Tag: business costs

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Banks, Lenders & Investors Cash Flow & Forecasting Finance General

The cost to SMEs of IT failures

IT failures in a networked worldThe pressure to do everything online is inexorable but what is the cost to businesses of IT failures?
Perhaps one of the most frequent and difficult issues facing SMEs is the seemingly frequent meltdowns of both banking systems and government websites.
This is without considering the issues of cyber-attacks on companies where the FSB has recently calculated UK small firms are subject to nearly 10,000 cyber-attacks a day, with over a million small firms hit by phishing, malware attacks and payment scams.
Obviously it is in businesses’ own interests to have robust IT systems in place including cyber security, but the frustrations of IT failures are a different issue and often not of their own making since the counter parties also need to have adequate IT systems and security at their end.
Since 2018 the FCA (Financial Conduct Authority) has required banks to publish information about the number of major operational and security incidents they have experienced.
Last month a BBC investigation revealed that bank customers face an average of 10 digital banking shutdowns a month, based on the figures published so far.
The figures for the 12-month period until the end of July 2019 are not exactly comforting. The top five worst “offenders in the list (with the figures in brackets showing failures for the 3 months between 1 April and 30 June 2019) were:
Barclays 33 (4);
NatWest 25 (7);
Lloyds Bank 23 (2);
RBS 22 (7);
Santander 21 (4).
This is at a time when an estimated 6000 small bank branches have been closed, often in small town or rural locations, while, according to analysis by Close Brothers Finance, 51% of SMEs visit a bank branch at least once a week while three quarters use online banking at least once a week, with 41% using it every day.
This would suggest that the costs of IT failures to SMEs, not only in delays, frustration and cash flow issues are considerable.
But it is not only the banks that are a problem. We have lost count of the number of times businesses have reported difficulties with Government websites, from the application process for Business Rate Relief, to authorising and accessing various HMRC websites, and the online court service where last January the entire civil and criminal court IT infrastructure collapsed for several days!
Where does the problem lie for IT failures?
Is the problem with the expectations of those commissioning IT systems, who perhaps do not understand the IT capabilities and limitations? In their understandable desire to win business are the software providers and developers, themselves often SMEs, failing to tell their potential clients honestly what the limits are to the systems they want to commission? Or more pertinently what you can have for the budget.
Or is it simply that the IT skills of the Fintech and other IT provider industries are just not good enough?
We know there is a skills shortage in the IT sector generally but Fintech is supposed to be one of the UK’s most successful sectors.
UK Fintech companies received £740m from venture capital in the second quarter of 2019, almost double the amount invested during the same period last year according to the CBI (Confederation of British Industry), with Challenger Banks like Monzo among the most successful cohorts in Fintech.
Data released by Tech Nation and Dealroom for the government’s Digital Economy Council showed that British tech companies attracted more foreign investment in the past seven months than in the whole of 2018. Another endorsement.
If SMEs are to rely more and more on IT and the tech services of banks and other institutions with which they have to interact, it is perhaps time to look more closely at the services being provided and to make a concerted effort to do something to prevent so many IT failures.

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Banks, Lenders & Investors Cash Flow & Forecasting Finance HM Revenue & Customs, VAT & PAYE

Does the Government understand UK SMEs’ problems?

UK SMEs are many and variedA recent fiery opinion piece in the London Evening Standard by Rohan Silva accused the Government of failing to help and therefore destroying UK SMEs.
While most of his ire was directed at the Chancellor, Philip Hammond, due to the 2017 increase in business rates, Silva also alleges: “Poorly implemented plans to make tax digital are costing companies thousands of pounds to become compliant. Big increases in the amount firms have to pay towards pension contributions are making it more expensive to employ people.”
According to the Federation of Small Business (FSB), the business rate increase means the average small company in London now has to find £33,000 a year simply to cover its rates bill. That’s on top of paying rent, NI contributions, corporation tax and running costs. Significant increases in the minimum wage haven’t helped many SMEs either although unlike the other burdens it has benefited employees.
It has become increasingly and depressingly clear that there is a lack of subtlety and nuance in many Government policies that affect UK SMEs.

What are the UK SMEs’ other main problems?

