Business Today

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Our final event of the year will be at Devereux Chambers on 14th December. We hope to see you there!

Trump could change trade stance, says former Bush adviser

During his campaign, Donald Trump pledged to renegotiate trade deals, including those with China, to benefit the US. A former adviser to George Bush has said that he may make US trade more “nuanced” than these tough campaign promises suggested. Pippa Malmgren told the BBC that he may not be able to implement protectionist policies without damaging the US economy.

Read more: https://www.theguardian.com/world/2016/nov/11/asias-emerging-currencies-plunge-amid-fears-of-trump-trade-barriers

'Hard' Brexit most likely outcome for UK leaving EU, says S&P

Ratings agency Standard & Poor said on Friday that a “hard” Brexit, where Britain loses its free access to the European Union market, now looks like the most likely outcome of the country’s plan to leave the bloc. In its latest update on Britain’s economy S&P said that the country will suffer the brunt of the economic impact of Brexit and that the effects on the world economy will be more limited. They said that it appeared that Britain’s government had yet to accept that the EU is unlikely to yield on the indivisibility of its four freedoms – the free moment of people, capital, goods and services.

UK moves to block 'dirty money' flowing into City of London

The Home Secretary, Amber Rudd, has vowed to stem the flow of “dirty money” into the City of London in an attempt to end its reputation as a safe haven for “criminals and corrupt kleptomats” to hide their money. She highlighted a National Crime Agency estimate that £90bn is laundered in London every year and conceded that the UK has much more work to do to prevent financial crime, which she called a “national security threat” which costs the country £24bn a year.

Pound recovers ground after US election

Following this week’s US election result, the pound has continued to recover ground, news that will bring some respite to businesses that import goods and holiday makers buying foreign currency. For the first time in five weeks sterling is worth $1.26, having sunk as low as $1.21 a month ago. That is a rise of about 4%. Against the euro, the pound has risen by more than 6% over the same period, up from €1.09 to €1.16.

Google says EU competition charge threatens free Android

Google has attacked an EU crackdown on its Android software, claiming that efforts to impede the mobile operating system could harm the company’s ability to compete with Apple and threaten its ability to give Android away for free. The internet giant disputed claims that exploits Android’s domination of the smartphone market to promote its lucrative search engine and app store. The move is the latest in a bitter battle with Brussels which could ultimately see Google fined billions of dollars.

In Other News

- Pensions Regulator seeks 'multiples of £1m' from Chappell over BHS - https://www.theguardian.com/business/2016/nov/10/pensions-regulator-seeks-millions-dominic-chappell-retail-acquisitions-bhs-pension-deficit

- Stock futures fall as investors adjust portfolios after Trump win - http://uk.reuters.com/article/us-usa-stocks-idUKKBN13619K

- Trump considers JPMorgan boss Jamie Dimon for Treasury Secretary - http://www.telegraph.co.uk/business/2016/11/10/trump-considers-jpmorgan-boss-jamie-dimon-for-treasury-secretary/

- UK construction output weakest in four years in third quarter after Brexit vote - http://uk.reuters.com/article/uk-britain-eu-housing-idUKKBN1360T6

Please comment below with your thoughts on this week’s news. How will the results of the US election affect your business? We always love to hear from you!

Event: Are you making a living or changing the world?

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We held our November event last night at IndigoBlue’s wonderful offices in Little Portland Street. We’d like to say a big thank you to our host for an engaging and vibrant event in such a lovely setting.  Thanks also to all our guests.

Topic: Commercial viability.

After a year’s trading, the entrepreneur in our hot seat wanted to review their business. This complex topic involved a tension between a social mission and commercial viability in the future. The discussion was focused on three main themes: identifying your client base, exploring your motivation and re-articulating the remit of your business.

Questions raised by the group helped to clarify our hot seat’s thinking: Can a limited company also be a social enterprise? Is it better to stick to the market you know and understand when other markets might be more accessible? Do you want to make a living or do you want to change the world?

Key insights included:

- Identify the fear and value factors – what do clients stand to lose by not hiring you? What will they gain if they do?

- Consider broadening your remit and expanding your target market(s).

- Define what you want to achieve and why, at the most basic level, then build up from there.

- Work with what you have.

- You can’t do everything. Identify your target market and focus on that market – nothing else!

If you would like to take part in a similar discussion or have an issue you would like to talk about, please join us at a future event or volunteer to be in the hot seat yourself. Please leave a comment below if you have any insights into this month’s topic!

Next Event!

