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What Factors Make You Unproductive At Work?

News

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1 August 2016

What Factors Make You Unproductive At Work?

By Charles Hibbert

Office workers are only productive three days of the working week, but new research shows that with the sweltering heat of the British summer, office workers are now productive only two and a half days of the week.

HSS Hire, the leading national supplier of tools and equipment, commissioned the research of 2,000 office workers, discovering how unproductive office workers can be for half the week.

A spokesman for HSS Hire said: “The results show the wide range of factors affecting our ability to perform at work day in day out.”

Friday is the relaxed day for workers with the research unsurprisingly highlighting this day as the least productive day of the week, with Tuesday being the most productive.

Those polled also said that they are most hard working at 10.23 am during a normal day and least productive after lunch at 2.02pm.

With this latest research we can learn what factors make us unproductive at work, and what we can do to make sure we earn out money’s worth at work.

A poor nights sleep was identified as the biggest cause of an unproductive day, followed by being too hot in the office and being surrounded by distracting colleagues.

IT problems also mean, being too hungry and being hung over also lead to unproductive days at work.

On a normal day 15 minutes are spent gossiping to colleagues, 14 minutes are spent browsing non-work related content on the web with another 8 minutes spent making teas and coffees for work mates, showing at least 40 minutes a day are spent being unproductive.

“It’s important to take care of ourselves, but given the recent hot weather, perhaps bosses will have noticed a drop in productivity and will be wondering if there is anything they can do to solve that problem.”

There are a few specific things bosses can do to improve this, which includes turning the air conditioning on, something that a fifth of bosses reject according to research.

If the temperature is too hot, then half of the workers dress inappropriately, wearing clothing such as flip flops and vests, and one in ten being more flirtatious, another distraction from work.

Three quarters of people polled believe that if the weather exceeds 27 degrees Celsius, then work becomes impossible and feel that the working day should be shorter.

Making sure all the equipment works, with IT problems leading to a stressful working environment with forty per cent becoming bad tempered.

Making sure you get a good night’s sleep, eating enough food to make you concentrate for the whole day and saving your drinking nights for Friday and Saturday are also other means of having a productive days work.

The HSS Hire spokesman said “We all work hard but certain factors can make our ability to be productive that little bit harder.”

“Indeed, the results suggest that workers in cool air-conditioned offices are actually more productive, less stressed and generally happier to be at work.”

The Top 3 Ways that Banks Can Help SMEs in the Current Economic Climate

ABC Staff

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29 July 2016

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The Top 3 Ways that Banks Can Help SMEs in the Current Economic Climate

There are many problems and pitfalls that can crop up when setting up a new business, and they often relate to your company’s finances. This is particularly true in the existing climate, where the impact of Brexit continues to damage small business confidence and has left nearly two-thirds of British start-ups pessimistic about their immediate futures after the referendum.

It is important to have enough starting capital to get the business off the ground but also having a lot of financial nous to keep it ticking over efficiently. There are many different ways banks can help your small business achieve this, with over 3 million businesses with under £1 million making the most of UK retail banks’ offerings. Here are three of the best ways your SME can use banks to its advantage.

Invoice Financing

Installing a smooth cash flow process in your small business is essential, even more important than simply making profits. You need enough money coming in at the right times to be able to reinvest it in and grow your company.

At the beginning this can be tricky, especially when customers don’t always pay their invoices on time or have up to a month or more to pay them. Invoice financing is a service offered by many banks that allows your business to receive the money its owed from clients’ invoices up front at a small discount. Find out more here about business banking and invoice finance services.

Business Loans

In order to raise plenty of starting capital to cover your overheads, investment funds and more, a business bank loan is incredibly useful. Different banks will attach various terms and conditions to their loans, but most can be used for businesses in many different sectors for a lot of purposes.

Search around to find one with the best interest rates and repayment terms that will suit your company. Hopefully you will then be able to use the loan to grow your business and be profitable enough to easily pay it all back in the future.