SMEs are said to be “the backbone” of the UK economy but a big problem is that there is no “one size fits all” solution to the pressures they face.
The start-up SME is very different from the established small business, a retail SME with a physical premises is very different from an online retailer yet there is very little recognition of this.
A newly-published British Chambers of Commerce (BCC) survey of 1,000 firms, many of them SMEs, found that almost 60% believe the tax regime is unfair on businesses like their own. The poll saw 67% of respondents say the taxman does not apply rules fairly across all sizes of business.
It quotes Suren Thiru, head of economics at the BCC, who argues that HMRC (HM Revenue and Customs) sees “smaller businesses as low hanging fruit and as a consequence they feel under the constant threat of being called out for getting things wrong in a tax system that has grown ever more complex.”
According to R3, the trade body of the insolvency profession, the Chancellor’s recent proposal to make HMRC a preferential creditor in insolvency is only likely to make the situation worse, by adding to the risk that banks and finance providers won’t lend without personal security and suppliers will be less willing to provide credit terms in the future.

Other issues raised by UK SMEs

One issue is that there is insufficient weight given to those businesses outside of London, with an uneven spread of investment that favours the capitol.
Bibby Financial Services’ confidence tracker found that there was patchy awareness among SMEs about local initiatives with just 54% local firms aware of the Midlands Engine and 36% of Northern SMEs believing that there is too much focus on the Northern Powerhouse at the expense of other Northern cities.
Then there is the difficulty SMEs have in accessing and negotiating Public sector contracts, not to mention the hurdles and perceived lack of help they face when accessing export markets. A 2019 survey by techUK of 101 SMEs across the technology sector, found that just 15% of respondents think that the government has an adequate understanding of the role SMEs could play in public sector provision.
To end on a more positive note I should mention one initiative which is beginning to show some success in supporting SMEs and that is the Prompt Payment Code. This follows the recent change that now allows the Small Business Commissioner, Paul Uppal, to investigate cases and to name and shame those large business offenders who continue the practice of late payment.
 

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Finance HM Revenue & Customs, VAT & PAYE Insolvency Rescue, Restructuring & Recovery

Update on the business rates and appeals fiasco

is anyone listening on business rates?In August it was announced that HMRC had sent in approximately 25 staff to the Valuation Office to fix the business rates appeal portal, which had been repeatedly cited by businesses as being impossible to use.
As the only mechanism now available for appealing non-domestic rate revaluation, the portal has been cited as the chief reason for an almost 90% reduction in appeals since the 2017 revaluation and just before this blog was due to be posted an article in The Times reported that a Government survey has revealed that almost nine out of ten businesses in the first stages of making an appeal using the portal were dissatisfied or very dissatisfied with the new system.
In the meantime, the numbers of business failures, particularly in the retail sector has continued to climb; many attributing the rise in rates as a factor.
Altus Group, a ratings adviser, reported in August that bailiffs had visited 81,000 businesses because of business rates arrears – an average of 222 businesses per day over the previous 12 months.
Last week, as reported in both the Daily Mail and the Daily Mirror, ONS (Office for National Statistics) figures had revealed that more than 51,000 high street stores had closed in the past year.
Yet more pain was added after the 2.7% August inflation rise was revealed with Altus Group predicting that businesses would face an increase of £819 million to business rates if inflation remained at this level.
Is the business rates system fit for the 21st Century?
There have been many calls for a rethink on business rates, from Rohan Silva and the British Retail Consortium which said they were “no longer fit for purpose in the 21st Century”, in the Evening Standard in late August, to Wetherspoon founder Tim Martin calling for a “sensible rebalancing” to create a level playing field for High Street retailers, earlier this month.
Vince Cable, Lib Dem leader, has called repeatedly for business rates to be replaced by a land value tax payable by landowners rather than by tenants while others have called for a reform of VAT into a two-tier system for physical and online retailers.
But there has been a deafening silence from the Government, with the exception of the Chancellor, Philip Hammond, who claimed many high streets had prospered and that high street retailers needed to evolve in order to survive – no surprise given all the many worthy and pressing claims for increased spending that he will have to reconcile in his next budget.
Business rates affect not only the retail sector but all businesses, a point often forgotten in the ongoing focus on retail.
Is the Government living in an alternative universe or has it become so fixated on its own internal squabbles over the “B” word that it is ignoring all the other pressing issues facing SMEs?
Is it listening to business?
STOP PRESS: The Times has also reported that since the appointment of small business commissioner Paul Uppal last December to tackle late payment to small businesses he has helped just nine SMEs to handle complaints, a topic to which I shall return in a forthcoming blog.
Here is a copy of my free guide to getting paid on time:
https://www.onlineturnaroundguru.com/p/getting-paid-on-time

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Banks, Lenders & Investors Business Development & Marketing General

The pros and cons of setting up business in the countryside

business in the countrysideThere are undoubtedly challenges to setting up business in the countryside but in this blog, I will argue that there are also benefits.
Obviously, for some businesses, such as those related to agriculture, leisure and tourism, a rural location is essential for access to customers, but it is taking a somewhat narrow view in an ever-more connected world to discount the possibility of moving out or setting up away from an urban location.
There are plenty of examples of all types of business, from digital media companies to engineering, already to be found in rural areas.

The drawbacks to setting up business in the countryside

High on the list of drawbacks are the adequacy or otherwise of the IT and transport infrastructures and the availability of employees.
For a business that relies heavily on IT and a decent broadband speed with uninterrupted access can be a problem. In theory, however, this is a problem that is already being addressed by the Government’s Broadband Delivery UK scheme albeit not quickly enough to suit some businesses.
The transport infrastructure may be more of an issue if your business needs access to a decent road system for the delivery of either goods or services, especially if you need access for HGVs, or to be sure that employees can get to work on time.
It is worth investigating the likelihood of planned work on roads with the local authority when considering a rural location.
Employees are also key, especially if you are moving location. While some people might be happy to move most are likely to need cars to get to work. The other issue is recruitment which can be a critical factor if you need skilled staff since they may not be locally available.
Amenities may be another issue, as rural areas experience a diminishing supply of local bank branches, post offices and village shops.

The benefits to setting up business in the countryside

A rural location does not have to be somewhere deep in the heart of a green landscape, although there are plenty of farms that have converted redundant barns into small business centres, if that appeals.
Scattered throughout the UK are plenty of small towns, many of which have industrial estates on their outskirts. It is quite possible that setting up your business on one of these will mean that in addition to a potentially more reliable IT and transport service, there will also be opportunities for collaboration with other, neighbouring businesses.
Equally, the cost savings may be considerable, not least on business rates, and it is often easier to access business support grants and other funding specifically directed at business in the countryside.
Recruitment and staff retention may also be easier as more and more housing estates are developed in smaller towns and those living on them may appreciate the opportunity to use their professional qualifications and skills to work locally rather than face a lengthy daily commute to an urban centre.
If you are thinking of setting up a business in the countryside it is also worth investigating the local crime figures. On the whole, it is still the case that the figures are lower outside of the urban areas but check with the local police for any schemes that that focus on protecting businesses.
There may be challenges to setting up a business in the countryside, but it is a mistake to discount the option without proper investigation.

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Cash Flow & Forecasting Finance Insolvency

How often should SMEs review business contracts?

review business contractsIn times of economic uncertainty, a careful business will regularly scrutinise its cash flow to ensure there are no hidden surprises.
When, as currently, costs rise profits decline unless sales prices, purchase costs and other expenditure are adjusted, and most businesses do this regularly by referring to their profit and loss figures in the accounts.
However, monitoring the management accounts does not keep an eye on the underlying obligations such as those for asset finance, service agreements or outsourced processes with both suppliers and customers where a review of these can identify scope for saving money.
Examples of cost savings following a review of contractual obligations include a recent client that was paying for computers on lease finance many years after the computers had been scrapped. The agreement provided for a three month notice that could have been terminated four years earlier. Another is the standard BT charge of £16.99 per month applied to business numbers to cover listing in their directory. It’s in the small print and very few clients seem to have spotted it.
Another good reason for a review of business contracts is that so many are old and out of date. An example is the agreement with suppliers. This is likely to have been struck as part of a credit application some years ago. An example is another client who had supply agreements with the major building materials suppliers including one with Travis Perkins that was fifteen years old. It was part of a credit application for as £10,000 facility and included personal guarantees given by the directors at the time. It was still in place despite all the directors having left and the facility being increased to £150,000.
So it makes sense to regularly review its business contracts.

Obstacles to changing business contracts

Having conducted a review of the contracts and identified any that are no longer fit for purpose, it may be necessary to seek expert advice and certainly to check the fine print as many contracts contain fees for early termination in the detail. Terminating leases is a particular area that needs advice.
While many agreements can simply be terminated against the contractual notice terms, others may require negotiation.
Even if terms for termination are reached it may be that help with drawing up a watertight and acceptable settlement agreement may be necessary. On the other hand, if agreement cannot be reached, this is where a specialist is needed.
Given the lack of legal experience and constraints on time in most businesses, reviewing contracts tends to be a low priority such that this should be done either as part of a formal annual review or it should be outsourced to advisers. As part of any review a company diary should be updated to flag any notice dates, termination dates and any specific agreements that might need a more frequent review.
What is not in doubt is that contracts should be reviewed regularly.

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Banks, Lenders & Investors Cash Flow & Forecasting Factoring, Invoice Discounting & Asset Finance Finance

Buy or rent? How can SMEs avoid some hidden pitfalls?

The words: “If it appreciates, buy it, if it depreciates, lease it” are generally attributed to John Paul Getty, the oil billionaire who died in 1975.
While on the face of it the maxim makes eminent sense, the economic world in which 21st Century SMEs live is infinitely more uncertain and complex, thanks to such influences as globalisation, the 2008 financial crash and, more recently, UK’s decision to leave the EU.
buy or rent contractsNot only that, most service suppliers want to lock in clients for long-term contracts similar to traditional property rental agreements.
Furthermore, long-term agreements, like financial contracts have become increasingly complex.
Modern businesses that provide lease or rental agreements often have terms and conditions that mean the lessee cannot just hand back whatever it has leased, not to mention the payment of financial penalties if they wish to terminate a lease early. These contracts mean that a business is left with a liability rather than an asset to realise.
If an asset is depreciating, it does beg the question as to whether a lessee shouldn’t wait for it to devalue to a point that justifies buying it second-hand. However, whether you are leasing or renting you will always be funding the depreciation, as well as profit for the vendor and lender.
Where a business is considering investing in new plant or equipment to facilitate growth the cashflow argument is that leasing allows it to upgrade or improve without making a substantial, upfront investment. This may not benefit profits when compared with alternative ways of funding the asset.
It can also make sense where a business depends on equipment such as office computers that can become obsolete in a relatively short time.
However, my perspective on this is that there is an assumption that everyone makes that there is, or can be, continuous growth and that therefore it is worth waiting to return an asset.  But if circumstances change you end up with the liability of having to continue paying when you no longer need it. An example of this is most cars are now sold under a PCP deal. Personal Purchase Contracts are not purchases but leases with horrendous terms that are applied to make the monthly payment look reasonable, however the cars cannot be returned early without incurring a huge penalty.
We would argue that the better strategy is to own or lease assets on short term agreements. Owned assets can be bought using hire purchase finance providing the asset can be sold with the funds clearing the HP settlement value. Shopping around for HP deals is likely to find a better one than that offered by the vendor. Short term agreements are more tricky and the small print needs checking but essentially you are looking to avoid being locked in to a long-term contract or one that is expensive to terminate.
You should be wary of long-term agreements with break clauses like those used in property lease agreements. They normally include conditional clauses which often mean the break clause cannot be triggered. One example is that all payments must have been paid o time, another is the notice period for triggering the break clause can be unduly long, and there can be many others.
While you might be familiar with agreements for office or factory premises and for company cars, plant and machinery, the above advice also applies to services including telephone hardware, telephone, mobile and broadband services, computer software, website hosting, email and IT services, office plants, hand driers, sanitary and other washroom services, alarm, security camera and guarding contracts, furniture, I have even come across concrete laid in the com car park provided under a long-term finance agreement.
When circumstances change businesses can find that being locked into a long-term agreement can turn an asset into a liability. Many long-term leasing agreements may look cheap but can become a straightjacket.
On the other hand, the asset can simply be returned if rented on a short-term basis or sold if the asset is owned. You will certainly improve your cash flow by saving the ongoing cost of rental or HP obligations and might even realise some cash.

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County Court, Legal & Litigation General Rescue, Restructuring & Recovery

The costs to a business of dispute resolution

dispute resolution clashing antlersIn an ideal world, most SME business owners would like to think that their business is so efficient and well-run and with such consistently good relationships with customers and suppliers that there is no likelihood of any dispute arising.
In reality, with the best will in the world given that people can be volatile or even unreasonable it is wiser to be prepared for the possibility that a situation may arise that results in a dispute that has to be resolved.
If it happens the associated costs may be so great that the result could be business failure.
By costs, we are not only referring to money, though if in the worst case the dispute ends up in court the financial costs of lawyers and court fees can be high, and more so where a court ruling goes against the business resulting in awarding costs against it including the other sides lawyers’ fees.
Add to that the worry and stress, and the time taken in trying to resolve the issue and preparing for court. Dealing with disputes is both distracting and takes focus away from the business itself, quite apart from uncertainty of the outcome.  There is also the risk that litigation can spiral out of control. These are also costs.
Whether the dispute is small enough to be referred to the small claims court or something larger the outcome may be damage to relationships with suppliers or customers.
Too often small disputes spiral out of control with disastrous consequences for some but for many it is an unwelcome and uneconomic distraction.

Alternative forms of dispute resolution

There are two main routes that a business could follow rather than trying to settle things in court.
One is to appoint a neutral third party, acceptable to both sides. This person would help them both clarify the issues under dispute and negotiate a mutually acceptable solution. Once agreement has been reached the parties would draw up and sign a binding agreement.  This process is called mediation and is considerably less costly than dispute resolution in a formal court setting. It depends heavily on the skills and expertise of the mediator and the willingness to arrive at a consensus.
A slightly costlier, but still less so than a court case, is the process of arbitration.  Again, this depends on a mutually acceptable neutral person whose judgement will be accepted as being impartial.  Normally the disputing sides will be required to sign an agreement stating that the arbitrator’s decision is binding on them. The arbitrator will then examine the evidence, hear both sides’ arguments and then impose a settlement.
Either of these two alternatives must surely be preferable to ending up in the adversarial situation that exists in a court of law, not only for saving costs (both financial and otherwise) but ultimately in saving a business from the risk of failure.
Given the cost saving it may be worth reviewing the relevant clauses in contracts to make an alternative dispute resolution option binding instead of the standard terms used in most agreements that refer to court as the default resolution procedure.

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Cash Flow & Forecasting Finance General

SMEs – don’t be caught out by April’s Road Tax changes

Road Tax April 2017 K2 Partners Business Blog

The Treasury is looking for ways to significantly increase taxes and one recent initiative was to change the duty on cars.
New Road Tax rates (aka Vehicle Excise Duties/VED) will come into force in April for all new cars registered on or after 1 April 2017.
In the first year, the changes, which were announced in the July 2015 budget, will only apply to new cars but the likelihood is that when the new system is fully in place in 2018 there will be further changes perhaps not only covering newly-registered cars.

What will the Road Tax changes mean?

Different rates will apply to cars with a purchase price below £40,000 and for those costing £40,000-plus. The tax applies to all new cars.
According to the HMRC website “First Year Rates (FYRs) for Road Tax (VED) will vary according to the carbon dioxide (CO2) emissions of the vehicle. A flat Standard Rate (SR) of £140 will apply in all subsequent years. except for zero-emission cars for which the SR will be £0.
“For cars above the £40,000 cut-off there will be a supplement of £310 on the SR for the first five years, after which Road Tax will revert to the SR of £140.”
You can find a full list of the rates here.
Primarily a revenue generating exercise for the Government, the new rates could have a significant impact on SMEs, whether they are buying new cars outright, or via asset finance or are leasing them.
Among those affected will be private hire and taxi businesses, many of which are owner-drivers. Given the high mileage that they do if they are successful businesses their cars are likely to need replacing more frequently, especially as all such vehicles are subject to annual local authority checks for licensing to ensure they are roadworthy and in sufficiently good condition to carry passengers.
But any SME that maintains a fleet of cars, perhaps for their sales force or for employees whose position requires them to visit customers and clients, may face significant increases in costs, especially if the company, rather than the individual user, is responsible for paying the Road Tax.
Lease hire agreements usually include the funders renewal of road tax as part of the service.  It is likely that the extra Road Tax costs will be passed on to the lessee as part of their monthly payments.

