwords using a hacking tool. Software can be found using the term password recovery software or visit LCP - a Russian software company who write a freeware password cracking tool.
We did this and found it couldn’t break our passwords - after running for over 15 hours! This gives us confidence that our passwords are quite strong! 
We have not added the link to the software because downloading needs to be your choice. Plus, remember to delete the software afterwards!!
In the US, Starbucks has announced that it is closing 600 stores.
The customers are up in arms and have been getting a petition going to get Starbucks to change their mind. Initially, you would agree that customers like this are great customers to have.
However, put your brain in action and note that if these customers spent a little more on coffee rather than protesting, the store wouldn’t be closing!
This is very similar to the case of the Citroen 2CV which had similar protests. Again, the protesters were only buying second hand models, leaving others to buy the cars new and suffer the depreciation!
Your best customers are the ones who get you more business, either through recommending you to their friends, or through buying everything you offer. Fans are not necessary customers!
Published Date: 21 July 2008
By Laura Jones - EVENING LEADER
A BUDDING entrepreneur, who is registered blind, has scooped a regional award.
Adam Flavell, 17, from Bagillt is celebrating success after picking up the Sir John Moores Award at the Young Enterprise North West Final at Aintree Racecourse earlier this month.
Adam worked alongside fellow students from St. Vincent’s School for the Blind and Partially Sighted in Liverpool in creating a revolutionary new business, called VIP.
The company’s slogan, ‘Visually Impaired Products for Very Important People’, saw the young entrepreneurs produce menus for restaurants and cafes in Braille and large print.
Adam quickly became the driving force of the business and set up a website to promote its services.
Adam, who suffers from severe learning difficulties and has a severe speech impediment, was nominated for the award in recognition of the ‘excellent entrepreneurial skills’ that he displayed while taking part in the Young Enterprise Team Programme.
Adam also impressed business banking specialist Peter Johnson, who has invited the young Flintshire entrepreneurs and his fellow VIP directors to a finance meeting at HSBC in Old Swan, to talk about getting VIP off the ground.
The victory has come as part of a remarkable run of success for Adam, who also won the Liverpool Achiever of the Year Award in April 2008.
Teresa Maloney, programme manager for Young Enterprise, which is the UK’s largest business and enterprise education charity, said: “Adam was reluctant to take part in Team Programme at first but soon showed excellent leadership skills.
“His innovative approach and friendly manner made him the prime choice for this prestigious award.
“With customers from the private and public sectors, VIP is going from strength to strength and with the support of link teacher Heather Douglas and volunteer business adviser Helen Thomas from United Utilities, the directors have ambitious plans to develop their unique company.”
Adam’s father, Stephen Totty, 51, said: “I am so pleased he won an award. He is very dedicated and determined and he has never let his disability hold him back.
“I am very proud of what he has achieved and it was great to see him up there on the night dressed to the nines.”
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