How Can The New Enterprise Allowance Help Business Startups?

Posted on September 5, 2014

Man with laptopThe British economy has always been characterised by being open to a large number of forward-thinking and adaptive initiatives. As a result, the United Kingdom has a dynamic business culture, and this fact has certainly played an important role in the country’s post-recession economic recovery. A growing number of business startups is considered one of the most important characteristics of a healthy economy, so it should not come as a surprise that many governmental schemes are geared towards facilitating the appearance of new business ventures. According to the Federation of Small Businesses, during the first two quarters of 2013, more than 90,000 business were launched across the UK, the majority of which were small ventures. But the UK has potential for much more than that, and it is precisely due to this reason that the British executive has made a special effort to revive the Enterprise Allowance business scheme. Take a look at how this initiative can help new business startups in the UK.

An introduction to the New Enterprise Allowance

What exactly prompted the development of this business scheme? In the first place, we must clarify that the New Enterprise Allowance is not exactly new. In November 1981, the Thatcher government launched the Enterprise Allowance scheme, which aimed to tackle high unemployment levels and to boost entrepreneurial culture across the country. Therefore, the objective of this initiative was two-fold: first, it hoped to get people back into work; and second, it aimed to improve the country’s economic indicators by offering financial support to entrepreneurs. The original Enterprise Allowance consisted of weekly payments of £40, an amount that was certainly much more desirable than the £26 per week paid to those on unemployment benefits.

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Office Requirements: Office Equipment

Posted on August 29, 2014

Multi functional office machinePrime Office Space has compiled a series of guides to help you with all your Office Requirements needs including Office Planning, Office Equipment, Communications Equipment, Office Furniture, Computer Software, Computer Equipment and Office Supplies.

This week we will be looking at:

Office Equipment

Office equipment is an integral part of any business. Before choosing your office technology or hardware, you need to consider the following:

• Choose the right printer equipment for the volume of printing material your business requires. Inkjet printers are low-cost, and provide good quality black and white and colour prints, whereas laser printers are more expensive because of their speed and quality of printing. Do a thorough market research a select a reputable brand that can meet your business needs. Reputable doesn’t necessarily mean expensive. You may find state-of-the-art technology at a low cost.

• For copiers, it is important to consider the value for money in terms of time. If your copier is slow and you constantly outsource promotional material and sales brochures at a high cost, buy a new copier that can print in colour and save money. Other things to consider are response time (how quickly the machine warms up), volume usage and paper handling (paper capacity). Ideally, a good, reliable, low-cost copier should be able to handle a wide variety of paper sizes and index cards (versatility).

• Fax machines have become all-in-one machines as many of them are also printers, scanners and copiers. Make sure to choose a reputable brand with a quick and reliable service, especially if you work with an all-in-one machine.

• When purchasing hardware, ensure compatibility with existing systems. Ideally, all desktops, laptops and computer peripherals should be the same brand to facilitate service. Additionally, an upgradeable hardware will allow you to add more memory in your computer if necessary.

• When purchasing software, it’s better to select software products with 24/7 support. Should anything go wrong in the installation or the compatibility with your existing operating system, you will able to contact the vendor and get technical assistance

• Select a reliable vendor and stick with them. Changing vendors may cost you time and money. In contrast, building a solid relationship with a reliable supplier will mean better service, better deals and timely delivery.

• Proper maintenance and support is very important. Make sure you have a warranty protection or a service contract to guarantee your equipment won’t be out of service and/or commission for long.

In conclusion, selecting the right office equipment while staying within budget requires good knowledge of the business needs as well as of technological advancements. The best thing to do is to consult the IT department and get the office equipment that can help you improve your operating results over the next years.

Next In The Series: Communications Equipment

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Liverpool Waters Regeneration Project

Posted on August 21, 2014

Liverpool Docks

Liverpool Waters is a redevelopment project that will transform Liverpool’s northern docks. The project will create a world class mixed-use quarter in the city centre from mostly redundant and derelict former docks. It will also provide significant economic benefits to Liverpool and the surrounding region, including thousands of new jobs. The project will also dramatically change the city’s skyline with new office towers, hotels, and residential development.

About the Project
Liverpool Waters is a 30-year vision for the Mersey Waters Enterprise Zone, one of Liverpool’s most important commercial centres. The project is led by the Peel Group, a private real estate, transport, infrastructure and media investment company based in Manchester. Liverpool Waters includes the creation of a mixed-use quarter with improved infrastructure between the city centre and the north end of the city. The regeneration project is one of the largest single-ownership, port-city development schemes in Europe according to its developer

Announced in 2007, development as part of the Liverpool Waters regeneration project is expected to take thirty to fifty years. The site’s first planning applications were submitted in 2004. Following community consultation on the proposed plans, Liverpool City Council granted planning permission for the Liverpool Waters project in 2012. The project is complemented by the Wirral Waters project on the west bank of the Mersey. The site will include a new 55-storey tower, which will become the tallest building in the North West of England.