Business Bank Accounts

Even when setting up the smallest of new businesses, it is incredibly important that you separate company finances from personal ones with a business bank account. One big mistake many entrepreneurs make is pumping too much of their own money into the company, which does not provide a realistic reflection of the company’s finances.

There are many bank account options available for businesses, so shop around again to find one with the best terms. Different criteria will apply to each lender, and having a separate account will make doing taxes a lot easier. Banks can help out SMEs in a number of ways, so take advantage of them when setting up yours.

ONE FIFTH OF BRITS FALL OUT WITH FAMILY OVER LOANS THAT ARE NOT REPAID

News

Sam Allcock

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26 July 2016

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One fifth of Brits have fallen out with scrounging family and friends who have failed to pay back debts, a survey has revealed.

Nearly half of people have lent family and friends up to £500, according to a survey of 2,000 people

However, a whopping 20% never saw that money again resulting in a fifth of Brits admitting to falling out with their loved ones over borrowed money.

The survey commissioned by 360vouchercodes.co.uk found that 18.5% saying they wouldn’t lend money to friends again and 12.5% wouldn’t lend to family again

The data also revealed that while 32.5 per cent of Brits would give their family members over three months to return the loan, the same figure would give their pals just a month to repay what they owe.

Yet while keeping our friends on a tight rein with repayments, 32 per cent of those surveyed admit they’ve paid someone back later than agreed.

Mike Meade, CEO from 360vouchercodes.co.uk, said: “It’s not shocking that we’re more prepared to loan money to our own family rather than our friends, but what is interesting is the amount of time we give people to pay us back.

“According to the National Debt Clock, the UK national debt has already passed the one trillion pound mark, and continues to grow at a rate of £5,170 per second.

“When looking at these figures, it’s easy to see why some of us are wary of lending our money, while others automatically expect not to receive repayment.”

The data also revealed huge regional differences between how much and to who people were willing to lend money.

Scots were the nicest to their friends with one fifth agreeing to lend them a whooping £500.

While East Midlanders topped the most tight-fisted list after almost 16% said they wouldn’t lend even their family a penny.

The Economic Challenges facing the UK in 2016

Sam Allcock

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22 July 2016

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The Economic Challenges facing the UK in 2016

For obvious reasons, the British economy has endured something of a difficult time of late. This has resulted in a far less optimistic outlook for the UK, with the IMF having reduced the nation’s growth forecast by 0.9 percentage points in July. So while the British economy is expected to grow by 2.3% in 2017, this is far lower than previous expectations while the figure could also decline further in the months ahead.

3 of the Biggest Challenges facing the UK Economy in 2016

With this in mind, Britain’s economy is sure to encounter a number of challenges over the course of the next five months and beyond. The way in which these are surmounted will have a critical bearing on the near-term future of the UK, while also influencing the long-term growth potential of the economy as a whole. Here are some of the most pressing economic issues: –

A Slump in Manufacturing Output

While Britain may not be the capital of industry that it once was, manufacturing remains central to the nation’s economic engine. This sector still accounts for an estimated 52% of the nation’s exports, for example, while it also employs in excess of 2.5 million people. Birmingham firm R H Nuttall is also set to host it’s annual UK manufacturing awards for 2016, and in this respect you the industry is set to enjoy a celebratory summer.

This masks inner turmoil in the sector, however, with the markets recently opening lower as manufacturing activity nosedived after the EU referendum. The FTSE 100 fell by 15.32 points during this time, creating negative sentiment and the potential for a short-term recession. With manufacturing such a key, if understated, economic engine in the UK, this is something that must be addressed if the current levels of employment and overseas investment are to be maintained.

A Sustained Fall in the Value of the Pound

In truth, the UK’s current economic standing sits between two extreme perceptions. Nothing embodies this better than the value of the pound, which sunk to a 30-year low at the end of June and was expected to decline even further during the subsequent financial quarter. While this prediction has not been wholly accurate as the currency rebounded at the beginning of July, it has once again begun to fall steadily and dropped by a further 1% after a recent PMI report.

