As a small to medium sized business owner, it can be bewildering to know what you should be tackling yourself and what tasks and responsibilities you should consider outsourcing. This is actually a very important decision – outsourcing at least some of the daily (or weekly/ monthly/ annual) duties involved in your operation can free you up and leave you more time to focus on your core business.

Entrepreneurs who are running their own SMEs are required to be modern day “Renaissance (Wo)Men,” juggling dozens of balls at once and still expected to deliver products and services at a high level of quality on time, every time.

On a day to day basis you might find yourself:

• balancing a cheque book
• entering information into complicated payroll software
• attending myriad planning meetings
• scouring an online recruitment website
• writing a business blog
• posting photos on your company’s Instagram page
• scheduling an interview with a prospective employee
• heading to the stationery shop to buy a ream of paper
• even plunging a toilet!

All of these tasks, while integral to your daily operations, are taking you away from the things that you do best – running your business and putting out an excellent product and providing fantastic service.

If any of this sounds familiar, you need to start thinking about outsourcing. After all, you wouldn’t hesitate to delegate tasks to your employees, would you? Outsourcing is just another form of delegation, and smart business people are experts at delegation.

Here are some of the tasks and responsibilities that you should consider outsourcing as soon as possible.

1. Social Media – Every savvy business person knows the importance of utilising social media in order to connect with their clientele, advertise their products and stay in touch with others in their industry. That said, social media expertise is in its infancy, and the average person is not capable of creating a comprehensive and effective social media strategy, let alone spending the heaps of time required for its implementation. Outsource your social media duties and you will not only see a huge boost in your success, you will save a lot of precious time.
2. Blogging – Related to social media, blogging is key if you want to increase your search engine rankings (i.e. appear higher on the results list when someone Googles search terms relevant to your company). Successful SEO (search engine optimisation) is much more than posting your thoughts and ideas; SEO blogging is a science, and a skilled writer will know how to help you achieve results you never dreamed of and increase your sales. You can find excellent business bloggers and article writers on sites such as People Per Hour.
3. Payroll – Payroll duties are another very sensible thing to be outsourcing – payroll software programs are notoriously finicky and complex, and you want to ensure your team is paid on time, accurately and without complication. Outsourcing your payroll duties will save you hours of time each week and give you the peace of mind that your employees are paid correctly. Another bonus? When tax time comes around, you can rest assured that your payroll paperwork is in order.
4. Bookkeeping – If you are like most entrepreneurs, you probably dread the myriad bookkeeping tasks that are required in order to run a successful business. Keeping track of paperwork, receipts, forms and more can be exhausting and irritating – and it can take you away from your core tasks. This is one that is definitely better outsourced – a bookkeeper can lift a huge weight off of your shoulders and keep you organised and on the right side of the law.
5. Recruitment – Depending on the position that you are seeking to fill, the recruitment process can be exhausting and time consuming – not to mention fraught with uncertainty and confusion. Hiring is an art, and a skilled recruiter will be able to help you land the employees of your dreams. While recruiters come with a sometimes hefty cost, they do often increase your chances of staff retention, saving you a lot more money in the long run.
6. Buying stationery, cleaning supplies and snacks – We now live in a world where you can buy nearly anything online, and loads of new companies are popping up whose entire business model involves helping individuals fulfill their simplest needs. Need snacks for the office? Head to Graze and get healthy snacks delivered. Cleaning supplies? No problem, you can have those delivered within one business day. The same goes for stationery, office furniture and pretty much anything else your heart – and your business – desires. Do not waste your time in queues or wandering aisles! Outsource this asap.
7. Odd jobs and repairs – Leaky tap in the office loo? Door squeaking unbearably whenever it swings open? Framed photos sitting woefully unhung? These small tasks and odd jobs add up, and finally getting around to them will take you away from your more important duties. Thankfully, the sharing economy is alive and well, and you can find skilled handymen online at TaskRabbit, Handy and from other similar apps.
8. IT Support – If you are struggling to set up and maintain functioning, consistently up to date hardware and software, consider outsourcing your IT support. Many different levels of support are available, and with various subscription plans you can have a third party IT company supply you with computers, printers and scanners. More importantly, they will be available 24/7 in order to answer urgent queries, fix problems and make sure that the technological side of your business is running smoothly at all times.
9. Delivery – If you are still attempting to hand deliver packages, important documents and products to your suppliers and clients, you urgently need to look into outsourcing delivery. Countless companies exist who will take the stress of time consuming deliveries off of your plate and ensure that your items get where they need to go on time.   

