Articles

If you’re new to business, you may hear a lot of words and phrases that are unfamiliar to you. Our glossary will explain some of the meanings of the most commonly used business phrases – so talking to your accountant should be a bit easier in the future.

As an employer, you are legally bound to provide a written contract for each employee within two months of the date their employment commences. Full- and part-time workers are entitled to the same treatment – e.g. hourly pay, bank holiday entitlement, sick pay, holiday pay, pension payments, and opportunities for promotion.

While companies are within their rights to monitor employee communications, they must be cautious that they are acting in the correct manner and have the correct permission from employees to monitor their communications. This guide will explain how and when monitoring is appropriate.

In an age where time equals money, small businesses can reduce costs by improving the efficiency of their HR processes. Tools that speed these processes up while simultaneously eliminating errors can directly benefit an SME’s bottom line.

Carbon dioxide (CO2) emissions have become a pertinent issue for businesses throughout the UK. The importance of reducing carbon footprints is to save energy and money and reduce the impact of business activity on the environment. A growing number of SMEs and business start-ups are being encouraged to consider their own carbon management strategy and targets.

The profit and loss account forms part of a business’ financial statements. It summarises the trading results of a business over a period of time (typically one year). In contrast, the balance sheet is a ‘snap shot’ of the assets and liabilities of the business at a particular point in time.

Dress-down Fridays, otherwise known as casual Fridays, are popular policies that allow workers to wear more casual attire every Friday. Because they cost next to nothing to implement, and are generally perceived to have a positive effect on staff, they have become more widespread in recent years. There is some disagreement as to whether the negative effects of dress-down Fridays are significant, although for many companies the benefits will outweigh the risks.

Business growth has traditionally been financed by banks, venture capitalists or angel investors. But sometimes the traditional route is not always ideal. Nowadays the potential funding opportunities have diversified. If your company is struggling to raise finance, consider looking for an alternative method of funding to get the cash you need to growth.

All business owners want their business to turn a profit. However, they also want to be sure that the accounts accurately reflect not only the income; but the expenses too. Claiming the correct expenses, will mean that your profits are accurate and therefore, your tax bill is no more than you are legally obliged to pay. Knowing what to and what-not-to claim can be tricky though.

Choosing the best broadband options explained for businesses. Most businesses these days require an internet connection in order to function effectively, and that connection will typically be a business broadband service offered by an internet service provider (ISP). But with so much variation in the market with regard to speed, uptime and level of service support, choosing the right package can be difficult.

Most UK adults can get called for jury service. This can present some issues for employers, who must legally provide time off for the employee when they need it. Most trials are over within a few days, but more serious or complex crimes will take longer.

The business world is full of myths. If you’re thinking of starting your own company, being able to sort fact from fiction will help ensure you know what to expect from day one. Here are 10 of the most common business myths; we explore what parts, if any, are true.

The case for reducing the carbon footprint of your business is a strong one. Increasingly, consumers are swayed by the ethical and environmental credentials of organisations. Showing you’ve made the effort to cut your carbon emissions will set you apart from your competitors – something that is especially important if you are a new business trying to make your mark.

Although investing in another market can be risky and require a lot of capital, the rewards can be huge.

Fifty percent of start-up businesses fail in the first year and 95 percent fail within the first five years but despite the economic downturn, the SME market continues to grow. While no one knows if a business will succeed or fail - you can take steps in order to help your business get off to the absolute best start.

Simon Smith is founder and CEO of Extrinsica Global, a dedicated cloud services provider since 2006. The company offers bespoke cloud services to companies around the globe. Their clients include the Kawasaki World Superbike Race Team and the security team at the 2010 Fifa World Cup.