According to the analysis featured here, this trend is likely to continue for the remainder of 2016, particularly as the volatility and uncertainty that haunts the currency market remains Omnipotent. The challenge is to manipulate related economic factors such as interest rates and leverage these for an advantage, at least until the pound re-establishes itself in the market.

The Spectre of Austerity

One of the key economic issues at present is the spectre of austerity, which has underpinned recent attempts to curb borrowing. This has had a cumulative impact on regular households and middle-income families in particular, while it has also left an economy is desperate need of stimulus.

This will require a balanced approach to spending and borrowing, as money is invested wisely to benefit home-owners, consumers and employees nationwide. Timing is perhaps the most pressing concern, as this will have a critical bearing on the success of each measure taken and the long-term impact that it has on the economy.

Adapting to change: Creating a New Business Model in the wake of Brexit

ABC Staff

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20 July 2016

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Adapting to change: Creating a New Business Model in the wake of Brexit

While we have yet to understand the full impact of Brexit, the UK’s decision to leave the EU remains one of the most contentious and potentially destructive for generations. Everyone is likely to feel the heat, from regular households to the large corporations that create jobs and growth nationwide.

Make no mistake, however, it is international businesses that are most likely to be in the short-term. For British based firm that pander to the needs of a European audience, Brexit remains a great unknown that could cause huge disruption. With the IMF reducing the UK’s growth forecast by nine percentage points to 1.3%, we must face a period of huge struggle and uncertainty.

How to Adapt your Business Model in the wake of Brexit

One thing is for sure; businesses of this ilk will need to alter their business models if they are to survive a post Brexit landscape. Here are some of the key considerations for entrepreneurs: –

Target New and More Remote Markets

It is often said that one man’s crisis is another’s opportunity, and this is certainly true in the case of Brexit. While leaving the EU may make it harder to deal directly with member states (and more expensive, too), it also offers business-owners the chance to expand their reach and target lucrative markets outside of the European Union.

Quickly developing nations such as India and Brazil offer a relevant case in point, for example depending on the nature of your business and the product (or more likely service) that it sells. Opportunities may also exist in the Commonwealth, with the UK free to negotiate new trade deals once their EU departure has been finalised.

So while you may be forced to play a waiting game for now, there is no reason why you cannot begin to identify potential, new markets ahead of time.

Utilise Professional Corporate Travel Services

While your business can still trade and host EU partners, the terms of the UK’s settlement will dictate how profitable and viable these clients are. Depending on the cost and red tape involved, you may need to reduce your firm’s reliance on the EU and reconsider the way it manages its business.

Sending representatives overseas to meet with European partners will become far more difficult, for example, from restrictions on the freedom of movement to the type of documentation required to travel. In these instances, your firm may need to rely on corporate travel service providers such as Statesman Travel to provide a more seamless and cost-effective experience for you and your international representatives.

Consider the Merits of Relocation

On a final, and altogether more drastic note, you may even want to consider relocating your business to a more favourable location within the EU. This is a huge step, but depending on the nature of your business it may be the best way of driving growth and profitability over the course of the next few years.

This is well worth thinking about, especially if you deliver financial services to a host of clients within the EU. Remaining within the boundaries of the Union may prove central to your chances of optimising the service that you sell while leveraging the highest possible profit margins.

With this in mind, compare your options and consider the estimated cost of relocating to specific regions. This will at least open your mind and enable you to make an informed decision on your businesses future going forward.

Working at home vs. Rental Office Space: Which is better in the Current Economy?

ABC Staff

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16 July 2016

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As the fall-out from Brexit continues at pace, there have been numerous winners and losers across multiple business sectors. Such a climate is hardly inviting for new business start-up and aspiring entrepreneurs, who must strive to manage their capital and drive organic growth in a strained and uncertain economic climate.

