SMEs

Why We Believe in Transparent Pricing

MOMENTUM Business Support Business Support, Finance
A woman typing on a laptop while using a white calculator

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: https://momentumbusinesssupport.com/pricing/. 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: makeithappen@mbsmih.com

SME Networking: Top Tips to Get You Started

MOMENTUM Business Support Business Support
A person holding out their open hand with a group of people connected above it

Networking can sometimes seem like a daunting task, but it really is crucial to your business’s success. Whether you are just starting out or have been in business for years, building a strong network can help you gain new business, find support, and build valuable relationships. In this blog, we’ll cover the do’s and don’ts of networking, as well as some top tips and benefits to help you make the most of it!

Do’s and Don’ts:

When it comes to networking, there are some important do’s and don’ts to keep in mind. Firstly, do attend events and meetups that are relevant to your business or industry to make valuable connections. Secondly, do have a clear idea of what you want to achieve from attending the event. Thirdly, do bring plenty of business cards to hand out. On the flip side, don’t just sell yourself and your business, instead listen to what other people have to say and try to build relationships. Don’t ask for too much too soon, instead build up a relationship before asking someone for a favour. Finally, don’t forget to follow up after the event with an email or message.

Networking Tips:

To make the most of your networking events, there are a few tricks that can help. Firstly, be curious and ask questions to show interest in the other person. Secondly, make eye contact and smile to present yourself as friendly and approachable. Thirdly, avoid being pushy or aggressive in your approach and instead build relationships organically. Finally, use social media to stay in touch with your new connections after the event by adding them on LinkedIn.

Benefits of Networking:

Networking offers many benefits for SME owners. Firstly, it can lead to new business opportunities and referrals. By building relationships, you can get your name out there and attract new business. Secondly, it provides support and advice from like-minded individuals. SME owners often face similar challenges, so networking can provide a valuable support system. Thirdly, it can help you stay up to date with industry trends and news. By attending events and talking to others in your industry, you can keep informed.

In conclusion, networking is a vital part of being a SME owner. By following the do’s and don’ts, using our networking tips, and understanding the benefits of networking, you can build valuable relationships and grow your business. So, get out there and start networking today!

If you’d like to learn more about our networking tips or require any other business support, get in touch. We would love to answer any of your questions and discuss your needs!

E: makeithappen@mbsmih.com T: 01903 688789

Why Cash Flow Forecasting Is Essential For SMEs

MOMENTUM Business Support Business Support, Finance
Two pairs of hands pointing at a tablet device displaying a graph

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: makeithappen@mbsmih.com

Bookkeeping Tips for SMEs

MOMENTUM Business Support Administration, Business Support, Finance
Business individual carrying out administrative duties on a white table with a laptop, diary and tablet

No matter how much you try to avoid it, bookkeeping will always be an integral part of your business’s daily operations. Helping to improve your budgeting, target visualisation, and compliance with Government regulations, bookkeeping is the backbone of any well organised business. Failing to designate the necessary time and focus it needs, can quickly result in stunted business growth and progress delay. And while we can’t make it disappear, we can offer a helping hand and some of our favourite tips to help you boost your SME’s bookkeeping efficiency.

Separate business and personal finances

One of the most common mistakes among business owners is the mixing up of business expenses and personal income and spending. While it may seem a small overlook at the time, it is a sure way of overcomplicating your future bookkeeping duties and can actually lead to some larger issues down the line. Get a business bank account and a separate credit card before you begin any business operations. This will help to keep your finances organised and helps your business build its own credit rating.

Learn to automate

Automation can go a long way in helping you to carry out your accounts and bookkeeping operations – it’s a great time saving solution! Streamline your duties with smart accounts and payroll softwares and take time to pick the right one for you. Bookkeeping tasks you can automate include: payroll, categorizing transactions, expense management, bank reconciliation, cashflow forecasting and reporting.

Keep track of business expenses

Predicting and budgeting future business expenses is a tough job, which is why it’s imperative to track any current outgoings and keep organised records. It helps to create a clearer forecast and thus allows more room for any unexpected spendings. These records should include things such as: inventory, supplies, insurance, utilities etc. Not only will this give you a better idea of what to expect it will also make it easier to claim any business expenses when it comes to doing your taxes. Remember to always keep receipts!

Review regularly

Undoubtedly one of the most important things when it comes to measuring your business progress and making sure you’re staying on track are regular reviews. Looking back at past records and reviewing financial affairs gives a more in-depth perspective into any trends, and therefore allows you to better strategize your future plans. It also helps to establish stronger targets, boosts proactiveness, and improve responsiveness to any presented challenges.

Utilise time tracking software

Time tracking software can be a great addition to daily business operations, allowing your team to clock in and out of work using their electronic devices. It also promotes better time management and allows you and your employees to see how your time is distributed throughout the day. This will help you to gain a better understanding of your workloads as well as automatically tracking and monitoring wages and any additional overtime. Do your research and pick a tracking solution that works well with your other business software.

Stay on top of tax deadlines

Don’t back yourself into a corner when it comes to your tax deadlines. Anticipate and avoid running short by leaving finances aside for all established tax bills. Be sure to be timely and on schedule with your payments to avoid any fines and note all important deadlines in your calendar. To improve your efficiency set reminders on your chosen device, alerting you of the approaching deadlines ahead of time. When you can, try and leave room for any unforeseen mistakes and don’t leave your taxes until the last moment.

We know bookkeeping duties aren’t smooth sailing for everyone – which is why at MOMENTUM we offer various outsourcing services to help you and your business thrive. We hope you’ve found this blog insightful and encourage you to reach out should you ever find yourself needing any business support. If you’d like to find out more or have any additional queries, get in touch:

E: makeithappen@mbsmih.com   T: 01903 688789

Keep Your Business Moving Forward During The Summer

MOMENTUM Business Support Business Support
Woman sitting on a blanket on the grass while reading a book and using a laptop

Depending on what type of business you run, as we head in to Summer, you may be facing a slowdown of business and a quieter period. This got us thinking what you could do during this time, to help move your business forward ready for when it’s back to business as usual!

Search For Summer Themed Networking 

During the summer months, there are usually lots of summer social style networking events going on, including BBQs for example. Why not do some research and book to attend some? This will help increase your network, potential clients and maybe lead to some new opportunities too!

Plan New Products Or Services

Use the Summer slowdown as a chance to review your current offerings and plan new products or services to introduce later in the year. It’s important to do this when you’re less busy, so you have lots of time to think, plan and goal set! 

Add Value For Your Clients 

Have a think about any areas you could add more value to your clients. Whether that’s providing a useful, regular report for them to show insight into your work for them, or updating your ways of contact so it’s easier for them to get in touch, set time aside to review your current processes. 

Organise Training

The Summer is a good time to refresh on training or a time to learn something new, as well as running team building exercises with your staff, so be sure to make the most out of this time!

As small business owners, few of us have the luxury of big teams or experienced peers to talk to, and it can feel quite lonely at times. It’s hard making all the decisions, working through new ideas, implementing changes, staying compliant – the list goes on… wouldn’t it be nice to have someone to talk to about it all!

Book an ‘Open Door’ Chat with our Director, Mikki Harris this Summer to see how we can help you move forward.