Prepare your 2024 Budgets: Minimum Wage To Increase To £11.44 Per Hour

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Small and medium enterprises (SMEs) in the UK are facing a significant challenge in their 2024 budgets with the increase of the minimum wage to £11.44 per hour from next April. This regulation change will directly impact wage bills when employing full-time, part-time, or temporary staff. As a result, SMEs need to be proactive in finding solutions to manage this increased cost without compromising on the quality of their services or losing staff. In this blog, we will share with you some of the benefits of outsourcing and flexible resourcing, that can help you meet your business targets while keeping your costs under control.

Outsourcing is an excellent option that SMEs should consider to manage the increase in their wage bills. It involves hiring third-party companies to provide specific business services, such as accounting, customer service, or marketing. Outsourcing companies have their own teams with specialised expertise, resources, and infrastructure that SMEs can benefit from. Additionally, outsourcing comes with considerable cost advantages. There is no need to pay pensions, national insurance contributions, holidays, or sick pay for outsourced support, and this can significantly ease the pressure on a small business.

Flexible resourcing is another alternative for small businesses. It refers to the use of temporary, part-time, or freelance workers instead of full-time employees. Flexible resourcing allows businesses to quickly adapt their workforce to meet the demands of their business. It is particularly useful when there is a need for extra staff during peak seasons or alternatively, to scale back when business slows down. In addition to cost savings, SMEs benefit from the reduced administrative burden that comes with hiring and managing temporary and short-term staff.

By opting for outsourcing or flexible resourcing, SMEs can also add more value to their business while controlling costs. Outsourcing companies bring in their expertise and experience, which can provide a competitive edge for small businesses. A full-time workforce may not have the same range of skills and knowledge as an outsourced team who are fully immersed in their speciality. Alternatively, businesses employing flexible resourcing can quickly access additional resources to get more work done, and they will only be paying for work on an as-needed basis.

Another added benefit of outsourcing or flexible resourcing is that SMEs can avoid the risks and costs associated with recruiting new full-time staff. Hiring permanent staff entails considerable time, effort, and cost to ensure compliance with employment laws. Employee vetting, tax calculations, and the other administrative burdens can add up to a considerable amount!

The minimum wage increase in 2024 presents a challenge for SMEs, but don’t panic. – By embracing outsourcing or flexible resourcing, costs can be mitigated, and experience and expertise can be leveraged. With lower costs of employment while maintaining service delivery, access to specialist skills, and lower administrative burdens, opting for outsourcing/flexible resourcing can bring significant benefits. Get to know the options available, and be better prepared to plan and produce a well-informed 2024 budget.

If you would like to find out more about our flexible, back-office support for SMEs then please get in touch. We would love to hear from you!

T: 01903 688789


A Guide to Small Business Budgeting

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As a small business owner, you wear many hats – from product development to marketing, customer service, and everything in between. But one of the most important roles you play is that of a financial strategist. Budgeting is vital to the success of your business, but not everyone knows how to do it effectively. In this blog post, we will guide you through the process of small business budgeting, so you can make every penny count.

Track Your Income and Expenses

The first step to effective budgeting is knowing exactly how much money is coming in and going out of your business. Keep track of all your income sources, including sales, services, and any other revenue streams. Then, take note of every expense, no matter how small. 

Prioritise Your Expenses

After you have tracked your income and expenses, prioritise them by urgency. Start with essential expenses, such as rent, utilities, and salaries. Then, move on to things that are necessary but less critical, such as inventory or equipment purchases. Finally, consider expenses that are nice to have but not essential, such as marketing or employee perks. This will help you decide where to allocate your funds when creating your budget.

Set Realistic Goals

The main objective of your budget is to achieve your business goals. Therefore, it’s crucial to set realistic goals for your company. This might include increasing your revenue by a certain percentage, reducing expenses by a specific amount, or launching a new product line. Once you have your goals in mind, create a budget that will help you achieve them.

Review and Adjust Your Budget Regularly

A budget is not something that you simply set and forget. Your business is always evolving, and therefore so should your budget. Review your budget regularly and adjust it accordingly. This might mean cutting some expenses, increasing your revenue streams, or re-evaluating your goals.

Consider Getting Professional Help

Finally, don’t be afraid to seek help from a financial advisor or accountant. These professionals can help you create a budget that suits your business needs and goals. Additionally, they can provide you with valuable insights into financial management, tax planning, and other financial matters.

Remember, a budget is not a restriction, but rather a tool to help you grow your business and achieve your goals. If you’d like to find out more about budgeting or require any additional business support – we’d love to help! Get in touch:

T: 01903 688789 E:

Why We Believe in Transparent Pricing

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As an SME owner, it’s important to know exactly what you’re paying for. No one wants to receive an unexpected bill or hidden charges, especially when running a business. At MOMENTUM, we believe in transparent pricing because we recognise how challenging it can be for SMEs to manage their finances. We are dedicated to providing clear and comprehensive pricing structures for all our outsourcing services, so our clients can focus on achieving their business goals and make it happen..

Always Adding Value

At MOMENTUM, we believe in providing a fair and competitive service which adds value. We want to make sure that our clients are not paying over the odds and that they are always getting a fair price. First and foremost, we believe that outsourcing should be affordable and accessible for all businesses, regardless of size or sector! We pride ourselves on being a value-based and customer-centric business.

Avoiding Misunderstandings

Transparency is crucial when it comes to avoiding misunderstandings, which is why we believe in being straightforward about the cost of our services. We aim to eliminate any uncertainties by offering clear and concise pricing information upfront, allowing our clients to know exactly what they are paying for, while having confidence in what we can offer.

