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B Corp companies - all you need to know

The B Corp movement wants to make business a force for good. This blog looks at the B Corp concept and how you go about becoming a B Corp company....

Spring Budget 2023 – the key points for business owners

The Chancellor, Jeremy Hunt, delivered his first Spring Budget on 15 March 2023. Unlike the disastrous September 2022 ‘mini budget’, this budget won’t cause many ripples in the worlds of business and finance. In fact, it was a relatively dull affair, with few headline announcements for the average business owner to be concerned about.However, there were some incentives regarding capital allowances on equipment and investment in research and development (R&D), to help push the economy f...

2022 - time to reflect and reset

Our first blog of 2023 covered goals setting and offered some tips on how to compile a list (refer to Set 5 goals for your small business in 2023). This blog asks you to look back at last year with some interesting questions; your answers should help you solidify what you want to achieve this year. 2022 was another tough year, and to be honest, 2023 may not be much better. However, no matter what happens, there are always peaks throughout the year so we think it's worth spending some ...

Set 5 goals for your small business in 2023

The start of a new year is the perfect time for many of us to make a change for the better. Whether you want to grow your business or take more time for yourself, the following goal-setting tips can help you achieve your long-term plans.Always remember however, that attaining those goals will be easier if you choose the right support. Friends, family and professional expertise have an equal role to play and we're here to help. Apply the following in terms of your own small business and see ...

Why your business needs a virtual FD

If your business is expanding and your commercial needs have outgrown your finance team’s expertise, it might be worth considering the benefits of a virtual financial director. Analysis of current financial data as well as guidance on the future financial management of your company is crucial to ongoing success. Look no further than your accountant to provide this service. It makes business sense - your accountant is familiar with your operation, has a handle on your figures and a partnership ...

Customer relationships are more important than ever

With many small businesses struggling to achieve pre-Covid sales levels and now facing a testing year ahead, having a customer retention plan has never been more important. The most inexpensive way to grow a business is to maximise customer retention. Statistically, the probability of selling to an existing customer is 60 - 70% and drops to just 5-20% for a new prospect. Existing customers are also 50% more likely to try new products and spend 31% more when compared to new customers. We've ...

It’s Christmas time, there’s no need to be in the red

If you’re a small business, in all likelihood, with Christmas only weeks away, you’ll be pondering how much or how little you can spend on Christmas gifts this season. With many of us finding this year - and previous ones under the cloud of the pandemic - a struggle, you may be wondering how much the budget will stretch to. How can you express your thanks to your top clients? How should you reward your teams? We all appreciate a thank you or a token which expresses their value to the busines...

How can I improve team engagement?

In our blog, 'What is team engagement and why does it matter?' we looked at the definition of team engagement, what disengagement might look like in any given business and its impact in terms of productivity. If you read our blog and recognised some of the issues we identified, then your next question will be how to make things better? From measuring existing team engagement to proactive measures to implement, we'll give you some steers....

What is team engagement and why does it matter?

An engaged team member is fully absorbed by and enthusiastic about their work. They will take positive action to further a company’s reputation and interests leading to goal attainment for both the individual and the business. In other words, team engagement improves your bottom line, leading to better quality, higher customer satisfaction, increased sales, and ultimately, higher profit. According to Gallup data only 15% of employees worldwide fit the engaged criteria - that's a lot of ground ...

How do I create a Succession Plan?

It's never too soon to create a Succession Plan for your business! The longer you have to plan your exit strategy, the more value you can extract. Don't leave money on the table or be forced to work longer, start planning now!...

How much time should I spend on business strategy?

We see many business owners, who work tirelessly in their businesses and are excellent at what they do, neglect their strategy and execution plans. It’s the old adage: I’m too busy working in my business to work on it. The team at Rowdens is here to support you when unexpected hiccups occur. We can do so more effectively if we help you get ahead of the risks and opportunities in your business....

Do I need a business coach?

Want to achieve your true potential as a business owner? A good business coach will help you review, analyse and enhance your business strategy and also provide a highly personal mentoring programme....

