I s s ue27•Ma r c h/ Apr i l 2018
bus i ne s spa r t ne r t hema ga z i nef ors ma l l bus i ne s sowne r s
www. bus i ne s s pa r t ne r ma ga z i ne . c om
Cont e nt s 0 2 MessagefromtheEditor 0 3 CashFlowForecasngforSmallBusinesses 0 5 GoalsYouShouldHaveForYourBusiness e nI sT heT i meRi g htF orABus i ne s sT oMov eAwa yF r om 0 9 Wh CoWor k i ngT oT he i rOwnPr e mi s e s ?
1 3 RememberWhyYouStartedYourBusiness 1 7 DBSChecksForSmallBusinesses-WhatYouNeedToKnow 2 1 EmployingSomeoneWithADisability:WhatYouShouldKnow 2 5 RaisingFundsforYourBusiness–HowCanIDoIt?
www. bus i ne s s pa r t ne r ma ga z i ne . c om
01
E di t or S a ndr aHi ns he l wood
Me s s a g ef r omt hee di t or We l c omet oI s s ue2 7oft hema g a z i ne . I fy oul i v ei nt heUKy ouha v epr oba bl ybe e ni mpa c t e di none wa yora not he rwi t ht her e c e ntc ol dwe a t he r , t hes nowf a l l a nd t hefloodi ngf ol l owi ngt heme lngoft hei c ea nds now.
L a y out&De s i g n S a ndr aHi ns he l wood& J a s mi neHi ns he l wood
T hewe a t he rc a nha v eas e r i ousi mpa c tont hebo oml i nef or bus i ne s s e s , bot hl a r g ea nds ma l l . F r oms uppl i e sa ndde l i v e r i e s , s t a ffnotg e ngi nt owor ka ndr e duc e df oo a l l a sc us t ome r s s t a ya thome . Whi l s ti tc a nbet r i c k yt opr e di c ts a l e s , t hepr oc e s sc a nbema de e a s i e rwhe ny oupr e di c ta cv ie sov e ras hor t e rpe r i od. I nt he i r a rc l e“ Ca s hF l owF or e c a sngf orS ma l l Bus i ne s s e s ”Ac c ount s a ndL e g a l pr ov i deanumbe rof pst ok e e pt hec a s hflowi ng . Ca s hflow, s a l e sa ndbus i ne s si nc omewi l l a l s oha v ea ni mpa c ton t hebus i ne s swhe ni tc ome st oe mpl oy i ngs t a ff, mov i ngf r om c owor k i ngt oownpr e mi s e s . Doy oune e dt or e v i s i ty ourg oa l s ? Wi l l y oul ookt or a i s ef unds ?Re a dont ofindoutt hea ns we rt o s omeoft he s eque sonsa ndmor e ….
Bus i ne s sPa r t ne rMa g a z i ne i si s s ue dbi mont hl yby S a ndr aHi ns he l wood/ E ffe cv eWe bs i t eMa r k e ng 4 4( 0 ) 7 7 8 23 1 0 0 5 8
T oy ours uc c e s s ,
S a ndr a
Arc l e si nBus i ne s sPa r t ne r Ma g a z i neha v ebe e n r e pr oduc e dwi t ht he pe r mi s s i onoft hea ut hor s . T hev i e wsr e fle c t e ddonot ne c e s s a r i l yr e fle c tt hev i e ws a ndopi ni onsoft hee di t or .
www. bus i ne s s pa r t ne r ma ga z i ne . c om
02
Cash Flow Forecasting for Small Businesses By Accounts and Legal If a business runs out of cash and is not able to obtain new finance, it will become insolvent. Therefore, it is a poor excuse for management to claim that they didn’t see a cash flow crisis coming.
on what cash your business needs, it is good to keep a rolling cash flow forecast which predicts cash flow about three months into the future. This will give you at least three months’ notice of any problems.
In business, “cash is king”. Cash flow is the life-blood of all businesses – particularly start-ups and small enterprises. As a result, it is essential that management forecast what is going to happen to cash flow to make sure the business has enough to survive.
A rolling cash flow forecast means you're going to be updating your cash position at least once a week. Keeping a close eye on your cash position means that you will have the opportunity to sort out any issues in good time.
