Every year around this time we get a wave of negative news in the media with large corporations issuing retail sales warnings, making excuses publicly about Brexit, the weather, online sales, anything really to distract from their own incompetence) in the run up to Christmas and New Year 2018. Always ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years.

To help with this we've compiled a short list based on our extensive experience and industry wide knowledge.

1. Go where the money is - be fluid and adaptable and look to see what is selling and sell more of that and stock less of what is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Don't be shy to ask them, actively ask for feedback.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like supermarkets do. This may mean you have to offer something at a lower price with the plan to sell another product/service that compliments that item which will make more profit.
4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a slowing economy.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drives their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

To understand its importance, it is necessary to look at the scale of the matter with regards to small and medium sized businesses (SME’s). 

In the UK, there are some 5.7m SME’s, which account for almost the whole of the private sector firms and 60% of total UK private sector employment. SME’s also account for 73% of all net private sector job creation in the UK. Therefore, SME’s have significant implications for the economy and anything that can effect SME’s is very important.

SME’s need to be proactive and prudent as they prepare for BREXIT – deal or no deal. While some business know how they will be affected, and what will be the consequences. Many do not have the time to spare to look at this and seriously lack any plan of action of how to deal with and overcome weaknesses that may affect their business.

This short article will focus on the most important aspects of leaving the EU without a deal for small businesses.

• With a no deal Brexit, it will affect how businesses buy and sell in EU.  There will be increased port clearance time for goods both in bound and out bound of the UK. This can serious effect supply chains and delivery times, large corporations such have expressed extreme alarm at the possibility of delays and stoppages to their supply chains and as such SME’s need to make serious contingency plans also.
• Businesses will not be able to hire workers that easily or not at all. In the short term it is plausible that all new EU nationals will no longer be allowed to work here in UK. And therefore finding skilled reasonable cost employee may be more difficult. Which means businesses will have to employ locally, that may consequently increase their costs and in wages and or expect more work from fewer staff to cover the costs of higher wages so leading to less job satisfaction in the workplace.
• There may also be non-tariff barriers and we may no longer be allowed to buy or sell goods from EU the same as we have done in the past. Especially when it comes to food business. Old licenses and certificates will not be accepted on both sides. Current VAT regime will no longer be applicable. And these in the interim may cause a lot of financial problems with VAT bills and accounting
• Even if small businesses buy products from local wholesalers, their supply chain and procurement will be severely affected. This will indirectly affect your businesses as well.
• Over all, delays mean increased costs and inefficiency’s which could result in bad customer satisfaction and higher time expended in providing customer satisfaction.
• There may be new tariffs and increase admin costs and it is important for businesses to realise, either they are ready to pass these on customers or will they be sustainable to keep doing business with shrunken profit margin.

 
There are more questions than answers regarding impact of Brexit available yet. Ever lingering uncertainty and heightened anxiety in the business world in awash in the news at the moment. In any case, costs and delays relating to customs and trade are expected to increase in general. And these will affect all businesses and consumers.

Some businesses may see their business grow and will look for new opportunities, but many are likely to lose out, if they do not plan ahead and manage their competitive position.

By Awais at Tax Affinity Accountants in Epsom, Surrey

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Surbiton , Worcester Park , Kingston upon Thames , Cheam and Epsom they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice and support.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

With all the negative news currently in the media and retail sales warnings issued by a few large retailers (who may be using this as an excuse) in the run up to Christmas and New Year 2017. Its a good time to ignore the 'nay sayers' and pro-actively look at what positive steps can be taken to ensure your business sales and profits rise or at the very least stay level with previous years.

So we've compiled a short list based on our extensive experience and industry wide knowledge.

1. Go where the money is - be adaptable and look to see what is selling and sell more of that and stock less that which is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Ask them, remember you have two ears and one mouth, use them in that proportion.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like the supermarket and larger traders do to entice them. This may mean offer something at a low price with the plan to sell another product/service that compliments that item and will make more profit.
4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a downturn.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drive their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

Tax Affinity Accountants is pleased to announce that we have been awarded the Best Business of 2017, and have been recognised as one of the Top Service providers in our field of expertise by an Independent reviewing panel. A proud member of the Federation of Business this award was external to the FSB and a surprise award.

Independently recognised
Our Worcester Park branch was commended for providing a consistently high quality service in our area of business (Tax and Accounting). The independent review team reviewed Tax Affinity Accountants using a 50-Point Inspection which included everything from checking reputation, history, complaints, ratings, satisfaction, trust and the cost to the general public. In short overall excellence.