Ireland has won a highly competitive global bidding process to host the Startup Nations Summit (SNS) from 18th to 20th November 2016 in Cork. The event is now in its fifth year, and was launched by the Global Entrepreneurship Network (GEN), an organisation established in 160 countries that offers year-round programs and initiatives with the aim of creating one large, global entrepreneurial ecosystem.

The event has never before been held in Europe, marking a huge win for both Ireland and Europe as a whole. The event itself involves countries from all over the world, creating a network of startup community leaders, policymakers and advisors all committed to sharing their wealth of knowledge to help entrepreneurs both start and scale their enterprises.

The Startup Nations Summit, which has previously been held in prestigious business locations such as Kuala Lumpur and Toronto, will serve as a conclusion to Global Entrepreneurship Week 2016 (GEW), a celebration of entrepreneurship and enterprise with over 30,000 events and 10 million participants worldwide.

Last year, GEW 2015 was recognised by U.S President Barack Obama in a video broadcast when he issued a challenge to the private sector, foundations, investors and universities to help entrepreneurs start and scale new enterprises to drive innovation and economic growth. Pulling in support from other big names such as Richard Branson, and well-known brands like Evernote, Barclays and Microsoft, the conclusion to GEW 2016 in Cork is sure to be an excellent, inspiring and high-impact event for the millions of participants involved.

It will have a wide-reaching impact in Ireland as well, and GEN president, Jonathan Ortmans, had this to say on the matter: “Bringing the […] startup community leaders to Ireland will further advance a fast-moving global dialogue on the most impactful policies and programs […] while highlighting the rapid expansion of Ireland’s startup ecosystem.”

Startup Ireland and Cork Innovates, the two entrepreneurial groups spear-heading Ireland’s bid to win the right to host the Startup Nations Summit, are credited with achieving this historic win for Ireland. Eoin Costello of Startup Ireland, said “We are delighted that the first time this event is held in Europe, it will be in Ireland. In order to create the most supportive environment possible for entrepreneurs, it will be useful to not only learn about new and innovative policy approaches from other startup nations, but to apply those lessons throughout Ireland.”

Dublin is fast becoming a hub for growing entrepreneurs, and awarding the Startup Nations Summit to Ireland is part of a conscious effort by GEN to scale its work to support entrepreneurship in the country. Siobhan Finn of Cork Innovates will act as the project director and lead-planner for the event. She said “Cork is a prime European location for Startup Nations Summit in 2016. The vision of the local authorities, business support agencies and education institutions in the region have been working together for the last number of years […] to drive and nurture entrepreneurship and innovation in the Cork region.”

While full details have yet to be released, the SNS will follow familiar formats to previous years with both invite-only and free to the public events, running over the course of two days and involving networking dinners, cocktail receptions, entrepreneurship festivals, and awards ceremonies, amongst other activities and events. They have also involved keynote speakers sharing their knowledge on entrepreneurship, as well as business competitions with prize money of up to $100,000 in previous events. SNS 2015 brought in delegates from over 56 different countries, and, as this has been slowly increasing year on year, SNS 2016 will be looking to build on this success, bringing in at least 400 delegates from all over the world.

With the goal of making a Ireland a global startup hub by 2020, hosting the SNS 2016 will complement Ireland’s Startup Gathering (SG) 2016 event immeasurably. While the SG 2015 was about bringing a fresh entrepreneurial agenda to towns and cities throughout Ireland, SG 2016, with the fact that hundreds of entrepreneurs will be arriving from around the world for SNS 2016, will have a focus on sharing knowledge and experiences to discuss how best to accelerate Ireland’s bold plan to become a startup hub by 2020.

While exact details of the event haven’t yet been confirmed, this year is set to be a big year for both Ireland’s and Europe’s entrepreneurial enterprise scene. Stay tuned for more details; we’ll release them as soon as they’re available.