As a small business accountant in London, the Accounts & Legal have worked with many business from a range of industries to help them produce cash flow forecasts which, in turn, have propelled the performance and growth of these companies.
A quick tip for capturing all your regular fixed costs is to look back over your bank statements for the last three months. You will also know from your incoming invoices or purchase orders who you owe money to and when it needs to be paid.
Sales predictions How to do a cash flow forecast With the help of Excel, most business owners should be able to manage a working weekly cash flow forecast. To help you focus
Predicting sales can be tricky, but the process can be greatly simplified by predicting activity over a shorter period.
03
If you're a manufacturer, you'll have a bunch of live quotations out with customers at any one time. You should be able to predict reasonably accurately from past experience what proportion of these will turn into firm orders.
it and modify any numbers that you know have changed in the past week - for example, if one of your customers has told you that payment will be delayed for another month.
You should certainly know the length of your manufacturing cycle and what terms you're selling on. From these pieces of information, you can predict when you'll be receiving the cash.
You can also use your rolling cash flow to answer “what if?" questions.
For wholesalers or retailers, which sell on a more immediate basis, look at your historical data of sales in the relevant week last year and adjust by what you know about major customers, or current market activity.
Maintaining your cash flow forecast Every week you should set aside time in your diary to update the cash flow forecast. Add another week onto the end of
Modelling
For example, what would happen if you got an unexpected large order, or your key supplier suddenly wanted payment on delivery rather than allowing 30 days credit? You can also model the impact if you changed your payment terms. For example, if you wanted to take less of a deposit on payment upfront. By getting into the discipline of updating your cash flow each week, you will have a much better grasp on how your business works and which operational areas drain cash from the business.
About the Author Here at Accounts and Legal we know that good data can help you make the right decisions for your business and that without data you might just be rolling the dice. We work with our clients to ensure that they have the best possible data about their business with up-to-date financial data available on the cloud at the push of a button anytime, anywhere.
04
Goals You Should Have For Your Business By Susan Ranford No matter how much time and effort you put into your business or how hard you work–you need to have a clear direction of where you are going and how you are going to get there. You have probably skimmed through dozens of articles regarding how to set goals for your business, and why. Now, we are going to focus on some unique goals that you should set for yourself and your
business as an entrepreneur. These goals have been adapted from some of the most successful entrepreneurs in our society. Therefore, they are proven to work. If you are looking to enhance your business, you need to invest time into enhancing your mindset toward your business. Here are some goals you should have for your business this year:
05
Make Customer Satisfaction Your Number One Priority In the business world, word of mouth can either be your greatest asset or your greatest enemy. The service that you provide current customers has a large impact on your future business. That is why it is so important to treat each and every customer like gold, which is why our number one goal is finding new ways to enhance, captivate, and satisfy each customer that crosses your threshold. There are countless methods businesses can incorporate to enhance overall customer satisfaction. We do recommend that you set up a location on your website, or an external website where customers can review your services–and their satisfaction. As long as you keep your number one goal in mind, this will help instill trust in future potential customers.
(Personal) – The 33 % Principle The 33% principle has been tried and tested by some of the biggest entrepreneurs in our business world. Including the likes of Gary Vaynerchuk, Tai Lopez, and the iconic Steve Jobs himself. Essentially, as an entrepreneur, you need to surround yourself with three distinct groups of people.
The first group of individuals includes owners, CEO’s, and co-founders that have already made it to their pedestal. These individuals act as your mentors. Providing insight and knowledge into your industry as well as personal improvement.
The next circle of individuals that you surround yourself with should consist of like-minded individuals who are at similar levels to where you are in life, business, and personal development. They should serve as your competition. Through surrounding yourself with these individuals you will bolster your focus, and adjust a raw focus to building your business into a thriving enterprise.
The final set in the 33% principle is those who are passionate, and driven but are still trying to get their businesses off the ground. These particular individuals bring new ideas and methods to the table. At the same time, you act as a mentor to them. Ensuring that they are staying dedicated to their own goals–while they bring insight as to how you can achieve yours.
