Mind Your Own Business                         
Small business tips, updates and news                                                                 June 2009                                                           
PurpleAccounts News
Small Business Breakfast networking event
PurpleAccounts are delighted to announce the introduction of the first in a series of small business networking events.
The aim is to introduce likeminded small businesses owners to each other in a friendly, informal, no pressure environment. 
It provides the opportunity for both start ups and established small businesses to share experience, ideas and business cards over a quick brekkie.  Events are planned to held accross the island.
 
The first event is being held on Tuesday 14th July at Nobles Park Cafe  - 07.30 for 8am start and places are strictly limited.  All we ask is that you pay for your full buffet breakfast including, tea/coffee and toast at £6.50 per person.  Feel free to bring along a colleague and your business cards of course! There's plenty of free parking too.
 
Please contact sandra@purpleaccounts.com or call 01624 618002 to reserve your place.
 
 
Flexi desk/office facility
 
Need a town centre office address?
Want to meet clients, suppliers etc.. but have no where private and professional to go?
Just want a space in the town centre to call your own?
 
We are pleased to announce the provision of our new flexi desk facility.  The service provides you with a desk or even private office by the hour, day or week for a very low fee.  The package includes wireless internet connection and access to a meeting room where required, for as little as £1 per day!
 
As always, we can help with call minding, diary management, document scanning and storage and general administration. 
 
For more information call us on 01624 618002.
 
Customer survey results
 
Huge thanks to all of you who completed our quick survey!  We were very pleased with the positive feedback received. 98% would not change anything about the service.
 
Whilst these suggestions were made by individuals and not a common theme we wish to address any comments we receive in a proactive manner.
 
To provide more practical assistance for start ups. 
(We have been working on a package for start ups for a little while now and the first glimpse is provided in this newsletter)
 
Accessibilty
We are now open Thursday evenings until 7pm.  As always, you can email us and we will try and respond out of hours where possible.
You can arrange home/business visits if you prefer - even out of hours where possible.
As seen above we are also providing networking opportunities for small businesses.
 
Heating
This is different with each individual person and unfortunately, our heating is not controlled by us.  We have 2 extra portable heaters that we use for extra cold weather, however the heating was off for 2 days last winter due to maintenance.  
 
 
'Flying start' for start ups
As part of our comprehensive range of services to our clients, PurpleAccounts will be launching a complete support package for new start ups called 'flying start'.
 
The details are being finalised as we write but the service offering will be second to none.  We are very keen to help new ventures succeed and have many customers that have used us in the start up stages for advice and support on a variety of issues with great effect!  The service will be 'none profit making' for PurpleAccounts whilst each new business establishes itself.  This further cements our committment to the growth and success of small businesses.
 
In summary the service will include:
Accountancy
Free advice and practical support from qualified commercial accountants
Help opening a bank account
Brand image and marketing
Basic website and stationary suite (excluding print)
Access to a desk, chair and wireless internet access at our central offices in Douglas
Help and advice creating a business plan
Free membership to our small business networking events
Free software
 
If you know someone who would benefit from this new service, please pass on our details as it will be a huge help to a new starter - we all know what it felt like in the beginning!
 
 
 
Please email enquiries@purpleaccounts.com or call 01624 618002 for more information.
 
Small Business Notes and News
Running a home office - can you claim expenses?
 
It’s question we at PurpleAccounts are asked quite often. As more and more people choose to work from home,  or have a home office.
The general rule for claiming tax relief on business expenses is that you can only reclaim costs that have been 'wholly and exclusively' incurred in connection with your trade.
 
 If your personal and business expenses are 'mixed', you can only deduct the business element if it can be separately identified. Typically, the authorities will allow some 'home office' claims as long as they have been calculated on a reasonable basis, and that such claims are not excessive. You should therefore take great care when working out your home office expenses, preferably with the help of an accountant.

Some accountants suggest calculating the proportion of your home used for business purposes (either as a fraction of the total number of rooms, or by floor space), and claiming back that proportion of your general household expenses (e.g. electricity, gas). Others suggest only claiming a fixed amount per week expense to avoid attracting the attention of the tax authorities, unless you have a significant claim to make.

Potential Pitfalls - A Grey Area

 If you make it clear that part of your home is dedicated for business use, this could lead to you paying business rates. If that space is for "mixed use", i.e. personal as well as business use, then business rates should not be applied.

If you sell your house, having claimed that a proportion of it has been used for business purposes, mortgage interest can be offset against your tax bill where relevant. See our article here.

Insurance and Mortgage companies will often ask you declare that your home is used solely for residential purposes (same goes for tenancy agreements), but if you're running a small home office, and take out business insurance for your business-related items, you should be OK.

To avoid triggering investigation when you make your claim on your assessment form, you must be sure that your claim is genuine and necessary. You should only claim if the amounts involved are significant and if you genuinely do use a proportion of your home solely for running your business. You should be prepared to provide full calculations for any expenses claimed.

Above all, check with your accountant first, as the rules can be complicated.

Top10 ways to give great customer service
 
Businesses are desperate to show that they care about their customers. How often do you read or hear that they are ‘committed to achieving the highest levels of customer satisfaction’?

Perhaps you have even stated the same about your business? These claims are made with the best of intentions; however in many cases the level of customer satisfaction has never been properly measured.