Unexpected review
As you can image this has been a very pleasant surprise as we did not even know we were being independently reviewed and did nothing different from what we normally do. We were simply providing the best service we can as normal for every member of the public who approaches us for advice and support.

Appreciation
We would like to thank all of our customers for allowing us to be part of their lives and letting us help and support them and their businesses.  We enjoy helping every self employed person and feel immense sense of pride and happiness when we see our clients businesses expand and  grow. In some cases we have seen you guys start from absolutely nothing to a multi million pound turnover within a couple of years.

Understanding all the hard work, and long hours it takes for each self employed owner to make their business a success. We have always been there to help and support you and congratulate you on your hard fought success.

This award is also recognition for all the staff at Tax Affinity Accountants for going the extra mile and ensuring clients are 110% satisfied. Their long hours worked and late finishes to ensure each clients work is done on time and as tax efficiently as possible means this a reward for their hard work.

And finally, we would like to thank the reviewers for their glowing recommendation and wish them the very best for the future as well.

By Andrew Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. With branches in Worcester Park, Kingston upon Thames, Cheam, and Surbiton they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting companies, contractors and self employed people throughout the UK, they regularly help clients with their payroll and pension. And help grow their business by providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

The General Election, Brexit, Falling UK Sterling and lower consumer confidence across the UK has made a perfect storm of negativity with small to medium sized businesses seeing lowering sales and profit in last couple of months.

We've seen this is with many of our clients. (Why is your current accountant not telling you this?) And this worrying trend may last longer as the summer months arrive and peoples' focus switches to holiday and spending less money as they keep hearing about inflation and other scary words they don't understand.

So with that in mind how does a small / medium sized business keep growing or, at the very least, keep the money coming same as previously?

Well at Tax Affinity Accountants we've been helping business through many recessions / downturns and believe in giving useful real time support and advice to small and medium sized businesses. And with this in mind the tried and tested list below will help:

1. Go where the money is - be adaptable and look to see what is selling and sell more of that and stock less that which is in less demand. If its a different product or service that you don't offer consider adding this.
2. Give the customer what they want not what you want - listen to them and understand them properly and give them what they are looking for. Your customer will tell you how to keep things going in your business. Ask them, remember you have two ears and one mouth, use them in that proportion.
3. Make an offer they cant refuse - when things are difficult for a client make sure you have offers and special deals like the supermarket and larger traders do to entice them. This may mean offer something at a low price with the plan to sell another product/service that compliments that item and will make more profit.
4. Keep an eye on competition - make sure your business is not lagging behind on the four P's of the marketing mix - Product, Price, Promotion, Place. All four need to be excellent to ensure growth in a downturn.
5. Give away stuff to entice people to keep visiting - This doesn't mean give everything away at a knock down price, but more specifically could mean a good chance to clear out old stock items and have more space by getting rid of it at cost price. The customers get a good deal and you keep the cash-flow coming in.
6. Don't use bad economic conditions as an excuse - stay focused and think positive, don't listen to negative sources of information, look at the positive sources as well. Many large retailers have a positive outlook, its just  that media outlets like to dwell on negativity as bad news sells better than good. Compare your business to the bigger companies and see what they are doing and what you can do as well. The Director /  CEO that thinks and plans positively is the one that drive their business forward.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting contractors and self employed people throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

If your thinking how to expand and grow your business in 2017. Then your not alone, many entrepreneurs and business owners are paying little attention to the media and hard focused on their business and making it even bigger and better than before.

So below is a helpful list of things that will help you:

1. Market Research
Ask your customers what is good and what is not and improve the not. It doesn't mean making forms and handing them out to everyone only to be disappointed that 99% of people binned it. It means talking and listening to customers and getting the all important feedback about what you can do to improve the business and noticing the opportunities to grow. After all your customer will know what else they need and what you could also offer to increase your sales.

2. Segment your market for increased growth
Ever heard of divide and rule? Well it works, sit down and look at your business and start to split it up into different parts especially your customers. Some splits may be geographic others age or income related etc. Knowing what are your customers key traits and background can highlight triggers to get them to buy more. Look at how the large corporations pour millions into analytics and data analysis. All businesses have this potential info at their finger tips but most small business owners chose to ignore it instead looking at day to day stuff. Plan far ahead and use analysis to get there.

3. Finance for growth
Sometimes you just need more money to open more branches or take on more people or have the infrastructure to take on more business. If your looking to export (due to the GBP pound being lower) then maybe you need better logistics facilities. Therefore look at how you can raise finance cheaply for this. And don't trust the banks they are not really looking  to help you, look at the old school way of borrowing from friends and relatives or crowd funding as these can help you more and leave you free to not worry about a greedy bank knocking on your door when you need more time.