Keep Your Internet Presence Thriving The age-old importance of having a brick
06
and mortar location for a business is no longer a priority. In the digital era–it is all about online presence. Your social media, your website–these are assets that can help distinguish your business. Our third goal is placing a high-focus on building your online presence, including various social media accounts.
important goal to set. Having a driving force behind your business actions is essential for continuity and success. Particularly so in a saturated market. Through setting definitive, achievable goals you give yourself a clear vision of what you are working to achieve with your business, as well as the means to how you will achieve your end-game goals.
Be A Corporate Citizen – Bring Value To Your Local Community
Adapt To Change And Improvement Oftentimes business owners tend to cut their own legs from underneath them by being too scared to adapt. With the fluid changes in technology and marketing techniques–a serious goal for any business is opening up the ability to adapt to change and to think outside of the box.
Set Up Definitive Achievable Goals A goal within a goal–some call this inception. We call this a particularly
Public relations is crucial to the development, and growth of any business. It is important to show that you are willing to commit capital in order to better your local community. Simple charity donations or community-help projects will suffice. Although this is not necessarily a toppriority goal for your business, it is still an important goal to keep in mind.
Become The Pioneer Of Your Industry Pioneers are the reason why giant corporations such as Apple, Google, and Tesla exist. Doing the same thing that every other business is doing works. It will land you customers and sales. However, it
07
will not leverage your market to soar above your competitors. An important goal to set is becoming a pioneer in your field. Finding new ways to penetrate critical markets, and bring value to entice customers down your marketing funnel.
Implement Strategies To Protect Your Business From Threats Businesses–particularly SMB’s have never faced more threats as they do in the modern era. An important goal for your business in 2018 is finding new ways to protect your business assets, such as critical consumer data in the light of emergency.
For example, integrating an effective data recovery and backup system in your day to day operations mitigates the impact that cybercriminals and natural disasters can have on both your business's credibility, as well as your triple bottom line. CRM software will help keep track of your data in a more organized way. One of the benefits of http://rethinkcrm.com/, is that you can customize the software to meet the specific needs of your company.
to know the value of each and every client/customer you serve. If you are spending an obnoxious amount of time on a singular client–determine if the time is worth the money. Could the time be better invested in landing easier-to-work with, higher paying clients? A definitive goal would be to evaluate your client list and ensure that each client is worth the time vs resources that they bring to the table.
Streamline Your Business Running a business is hard work, you aren’t going to be successful overnight. With these tips, you can start to mold your business into what it needs to be. Satisfy your customers, implement technology, and cut out clients that waste your time. You can also learn from your mistakes and the mistakes of others. It is important to learn, continue to move forward, and eventually, you will be in a place you are meant to be.
Article by Susan Ranford
Cut Out Waste Of Time Clients Every good client is not necessarily a highpaying client. As a business, it is important
08
When Is The Time Right For A Business To Move Away From Co-Working To Their Own Premises? A co-working office space is where many fledgling startups establish themselves. There are clear benefits to starting out sharing a space including situational networking, socialising and ultimately, the affordability. However, there comes a time when your business will outgrow a co-working space as you take on more staff and it’s time to move to your own premises, finding a home that reflects your brand and expertise. It is important to make the move from a co-working office to a private premises
before the disadvantages of co-working impact your business, potentially preventing it moving on to the next level. Here are some of the benefits of having your own premises. If they resonate with you, it is likely to be time to make the move:
Privacy Co-working offices tend to cram people in, whereas you have the freedom to create private areas within your own premises. This will allow you to build up your own company culture.
09
In a co-working office, there will be a general buzz of conversation that is nothing to do with your business and this can disrupt the workflow for your staff as they may become distracted. Your staff are also potentially not able to have productive discussions across desks on matters which are private to your company.
A more professional working space When you have your own private premises you can create an organised space to suit your needs. You can plan the space as you wish to impress clients and investors. You can also plan in areas for staff to relax on breaks, or areas for them to make business calls where they need a quiet atmosphere. Often co-working offices are trying to appeal to younger workers so they can be very trendy and cutting edge, but the nightclub-style environment can be detrimental to your business being taken seriously and can also make a distracting place for your staff to work.
You can support the mental health of your staff Happy employees create a profitable business as they are more productive when they are physically and mentally well. Your staff will spend more time in the office than they will at home and so the office design is vital. With your own premises you can look for somewhere with lots of natural light to aid mental well-being and health and you can
provide staff with more personal space (as opposed to the co-working workplace density). You can allow your staff to choose their own music with an office music system like Sonos to counteract workplace noise that you often find in co-working offices. Excessive noise contributes to stress, anxiety, tiredness and poor mental performance, so if your staff are experiencing this in a co-working office it is time to move.