Starting a new business is an exciting time in any entrepreneur’s life; you have an innovative idea and are taking the leap into business ownership in order to make your dreams happen and your idea come to life. With that said, there are countless small details that one has to factor in when starting a new business, things that you may not have considered in the rush to get started on design and production.

If you are in the process of starting a new company (no matter how big or how small) in the UK, you simply must consider the following business costs in order to ensure that your dream does not go bust due to avoidable factors. Planning ahead for business costs is a smart and savvy thing to do – and it could mean the difference between failure and success.

Here are some of the most common business costs that entrepreneurs incur in the UK.

• Office Space – Even if you plan to do most of your work from home or the local coffee shop, unless you are comfortable making your address visible to the general public you will need a registered office address. This can either be a traditional office space (which can get pricey very quickly) or desk space at a start up hub or co-working space, which while affordable does not offer privacy.
• Business rates – If you do plan to rent a traditional office space, you will be required to pay annual business rates on your property. This is comparable to council tax – business rates ensure that you to contribute taxes to your local area for the services and amenities that you use. These rates are calculated based on the overall value of your business – in order to estimate what this will be, you can use the government business rates estimation tool, found here.
• Employee wages – You might be a solo act for a little while, or you might need to hire immediately – but remember: the better the talent you hire, the more you will have to pay them, as top candidates often demand higher salaries. There is a lot to be said for hiring young, affordable employees who can learn your preferred ways of running a business, but ultimately these seemingly cheaper hires may cost you money as you struggle to mend their mistakes and spend time training them from scratch. Before determining your employee salaries, you will have to put some thought into what you value – and what you can afford.

• NICs – If you are just starting up, you are probably not yet familiar with the intricacies of the taxation system and how to pay taxes as a self employed individual. Here is an excellent link that can help you sort out your National Insurance Contributions (NICs – budget 2.80 a week), personal income tax rate and your year end paperwork. Do not let this get away from you – taxation fees and penalties can add up, and the legal cost of ignoring your taxes is far too high to pay.

• Accountant/ bookkeeping fees – Does the above point make you want to break out into hives? That is a sign that you should be working with an accountant or bookkeeper right from the start. By hiring a skilled accountancy professional you can alleviate the stresses that come from number crunching, taxation codes, payroll and paperwork, but they come at a cost. With that said, if you can afford to outsource this work, it is a very wise investment in your future success.

• Workplace pension – No matter how small your firm, you must enrol your employees in workplace pension scheme upon hiring. This is a rather simple process, and the amounts you are required to contribute will be dependent on the salaries of your staff. Failure to enrol employees in a timely fashion will result in hefty fines – don’t risk it!

• Domain Registration and Web Hosting – This is a seemingly small cost, until you consider that you will need to renew your domain name each year in order to ensure that it is not purchased out from underneath you. The more desirable the domain name you hope to snag, the more it is going to cost you; many of the best names on the internet have been purchased and are held by cheeky resellers who raise the prices on attractive domain names. You may also want to purchase all of the ‘top level domains’ for your name (the various permutations of .net, .co.uk, .com etc) and point them at your main site in order to avoid confusion.

• VAT – Once your business meets the threshold of £82,000 you must start collecting VAT (unless your product or service is exempt). You will probably collect more VAT from your customers than you will pay to your suppliers, and so you will fill in a quarterly VAT return and arrange to pay the surplus to HMRC. This is of dire importance – you cannot ignore the importance of paying VAT. Failure to do so can result in your complete bankruptcy and a black mark on your credit report, preventing you from doing business in the future.

• Annual Return/Annual Confirmation Statement – Each year you are required to file a statement with Companies House confirming the statutory details of your company, i.e. the Registered Office Address, Officers, Secretary, Business Classification etc. Up to 30th June 2016 this statement is known as the Annual Return, but from 1st July 2016 the Annual Confirmation Statement will take its place. A filing fee accompanies this statement and, at the time of writing, this stands at £13 for filing online and £40 for filing on paper.

 

Good planning and strong business sense can go a long way when it comes to ensuring that your new enterprise is successful, efficient and profitable – both as soon as possible and far into the future. By preparing for the costs above, you are on track to triumph.

