Businesses are being turned down for claims on their Business Interruption Insurance policy during the Covid-19 pandemic. Often their brokers or insurers are telling them that their cover is not valid for a claim due to the impact of a pandemic. They may still have a valid claim. On May 1st 2020, the Financial Conduct Authority announced that it intended to seek clarity on the availability of business interruption insurance by seeking a declaratory judgment through the courts. This will be helpful, but complex because of the huge variety of wording used in policies covering business interruption. It is unlikely to produce a speedy outcome and could cause more harm by giving insurers the opportunity to delay paying out on claims pending a court decision. It is important in these uncertain times for businesses to plan for the future with some clear idea as to whether or not they might be able to plan on some sort of payout under their insurance policies. Whilst insurance brokers do … [Read more...]
UK Business Advisors support provided to clients during Covid-19 – 01
Our UKBA teams regularly meet by Zoom video call. Today, our London and South East team reviewed the support given to companies in the last couple of weeks, and we would like to share this with you. You are also encouraged to visit our general support page at https://ukba.co.uk/coronavirus Here are examples of how we have helped companies and added value to them: Apply for Coronavirus Business Interruption Loan applications (40% approved and 60% pending to date) Plan for Furloughing, restructuring and assisting Coronavirus Job Retention Scheme applications from 20.1.20 Prepare business strategy, business planning and financial planning Assisting construction companies preparing to resume operations and resolve supply chain issues Applying for an Innovate UK funding competition Helping companies to claim R&D Tax Credits and get cash injections Completing the recruitment of a marketing manager and working with clients to plan their needs … [Read more...]
Survive and then Thrive – UK Business Advisors are ready to help
Other than the cruel personal impact of COVID-19, there is unequal pain and gain for UK businesses. Hospitality businesses are grounded and businesses with sought after services and products are struggling to cope with demand and managing their supply chain. There is no one magic solution for all! More than ever, business leaders need to keep a cool head and make the right short term decisions to enable their business to survive or operate differently. Supporting staff as far as possible is a defining characteristic of well-led businesses. The businesses that make the right decisions now and plan effectively for how to be prepared to thrive in the recovery should have a bright future post coronavirus. You are no doubt being bombarded by emails and other communications offering advice, help and “seven steps to solving everything”. The UK government has announced an unprecedented range and magnitude of support for businesses and employees – you will have found that many of the … [Read more...]
Urgent business support during Coronavirus/ COVID-19 Emergency. Nationwide network of Business Advisors available to support you
Businesses and individuals are facing unprecedented challenges and uncertain times due to the COVID-19 emergency. Our support page link is at the end of this newsflash. Like you, we are feeling the impact to our work, families and friends. UK Business Advisors (UKBA) have contingency plans in place and are we already remote working and communicating via phone and video calls to support our clients. As premier advisors to UK Small and Medium sized businesses, we are ready to play our part to help our clients and the wider business community during these difficult times. We remain confident that businesses that show decisive leadership can survive and bounce back. UK Business Advisors have activated our nationwide network of experienced advisors to help business owners and directors plan what is needed. Even with government grants, business rates relief or emergency loan support there will be difficult decisions to be made quickly. We can provide initial support and share our … [Read more...]
How to pick the best candidate for your Technology business C-Suite
With the current skills shortage in the technology sector and ever-increasing demand it is simply not enough to broadcast a role when you are recruiting for your leadership team. Placing an advertisement or hoping a quality candidate will alight upon your website will rarely succeed. You deserve and require the very best of candidates. Invariably, finding great people requires a more proactive approach. The best candidates are not looking for your role The best of candidates, or targets, are probably fully committed to working for a competitor, supplier, customer or possibly currently working overseas and not actively looking for another role. Alternatively, they may be restricted via a compromise agreement, garden leave or clause in their current contract – all of which can be the subject of further negotiation and equitable determination. A discreet approach A thorough, comprehensive, discreet and confidential first approach to the targets is required for a … [Read more...]