Choose your staff perks Co-working spaces often offer some gimmicky perks to appeal to quirky startups. However things like free beer or ping-pong might not appeal to your staff. In your own premises you have the choice to provide something that will really benefit your own staff.
Gain control Moving to your own premises will allow you to take back control. The operation of co-working spaces is largely out of your control - you can be moved from one office to another without having a say. Also be alert to careless security, hidden costs and co-working office management having access to your data.
Important points to consider when finding a private premises for your startup Stick to your budget Make sure that you can afford the monthly payments and take potential lean periods into account. If you are looking to grow and expand your
10
business or increase profit it would be counterproductive to overspend on a nice view. Ideally plan for a six month safety net.
Health and safety should be top of your list, as should data protection, especially if you handle personal data. A break-in would be particularly devastating for a small business.
The importance of location ‘Location, location, location’ unsurprisingly, this old adage is true, especially for startups and small businesses. Are you in a convenient location for clients to visit you? Also consider what customers you want to attract. If you get the location right, it will benefit your brand image.
Think about accessibility Make sure that you check public transport connections are nearby for both staff access and visitors’ ease. Also make sure there is nearby parking if needed.
Size matters If you want your startup to grow over the next couple of years, make sure the office space you choose can accommodate your business as it grows. Serviced offices are a good idea because as well as supplying phones, broadband and furniture, the service contracts can allow you to move into a larger space as your startup grows.
The power of brand identity Private premises can reflect your own brand and you can’t personalise your surroundings when in a co-working office. Your business brand is reflected in both the office style and location.
Safety and security are paramount
State-of-the-art tech - making your job quicker and easier Good office tech is no longer a luxury - it is essential. Fast broadband is vital to any business - as is a good mobile phone signal - so make sure that your private premises has up-to-date tech. Moving your business from a co-working environment to private premises is a big step, but a necessary one if you are looking to achieve profitable and sustainable growth. Co-working offices provide the perfect opportunity for startups to get up and running, but there will come a time when the disadvantages can impact you and your staff and can suppress any potential growth. The key is to make the move before you see this happening. Your clients will put their faith in a company with its own premises. Share the achievement with all your clientele and business partners to show them what a value asset your company is and how it is going from strength to strength.
About the Author This article was contributed by Complete Office Search, providers of serviced offices to commercial firms looking for office space in London.
11
Yourdr eams ar eonl yyour dr eamsunt i l y o u wr i t e Bebol dandcour ageous . t h em d o . . Whenyoul o o k ba c kwn. t h en t h e y e you’ l lr egr ett h e t h i n g sar g o a l s . youdi dn’ tdomor e t h a n t heonesyoudi d.
www. s andr ahi ns hel wood. com
Remember Why You Started Your Business By Malik Muhammad Create moments to remind yourself why you are in business because your reason or your 'why' will help to drive your vision forward. Reconnecting with the core values and genuine passion for the industry you are in; will anchor you when the turbulence of the business seas seeks to challenge your very existence. Being in business requires steadfastness and flexibility; industry awareness; singular focus; personal accountability and reliance on the team. It also requires clarity as to
one’s business heritage and cultural sensitivity. Understanding the value system of guanxi is a basic requirement of engaging in business in China. Relationships (guanxi) are the foundation on which business partnerships progress. They are built over time, open doors that would otherwise be closed and influence all aspects of business / social interaction.
13
Building relationships are equally important in the United States, New Zealand, United Kingdom, Indonesia and islands of the Caribbean yet the emphasis and prioritisation are different. There is a respectful order that is sequential to conducting business in China and failure to understand this process may hinder business growth. The ritualisation surrounding the exchange and handling of business cards in China does not have the same significance for business people based, for example, in Melbourne, Australia.
Let's look at another example to reinforce this point under consideration. Global trade reports were recently aglow with pictures of Canadian Prime Minister Justin Trudeau and his family during their trip to India where they visited symbolic locations such as Mahatma Gandhi Ashram in Ahmedabad and the Taj Mahal. It is of particular significance that the Trudeaus posed for the media in traditional Indian attire and offered the clasp handed greetings of 'namaste'. One may dismiss this as mere political posturing, however, the value of such a gesture will nurture positive relationships between Canada and the trade super power that is India.