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Office Requirements: Office Planning

Posted on August 15, 2014

Open Plan Office LayoutPrime Office Space has compiled a series of guides to help you with all your Office Requirements needs including Office Planning, Office Equipment, Communications Equipment, Office Furniture, Computer Software, Computer Equipment and Office Supplies.

This first week we will be looking at:

Office Planning

The workplace environment should be functional and ergonomic and provide balance in the body and the brain. The following suggestions can help you make the best use of your office space.

Maximum utilisation of workspace is very important for good business flow. Several industry studies conclude that the daily average maximum utilisation rate of workspace is around 48%. The functionality of the workspace is a key factor for employee satisfaction and performance and although the trend of less office space is justified by the recession, still there should be enough space per employee to push their chairs away from their desks without bouncing on a colleague, and to promote basic ergonomics. Especially, in open plan workplaces, where managers have their own offices and employees are all in an open office environment, it is important to consider a clustered arrangement of cubicles so that more people can be accommodated and the good energy flow is facilitated. The only thing to consider in such arrangements is confidentiality.

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Advice Guide for New Business Start Ups in the UK

Posted on August 1, 2014

Man writing brainstorm notesThe first step for a business start up is to develop a realistic idea, which can turn into a profitable product or service. In the UK, there are four different support groups, for England, Northern Ireland, Scotland and the Wales, which provide help with developing new business ideas. Additionally, you need to protect your intellectual property and register your business as a sole trader, limited company or business partnership.

The following are steps to follow for a new business start up in the UK.

Targeting the right audience

For a business idea to turn into a profitable venture, you need research your target audience and identify your customers. Ask people what they need. The goal is to meet a special need, not just to develop an idea. In doing so, you will make sure that your customers will pay for your product or service. Prepare a basic version of your product or service and test it with your customers to get a feedback on how it works and how they feel about it. Try different prices with different people to understand what customers would pay for your prototype. If necessary, adjust your product or service to their needs. If there are competitors in the market, think of ways to differentiate your product in a way that will guarantee a competitive edge.

Funding your start-up

Perhaps the most difficult part of the process is to get funding. There are many different sources of business financing to leverage the costs of a business start up, but the point is to choose the one that fits into your financial schedule and meets your requirements.

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The UK Government’s Economic Policy

Posted on July 25, 2014

Map of the United Kingdom covered in the Union JackThe financial crisis of 2008 uncovered an unstable model of economic growth in the UK, which was based on unsuccessful policies of government borrowing. The UK debt has increased massively, doubling to more than GBP1tn in the period 2008-2013, mainly due to the financial crisis and subsequent recession. The UK government’s main economic goals are economic growth, low inflation, low unemployment and fair distribution of income. To achieve these goals the UK government implements: (1) fiscal policy to control government spending and taxation, (2) monetary policy to control the cost of borrowing and the interest rates and (3) proper legislation to control what businesses can produce and at what cost. All policies aim to encourage consumer spending.

Government Spending

It is estimated that the UK government spending exceeds GBP400bn annually, while nearly the same amount is collected from taxes. Nearly GBP135bn are directed to welfare benefits, including pensions and unemployment benefits, while GBP265bn are directed to health, construction, education, defense, and law and order activities. In fact, businesses in particular industries benefit from the increase in government spending in particular sectors. For instance, increases in health spending benefit businesses that offer medical products.

Taxation

Taxation policy has an impact on business costs. For instance, a higher tax on business profits will increase business costs and consequently, the tax will be passed on to the final price. Therefore, consumers will have to pay a higher price for the products or services. Potential increases in taxation affect both economic growth and consumer spending. If consumer confidence in the UK government declines as a result of higher prices, consumer spending will decline as well, and economic growth will be effectively affected.

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The UK Office Market So Far In 2014

Posted on July 18, 2014

One business man handing keys to anotherThis year, the UK’s commercial property market has many reasons to celebrate. Activity has been expanding at its fastest rates since the beginning of the year, and performance ratings hit the 30.7 per cent mark in June. The figures are particularly encouraging for the office market, which has been expanding for 22 consecutive months. Office activity levels across the UK have exceeded the 35 per cent mark for the first time in years. So how exactly is the UK’s office market doing so far and what are the key figures that prospective occupiers should keep in mind? Find all the details in this post.

An overview of the British office rental market

The IPD monthly index for May showed evidence of positive rental growth among all commercial sub-sectors. Specifically, rental growth levels for office space averaged 5.27 per cent during the first two quarters of the year, with areas like the West End and the City delivering the highest growth rates in the country at more than 10 per cent.