Beyond technology – what other sectors are benefiting from R&D tax relief or credit?
Your annual accounts are ready to be prepared but could you find ways to reduce your tax bill or get a cash payment to support your new product development? Well it might be that you can if you are undertaking development activities that qualify as Research and Development (R&D). It’s not just for rocket scientists or research laboratories. In fact far from it, all sorts of development activities qualify – a few are described below and we’ve also added a more comprehensive list at the end. The great thing about UK R&D tax incentives is that they apply to any UK registered limited company in any sector – The Dyson Report on Innovation 2010 made this point saying: “Of the various tax instruments available to government, R&D Tax Credits have the advantage that they seek to help companies that are themselves prepared to invest in R&D. Government does not need to choose sectors or companies, with the result that R&D can be encouraged in the widest … [Read more...]
Essential steps when acquiring a new business 3
Part 3 - What do you need to watch out for? Back in March I looked at your strategic reasons for buying a business and in April I gave pointers on searching for a new business to acquire. This month, in the final part of our series, I will highlight some key areas that you need to consider before you make your final purchase. Follow these recommendations and you could avoid a variety of unnecessary pitfalls. The main areas to consider are: proper strategic thinking for an acquisition – be clear about your ‘why’, ‘what’, ‘who’, ‘where’ and ‘when’ and the distinctive benefits you hope to establish from an acquisitionpreparation - sufficient and well thought-through preparation by the management team making the acquisitionfinances - acquirer must be properly prepared financiallynegotiating price - never pay too much, plan your negotiation strategy in advancesupport - use experienced and practical professional advisorsresources - ensure that you have … [Read more...]
Essential steps when acquiring a new business 2
Part 2 - Where do you start your search? Last month I started by considering the strategic reasoning you need when buying a new business. This month, we shall consider how to optimise your new business search. Having decided why you want to buy a business, summarise the base criteria: the broad locations where you want the acquired company to be and also whether you would ideally want to move it to your own location.the size of company – revenue, profits, assets etc and what you can afford.produce a profile of the target company as well as a profile of your own company. Then you need to start the research for companies that fit these criteria. Make a list of companies you know that: Directly compete with youDo what you do but are not direct competitors because they are in a different geography or a different nicheHave approached you for any reason in the pastYou have partnered with Then use Google searches to find similar companies to expand your … [Read more...]
The Cost of Poor Strategy Execution – Can you afford it?
I am often asked by clients what is the real cost of executing a strategy badly? In this short article, I will provide some highlights and lookouts on the implications of executing strategies poorly. Good v Bad Strategy Execution Planning Every business needs a plan or strategy whether you’re a global corporate or a £2m turnover single entity business. When we talk about strategy planning and execution, we are specifically referring to how a set of strategic objectives will be achieved. Strategy execution defines the overall approach and plans required to efficiently achieve the outcome. What then makes a good strategy execution plan versus a poor one? A good strategy execution plan should be logically coherent, easy to understand and as simple as possible; it traceably aligns all activity to the company vision and objectives whilst providing visibility, purpose and clarity to the relevant stakeholders involved in execution of their tasks and responsibilities. We sometimes … [Read more...]
How to design a robust profit-sharing bonus scheme for 2019
In the last newsletter we talked about what to do about awarding a Xmas bonus. [If you missed it click here to find it] Now we talk about putting a bonus scheme into place for 2019. If your financial year-end is say March, the next few months could be a good time to develop and trial a scheme before launching it in April. What should l incentivise people on? The profitability of the business is a simple way to measure business success. If there is a large minority of support staff then you might also consider cost-savings/efficiency savings as being the other side of the profit coin. You might be tempted by the achievement of individual objectives. Our general experience in the SME space is that staff appraisals don’t happen consistently enough so we wouldn’t recommend a performance pay system based on the achievement of individual objectives, as MDs usually haven’t the infrastructure in place to make this watertight. What do l need to do first? You will presumably have a business … [Read more...]