A major part of staying afloat in business comes from the willingness to appreciate the nuances, diverse business practices and other idiosyncrasies of those with whom you intend to make money. Even though there are certain global basics for running a business; there is no monopoly as to how business is conducted. Business is still conducted, first and foremost, between people - with the use of technology, practices, procedures etc. Respecting how, when and why prospective partners operate will prove useful to the longevity of your related vision.
Philanthropy is as important as building mutually beneficial relationships. Yes; you may get tax breaks through charitable giving or making major donations but there is also the human or higher cosmic level to consider.
Giving of your time, money or experience reflects the humanity of your business
14
which then taps into your unlimited ability to share your skill sets in this universe. The more you give to the universe; the more the universe gives back to you.
Companies that thrive also understand the emotional currency and goodwill that's generated from supporting other communities and being charitable.
A company like Nespresso works alongside the Rainforest Alliance in accordance with their commitment to high quality and environmental sustainability. They source some 40% of their coffee from farms certified by the Rainforest Alliance and some 80% from sustainably rated farms.
The size of your company should only impact the extent of your involvement - not whether you get involved.
Immersing yourself in the joy of your business vision is heightened by the collective focus of the team you are a part of. We achieve more together. The mindset of doing everything yourself is as ridiculous as it is futile. Engage with your equally qualified team to build your business then review your progress at certain intervals with the clarity that is necessary. This is your business, therefore, degrees of honest assessments and corrective actions are mandatory. Systems and procedures ensure consistency whilst serving as a check and balance to raise awareness of any problems.
Pause to reset your time lines. Review where you are as a company. Use all the available skill sets to cultivate business growth and... keep enjoying the process.
Malik Muhammad was raised and educated in Jamaica, read law in London and is the conceptualiser of The Empowerment Mastery System. He enjoys vegan cooking, quad biking, jazz and yoga. He is an after dinner speaker, workshop facilitator and convenes international & corporate inspirational seminars. Malik is the host of online talk show 'Reasoning Sessions' and specialises in sharing self-empowerment strategies with diverse and multi-faith audiences. Facebook | LinkedIn | Instagram | Twitter
15
Focusonyourgoal s , notyourf ear .
www. s andr ahi ns hel wood. com
DBS Checks For Small Businesses What You Need To Know By Sarah Thompson Awareness of cyber attacks and digital fraud is on the rise and now, more than ever, small businesses are taking precautions to reduce their risk of security threats. The 2015 Kroll Global Fraud Report found that, in comparison to other nationalities who took part in the report, Europeans were less willing to believe their companies were at a high risk of fraud. Nevertheless, the report uncovered that
74% of respondents were victims of at least one type of fraud during that year. Surprisingly, for many businesses, the threat doesn’t come from external aggressors but from within the company itself, with 39% of businesses blaming high staff turnover as a cause of increased fraud exposure. The recruitment process can be laborious, especially for small businesses where time and resources are stretched.
17
In certain industries, such as those in which individuals will be working with vulnerable members of society, DBS checks are a legal requirement. However, some companies in other industries choose to include DBS checks as part of their recruiting process to help them identify suitable employees. If you’re unsure about whether DBS checks could benefit your business, we’ve compiled a helpful guide.
What is a DBS check? DBS checks provide information about an individual’s criminal background. As well as revealing if a candidate has a criminal record, a DBS check will uncover any warnings or reprimands, allowing employers to make more informed recruiting decisions.
Types of DBS Check There are three types of DBS check to choose from:How to perform a DBS check There are a few things you’ll need to keep in mind throughout the DBS process: Permission: in the majority of cases, as an employer, you’ll be applying on behalf of the candidate. To check the status of a DBS online you must make sure you have the individual’s permission.
