Business Articles

Creating the Budget in Your Business Plan

A business plan presents the story of how your business will launch and then operate. A budget detailing the startup expenses you will encounter must be included to show funders how their money will be spent. Here are tips on planning that budget.

Expert Overview

To start off, get a general sense of the cost categories for a startup business in your industry. To do this you should do some online research on websites for your sector which go over the expense categories. Then try to speak to experts. An entrepreneur in a non-competing market who started a similar business or someone at an industry association could be a great help in this regard. From this person you should be more interested in the range of startup costs they incurred and the general categories, rather than in their precise budget. You will have to customize your budget for your business and the market you are operating within anyway.

Example Categories

Some of the example categories for startup expenses you might encounter are licensing, insurance, and legal fees, leasehold improvements on a rental space, equipment purchases, initial inventory of products, training and education fees, and a pre-launch marketing campaign. Other categories will be specific to your type of business. For example, if you are starting a franchise, paying the franchise fee will be a significant category. Outline all of these categories on a spreadsheet to prepare to fill in estimated costs for your business.

Filling In The Details

Next you must research these expenses one by one through online searches for vendors and suppliers, as well as phone conversations when prices are not offered online. For items you will purchase repeatedly or will cost thousands of dollars, make sure to check a few sources for the right combination of price, quality, and service for you. Keep all of the details on the information you find about the services offered by companies and individuals you contact. You can use this process to gather much more than pricing information and therefore better prepare for your launch. While time consuming, there is no better way to find out the costs you will incur than speaking directly with providers you may actually use.



What Makes A Good And Efficient Asset Recovery Firm

There have been many instances of companies whose data centers and network assets were damaged or completely obsolete, it is therefore very important to find ways to perform asset recovery. Asset recovery may include removal of all assets in a safe and reliable manner. This is where a professional company which is honest and reliable in the recovery of assets can provide services.

One of the reasons why many companies are becoming really involved in the recovery of assets is due to the issues of liability and environmental risks that may arise due to the disposal of equipments and assets. It is for this reason why a company should look properly at the aspect of the responsibility that may arise as well as the aspect of recycling in a proper way.

Asset recovery also includes the proper dismantling, sorting out, sale of materials and commodities, proper shredding, separation of glass etc. and preparing a final report on the items that was disposed and the manner in which it was disposed off. This is one of the reasons why many companies are properly and systemically documenting disposal of their information technology assets which have become outdated and are also giving priority recognition to asset recovery.

A reputable asset recovery company should be able to handle the red tape involved while documenting the asset recovery. This is necessary when a company is updating an existing computer network, transferring the important data and disposing of the equipment that has become old and obsolete. A good asset recovery company should also be capable of handling all the aspect of disposal of the outdated equipment and its final recycling. They should also be able to make sure that the client does not suffer any liability risks, when they are undergoing a systematic asset recovery work.

A good and efficient asset recovery firm will focus on key aspects of asset recovery such as statistics and logistics, removal of obsolete data, audit and test equipment, surveillance, and the final destruction of property that have been removed. All this should be done very safely. This is the reason why companies that have enough good professional backup to provide every aspect of these services should be hired so that the client can be sure that every aspect of the data is well secured or erased completely without a trace.

The asset recovery firm should ensure that all the confidential data has been completely removed and nothing is left behind before the equipment is sold or disposed off. This is more essential if the records and data happens to be financial and confidential in nature. The recovery firm should make sure that all the data is completely from the hard drive before eliminating the assets. Therefore the services of a reputable and experienced asset recovery firm that can provide with all the specialized services should be used even if the expenses are high.


Car Transport, Auto Movers Make Car Shipping Possibilities Much Easier

Cars are the indispensable part of life and are like family members, without them life seems hard. But they are just another machine that needs to be handled with care and detailed attention. The toughest part erupts when it comes to shipping your car at a long distance. But you can expect meticulous services from the biggest houses of car transporter, auto services; which are duly responsible for transporting your car with the least damage.

How can car Transport, Auto Movers help you?

When you are contemplating of shipping your car at over a distance, then you must possibly be looking for the best transport company that assures of careful handling and problem-free delivery. But you need to scale down your scope of budget that will eventually help to narrow down your search for the transport company. But prior to coming to the considering factors for opting any specified car transport company, it is important to verify the services.

Punctuality is the name of the game, when it comes to auto movers services. Suppose you have a private car and you want to transfer it to a certain place, which is far away. It is best to bestow responsibility with the auto movers, since they assure of safety of your car and timely- arrival at the venue. Make sure that you choose the best auto movers shipping company, so that you do not have to compromise on the price and the safety of car.