Whether you want a new bike to cycle to work and stay fit, need the latest smartphone or want a state of the art tablet to do your work on, by entering into a salary sacrifice arrangement with your employer you can reduce the cost and pay less tax at the same time. It’s a new way to get the things you want without entering long-term and costly contracts that can drain finance.

The idea comes from the same company that runs the CycleScheme who latched onto the Government’s initiative to lower carbon emissions by offering tax free bikes that can save up to 42% on cost. It involves having an agreement between an employee and their employer whereby the bike is essentially hired out and paid for through their income.

When an employer signs up to the scheme any member of staff can then log on for free and essentially hire the bike of their dreams for a short period of time (normally 12 months) with reductions to their salary. At the end of the term they can then pay for the bike and own it outright for a much lower cost than if they bought it through a standard HP agreement.

The CycleScheme has been so successful that the company is now running similar ventures for phones, computers and childcare offers. The PhoneScheme operates much the same way and was launched in January this year, allowing employees to get hold of great new smartphones at much lower prices. For example, if you wanted to buy the iPhone 6s you’d be looking at a standard price of around £634. With the PhoneScheme you make sizeable savings which means the eventual cost of the phone would be £493 give or take a few pennies.

What is a salary sacrifice arrangement?

It all works through what is called a salary sacrifice arrangement which is why your employer needs to be registered and involved. This agreement basically asks you to take a reduced salary in return for some other benefit, for instance, a brand new mobile phone. Because this is a non-cash benefit it means you get some great perks from the tax man.

How does it benefit you?

First of all, reducing your salary and exchanging it for a phone means that you pay less tax and National Insurance contributions. The payment for your new iPhone or Samsung is made by your employer who also benefits by getting to make less payments in NI contributions and gets their money back because you are on a lower salary so they don’t have to pay you as much. At the end of the 12-month hire period you can either opt to:

• Extend for a further 12 months and then own the phone outright.
• Pay 25% of the phone’s original price and own it outright there and then.
• Return the phone back to PhoneScheme with no extra payments as long as it’s in good working condition.

Not only that, but because you are only getting the phone, you are free to take advantage of any network provider you want without having to enter a long-term contract. That means you can shop around for the best rates or simply put in your current SIM card.

For employers, it provides a great way to cut down on costs overtime and supply staff with the right phones to work in their business. Nowadays, more and more employees need to use smart devices such as iPhones to do their work. It means your staff are fully equipped to deal with what the modern world throws at them. They are easy to contact, can network effectively and can use cloud services to stay up to date. Plus they get a brand new phone in the bargain.

Across the UK, employers are finding new ways to maximise their operating budgets and opting for a salary sacrifice arrangement. With something like PhoneScheme, they can save up to 13.8% on National Insurance contributions as well.

Moreover, because you are helping your employees get some of the latest smartphone kits at a lower price overall, this helps you develop more staff loyalty. Signing up for the scheme is easy to do and can be used for a number of things. The CycleScheme is helping employees get fit and because it’s tied into green issues you’re also finding a great way of cutting down the collective CO2 emissions of your company when staff cycle into work. The CycleScheme stretches to accessories too which can all be incorporated into the same salary sacrifice arrangement.

Apart from the PhoneScheme offer, you can also take advantage of the ComputingScheme which allows employees to better spread the cost of the latest PC or tablet devices. It’s an ideal way for businesses to ensure that their staff have the latest equipment and improve their productivity.

With its launch in January, PhoneScheme has certainly become a great new way for people to access updated technology. It’s beneficial to both employees and their employers and can help reduce costs for both parties. There are a few caveats that you need to be aware of, of course. The employee needs to be earning above the minimum wage and you need to be paid through Pay as You Earn or PAYE. You can only order 1 phone at a time and the salary sacrifice should not take the employee below the minimum wage.

If you think that you could be paying almost £20 more a month on a normal contract with a phone supplier, the savings are pretty good from the outset with PhoneScheme. All you need to do is make sure that your employer is signed up to the scheme and then you can choose your phone and apply online. Then it’s a simple matter of your employer logging in and agreeing to the arrangement. Because you are doing all this through your employer, you don’t even have to undertake a credit check.

Get together with your boss today and see how PhoneScheme can make a difference to you both.