Details: have you got all the applicant’s details? DBS checks are comprehensive and require the individual to provide information such as current and previous addresses, name changes, nationality and place of birth etc. Click here for a full list of information you’ll need. Identity: have you checked which route the applicant will be taking and which identification documents you’re required to check? More on that later - or you can read here. Results: a ‘clear’ result or ‘no result’ on a Standard or Enhanced check means the individual doesn’t have a criminal record. For a Basic check, the applicant may still have spent convictions that they do not have to disclose. Data Protection: be sure to handle all information obtained in line with the obligations under the Data Protection Act 1998. The DBS process is very simple and in many cases an application may only take five minutes. In some cases, checks can be completed and results viewed online in an hour. Recent DBS changes for employers In January, ID checking guidelines were updated in line with Right to Work checks.
18
Checking an applicant’s ID has always been an important part of applying for a DBS. However, employers must now ensure they’re checking the right documents for the nationality of their employee. As the employer, you’ll need to ensure you’ve seen the right ID documents for the route your employee is taking. Click here for a guide. There are three different route options depending on the applicant’s nationality and their type of work.
Summary Despite finding that 72% of business fraud involved an employee, the Kroll report revealed that companies they surveyed were less likely than those outside Europe to invest in staff background checks. If you’re concerned about your company’s security, DBS checks will reveal information about an employee’s criminal background. You can use the results of a DBS to make more informed recruitment decisions and help insulate your company against security threats.
Another recent report found that the majority of businesses thought their employees were of a higher standard having run DBS checks during the hiring process. It is essential that you always confirm the eligibility of the individual for the level of check you wish to perform. If the applicant’s position is included on the Rehabilitation of Offenders Act (ROA) 1974 (Exceptions Order 1975) you will need to apply for a Standard check on behalf of your employee. If their position is on both the ROA (Exceptions Order 1975) and Police Act 1997 (Criminal Records) an Enhanced check is required. Anyone is eligible for a Basic disclosure and it’s at the employer’s discretion to decide if DBS checks are right for their hiring process. We hope this guide has been helpful at answering your DBS questions!
This guide has been written exclusively for Business Partners Magazine by Sarah Thompson, Business Development Manager of uCheck. uCheck are the second largest provider of DBS checks in the UK, and also offer other types of Online Employment Screening including DVLA, Right to Work, Adverse Credit and Identity checks.
19
St ar tbydoi ngwhat ’ s neces s ar y,t hendo what ’ spos s i bl e,and s uddenl yyouar edoi ng t hei mpos s i bl e. ~Sai ntFr anci sofAs s i s i ~ www. s andr ahi ns hel wood. com
Employing Someone With A Disability: What You Should Know By Andrew Nickleson The National Disability Employment
microbusiness, there are plenty of
Awareness month comes this October. On
benefits and reasons for hiring disabled
that entire month, multiple advocacy
persons, including those with hearing loss,
groups and organizations in the U.S. will
vision loss, and other disabilities.
organize events to educate employers and promote hiring individuals with disabilities. There are a lot of things an employer must know when hiring people with disabilities. In fact, regardless if you’re a large corporation or a beginning
Why Should You Hire Disabled Persons? The business case for employing disabled persons is strong. A company may save costs due to reduced staff turnover, lower enlistment or recruitment, and retraining costs. Further, people with disabilities
21
make fewer compensation accidents and
stay in their jobs compared to other
incidents at work, unlike other employees.
employees. A study conducted by The
Thus, insurance cover and compensation
Chicago Lighthouse demonstrated that
expenses are generally lower.
there was indeed a significant retention
Employing persons with disabilities also guarantees that the team represents all components of the local community. Disabled persons also contribute an extensive set of skills, abilities, and talents to the workplace, like all other employees. Many possess tertiary or trade certificates which guarantees they can operate in any job.
What You Should Know When Hiring Someone With A Disability
rate with disabled persons. The Illinois Tollway call center employs disabled persons such as those who are visually impaired, completely blind, suffer from another disability, or are veterans. The results show that employees with disabilities had a higher retention rate in contrast to the retention rate of nondisabled.
2. Disabled employees are less susceptible to work-related accidents.
Employing disabled people can bring
Further studies deduced that disabled
plenty of benefits to the workplace. In
workers had remarkably higher key
fact, there is a notable gap between the
performance in their area of safety in
ratio of non-disabled employees
contrast to employees without disabilities.
compared to handicapped employees.
Thus, disabled persons are more conscious
Inviting disabled persons to send
of their safety in the workplace.
applications is good for the business.