The car transport companies are equally active and expert in their job. The major plus point is car transport services come in varied modes. If the company is licensed then you are assured of many things. Professionalism mainly matters. If you are not in hurry and want to go low on pocket pinch, then opt for the trailer truck service. On the contrary, if you have no inhibition in spending high, then opt for the hotshot. They possess the best features of delivering your car very fast and with the A- class safety measures.

Budget differs depending upon closed and open car transports. Logically simple, the open ones are exposed to natural threats, whereas the closed trailers ensures safeguard from external detriments. However, some prefer the multi-car or single-car trailer truck. Your car will be carried with other cars in the multi-car trailer and it is time-consuming, while the single-car trailer means only your car and this entails hefty cost. As you can understand from the name multi-car, it can carry many cars at the same time in double racks and therefore the time to drive all will take time. But the cost is very reasonable. Hence, what you choose should be specific and circumspect the needs and budget.

The car transport, auto movers services are constructed with a set of punctual people who are tart at their service without any loophole. You will love to have your car delivered in safe hands and an insurance against the car will make matters simple.





Why is a Business Plan Important? 3 Top Reasons

A business plan is an important document for any type of business, at any stage. Not only is it necessary to raise funds for the company, but it is used to craft a better company strategy through reflection on the past and projection into the future and to bring all employees together under that common mission.

Fundraising

At certain times in the life of a business, an opportunity arises to move forward which requires a capital investment beyond what the company can afford with its own resources. The startup phase is certainly one of these times, as is the situation when a business is ready to expand to additional locations, create a significant product extension, or to franchise. Fundraising requires convincing outside sources (investors or lenders) of the strength of the business's plans and a written document is needed to support this argument.

Reflection and Projection

A business plan helps a business create a stronger strategy in the first place. The process of creating a plan creates a specific time for reflection on the past of the business (or of the industry and market if it is a new company) as well as projection into the future. Reflection should yield valuable insight into what tactics have worked and which have not. Projection into the future creates financial metrics against which the progress of the business can be measured.

Getting the Team On Target

A business plan is a document which can be shared with the managers and even staff of the company. By understanding the strategy and mission of the business, and the market research which has been done, staff and managers should all gain a greater understanding of why the business is run in the way it is. They should also gain a greater idea of the company culture that they should be trying to create. Writing a unified plan is a way to hand down marching orders to managers and staff.




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* Businesses Are Moving Offashore And Saving Tax - Legally

Businesses Are Moving Offashore And Saving Tax - Legally

Companies are looking for legitimate solutions that enable them to remain profitable by reducing their costs and increasing profitability. Reviewing the way a business is structured can deliver big benefits. Even businesses with moderate taxable profits can reap rewards.

The outcome of such a review may demonstrate that a business can legitimately and significantly reduce its tax burden by re-organising its structure. A corporate re-structure may include the addition of offshore or international business companies, that take advantage of the UK's Double Taxation Treaties and low rates of tax in treaty partner countries.

In the following case study a UK company ('UK Co') that buys goods from China ('China Co') and sells to consumers in the UK.

* China Co sends goods worth £100 per unit, with invoice directly to UK Co.
* At the end of the financial year, UK Co makes a taxable profit of £1,500,000. The corporation tax at 28% = £420,000 so the profit after tax was £1,080,000.

Upon review the owners of UK Co decide to make changes to their corporate structure. They transfer their shares in UK Co and form two new companies:

* Belize company ('Belize Co') with a Swiss bank account
* Cyprus company ('Cyprus Co') with a Cyprus bank account
* The shares in UK Co are transferred to Cyprus Co. Cyprus Co is owned 100% by Belize Co. Belize Co is owned 100% by the owners.

The new corporate structure took only a few days to establish and was ready for operations by the beginning of the next financial year. The business now operated like this:

* China Co sends the invoice for £100 each unit to Cyprus Co but the goods are sent directly to UK Co.
* Cyprus Co issues an invoice to UK Co for each unit at £150.
* UK Co continues to sell the goods at the same retail price as before.

Therefore at the end of the first financial year using the new corporate structure, UK Co made a smaller taxable profit but this was offset by increased profits of Cyprus Co. The detail looked like this:

* UK Co had made a smaller taxable profit of £750,000. The reduced UK Co profits qualify for tax relief reducing the tax payable to £196,875. Therefore UK Co makes an after tax profit of £553,125
* UK Co pays the £553,125 to Cyprus Co as a dividend. Because of the double taxation treaty between UK and Cyprus the dividend payment to Cyprus Co incurred no tax.
* Cyprus Co made £750,000 profit from the 'sales' it made to UK Co and received £553,125 dividends from UK Co. Therefore total Cyprus Co profits were £1,303,125.
* Cyprus Co paid the £1,303,125 to Belize Co as a dividend into the Swiss bank account. Under Cyprus tax rules the dividend is tax free.
* By making changes to their corporate structure, in the first year after the changes the owners reduced their corporate tax burden by from £420,000 to £196,875: a saving of £223,125.