This year, the office rental market has been characterised by a steady decline in Grade A office accommodation and for a growing demand for large office premises (50,000 square feet and above). Market analysts attribute this trend to the expansion of the manufacturing and the TMT sectors. The declining availability of prime space has resulted in increased demand for refurbished rental office space across the country. Read through the next section for a breakdown on the market’s performance.

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The UK Economy so far in 2014

Posted on July 11, 2014

Twenty pound note on a graphAccording to a recent report published by PricewaterhouseCoopers, the British economy is set to become the world’s fifth largest by 2020. For the time being, the UK economy is certainly on its way to recovery following a long and severe period of recession, and growth indicators are evident across a large number of industries nationwide. But how exactly is the British economy doing during 2014? In this post we take a look at some interesting figures on this matter.

Sound economic recovery is well underway

At the end of 2013, economic analysts at the British Chambers of Commerce raised the UK’s GDP forecast for 2014 to 2.2 per cent, a figure that represents a substantial improvement over the previous growth forecast of 1.9 per cent. A few months later, the Confederation of British Industry (CBI) announced that economic performance had in fact been stronger than expected during the first months of 2014. Economists working for the CBI affirmed that the British economy has been growing at its fastest levels since 2007. The new data forced market analysts to re-adjust their growth forecasts to 2.6 per cent.

Of course, such levels of growth are only possible thanks to a combination of factors. More specifically, raised growth levels can be attributed to higher than expected levels of business investment. According to experts at the CBI, a reduction in the cost of borrowing and generalised consumer confidence have spurred the number of investment opportunities. It is expected that business investment growth will reach 6.6 per cent by the end of 2014. This seems highly feasible when one considers the latest official figures, released by the Office for National Statistics in June 2014. These show that business investment levels grew by 5 per cent during the first quarter of the year, and are the highest experienced by the economy during the past two years.

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The Best Ways to Make your Office more Comfortable and Inspiring

Posted on June 20, 2014

Business Woman SmilingNowadays, many employees consider that the office is something like a second home. Throughout their working lives, average office employees in the United Kingdom will spend more than 99,000 hours at the workplace, and the figures can quickly add up once you start taking into account overtime.

In view of the above, it only makes sense that caring office managers and others in managerial positions may want to ensure that their office environment is as comfortable and inspiring as it can be. Although some may see this as a costly and unnecessary investment, the truth is that a little effort will go a long way in terms of boosting staff morale and improving productivity levels in the office. As research has shown, making the office more comfortable is not just a matter of improving its appearance, but also an effective way of creating a positive and healthy working environment. In this post we have listed some effective measures that you can implement in the office to achieve this beneficial goal.

Invest in good-quality ergonomic office furniture

If you are going to spend a quarter of your day sitting at a desk, you may as well do it comfortably. Don’t limit yourself to chairs though, as today there are many different types of ergonomic furniture available that can make a big difference to the comfort levels of your office. Consider things like adjustable height desks, monitor arms, keyboard trays, mouse platforms, or even kneeling chairs. The benefits will surprise you, as they include everything from improved mental function to a reduced risk of developing chronic injuries, such as carpal tunnel syndrome.

Improve the lighting fixtures

The human body reacts very strongly to lighting conditions, and in fact, our body clocks are mostly dictated by how much or how little light we are exposed to. Poor or inadequate lighting in an office environment is one of the major causes of migraines and decreased productivity. Similarly, continued exposure to fluorescent lighting can trigger anxiety and depressed moods.

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How To Plan An Office Move

Posted on June 6, 2014

Moving BoxesAn office relocation is something that many business owners have to consider at some point, whether they are in the process of expanding the company or moving to a new area. The complexity and risks associated with an office move should not be underestimated. Changing offices can be as stressful and delicate as going through a merger or appointing a new CEO. Yet, there is no reason to be alarmed, as there are various things you can do to ensure that your office move is successful. Below you will find some sound advice on how to make the transition as smooth as possible.

Anticipation is the key

Office moves always entail a certain degree of disruption to the daily running of a business. While there is very little that you can do about this, you still have some control over the degree of disruption that an office move causes to your company. Anticipating the hurdles and complications of an office relocation is the single most important thing that you can do in this respect.

The first thing to do is to assess the risk level of your office move. What will the main challenges be? These will vary from company to company depending on your line of work. Is there a lot of inventory to be moved? What about equipment or communications infrastructure? Can you afford any downtime at all during relocation? If so, what will be the financial cost of it?

You then need to plan the logistics side of it. What will happen to the existing furniture? Will you be better off moving into serviced offices? What will happen to your records and files? Will your office move present an opportunity to invest in record management? How and when will contractors or vendors be notified? Remember to create a realistic schedule. Many companies take up to one year to plan an office move, depending on their size and/or office move risk level.

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