Such volatility demands strong decision making, particularly in-terms of minimising risk and start-up costs. One of the primary decisions that business-owners will need to make is whether to invest in serviced office space or operate from a home-office, as each offers considerable pros and cons in the current economy.

Working from home vs. Rental Office Space: The Key Considerations

Of course, your final decision will be heavily influenced by your budget, which may make it impossible to invest in serviced office space or a short-term lease. If both options are viable, however, one of your first considerations should be the nature of your business and its core requirements.

If you are setting up a financial services business, for example, a serviced office space in a prominent region could help to underpin a reputation for excellence. These six London city office locations are based in prime, central regions in the capital, for example, and each host some of the leading financial companies in the world. By leasing office space in these areas, you can enhance the reputation of your brand and underline your credentials as a reputable service provider.

On a similar note, working from a premium, serviced location also creates the ideal environment in which to drive productivity and impress potential clients. Larger corporations are more likely to be reassured when dealing with firms established in the capital, while a well-designed and professional office space has a similar impact. Such a setting also makes it easier to recruit and retain talent, as it offers a prime location in which employees can hone their skills and develop.

What are the Benefits of working from a home Office?

If you do have a restricted budget or intend to launch your venture as a sole trader, it may be cost-effective to work from home. This not only saves you money, however, but it also affords you far greater control of your office space and the way in which you intend to work. After all, serviced office spaces offer access to advanced equipment and first-class amenities, many of which may be unnecessary if you operate a simple business through emails and telephone calls.

This instantly negates the need for large amounts of filing space or a printer, saving you valuable money and helping you to optimise the space at your disposal.

Conversely, creating a home office may have an impact on your insurance premium and force you to pay more over the course of the year. Although standard policies will cover home office equipment up to a certain value, they will not protect specialist items or provide third-party coverage for instances where you have clients in your home. You may therefore need to seek out a tailored policy, which will cost a little more but provide more adequate coverage.

The Bottom Line

Ultimately, both of these options offer unique benefits and disadvantages to entrepreneurs, depending on your unique circumstances and the nature of your business. So although your decision will be largely influenced by budget, it is important to consider these factors in careful detail before making your move.

It is particularly crucial that you consider the sector in which your business operates and the expectations of clients, as this will help you to choose the best option in terms of wowing clients and recruiting industry talent.

Surviving a Harsh Economy: Saving Tips for People Going Away this summer

ABC Staff

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15 July 2016

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Surviving a Harsh Economy: Saving Tips for People Going Away this summer

All eyes were on the Bank of England (BoE) this week, as the group decided to hold the UK’s interest rates at 0.5%. This move came despite speculation that rates would be cut in the wake of Brexit, which triggered the price of sterling and UK shares to plummet to their lowest rates for years. This may little more than a temporary state of affairs, however, especially with the value of the pound remaining low and the UK tipped to enter a recession later in the year.

With this mind, heading off into the sunshine may represent a huge financial challenge for a lot of families who are on a tight budget this summer. With holidays also getting more and more expensive year on year, they are more of a luxury now than ever before and may prove to beyond the means of most families in the current economic climate.

Cost-cutting ideas that can help you to plan your Travels this summer

There is hope for families, however, especially given the diversification that has taken place in the travel and leisure sector in recent times. Here are some saving tips for people wanting to go away this summer so you enjoy the summer holidays too, at a fraction of the price: –

Camping

It might not be a luxury resort in Barbados but going camping in the English countryside can be the perfect family holiday. Drop on a good weekend in the lakes and you’ll have bundles of fun out walking, sailing and riding bikes in the English sunshine. Camping is much cheaper alternative to going overseas and can be so much more fun, especially if you’re the sort of family which love being active.

Last minute deals

If you have your heart set on going abroad and getting a tan, then one way to save money is to leave booking your holiday until the very last minute. Last minute deals can be a bit of a gamble but they’re definitely the time to get the best bargains and can guarantee huge savings. It’s recommended to start looking a week or two before you’d like to go away to drop on the best deals, Bolsover Cruise Club have an amazing range of last minute deals available, just remember to be prepared to be flexible on location if you’re going to leave it last minute.