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Cash Flow & Forecasting Finance General Insolvency Rescue, Restructuring & Recovery Turnaround

Van delivery businesses operate on very slender margins

van delivery serviceCourier and other delivery services that operate using vans do not need one of the three main types of operators’ licences required in the UK if their vehicles have either a gross plated weight (the maximum weight that the vehicle can have at any one time) below 3,500 kilograms (kg) or have an unladen weight of less than 1,525 kg (where there is no plated weight).
Generally, one of three business models applies to these types of companies. They are either companies that have their own vans, or they are one-man van companies or two-man van companies.
In terms of labour the two-man per van model, which specialises in loading and delivering such things as furniture and white goods, is the most costly to run.
But in all three cases the full costs of operating the business are going up significantly because of fuel price inflation, exchange rate fluctuations and the incredibly competitive market in which it operates. And the cost of vans and parts is likely to rise since the recent change to exchange rates.

Can van delivery businesses become more efficient?

Efficient fleet management is key. We came across a case of a company operating its own vehicles that had agreed to a delivery deadline for the goods from their factory.
However, one item was not ready so the factory manager decided to send out all those goods that were ready then have the van deliver the missing item the next day. This doubled the transportation costs and as a result crystallised a loss on the order. The factory manager had simply treated the van as a convenience and not a cost to be managed. There were many alternative options but all too often convenience is chosen without regard to cost or efficiency.
Another problem faced by some delivery companies is that they are operating under a franchise model using self-employed drivers. The recent ruling against Uber is likely to significantly add to these companies’ costs because they will have to comply with employment laws and the pay minimum wage unless an appeal overturns the verdict.
A third issue is the cost of warehousing where delivery companies are receiving goods into warehouses for onward delivery or storage and calling off. This model introduces the additional burden of tracking goods and having an efficient system in place to manage both storage, retrieval and delivery. While this provides scope for adding value and charging a premium, it requires investment and training which are all too often ignored and lead to the business failing.
One area that seems to justify a margin is handling valuable or specialist goods such as art or glassware. While it can take time to build a reputation, the relationship with customers can change from simply being all about cost to developing a partnership.
Manufacturers however are often wise to outsource deliveries which will allow them to focus investment and training on their factory.  But like the first example, duplicated journeys are expensive so deliveries need to be managed.
As to the van delivery companies, the competition in the market is fierce and it is likely that there will be considerable insolvencies as costs rise. Survival and profits are all about systems and volume, or specialism.

Categories
Business Development & Marketing Cash Flow & Forecasting Finance General Rescue, Restructuring & Recovery

Labour's promise on zero hours contracts may result in a rise in unemployment

The run-up to an election can be relied on to generate ambiguously-worded promises that may or may not be delivered by the eventual winner.
One such is the promise in Labour’s manifesto to “ban exploitative zero hours contracts so that if you work regular hours you get a regular contract”.
This pledge has been truncated in some media to “ban exploitative zero hours contracts”.
Either way the pledge could be read in more than one way. Is it a complete ban on all zero hours contracts or is the key word here “exploitative”?
The fact is that a zero hours contract can be very useful, particularly for SMEs to justify employing staff. In a volatile market it gives a company flexibility and allows it to keep overheads as low as possible by tailoring the workforce to demand. Orders cannot be guaranteed and businesses will behave rationally. If they cannot use zero hours contracts then they have other alternatives such as overtime for existing employees, to simply not take on the work, to outsource it to low-wage or more flexible countries, or they can use agency-supplied workers.
There is one aspect of “exploitation” that does need to be addressed which is when an employer makes the contract exclusive to them thus preventing the employee from taking any other work to fill in the gaps.
It is acknowledged that there is an issue for employees due to the lack of a guarantee of a minimum level of hours. There is however a market for jobs whereby employees will weight up the wages and security offered by some employers against those of others and behave rationally. It is also why the market for jobs needs to be underpinned by an effective unemployment benefits system.
So what is Labour really proposing? To close the loopholes that allow exploitation by allowing workers to have more than one zero hours contract? To get rid of zero hours contracts all together, and replace them, with what? To limit them somehow, whether a maximum period of work, or by size of employer?
Absent all other factors, any major reduction in the use of zero hours contracts will result in a rise of unemployment. This may however be the real objective of Labour’s paymasters as it is believed that very few employees on zero hours contracts are members of unions.

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