Introducing Crezco and why we love it

Crezco is an open banking payment solution that integrates with Xero and enables users to make free online invoice payments up to £1,000,000. The process is seamless and since the account-to-account payments do not incur card fees or chargebacks, you save money and time and your customers have the comfort of a completely secure process.  Just think how much time and money you could save by enabling your customers to make instant online bank transfers! Who doesn’t want to get paid faster ...

WTF: you’ve paid your subcontractor's tax personally!

While sitting in the office reviewing my milky bone financials on Xero (and I can report that sales are going very well; thanks Xero!) I heard Jonathan talking to a client....

Improving your credit score

Your company’s credit score is important. To be able to borrow from lenders, or negotiate trade credit with your suppliers, your business needs to prove that it’s a low-risk business to lend to. The major credit agencies will give your business a score, based on its creditworthiness. This score takes into account things like your credit history, your debt profile and the industry you work in. The rate you’re given can have a significant impact on your ability to borrow money, so it's sensi...

It's a hard time for businesses - how do you sell with empathy?

It seems we're facing yet more uncertainty. We've come through lockdowns and been separated from our loved ones and now a recession looms. Justifiably, some people are worried about job security and rising living costs. For many, that much needed holiday may need to be put on hold for yet another year.  With another interest rate hike announced today by the Bank of England (16 June 2022), interest rates are now up to 1.25% as the BoE tries to get a handle on soaring inflation. This is the f...

Are you a victim of the Time Vampire?

The likely answer is 'Yes!'  For all of us, our time is precious but on many occasions, we get trapped into undertaking tasks that eat into our time and focus. If you're running your own business, it's easy to prioritise customer needs above your own and that late email or phone call that starts, "Can you just..?" usually ends up using up time that you had planned to be allocated elsewhere.  Going above and beyond for your customers is natural and commendable (and they do love you for ...

Staff retention. How to prevent staff leaving

Be honest. What vibe do you think people get from your workplace? Do people get a good feeling when they walk into the office? Does it appeal to potential new team members? This blog explains how focusing on flexibility, inclusivity, wellbeing, and technology can help you attract and retain talent in a tough hiring market. ...

Redefining success - personally, for your business and your team

If there’s one positive to take from the events of the last two years, it’s the opportunity to consider what’s important. For those of us in business, it’s important to redefine our plan and goals that ensure the business delivers our definition of success. The natural extension, for those with team members, is to revise what the business needs to deliver to the team....

The importance of Business Development

Business development is one of the most important areas of focus for any ambitious business. If you want your business to grow, that’s going to mean having a razor-sharp focus on new opportunities and strategies. That could mean exploring new markets, or nurturing new partnerships. It might mean diversifying to create new revenue streams, or coming up with new ideas to boost your profitability. But, ultimately, good business development comes down to having good ideas – ideas that broaden yo...

Staying on track with your personal budget

You’ve taken the first step and developed your personal budget for the year. However, don’t set and forget and then expect to achieve your personal finance goals! If you don’t monitor your progress, your spending habits are unlikely to change.So, what steps can you take to ensure you’re on track with your Personal Budget?...

How to prepare your personal budget

A personal budget is a finance plan that allocates future personal income towards expenses, savings and debt repayments. In other words, it’s a plan that sets out how you’ll spend and save your money.Some people hear the words ‘Personal Budget’ and think restriction, limitation and confinement. They imagine having to cut all spending and live on bread and water....

The obvious and unexpected benefits of having a personal budget

Having a personal budget is essential to gaining control of your personal finances. Budgeting doesn’t necessarily mean restriction; it frees up your money, so you know exactly what’s available to spend.The top 10 benefits of personal budgeting:...

What influences the customer buying decision?

It’s a common misconception that price is the most important factor when it comes to customers making a decision to buy. If you're a business owner in the service industry at least - it’s simply not true.We've compiled 5 things which influence the customer’s buying decision....

Spring Statement 2022 - good news for business?

The Chancellor, Rishi Sunak, delivered his Spring Statement on 23 March. Faced with the task of creating a ‘strong economy’ for the UK, against the challenging background of high inflation, rising costs and the threat of conflict in Europe, he announced a raft of new measures.So, what was in the Spring Statement for your business? And how will these announcements, government measures and new initiatives affect the business landscape in the coming year?...