Richard Godmon, a tax partner at top 25 accountancy firm, Menzies LLP gave some insight on the implications of the Chancellor’s announcements for UK businesses as they get on the road to recovery, after pandemic-related disruption.

Welcoming today’s budget announcement, which commits additional funding to skills development, trade bodies and professional associations across the UK are calling on the government to support industry-led jobs and skills training programmes – to address the UK’s digital skills crisis and strengthen its economic recovery from coronavirus.

A recent Utility Bidder article reveals that hybrid working offices could save businesses up to a net of £1.6bn. 

In 2019, the Telegraph revealed that 20% of new ventures will fail within just 12 months of opening their doors, with that figure climbing to 60% within the first three years.

The COVID-19 pandemic has steered the banking industry worldwide towards digital transformation. Traditional financial services became redundant overnight leading to a historic rise in the adoption of fintech platforms across the world. Cashless payments became more popular due to the need to lead our daily lives in a contactless manner.

From the time of your initial idea, you will have been thinking of all the very many steps necessary of turning your vision into reality. One of the first steps when starting up is to consider how you will build your market, and as you scale this will remain at the forefront of all that you need to do. 

Here’s an interesting fact, companies founded by women bring higher returns from investment. According to a study by Boston Consulting Group, the return from each dollar invested in a 'woman-led business' is nearly twice as high, and the total revenue over a five-year period exceeds the earnings of male-run businesses by around 10%.

The digital transformation is bringing significant benefits for firms of all sizes. From new revenue opportunities to reduced transaction costs to better access to information, digital technologies are boosting performance and profitability.

While you should be proud that your kid can speak fluently in your native language, learning a second language at an early age can open doors to many more opportunities.

I would be lying if I said that raising capital as a female Founder is an easy process. Even those that make it look easy, have faced invisible barriers that aren’t present with their male counterparts. What I have learnt, however, is that having this knowledge - that I am a woman (and woman of colour) and that I am on the backfoot - simply doesn’t help me at all.

Successful companies understand that its workforce is its biggest asset. Their collective knowledge and skills set a company apart from its competitors, making them the backbone of the organisation. Therefore, arguably the greatest investment you can make is in your people.  

The startup phase is full of energy and excitement. That being said, taking the time to think about accounting and bookkeeping is a bit like asking which neighborhood wants to sit out the pickup ballgame to serve as scorekeeper.

Placing a 30-second advert in the Super Bowl costs about £4 million. A billboard in Times Square might run you between ​​£1-2 million for a month. Even placing a simple spread in a popular magazine will typically start in the tens of thousands.

Customer Acquisition Cost (CAC) is the cost of acquiring a customer to purchase products. It works along with the Customer Lifetime Value (CLV). CAC is an important term for growth businesses.

Alongside inventing the first parachute and helicopter, Leonardo da Vinci is credited with creating the first CV. In 1482 he wrote to the Duke of Milan to try and secure some work. And it worked. The Duke become a fan, commissioned da Vinci for The Last Supper, and the rest is history.