The above example structure cost £2,000 to set up, and £2,500 annually for government fees, accounting/audit and corporate services. YourBooks Ltd in Cyprus offers a wide range of bespoke solutions and special 'packages' at cost-effective rates.

Choice of countries and cost of services vary widely and advice from a competent service provider should be sought. In addition to costs there are other important considerations to take into account when planning a new corporate structure.

* Country/Jurisdiction: the choice of which country or jurisdiction to choose when forming a company or choosing a bank account may be influenced by such factors as; tax regime; confidentiality rules; reputation and stability; an extensive network of double taxation treaties; high standard of professional service providers.
* Owner's vision: Whether an exit plan, divestment plan; or public listing; a corporate structure should support and promote the vision and goals of the owners.
* Flexibility: Things happen; businesses grow, tax regimes shift, an owner's vision changes; so a corporate structure should be able to be adapted to accordingly.
* Cost-effectiveness. The cost of setting up and administering new companies and banking arrangements.




Quality Assurance & Quality Control - Guarantee Card To Superior Eminence

Quality Assurance, abbreviated as QA implies a systematic and planned process of production whose major thrust is to proffer added confidence to the suitability of a finished product. This process mainly aims at checking the product on various measures to ensure it befits the intended purpose. Quality assurance cannot guarantee total quality in the finished products; however, it can enhance the likeliness of the same.

According To Merriam-Webster's Definition –

"It is a set of activities intended to ensure that products (goods and/or services) satisfy customer requirements in a systematic, reliable fashion."

Key Principles Of Quality Assurance

The quality assurance process generally involves two major principles –

1. Fit for Purpose – The product must be suitable for the purpose intended by the manufacturer. After the quality of the product has been assured, the QA process can take care of any leftover rectifications.
2. Right First Time – The QA process must ensure that the end product is free of any errors. It should yield such products that get accepted in the very first submission of the order itself.

Some people wrongly associate quality of a product with its price. Whereas, the products having low prices can also be categorized as high quality ones if they meet the market demand well. It is because; ultimately the users or the customers are the major quality determinants. Every product has its own target audience and if it befits their expectations, it is deemed to possess high quality.

QA includes regulation of the quality of raw materials, assemblies, products and components; services related to production; and management, production and inspection processes.

Quality Control is another phrase that goes hand in hand with QA. This method of QC implies such an arrangement of control that ascertains a pre-decided measure of quality in all the products. This guarantee is actually brought in by the regular inspections taking place at periodic intervals. The high standard of manufactured goods is definitely a prerequisite for any good product. Quality Control hence acts as a buffer between that standard and its maintenance. The entire paraphernalia of production right from the raw material, machines, procedures implemented, to the finished goods - all undergo the quality control process.

Now, you must be wondering as to what is the difference between QA and QC? Let us understand the difference between the two here. Quality control implies testing of the product for finding any defects in it. These defects are then reported to the management who approves or denies the release. Quality assurance on the other hand strives to stabilize improved production by minimizing the very causes of the defects. But neither of the two can act as a substitute for the other as the importance of each varies from one industry to the other.




Why Do I Need a Company Business Plan?

A business plan is an essential tool for an entrepreneur for a number of reasons. The plan, often developed with the help of a business plan writer or consultant, serves to examine the feasibility of the company before you sink a great deal of time and money into the idea, to organize a plan of attack for the management team, and to seek funding and partnerships which may enable the company to launch.

Market Feasibility Study

By its nature, a business planning process begins with a study of the market for the business's intended products or services, the strengths and weaknesses of competitors and substitutes, and the exact needs of potential customers. This research, if done on more than a superficial level, should show you whether your business idea has a real chance at success. Feasibility studies can be undertaken by consultants and research firms, and this may be a great use of some initial cash. However, make sure that the information gathered is all available to become part of the plan if you choose to launch.

Organize Plan of Attack

Entrepreneurs have many areas to focus on during the pre-launch phase and early stages of the company: legal and insurance requirements, fundraising, marketing, sales, operations, innovation, financial management, and hiring, for example. To juggle all of these balls at once, a plan is needed. The same plan that funders will look at becomes the basis for an internal plan of attack, giving ongoing guidance to the management on the steps to move towards launch and then profitability.

Seek Funding and Partnerships

Finally, the plan is generally essential to achieve funding beyond the resources of the entrepreneur and his or her willing friends and family. Professional investors and lenders need to protect their own interests by examining a formal business plan prepared in a similar method to others they might look at. The same goes for serious partners, whether they are individuals or corporations, who may join forces to help the company launch and move forward