Helping with Budgeting

Our pricing ensures that you’re only paying for the services that you need, without any hidden fees or costs. We provide detailed breakdowns of costs and fees for each service we offer, so our clients can make informed decisions about which services they require based on budgets and timelines.

Keeping it Simple

We know that as a business owner time can be a limited resource, which is why we always aim to keep things simple. Our transparent pricing aims to make it quick and easy for our customers to understand exactly when and what they are paying for. It simplifies the process by removing any confusion or guesswork and allows you to receive the support you need without any unnecessary delay.

At MOMENTUM, we believe that transparency is key to building strong relationships with our clients. We aim to make our pricing simple, affordable, and unique, while offering business owners the peace of mind they need to make informed decisions about their outsourcing budget. Check out our easy-to-use pricing calculator here: If you have any questions about our pricing or would like to find out more about the services we offer, please do not hesitate to get in touch. We are always happy to help.

T: 01903 688789 E:

Why Cash Flow Forecasting Is Essential For SMEs

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SMEs are the backbone of any economy. They create jobs, spur innovation, and drive growth. Despite their importance, small businesses often struggle to survive. In fact, reports suggest that only 20% of SMEs make it past the first year in operation. There are many reasons why a company can fail, but one of the most prominent is a lack of cash flow. It’s the lifeblood of any business, and without it, a company will undoubtedly struggle.

A forecast can help your business avoid financial problems and keep operations running smoothly, so we’ve decided to highlight the importance and share our tips for perfecting the process.

What is cash flow forecasting?

Cash flow forecasting is the process of predicting a business’s future cash flow based on past performance and other factors. It involves analysing a business’s spending and income to determine when they will have excess and deficit cash. This analysis can be done regularly and be adjusted as needed.

The benefits of cash flow forecasting

Cash flow forecasting can be a powerful tool for SMEs. It allows business owners to plan for future cash needs and predict potential issues before they arise. It also promotes better-informed decisions about managing finances, helping to keep business running smoothly. Forecasting can also help to identify areas of inefficiency. By tracking cash flow, companies may be able to identify areas where they can cut costs or improve profitability – maximising financial management efficiency. Finally, forecasting can help SMEs get additional financing. Many lenders require businesses to provide a cash flow forecast before granting a loan. A good cash flow forecast can show lenders that the business is stable and has a good amount of cash available.

How to create an accurate cash flow forecast

Creating an accurate cash flow forecast requires careful planning and analysis. The first step is to track your business’s income and expenses. This can be done by entering all transactions into an accounting system or tracking it manually. Once the data is gathered, businesses can use software or templates to create a cash flow projection. This will provide an estimate of future cash flow based on income and expenses. It may also include other factors such as seasonal changes, pricing fluctuations, and marketing campaigns. Businesses should also consider creating a contingency plan for unexpected costs. This plan should consider sources of financing and other measures that can be taken to ensure the business stays afloat in times of cash shortages.

Top tips for creating an accurate cash flow forecast

Track income and expenses regularly: Tracking your cash flow on a regular basis will help ensure that your forecast is as accurate as possible.

Analyse changes in the market: Stay up to date on changes in the market to make sure your cash flow projections are realistic.

Include long-term expenses: Don’t forget to account for long-term expenses such as taxes or new equipment.

Look for potential sources of financing: Keeping track of potential sources of financing can help you plan for cash flow shortages.

Consider outsourcing your cash flow management: An experienced outsourcing team will save you both time and money becoming the perfect ally.

If you’d like to find out more about cash flow forecasting or require any additional business support – we’d love to help! Get in touch:T: 01903 688789 E:

Share The Small Business Love: The Gift Of Outsourcing

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Time is a precious commodity – especially for small business owners and entrepreneurs. So, if you know an SME that is constantly struggling to find enough hours in the day, why not show your love by gifting them the ultimate luxury – time. A gift certificate for our outsourcing services could be the perfect solution for the busy business owner in your life. It is a practical, time-saving, and problem-solving gift that will be truly appreciated.

So, if you are looking for a unique Valentine’s Day (or any other special occasion) gift that’s straight from the heart, look no further!

Why Outsourcing?

The concept of outsourcing has been around for centuries, after all why invest valuable time into tedious tasks when your expertise could be better spent elsewhere? Outsourcing is a highly efficient, cost-effective way to grow any business. It helps SMEs free up valuable time and resources to focus on core competencies. The ‘gift of time’ is a great way to share the small business love while providing the lucky recipient with a break from the hectic grind of running a business. They’ll be able to enjoy the freedom that comes with delegating and make space for more important things, without having to worry about the costs. It’s the ultimate, strategy to accelerate business growth.

What Services Can You Outsource?

The gift certificate can be redeemed against any service provided by MOMENTUM Business Support Ltd, and covers many aspects of both core and niche business operations. Some of our most popular services include bookkeeping, HR, digital marketing, and administration support – each tailored to suit the recipients needs and requirements.

Whether it’s a gift for someone special, a business or not for profit you admire, or perhaps a treat for yourself – we can agree that we could all use a few extra hours in the day. Available to purchase at any value, our certificates are the perfect way to begin an outsourcing journey.

For more information about purchasing or redeeming a gift certificate, get in touch today! Our experienced, fully trained team would be delighted to talk you through the process, offer their specialised back-office support or answer any quires that you or your gift recipient may have:

T: 01903 688789 E: