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Why incorporate?

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You’ve been successfully running a small business for quite some time, and you’re doing it as a sole proprietorship or a partnership. Well, good for you—you’re one of the entrepreneurs who make our economy grow strong (a great majority of economic growth comes from the small and medium business sector). But do give a thought about incorporating.

Why incorporate? Well, why not?

For one thing, incorporating will create a new legal entity, and can protect you from whatever liability you may have as an individual. You also get some tax perks, which will generally improve the business’ cashflow.

It’s not usually difficult to incorporate. It only takes but a few hours to at least a day. In the end, the small amount of time and effort (and money, of course) you will have to spend on incorporating will be well worth it. It makes good business sense, after all, to think of the long term and the bigger picture.

New software helps deal with absenteeism

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Based on a survey conducted by the Employment Law Advisory Services (ELAS), about one in four small and medium sized business has had more staff taking sick leaves than it has taken action against.

But almost 90 per cent of businesses have revealed that they would actually discipline their workers if they were legally confident in doing so.

Armed with this information ELAS has released a computer program that will help employers stay within the bounds of the law. The software, a personnel package, will not only keep a record of a worker’s sick days but also alert managers when the levels of absenteeism has already become a problem. The program will then guide them through the correct disciplinary measures to take.

Company formation and business solutions experts agree that these innovative way of handling the absenteeism problem will be a boon to employers who do not know how to go about disciplining lazy staff.

UK vacancies dominated by service-oriented jobs

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Based on a new Jobcentre Plus survey of 4500 employees, almost 43 per cent of the 3.4 million job openings last year went to service jobs like bar staff, unskilled labourers and packers. There were also significant openings in the sales and customer services occupations.

It was also reported that a quarter of all employers hired or attempted to hire staff last year. Small companies accounted for half of the employers who are trying to recruit new staff.

It also looks like that entrepreneurs who have started their own business and operating it are looking for motivation and flexibility in their employees, followed by verbal communications. Interestingly, regardless of the experience of the applicant or the type of occupation being filled, the same wished for skills come up.

DTI research debunks myths about small business (Part 2)

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In a previous blog entry the newly released research of the Department of Trade and Industry on business myths was discussed. The research, entitled Myths Surrounding Starting and Running a Business, debunked a number of myths about starting and operating a small business. Here are some more myths that the research debunked:

* MYTH: It would take years to start a business from the ground.
* FACT: Most businesses are usually formed within six months.

* MYTH: The rejection for business loan applications is so much higher than it is.
* FACT: Only 10 to 20 per cent of applications are actually rejected.

* MYTH: It is hard to make a living from a start-up.
* FACT: People’s income estimate in their first year of trading is just half of the figure that is really achieved by small businesses.

Business cards subject of new research

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According to research done by Prof. Cary Cooper of Lancaster University Management School and commissioned by the Entwistle Group, most business owners choose bad designs that pay no attention to who they are trying to impress.

Cooper said that business cards should be “the central part of a company’s marketing material.

The Entwistle Group suggests that business owners should design their business cards with a specific set of potential clients in mind.

Company formation and business solutions experts say that this is quite a new insight into the subject of business cards. They advice that this kind of research won’t hurt businesses and business owners could opt to try these new innovative ideas to enhance their business.