1. Individuals with disabilities are highly reliable and manifest higher job retention rates. Studies show that people with disabilities take fewer days off, and are more likely to
3. Businesses may receive tax credits or other incentives when they hire persons with disabilities. Legitimate businesses may receive incentives such as tax credits to assist them
22
in accommodating and hiring disabled people. Most of these credits are given to finance expenses involved in purchasing equipment suited for disabled workers. The credits or incentives may also be used for covering the expenses of any modifications or improvements necessary to make the building more accessible to them.
accessible and inclusive to everyone. Non-disabled employees may consider ideas they have never reflected on before, like the accessibility challenges and experiences of their disabled co-workers. Moreover, disabled employees can also enlighten their co-workers about imagination, creativity and other methods of solving problems and accomplishing multiple tasks.
The grants or incentives given can also be used to fund the following expenses:
Special equipment and aids
Travel to and from work
Communication support
Offer support to individuals with
5. Persons with disabilities are as skillful and talented as anyone else.
mental health conditions who find it difficult to work
4. Employing persons with disabilities will increase diversity in the workplace.
This is the simplest, but many times most
Employees with and without disabilities
challenging consideration for employers to
benefit equally from a diverse or varied
comprehend when hiring disabled persons.
work setting. Further, working together
In fact, in many parts of the world, the
with disabled employees make non-
unemployment rate of disabled persons has
disabled employees become more aware
been hovering at more than 70 percent.
in making the work setting more
Unfortunately, most employers refuse to employ people with disabilities because
23
they think they are incapable of doing required tasks or jobs. Further, employees refuse to hire disabled persons simply
7. The expenses of creating reasonable adjustments to assist disabled employees are quite low.
because they are unaware of the multiple adaptive techniques and equipment
Disabled employees stay longer. Thus the
available that can allow them to work.
benefits of a retained skilled disabled employee are significantly higher than
6. Hiring disabled persons is suitable for the workplace.
recruiting, enlisting and training new staff.
Conclusion Further, employing persons with disabilities can increase the number of excellent applicants. These disabled persons can create a workforce that reflects the diverse customers the business serves, and the community it is located in. Moreover, disabled persons possess plenty of skills that can benefit the business. For instance, a disabled employee’s ability to use sign language can result in huge savings. Also, they can converse with clients or customers who can only communicate with the use of the
One of the key features of the disability equality policy is equal opportunities in the employment world. Thus, employing someone with a disability benefits both employers and employees. Disabled employees possess skills, talents, and faculties which can provide added quality to any small business or large enterprise. If you’re not sure on the legal areas of hiring someone with a disability it might be best to see help from a lawyer.
sign language.
About the Author Andrew Nickleson is a passionate writer, writing about disabilities and the law. He has written about many subjects aimed to help those who have questions unanswered. In his spare time he enjoys working on volunteering for those less fortunate.
24
Raising Funds for Your Business – How Can I Do It? By Edward Wade Creating a successful business is an exciting venture, but requires an enormous amount of hard work. Starting off is never easy and it doesn’t matter how good your idea is, without the funds to get things going the business won’t take off. Cash is king and making sure you have enough to set up and see you through the first few months of trading with a healthy cashflow, is vitally important. If you don’t plan and spend your cash effectively, you could end with an asset -heavy business, but without enough cash flowing through the business. So, what are some of the best methods of raising cash to get your business started?
Do it yourself Self-funding is one of the most common means of raising cash to start a business. New owners regularly take the risk, remortgage, sell assets or dip into long term savings to make enough money to get their business rolling. Naturally there will be a risk involved, as with anything in business, however, if you plan effectively and strongly believe in your model, the business can be a
successful, self-funded start up. An alternate would be to borrow cash from either friends or family. This can work out great in some cases, as you are borrowing money from a trustworthy reliable source, who you have a naturally positive relationship with. This can help you negotiate suitable repayment terms which suit both parties. If things don’t work out the loss of capital can be devastating to those close to you, who are sometimes relying on you for the results. Naturally sometimes this happens in business, the most important thing is to make friends or family aware of the possible risks and losses.