4. Diversify services and products
It sounds like common sense, and we see it every day in the supermarkets - how many different types of products do they have. There is always something for someone when you have enough choice. Well why not stock sale or return items and expand your stock and customer appeal. And if your a service industry increase your types of services or add more parts to your current level of service. e.g. if your a contractor get another qualification and get yourself in demand in another market place that may be more lucrative.

5. Partner with others and align with complimentary brands
Have you seen some services advertised on the payment counter at your local coffee shop? They are partnering with that shop to promote themselves and they probably equally do the same at the their business. Look at what your customer's have in common and where else they frequent so you can partner with them and bring more customers in. And don't be shy what will the other business say at the worst it will be a no. Move on ask some one else.

6. New technology
Try to see how new software and technology can help make things more efficient and cost effective. They say a pound saved is the same as a pound earned. In the old manufacturing days it was more advanced factory machinery that required less workers and produced more output. Today in the UK its more to doe with software and hardware that can do the same for you too in your industry sector.

7. Engage customers with social media
Today increasingly customers are looking online and on social media platforms for service recommendations. Have you seen the size of the yellow pages now? Its like an A5 few page pamphlet , gone are the days people look in this great big yellow book. This means people do not need it to tell them where to look for a service. Post daily updates about your business and what's going on to engage an audience and build trust in your business, so when they make a decision to buy they come direct to you.

8. Merge or buy other businesses to expand rapidly
Buy out another business or to merge with a competitor can be a quick and easy way to increase business and sales. The big companies seem to be doing it all the time, so why can't a smaller business do this to achieve rapid growth too. Maybe you want to sell up and try something else and someone could be interested in your business. Or your competitor is getting ready to retire and you can move in and take all his business.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

At Tax Affinity Accountants we have a huge spectrum of clients from a multitude of industries and sectors. And all of them are effected directly or indirectly by the the shopping habits of the public during Christmas.

So whether your selling luxury brands such as Aston Martin's or Jimmy Choo shoes or selling personal services such as dental or psychotherapy work. The public's time and willingness to spend time and money on what your selling is effected by both the weather and their holiday spirit (not including if their tooth hurts or car breaks down). That's why large retailers are starting to show Christmassy type adverts and high streets and shops are starting to decorate their premisis to get people in the mood to spend money. Spend on others and also to spend on themsleves. Not every purchase is a Christmas gift.

Granted the late and longer summer has moved the goal posts somewhat. But facts and figures do not lie. And if Coca Cola and a Starbucks are always busy looking at trend analysis to help push sales higher then why shouldnt a small business too. In fact maybe they need to doing it even more so.
 
And so because everyone loves a Christmas list, here's one to help you sell more:

• Review Last years sales and business strategy - change and improve it stock more of the right items and remove the ones that didnt do well last year
• Use Social Media to highlight your business and get people talking about your products - generate the demand and interest yourself
• Give great customer service - who wouldnt recommend a business that they are really happy with
• Create a sense of urgency in the mind of the customer - limited time offers or vouchers will draw people from further away and make them spend more on impulse rather than say I'll think about it
• Loyalty cards - give something back for the faith people show in your business and think of having a loyalty card that gives a shopper something off if they buy so many times
• Increase visibility both online and on the high street - let everyone know your ready for business more so than before - have baloons outside, use pavements signs, have the shop lights on for longer in the dark evenings
• Use pay incentives to motivate staff to sell more - bonuses are a great way to engage employees to sell for you
• Upselling on products and services - if someone came in for a scarf see if they may be interested in gloves too. Think what goes with what they have purchased and gently push the easy 2nd sale.
• Make your environment a happy place where employees and customers both enjoy being - positivity is a very big thing
• Collect all your customers data you can - this will help in the future always plan ahead, have you thought about 2017, 2018 etc
• Understand your target customers and who they are - focus more on this target - too many times a small business doesn't actually know this, that is why collecting the customers data is important
• Demonstrate products and services and let customers touch - as any car salesman will tell you if the customer is touching a product it means he/she likes it
• Give the impression of being there permanently and knowing your product / service inside out - customers don't want to commit if they feel the business may close down or staff don't know much

Over all innovate and update, learn and evolve that's what clever businesses do and its why their businesses improve year on year. Look at trends over previous years and look at what worked and sold well, then look at current conditions (economy/weather etc) and then make a very educated plan so you can optimise sales better than last year.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

A few months ago it was #Brexit hitting the UK headlines and now its Trump. The cartoon series The Simpson's, many years ago, predicted Donald Trump would be the President of America and joked that he will bankrupt the country. In the cartoon Trump calls America just another one of his ex-wive's. (they even flicked through different possible years in the cartoon in one spooky sequence).

And if your wondering what does all this mean to the UK economy and to your business, then your not alone.

Speculation and peoples opinions are what effects business on an a very basic level. The UK has not yet even activated article 50 to start leaving the EU but the vote made the (GBP) Pound drop dramatically in value and UK public spending to slow. Who'd have thought that there were there that many Marmite lovers out there?

Similarly the US election win of Trump doesnt mean he is the 45th President yet, but public and business opinion has swung already and made the GB Pound rise and become stronger against all currencies as the exchange rate investers shift from the Dollar back to Sterling. Far Eastern economies jitter and UK confidence rise thinking they will have have just found a better business partner than the EU. 

Brexit may mean better trade deals in the future with the US, Canada, India, China etc as we shift focus on building stronger ties with others rather than Europeans. But negatively in the short term it has also meant direct increase in costs for businesses, which may eventually mean more unemployment and less spending. Have you noticed how many recruitment agencies have been calling you to place their candidates recently?

Across the pond, Trump promised lower corporation taxes and more investement in infrastructure and the economy. Although lacking in detail how he really plans to make 'America great again' (suggesting its not very great at the moment). And not to mention the huge (Berlin/Chinese type) wall against Mexico. That curiously seemed to go down very well with US voters.

So with so much media trash being touted to sway public opinion. A clever entrepreneur will try to cut through opinion and see the facts only. Then try to foresee the rise and fall of public opinion before it happens. Letting this be his/her guide as to what to do with their business and ensure that it remains in an optimal position no matter what the economic situation prevailing.

That is why at Tax Affinity Accountants in Kingston we recommend all our cleints worldwide who could be effected by Brexit and Trump or whatever happens next (bad news usually comes in three's doesn't it?) to keep a cool head and see the the wood for the trees.

Focus on making your business better and stronger even more so than before. And just keep moving forward even if its only an inch a day, because that is how winners perform. And that is exactly what hugely successful multinational corporations already do.

Look at the facts and view the visible signs to work out if The Simpson's predicted it right and Trump will make America another one of his ex-wives or if he will make make it a more profitable place to do business than ever before. Maybe your business needs to have a established foothold in the US while Brexit ping pong starts with the EU or maybe you just need to make sure you offer a better level of service today if your prices are going up in 3 months time.

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and tax advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.

As #TeamGB return triumphant from the Rio Olympics 2016 and the British media celebrate them lifting the nations pride and spirit this could be the right time to motivate more sales in your business.

Coupled with the warm summer weather and long periods of British sunshine, businesses can literally cash in on an increase in consumer confidence and spending in the economy.

Thinking outside of the box, successful businesses have been promoting loyalty cards and coupons and vouchers to increase sales. How and why you may ask? Well read the short list below:

1. Coupons / Vouchers can have the effect of increasing your market and geographic catchment area. Some customers will travel far to redeem a valuable coupon or voucher.2. Coupons / Vouchers can encourage new customers to break the habit of only visiting your competitors and instead to come to you. Consumers can break normal shopping patterns to take advantage of a good offer.

3. Coupons / Vouchers can bring back old customers. Customers that were lured away by your competitors may start buying from you again if you give them a good enough reason.4. Coupon / Voucher marketing gives the seller an opportunity for additional profits by selling other full price items. If you see a special offer to invite a customer, this same customer may end up buying other goods that carry a much higher profit margin.

5. Coupons / Vouchers can increase footfall which can lead on to increase in sales, through good sales techniques or impulse buying.

6. A Coupons / Vouchers scheme is quantifiable and measurable to see its success. Simply count the number of coupons redeemed to work out the success. This valuable analysis will help in creating future offers to increase sales further.

We recommend thinking about the points above to create coupons and vouchers in your own marketing campaigns to help increases sales in normally quiet period of the year. (Please be careful though not to infringe upon copyrights and trademarks belonging to others when making your vouchers and coupons.)

By Anni Khan at Tax Affinity Accountants

Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and advisors for small businesses. Helping and supporting business throughout the UK, they regularly help clients grow their business providing tailored advice.

For more information visit www.taxaffinity.com. To read more interesting articles like this visit www.taxaffinity.com/blog. Please feel free to comment and share this with your friends.