As the owner and operator of a small to medium sized enterprise (SME) you are undoubtedly familiar with the need to create a detailed budget for all aspects of your business. That said, this might be easier said than done – if you have no experience with business budgeting this might be an overwhelming and difficult task. Thankfully, there are a lot of tools out there that can help you – read ahead to learn more.

By compiling a strong and well thought out budget you will dramatically improve your annual revenue and get your business into the black much quicker than you ever dreamed.

How to budget for the year ahead

One of the biggest mistakes that SME entrepreneurs make is that they focus their budgets on too narrow a time period, worried about doling money to the appropriate categories over the next week and month more than they are concerned about the following year.

By budgeting for the entire year ahead you will increase your chances for success. Start by compiling a comprehensive sales forecast that prioritises and manages your sales opportunities and helps you expertly estimate your earnings for the year – which in turn determines how much you can spend. With this number in hand, you can begin to plan a year long budget that will see you through the next twelve months.

This is a much more involved process than you might think – after all, there will be many more line items and variables on this budget than on any typical household financial plan. No experience creating a budget for business? You are not alone. Consider contacting a professional accountant or bookkeeper in order to help you create this document, or simply have a look at the budgeting tools listed below.

Budgeting tools perfect for SMEs

Just because you have the great ideas, dedication and smarts to start your own company, that does not mean that you are automatically a whiz when it comes to maths, accounting and budgeting. Thankfully, a whole new generation of budgeting tools, software and apps are available that can help you create a budget, track your progress and keep you on target.

• Budgetao – Budgetao is a software package that has been designed specifically for start ups and small businesses, and it can really help you organise and plan your finances. It is ideal for people with no experience using budgeting software, and is incredibly intuitive and easy to use, and quite affordable at less than £40 per month.

• PlanGuru – This software will help you to do more than budget your finances; PlanGuru can also assist you with forecasting, and performance reviews, making this a multipurpose tool with many attractive features. They offer new clients a free trial upon signing up, and they can grow with you, as they have many clients who are managing multinational firms.
• PearBudget – PearBudget started as an Excel spreadsheet formula and has evolved and developed into a fully functional web and smartphone app. It has been voted easier to use than Quicken and Microsoft Budget, which may be perfect for you if you struggle with software use. Another benefit is that, as an app, it is very simple to keep track of your expenses while you are on the go.

What should you be spending on marketing and advertising?

While you are in the process of budgeting you may need to reconsider how much you are spending on your marketing and advertising. It is common for entrepreneurs to have difficulty when planning how much to spend on these vital components of a successful business, and many are unfamiliar with how to gauge a sensible ROI (return on investment).

Many experts agree that if your annual revenues are below 3 million pounds, you should be spending between 10 and 12 percent of your gross revenue on marketing and advertisement (that number drops to roughly 8 percent once your revenues increase past this number). This number should fluctuate depending on how competitive your industry is – varying between 3 and 20 percent.

Remember – marketing and advertising can drive money into your business, and so this should be a priority rather than an afterthought paid for after all other expenses have been fulfilled.

Using metrics to judge value of marketing and PR

Once you have allotted a specific amount of money for your marketing, public relations and advertising, and have implemented these strategies – you cannot sit back complacently and hope for the best. After all, this is your business, and your success rides on monitoring how effective your expenditures are in both the short term and over the long haul.

If you have outsourced your marketing and PR duties to an outside firm or agency, you must independently monitor their successes and not rely on the reports that they generate for you to see. While you may really value the friendly nature and quick customer service they provide, you do still need to use external metrics to judge their value and calculate the ROI of their services.

By using this simple ROI calculator you can determine just how well spent your money has been, and make adjustments when needed. Do not settle for a mediocre ROI – search for an agency or firm that has excellent reviews and proven track record of prooving excellent value for money.

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By following this simple advice and prioritising your budget, spending wisely on marketing and monitoring your ROI, your business will have a far high chance of success.  

In a bid to combat ever-rising threats of cyber-terrorism and hacking, the government has announced the formation of a new programme that will provide support and advice to cyber-security start-up ventures across the UK.