Loans A traditional bank loan is perhaps the most well-known form of funding for businesses. Banks are willing to lend money, as long as they can see a future for the business. The bank will assess the potential risks and pitfalls of the business before making a decision on if they will lend. If the business has been trading for a few years but is
25
going through a short-term cash flow trouble, as long as the business plan can work, banks may consider lending. Applying for a bank loan can be a long stressful procedure, particularly if it is a complex business and requires a lot of work and planning. For new start-ups which are unable to supply previous company accounts, banks will normally require security against your assets, as new startups are generally seen as riskier.
Commercial Finance Broker If you’re not totally sure about the best way to raise cash for the business, a commercial finance broker can help you make the most appropriate decision, when it comes to moving forward. Raising money for a new business can be a very difficult task and sometimes different lenders have different types or repayment terms. A broker could advise you on the best deal and ‘shop around’ for you. In a similar fashion, if you don’t think borrowing money is the right move forward a broker may be able to help you find a suitable investor or even a partner to raise up capital for the business.
Angel Investors Getting capital through angel investors is typically quite difficult. Most need a lot of persuading, while one of the hardest parts is just getting sat down in front of them. Angel investors are normally business
entrepreneurs who are willing to take risks and put money into new start-ups that they believe in. Sometimes angels form groups or syndicates so that it’s easier to spread the risks of their investment. Angel investment represents a brilliant opportunity to raise money for the business, however, it can add extra pressure. Angel investors will always be looking to see where they can recoup their investment from if things go wrong. It would also mean that as an owner you might have to give up a certain percentage of the business.
Crowdfunding If the business is struggling to get any funding externally crowdfunding can be a brilliant way to raise capital for the business. Crowdfunding works on a collective contribution basis where business owners put their ideas on an online platform and invite large numbers of individuals and institutions to invest in the business. Crowdfunding is not an easy option, people have to really believe in the idea and most people like to see that the business already has some money behind it. There are a few different types of crowdfunding available. Some people invest simply because they believe in the cause, but this is normally in the case of charities or community projects. Small donations are made to some types of
26
businesses, but these are normally met with a small reward from the business. For example, if it was a restaurant they may offer a free meal for two in exchange for a ÂŁ50 donation. To more efficiently raise money via crowdfunding requires either debt or equity crowdfunding. The first which is also known as peer-to-peer lending, is where individuals lend money to the business in exchange for financial reward such as interest on the amount borrowed. This can work great for new businesses who may be struggling to get a bank loan Equity crowdfunding gives investors the opportunity to put money into the business in an exchange for shares. This is a fantastic means of raising money for the business as it can generate a lot of funds from people who believe in your idea. The negative is that you end up giving away shares in the business, but owners can control how much of a stake they give away. If you have a great product or idea which appeals to a large audience, then you have a great chance of raising money more easily this way. Publicising the idea gives you a great chance of seeing just how popular your business could be. The draw back on
the other hand is that without intellectual property protection anyone could copy your idea.
Partnerships A partnership can offer a great source of funding amongst a range of other benefits. As well as a way to raise funds, a partner can help you with all the day-to-day running of the business. However, naturally owners are likely to clash at some point and for the original business owner it can be difficult to relinquish control. Some owners like to maintain full control and don’t like the idea of having to change their business idea. For some business owners, relinquishing control is simply not an option. In this scenario trying to find a sleeping partner might be the best option. These tend to be individuals whose involvement with the business is simply providing capital, they don’t take an active role in the management of the business. Strategic partners aid your business in a different way. If they are in the same sector and run a mutually beneficial business, you can pass on work to one another and make recommendations, effectively giving each other business.
Edward Wade: I am a freelance journalist, who studied Business at Sheffield University. Now based in London I produce content online across a variety of different topics.
27
“Wecannotbecome whatweneedt obeby r emai ni ngwhatwear e. ” MaxDePr ee Don’ tl etf earhol dyou backf r om s t ar t i ngyour ownbus i nes s ? Lear nmor eher e. . .
Cont r i but e I fy ouwoul dl i k et oc ont r i but et of ut ur ee dionsofBus i ne s sPa r t ne rMa g a z i neďŹ nd outmor ehe r e .
Ge ti nT ouc h Wewe l c omey ourf e e dba c k , c omme nt sa ndque sons . Pl e a s es e nda ne ma i l t oi nf o@bus i ne s s pa r t ne r ma g a z i ne . c om
Phot oCr e di t : Phot ok a nokwww. f r e e di gi t a l phot os . ne t