Cornwall

A key way to save money is by holidaying in the UK, with tons of gorgeous destinations the UK can provide some of the best summer holidays. Cornwall is one of the best places to head to in the summer as you’re guaranteed much warmer weather thanks to its most southern location and gorgeous beaches. There are plenty of opportunities for water sports with surfing, windsurfing, sailing, snorkelling, diving all really popular. Accommodation can be as expensive or cheap as you make it with camp-sites, caravan parks, hotels and log cabins all available.

Saving money and still having a great summer holiday can be done with any of these options. Whether you want to wait until the last minute to chase the sun or plan a camping holiday or road trip to Cornwall, you’re sure to spend a lot less and have just as much fun!

Study Reveals British “Haphazard Habits” When It Comes To Backing Up Data

News

Jack Peat

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11 July 2016

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Study Reveals British “Haphazard Habits” When It Comes To Backing Up Data

A new study has revealed how haphazard Brits are when it comes to backing up data.

Despite one in three people saying they value their digital photos and videos more than their car, one in five people NEVER back up videos or photos and almost a third ‘don’t think about’ backing them up, meaning if a device fails or is stolen they could lose them forever.

On average, Brits have 1,937 photos and 84 videos each stored on their computers and other devices, and they will take 35 pictures and 13 videos during a typical month. Over half of those surveyed are concerned they will lose a photo or video footage in the future, while 30 per cent have already suffered the loss of a precious memory.

In 23 per cent of cases this happened due to a lost or misplaced device. A hardware failure (41 per cent), deleted by accident (25 per cent) and theft (12 per cent) were also common causes for loss. A quarter will back up these files just once a month, while 15 per cent do it only once a year.

Bullguard CEO Paul Lipman said: “The study shows just how much we depend on pictures and videos to ensure we remember major life moments.

“Thanks to the improvements in digital technology such as smartphones, it’s easier than ever to document important memories. However, if something was to happen to the device they are stored on and the precious photos and videos weren’t backed up, we may never get to see them again.”

How can an accountant help your SME in the wake of Breixt?

ABC Staff

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8 July 2016

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How can an accountant help your SME in the wake of Breixt?

While it is thought that the majority of small business-owners were largely in favour of Brexit, the long-term future of SMEs in the UK is increasingly uncertain now they the UK has voted to leave the EU.

While this is having an impact on SME confidence in the UK, however, it would be far better for smaller firms to focus on elements of their operation that they control in the short-term. Optimising their accounts and developing detailed financial plans represents a relevant case in point, as this will help to reduce the spending and their business capital go further during a difficult economic climate.

3 Ways in which an Accountant can help your SME?

Ultimately, this means that hiring an accountant is an outsourcing decision that can help to prepare your business for the fall-out from Brexit and drive future growth. Here are three additional and practical ways in which an accountant can help your SME: –

Become Compliant with Tax Laws

As a small business or SME, it is crucial that you understand your tax requirements in careful detail. There are numerous different tax codes that relates to various business types and structures, for example, from sole traders to limited companies and other, subtle variations. Hiring an accountant therefore not only ensures that you have an infrastructure which minimises the amount of tax owed, but it also enables you to accurately calculate the necessary repayments and make these in a time-effective manner.

Avoid Tax in a Legal and Compliant manner

On a similar note, the difference between tax avoidance and tax evasion is something that even seasoned business professionals struggle to comprehend. Accountants have no such issue, however, making them ideally placed to assist your business in a compliant way. More specifically, they can suggest methods that will help your business to avoid tax and minimise the cumulative amount that it pays on an annual basis, creating a beneficial situation for all parties involved. Attempting to do this on your own represents a significant risk, so partner with a financial expert to guarantee your businesses long-term well-being.

Benefit from greater cooperation and superior local knowledge

Interestingly, the latest breed of accountancy firms have strived to establish a presence in numerous localities and regions. Take Just Accountants, for example, who operate in a number of UK regions nationwide. The benefit of this model is that it enables service providers to deliver quicker responses to queries from local firms, while also enabling face-to-face consultations whether your business is based. Also, local outlets can offer the type of local knowledge and insight that can prove invaluable to SMEs, so this is certainly something to consider when selecting a service provider.

While Brexit is hitting the UK economy hard and causing short-term volatility, it is important that small business-owner remain focused on improving their business-model to meet these demands. As the economy adapts to external market conditions, it will be easier for SME’s to build for a more prosperous future.

Owners forced to fork out over common summer pet illnesses

News

Elliot

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7 July 2016

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Owners forced to fork out over common summer pet illnesses

In the midst of the summer season, pet owners have been warned that they could potentially be set back hundreds of pounds to treat common summer illnesses that their pets are sceptical too.

A new study by UK pet insurance pet provider AnimalFriends.co.uk has revealed that the most likely illness facing the nation’s pets is foxtail grass seeds being embedded in a dog’s flesh.

Procedures to treat this particular illness cost pet owners on average £337 last summer, and AnimalFriends.co.uk have advised dog owners whose pets have particularly long coats that their dogs are more likely to be affected than any.

AnimalFriends.co.uk provided further insight stating that owners should take a closer look at their dog’s paws and ears in particular, as those were the areas of the body most likely to be affected.

Westley Pearson, AnimalFriends.co.uk’s Director of Claims and Marketing, sympathised that this illness can be very difficult to prevent, but said that there were a number of measures that owners could use to prevent their pets from being affected.

“When walking your dog, try to avoid long grass, choosing to take a route with grass that’s been cut. This applies to your own garden at home too, as short grass is less of a danger when it comes to grass seeds.

“Trimming excessive hair around your pet’s ears, paws and armpits can also prevent grass seeds from taking a hold on your dog’s fur. Be careful not to cut the end off of any grass seeds in the process, as this can make them difficult to remove.”

The study also revealed that last summer, claims on foxtail grass seed illnesses were 400% higher than the next most frequently occurring illness, melanoma.

Due to the difficulty owners face at stopping their dogs skin from being embedded by grass seeds, Westley Pearson stated that there were measures owners could take to stop their dogs becoming unwell once their flesh has been harmed.

“Make sure to check your dog’s body thoroughly for grass seeds after every walk, and take note of any unusual or any different behaviour in your dog.

“If you think they may have a grass seed stuck somewhere in their body, or they are displaying some strange behaviour, take them to the vet straight away. The earlier the problem is identified, the quicker it can be treated before it spreads too far.”

Foxtail grass seed related illnesses were revealed to not be the costliest illnesses to treat. Treatment for heat stroke was found to be the most expensive, costing pet owners on average £895.

Heat stroke was found to be another highly common illness last summer, sitting alongside foxtail grass seed illnesses, melanoma, lungworm and snake bites.

With temperatures setting to be as high as it’s been in the UK in 100 years this summer, pet insurance providers across the country are set to be on the receiving end of a considerable amount of claims up until the beginning of September.

What Factors Make You Unproductive At Work?

The Top 3 Ways that Banks Can Help SMEs in the Current Economic Climate

ONE FIFTH OF BRITS FALL OUT WITH FAMILY OVER LOANS THAT ARE NOT REPAID

The Economic Challenges facing the UK in 2016

Adapting to change: Creating a New Business Model in the wake of Brexit

Working at home vs. Rental Office Space: Which is better in the Current Economy?

Surviving a Harsh Economy: Saving Tips for People Going Away this summer

Study Reveals British “Haphazard Habits” When It Comes To Backing Up Data

How can an accountant help your SME in the wake of Breixt?

Owners forced to fork out over common summer pet illnesses

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