Dubbed the ‘Early Stage Accelerator Programme’, the £250,000 initiative is designed to provide start-ups with solutions to develop products and services that combat cyber-attacks. Businesses can submit applications as of next month as the programme officially opens in March 2016. “The UK’s strong and growing digital economy is changing the way we live and work,” said John Whittingdale, secretary of state for culture, media and sport. “As technologies continue to evolve there will be an increased demand for secure products and services, and this new programme will ensure the best ideas from our brightest minds can help keep the UK safe in cyberspace.”

The cyber security industry in the UK has grown by 70 per cent over the past three years, and is now the provider of 100,000 jobs. The industry is currently worth £17.6bn, a figure that is set to rise as Chancellor George Osborne has announced plans to up government spending on cyber security to £1.9bn by 2020. The Early Stage Accelerator Programme specifically will be run in conjunction with Cyber London and the Centre for Secure Information Technologies (CSIT), based at Queen’s University Belfast, and is funded by the Government’s National Cyber Security Programme. It has been devised to take a collaborative approach to combat the rising rates of cyber-attacks and data breaches in the UK, as the rates of frequency and severity of attacks are cause for mounting concern. In a recent survey conducted by the Business Continuity Institute, 85 per cent of global risk experts that were polled revealed they believed cyber-attacks to be the biggest threat to business in 2016.

According to the government, the new initiative is designed to meet a number of targets:

• The programme will provide early stage cyber-security start-ups with a space in which they can collaborate and develop
• The programme will increase the rate of cyber-security start-up ventures in the UK
• The programme will help entrepreneurs develop and test the commercial validity of their ideas before making them into businesses
• The programme will provide a large cyber-security knowledge base from which businesses can access ideas and information

Kirsten Connell, Managing Director of Cyber London, believes that the programme will add a layer of much-needed support to start-ups looking to take advantage of the UK’s thriving tech space. “We believe the UK is one of the world’s best places to build cyber security businesses, and this programme will help to make it easier for innovation to develop into commercial success,” she said.

How safe is your business?

Numbers from global cyber-security firm Kaspersky Lab have revealed that the number of attacks carried out by cybercriminals on businesses doubled in 2015.

Last year, 58 per cent of corporate PCs were affected by at least one attempted malware infection, while 29 per cent of business computers were to some form of internet-based attack at least once. There was a 7 per cent increase in the number of attacks that targeted the Android platform specifically, and it was revealed that financial organisations such as stock and currency exchanges, banks, investment funds and like-minded businesses are at heightened risk of attack.

Data breaches can be incredibly costly for large companies; when phone and broadband provider TalkTalk was cyber-attacked in October 2015, the company was forced to pay out £35m in compensation to 157,000 affected customers. TalkTalk Chief Executive Dido Harding said at the time that the company was “absolutely comfortable” they could afford to take the hit, but for smaller companies, similar data breaches can bankrupt and sink a venture in minutes.

Tips for cyber security

While cyber-security start-ups develop new products to keep companies safe online, there isn’t a need to wait for these to come to market to put a protection strategy in place. There are many things UK enterprises of any size can do to stay safe online:

• Start early. From the moment you start trading online, ensure you have anti-virus software installed and a firewall in place. You should carry out regular scans across all your computers to ensure any issues are quickly found and identified.
• Consult with experts. There are hundreds of cyber-security professionals across the UK available to implement strategies with companies of all sizes. Connecting with an expert in cyber-security can help you put in place a strong defensive plan of action.
• Have a contingency plan in place. Following the cyber-attack, TalkTalk shares plummeted by 11 per cent. Any breach in data can be devastating to a company not just financially, but also in terms of reputation. Should you be unfortunate enough to succumb to an attack, make sure you have a plan in place to react to it quickly to reinforce the faith of your shareholders and customers; this can include having a PR firm on standby to prepare statements and liaise with affected parties to keep damage to a minimum wherever possible.
• Create a comprehensive strategy. Cyber-attacks can be both external and internal, so make sure you have protection in place against both. These systems should be tested regularly to isolate malicious content and detect unauthorized log-ins/attempted log-ins.
• Control use of removable media. Things like USBs can transmit malware and other malicious content, so make sure there is a clear policy in place to govern the use of removable hardware. Ensure all content is thoroughly scanned before it can be downloaded onto your system.