Our final event of the year will be at Devereux Chambers on 14th December. If you can’t make that date  our schedule for 2017 is already up on the website so take a look.

Please comment below with your ideas and advice for our entrepreneur. We always love to hear from you!

Five Financial Tools No Small Business Owner Should Be Without

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Our next event will be today at Indigo Blue on 9th November. The topic will be 'Having established demand and support for our product what else should we do to ensure commercial viability?" We hope to see you there!

1. QuickBooks. Ask the internet about finance and accounting tools, and QuickBooks comes up again and again as a top pick for small business owners. Their accounting software provides a comprehensive view of your company’s financial situation and helps you to run your business. You can use QuickBooks to track your business’s sales and expenses, view financial statements, pay employees and vendors, and more. It can connect to thousands of accounts, including PayPal and your business bank account. Plans range in cost from $10 to $24 for the first six months and $13 to $40 per month thereafter, plus a 30-day free trial.

2. GnuCash. This straightforward, simple approach to bookkeeping is ideal for small businesses. It was initially conceived as an open source alternative to apps such as Intuit’s Quicken. It’s available for a range of operating systems, including Linux, Android, Windows and OS X. GnuCash is noted for its flexibility and can handle invoicing and credit notes, accounts payable and receivable, and some payroll features. And best of all, it’s free!

Get a free download from TechRadar here.

3. NCH Express Invoice. If you have fewer than five employees, you can use NCH Express Invoice for free without time limits or other restrictions. With versions available for PC, Mac, iPad and Android, it is designed to easily create invoices, quotes and orders, to automate recurring ones and to send them via email or fax. It can produce a decent range of reports and there is a front-end paid service if the free software doesn’t have the range of services you’re looking for.

4. AdminSoft Accounts. This is a genuine piece of freeware – rare in this day and age – without adverts, bundled software or ulterior motives. More than 300,000 people use the software which provides a complete money management toolkit for small business owners. It can handle invoices, statements, remittance advices, stock control, purchase orders and budgeting, as well as some HR functions. Its default is pounds sterling but it can handle a range of other currencies as well.

5. Wave. With more than two million users to date, Wave was specifically created for use by small business, indie contractors and sole proprietors with less than ten employees. The free and easy to use accounting software platform lets businesses track sales, pay customers and employees, manage invoices and much more. They also recently added free personal finance software to allow owners of small businesses to manage all their finances in one place. The software is available as a download on the website. Its invoice and receipt-tracking apps can be downloaded from the Apple store.

Please comment below with your favourite financial tools and advice. We always love to hear from you!

Everything You Need to Know to Be a Good Freelance Writer

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Our next event will be this week at Indigo Blue on 9th November. The topic will be 'Having established demand and support for our product what else should we do to ensure commercial viability?" We hope to see you there!

The first rule of freelance writing is to write. This might seem obvious but a lot of writers wait to be employed or commissioned before starting to produce work. A freelance journalist will pitch a story to a newspaper, why not pitch your ideas to the companies you want to freelance for? You’ll need a portfolio for examples – no one is going to want to employ you without seeing some of your work first – so start your own blog or submit pieces to literary magazines. Try writing for local newspapers or pitching ideas to magazines.

The second rule is to keep records. Know what you’ve written, who you wrote it for, how long it took and how much you were paid. This helps with taxes and deciding how much to charge as your hourly rate. Getting paid is usually something of a negotiation with each individual employer so come prepared and don’t be afraid to ask for more than you think you can get.

Decide what kind of writer you want to be. Let people know who you are and what you can do for them. Know what your limits are but don’t be afraid to push them for an interesting project or important commission. If you want to do something that’s outside your wheelhouse, do it but make sure that you can finish the job. If you need to learn new skills, then learn new skills. But if you need to say no, that’s okay too.

For people to consider hiring you for a project, they need to be sure that of what it is that you will provide for them. If you can present them with a smart and snappy overview of your skills and interests, they will be a lot more likely to give you the job.

Don’t be afraid to put yourself out there. You can’t wait for the work to come to you. Faith in your own abilities is crucial in freelance work of any kind. Freelancers are expected to go out and look for work, to pitch their ideas to companies who are looking for project workers, and to even create and run their own businesses. To do all those things effectively, you must be able to sell yourself as someone who can add value to their business/project and who has skills they cannot access elsewhere.

Top Tips

1. Check your spelling and grammar. Then check again.

2. Try out a few word processors. Get to know what works for you and what doesn’t. Is there a platform out there that does everything you want it to?

3. Learn about Creative Commons licenses or take a short course in photography to learn how to take your own high quality images. Good photography can make or break even a well written blog post or article. Most publications are more likely to accept pitches that come with their own images.

4. Write, write, write.

5. Build a portfolio that’s easy to access, preferably online.

Please comment below with your own thoughts about freelance writing. What has and hasn't worked for you? We always love to hear from you!

Business Today

Click here to see our membership packages or here to subscribe to our mailing list. 

Our next event will be next week at Indigo Blue on 9th November. The topic will be 'Having established demand and support for our product what else should we do to ensure commercial viability?" We hope to see you there!

Euro zone business growth struggles to gain traction

A survey today showed that business activity in the euro zone was not as robust as first thought. This adds to signs that while the bloc’s recovery remains on track, it is struggling to gain momentum. For the second month in a row, firms held prices steady, despite costs rising at the steepest rate since July 2015, indicating that companies' pricing power remained muted and that the European Central Bank (ECB) may have to do more to drive up inflation.

Sir James Dyson dismisses EU tariff fears of hard Brexit

Billionaire inventor Sir James Dyson has said that it would not be a “catastrophe” if Britain cannot agree to a deal to remain part of the single market and has to pay tariffs on exported goods. He also said that the British economy and its companies are doing “rather better than everyone thought” before the vote and that the decline in the pound’s value had been a “huge benefit” to Dyson, which exports 95% of its products. Dyson was one of the most prominent business supporters of Brexit before the vote.

All Europe will suffer if London loses financial clout, says Bank deputy

Sir Jon Cunliffe, a deputy governor of the Bank of England, has warned that economies across Europe risk losing out if London’s position as a dominant financial centre is threatened due to Brexit.

Shell says oil demand could peak in five years

Controversially, Royal Dutch Shell, the world’s second biggest energy company (by market value) has said it thinks that demand for oil could peak “before supply” and that “that peak may be somewhere between 5 and 15 years hence”. According to CFO Simon Henry “it will be driven by efficiency and substitution, more than offsetting the new demand for transport”. This view puts Shell at odds with some of its biggest competitors who say crude oil will be pumped out of the ground in increasing quantities for decades.

European shares fall as pharma stocks come under fire; Richemont rallies

European shares fell on Friday, weighed down by weaker drugmakers after two U.S. lawmakers called on federal antitrust regulators to open a probe for possible price fixing. The U.S. lawmakers on Thursday called for a probe into whether Sanofi, Eli Lilly, Merck and Novo Nordisk colluded to set prices for insulin and other diabetes drugs. The sector has been hit recently by worries that Hillary Clinton could seek tougher pricing regulation if she wins the race for the White House.

BHS pension deal 'could be struck by Christmas'

Sources close to the talks between Sir Philip Green and pension regulators told the BBC’s Newsnight programme that an agreement could be struck by Christmas. However, they still said that the former CEO of BHS could still walk away and embrace a lengthy legal battle instead. The billionaire has offered over £300m as part of a deal to restructure the collapsed retailer’s indebted pension scheme. However, the Pensions Regulator has so far rejected the offer.

Bank of England forecasts record rise in inflation over Hard Brexit fears

Latest forecasts from the Bank of England predict that inflation will rise by close to 3% by the end of 2017, due to the declining value of the pound and fears of a “hard” Brexit. In an indication that the Bank may be forced to raise interest rates considerably sooner than markets currently expect, the Bank’s Monetary Policy Committee stressed “limits to which above-target inflation could be tolerated”.

In Other News

Brexit legal challenge wins: What does it mean for the economy? - http://www.independent.co.uk/news/business/news/brexit-legal-challenge-wins-pound-sterling-value-euro-dollar-economy-financial-markets-a7395986.html

Metro Bank lets customers choose Mr, Ms, Mrs and Mx - http://www.bbc.co.uk/news/business-37865559

UK car sales rise in October but consumer demand slumps again - http://uk.reuters.com/article/uk-britain-eu-autos-registrations-idUKKBN12Z0Y3

Workers 'priced out' of discrimination claims, says TUC - http://www.bbc.co.uk/news/business-37868410

Please comment below with your thoughts and opinions on this week's business news. We always love to hear from you!

Five Things That Successful Entrepreneurs Do Before Breakfast

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Our next event will be at Indigo Blue on 9th November. The topic will be 'Having established demand and support for our product what else should we do to ensure commercial viability?" We hope to see you there!

1. Wake up early. Tim Cook, Richard Branson and Jack Dorsey are famously early risers. By getting up early, before anyone else, you minimize potential distractions and can focus your time on priorities, rather than the spontaneous crises that naturally arise throughout the working day.

2. Exercise. Vogue editor Anna Wintour plays tennis every day before work. During her time in office, Condoleezza Rice, former US Secretary of State, would get up early six days a week to make room for her morning workout. Not only does this help you to fit in exercise before it has a chance to be squeezed out of your schedule, it also helps to focus the mind and lift your spirits before a long day at work.

3. Drink water, instead of coffee. A 2012 study by the University of Connecticut suggested that even mild dehydration could cause difficulties with concentrating. Water helps you to feel more alert, rehydrates your body and kickstarts your metabolism. Huffington Post founder Ariana Huffington starts every day with a glass of hot water with lemon.

4. Catch up on the news. Keeping tabs on what’s going on in the world is important so that you know how it will affect your business and to develop solutions. Do this before you get to the office, not before. Online news and 24 hour news channels mean that you up-to-date news that you can actually use is right at your fingertips.

5. Check and answer emails. According to a survey conducted by Robert Half Management Resources, around 50% of executives start the day by checking their emails, compared to just 39% of entry level employees. This allows them to focus on more important tasks throughout the day. Also, it can help with organising their day and ensures that their emails are towards the top of recipients’ inboxes when they get into work.

Read more:

What the Most Successful People Do Before Breakfast - https://medium.com/personal-growth/what-the-most-successful-people-do-before-breakfast-32e3e75de3da#.kb66zskdj

How to be Successful Before Breakfast - http://www.huffingtonpost.com/tom-fox/how-to-be-successful-befo_b_1846255.html

Check out Laura Vanderkam’s successful book: “What the Most Successful People Do Before Breakfast: A Short Guide to Making Over Your Mornings - and Life” - https://www.amazon.co.uk/dp/B00AWFEATU/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1

Please comment with your own thoughts on morning routines. What do you do in the mornings that helps you to be a more productive individual? We always love to hear from you!

Building Your Personal Brand Online

Click here to see our membership packages or here to subscribe to our mailing list. 

Our next event will be at Indigo Blue on 9th November. The topic will be 'Having established demand and support for our product what else should we do to ensure commercial viability?" We hope to see you there!

According to an AVG study, 92% of children under the age of 2 already have some kind of digital footprint. We all have personal brands these days – with the advent of social media, we don’t have much of a choice if we want to stay online and connected – what do you want yours to say about you and your business?

The first step is to start thinking about yourself as a brand. Understand yourself and what you’re trying to achieve; be strategic about it. Big name brands such as Google and Coca Cola don’t just leap straight into creating their personal brand; they plan and test before implementing changes.

Think about how you want to be perceived. Are you serious and professional? Creative and quirky? Or all of the above? Focus on how you want to be seen by others and allow that to govern your decisions. What is your unique selling point? Take time to consider your target market; what will their best respond to? What will they trust? What will interest them?

The second step is to audit your current online presence. What do you post and how do you talk about it? Are you comfortable with the ways in which you respond to other people’s posts? Check out what other people say about you: do their opinions match the way you think about yourself? If not, how can you change that?

Make sure that your brand is instantly recognisable. Use the same fonts, colour schemes and images everywhere. Develop a writing style and tone that’s your own, and keep your messaging consistent. Create business cards and get professional headshots taken.

When it comes down to it, this is all about getting yourself known. Let people know who you are and what you can do but keep that image consistent and never make promises that you won’t be able to live up to. Make sure that when you do make promises, you keep your word.

Ask Yourself These Questions

- Who am I and who am I not?

- How am I unique?

- What do I want to be known for?

- What will make me and my business stand out?

- How do I communicate best with others?

Top Tips

1. Authenticity is key. Be yourself and be truthful.

2. Be nice or be quiet. It sounds harsh but it’s a good motto for life, not just social media.

3. Regular speaking engagements are a good way to develop your person to person communication skills. They offer good opportunities to be seen and to be heard.

4. Purchase your own domain name. It’s a small thing but it can make all the difference.

5. Build a narrative, tell stories and be clear about what separates you from the crowd.

6. Network.

7. Create a visual brand that represents you.

8. Join online groups and interact with others. At the end of the day, it’s how we treat other people that defines us.

9. Learn to use social media effectively.

10. Ask questions.

Please comment below with your own thoughts about building personal brands online. What has and hasn't worked for you? We always love to hear from you!