Working capital is probably the most basic building block of any enterprise. So fundamental and essential is it, in fact, that the BBC includes a teenager’s guide to working capital in its broadcast GCSE course in Business Studies.
In short, working capital keeps any business solvent by ensuring that its short-term debts are met when they fall due.
Adequate working capital, therefore, is essential for:
• paying the salaries and wages of staff;
• settling debts – on pain of legal action being taken by creditors; and
• taking advantage of any discounts offered on the prompt payment of the company’s bills.
So, where might you turn if the company has insufficient working capital? Continue reading “Getting working capital”
If you are a small business owner in the UK, you will no doubt be benefiting from the sudden and unexpected growth levels that have gripped the British economy. Clearly, there is a window of opportunity for firms who wish to expand, and while this may be limited it is something that could not have been foreseen at the turn of the year. It is therefore something that should be capitalised on, regardless of your long term growth plans or the financial resources that are at your disposal.
Fleet Management Tips: Pushing your Business Forward in 2017
Conversely, you must not lose sight of your budget as the economic recovery continues to gather strength, as adopting a more relaxed approach to spending could offset any additional profit that you make. When you consider operational costs such as fleet management, for example, it is important to minimise costs as a way of pushing your venture forward. Consider the following steps towards implements a cost effective fleet management program: –
Determine the Best Type of Usage: The first step in fleet management is creating a body of vehicles, which can be used to fulfil a range of business purposes. While you can purchase affordable examples and take on the burden of ownership, for example, it is also possible to lease these for a contracted period of time. As an additional alternative, you can even encourage employees to drive their own personal cars for business use, so long as you are prepared their fuel expenses and mileage. The decision that you take must be given careful consideration, as it will have significant cost implications for your venture. Continue reading “Fleet Management advice for Small Businesses”