Welcome to this latest issue of Business Matters, the Lyness Accountancy Practice Limited Newsletter which we hope finds you, your family and your friends safe and well because right now that remains the most important thing for all of us.
With the vaccine rollout currently continuing at speed there does now seem reason for optimism that the world will begin to wake up again.
We’re under no illusions, it will take some time to repair the damage of the last 12 months and some businesses will still fall by the wayside.
That is why we continue to urge everyone to assess your business needs in the coming months very carefully.
The Government backed loans are still an excellent way to access funding and unless there is another extension to the deadline they are only available until March 31, 2021.
If you haven’t applied yet it would be a great idea to request our simple cashflow forecasting tool and use it to examine different trading scenarios to see what cash you might need to get you through. To get your copy email [email protected].
There is no cost to a government backed loan for 12 months after which you could repay it free if subsequently you don’t need it. But it’s there as a buffer if you do!
DOING BUSINESS FOR GOOD
Lyness Accountancy Practice Limited are proud to announce that we have become members of the B1G1 community, a global movement committed to “Doing Business For Good”.
But what does that mean?
In 2007, B1G1 started with a simple idea “What if every business could make a difference in their own way, just by doing what they normally do?”
And this simple idea is now a global movement with more that 2,950 members.
Today, B1G1 is run by a social enterprise (registered company in Singapore) and non-profit organization (501(c)3 registered in the US) with a mission to create a world that’s full of giving.
B1G1 specifically helps small and medium-sized businesses achieve more social impact by embedding giving activities into everyday business operations and creating unique giving stories.
Member organisations choose their own giving points ranging from things like raising an invoice to surviving another day on this planet.
Giving is small but impactful because B1G1 breakdown the cost of providing the help into understandable chunks.
For instance taking the total cost of providing an e-learning facility for a rural village in India and dividing it by it’s longevity means it costs just pennies to give each child a month of e-learning or to provide a meal for a homeless person in the USA.
There are over 500 projects all across the world, including the UK, being supported by members covering all 17 of the UN sustainable development goals.
At Lyness, we have begun to identify our touch points where just by doing what we do on an every day basis can be used to help these projects, including when:
- We file your accounts at Companies House
- When we file your tax return with HMRC
- You attend the Lyness Growth Academy – we will make an impact for every person that attends every meeting
- By Living another week on this planet
Everyone at Lyness Accountancy Practice Limited is excited to be helping to make the world a better place just by doing what we do every day.
Email [email protected] to request an e-book explaining more about the work of B1G1 including a forward from ourselves.
UN Sustainable Development Goals
- No poverty
- Zero hunger
- Good Health and Well-Being
- Quality Education
- Gender Equality
- Clean water & sanitisation
- Affordable & Clean Energy
- Decent Work & Economic Growth
- Industry, Innovation & Infrastructure
- Reduced Inequalities
- Sustainable cities and communities
- Responsible production & consumption
- Climate Action
- Life Below Water
- Life on land
- Peace, justice & strong institutions
- Partnerships for the goals
52 Reasons Why Some People are Much, Much More Successful in Business than Others
If you were part of the February 2021 Lyness Growth Academy Meeting you will recognise the above title because that was what we covered during the meeting.
The concepts are so powerful we decided to share them with everyone and will therefore feature them in the next few issues of Business Matters.
Success is of course relative, and what’s important to you may not be important to the next person but we’re willing to bet most people would fall into one of the following categories, they want:
- More Profit
- More Fun (less hassle)
- Less time at work (more life)
Don’t let anyone else tell you what success looks like for you, your own strategy should aim for what you want in life but many of those in our 52 reasons are from mega-successful entrepreneurs.
But at least one idea will have the potential to dramatically improve your business and your life…
It just depends what you do with it!
1. Set goals. In writing. And remind themselves every morning. Research shows this can make you over 30 times as likely to succeed.
And remember a wise man once said if you don’t have goals for yourself you will forever work towards someone else’s.
2. Start with the end in mind. When they started their business, they had a clear vision of what it would be like when their plans came to fruition.
3. Use the 80:20 principle. They direct their effort and energy to the 20% of the things which make an 80% difference.
4. Give their customers what their customers want. Instead of just supplying what they know how to supply.
5. Find out what their customers actually want. Instead of assuming they like what they’re getting. Or just giving what everyone else gives.
6. Find out what their customers hate. And make sure it never, ever happens.
7. Find out what really turns their customers on. And make sure it happens, every time.
8. Know where their customers are coming from. By asking, recording and analysing every enquiry.
9. Aren’t scared to ask their customers what they think of them.
10. Ask their teams’ opinions. They often know how to do the job better. But no-one asks them.
We will continue with this list next time but why wait to find out more, email [email protected] and ask for our free 52 Reasons E-book or ask for a link to the recording of our 52 Reasons Growth Academy Session.
THE LAST WORD
What Will the Budget Hold?
Rishi Sunak will set out his plan to steer the country through the coronavirus crisis on March 3rd.
The Chancellor will deliver his annual budget on that date and it is sure to focus on the path to recovery from the pandemic.
This will be the Chancellor’s second budget in a tenure that has been more than challenging.
Last year he’d been in the job just a few weeks when he had to rush to put his budget together but those issues will seemingly be dwarfed by the task this time of trying to repair an economy battered by the virus and to save jobs with so many businesses forced to close.
The Institute for Fiscal Studies are said to be warning the Chancellor to hold back on tax rises and concentrate on fixing the covid crisis.
The independent experts told the daily dress “This will be just Rishi Sunak’s second Budget, but his 15th major fiscal announcement. In it he needs to strike a balance between continuing support for jobs and businesses harmed by lockdowns, and weaning the economy off blanket support which will impede necessary economic adjustment.”
We’ll find our what Mr. Sunak thinks on 3rd March but figures tell us that the UK economy has shrank at it’s fastest rate since the 1920’s – Putting that right will be some challenge!
JOIN US AT THE LYNESS GROWTH ACADEMY
Online at 10am on the second Tuesday of every month
HELPING YOUR BUSINESS SURVIVE & THRIVE
Do you want to secure your financial future and grow your personal wealth? Do you want exclusive access to the expertise and tools that will make this all possible? Then it’s time you join the Lyness Growth Academy.
- Monthly online business club
- Meetings, seminars and videos
- Extra Support and training on the Core Asset Free Business Development Program
- Discounts on trusted advisor services
- Telephone support, help and advice on commercial business issues
- Meetings online on the second Tuesday of each month
- Free to Clients, Non Clients £77 + VAT
Book your place now at the next Lyness Growth Academy meeting