The following top tips are intended to show why every business, big or small, should be interested in measuring the satisfaction of their customers:

Top 10 Customer Satisfaction Tips

1. Keeping your existing customers is more profitable than finding new one
It is around 7 times more expensive to win a new customer than to keep an existing one.
 
2. You can’t manage what you don’t measure
If you don’t find out what is wrong through a customer satisfaction survey you will never be able to make improvements. Equally, if you implement changes to your business you will have no way of measuring its effectiveness other than looking at changes in revenue.
3. Satisfied customers are more likely to be loyal customers
There is growing evidence to support the theory that the more satisfied a customer is the more loyal they will be, however customers have to be exceptionally satisfied before they enter the loyalty zone.
4. Loyal customers become more profitable over time
 
The longer a customer stays with you, the more valuable they are likely to become as there is a higher chance that they will increase the level of business they do with your company and they are more likely to expand the range of products and services they buy.
5. Satisfied customers act as a sales person
If your customers are happy, or even better, delighted with the service you provide they will be more inclined to recommend you to others.  Here at PurpleAccounts, we don;t use sales people, our customers do it for us!
6. Customers rarely complain; they just take their business elsewhere
Companies that believe their customers are satisfied because they very rarely complain are missing an important part of the picture. In fact, it is quite often those customers who are loyal to your business that will complain as they want the situation resolved. Those who are dissatisfied are far more likely to simply take their business somewhere else.
7. Service often differentiates more than products or prices
Much as we are led to believe that price is king and customers will always go for the cheapest price, quite the opposite is often true. By fully understanding your customer’s needs you will find that price generally only becomes an issue when they are not receiving the level of service that they were expecting.
 
8. Delight your customers by showing them you care
Everyone likes to feel that their opinion is important, so what better way to confirm to your customers that they are indeed the most important part of your business than by asking them for their opinions?

By carrying out a customer satisfaction survey you are clearly stating that you are a business that cares about its customers. Be warned though – never ask for someone’s opinion unless you are going to use the information to make a difference!

9. Great results give convincing PR.
It is far more convincing when your customers say how good you are rather than you having to say it yourself. Customer satisfaction measurement provides you with an opportunity to highlight your strong points by sending the results to your customers, and by promoting them in any marketing materials, PR etc. It also gives an opportunity to show that you have taken feedback on board and made changes as a result.
10. Customer satisfaction feels good!
How good does it feel when someone is made up with the service you have given them - priceless!

 

 

 

 

 

 

 

 

 

 

 

 

 
Useful Articles
20 ways to be a positive small business owner
 
If you’re anything like us here at PurpleAccounts, you experience the emotional highs and lows of running your own business.  They don’t call it a roller-coaster journey for nothing!  Aren’t the highs really high, just as the lows are as low as they get?
 
 While all business owners find the highs great to deal with, many find the lows especially tough. Running your own business is sometimes a lonely thing to do. Even if you have a supportive partner or are surrounded by a team, it’s essentially all down to you. So here are 20 ways to help you stay positive in your business for when your business day isn’t quite going as planned!
 
 1. Identify what really motivates you and go after it: Do you want to be more successful?  Gain more business, increase sales or profit? Enjoy more time at home with your family? Why are you in business? It’s easy to forget. Once you remember your true motivation, you can spend time pursuing it. After all, that’s why you went into business in the first place.
 
2. Surround yourself where possible with positive people and things: ‘They’ say you are the sum total of the people you spend the most time with. If they are negative people, they’re going to drag you down with them. Same with your working environment – make it bright, light and happy wherever possible.

3. Have a good clear out: Nothing beats that feeling, right? Grab some black bags and chuck away the stuff that’s been festering in your business. Trust us, you’ll feel great!  A good sort out can be a great way to shake off something you don’t like and start again. 

4. Do some team building: Even if you only have one employee, get out and do some team building.  We all need a boost now and again!

5. Get out: Being at work all the time can be terrible for your state of mind. Where are you going to get your new ideas from? Get in the habit of networking regularly, or go to seminars. Hanging out with like-minded small business people can be immensely rewarding and refreshing.

6. Set challenging goals: When you set a challenging goal for you and your business, you will rise up to achieve it. So work out what you really want to do and then go for it.

7. Remind yourself of your goals: Once you have goals don’t allow yourself to forget them. Get a big piece of paper made up with the business goals and stick it to the wall.

8. Get a mentor: A mentor will help you achieve what you want in your business. They’ve been there, done that, and their job is to keep you on the right track.

9. Reward yourself: Achieved a goal today? Had a great day? Enjoyed work? Find a reason to reward yourself and enjoy it. Rewards can be as simple as a cold pint  or getting your nails done. A good reward can also be a great way to motivate yourself to get a difficult job done.

10. Take an impromptu day off: You work for yourself so you have more control over your life, right? Then exercise that right now and again. Take a day off at short notice and enjoy it. Don’t feel guilty whatever you do; if you work hard you deserve it.

11. Make time for yourself: If you can’t get a whole day off, make sure you regularly have time for yourself. Perhaps you could join a club or something where you have to take an evening off at least once a week.

12. Show clear leadership: Taking true control of your business is so important and can make you feel great. It’s easy to lose control over time. It’s your business; don’t be afraid to make it do what you want it to do.

13. Daydream about what success looks like: When you achieve the thing you’re currently trying to do, what will it look like? How will it feel?
 
14. Keep work life and home life separate: This is important whether you work at home or have business premises. Find ways to make a clear distinction between your personal life and your work life. Even a simple change of clothes could do it.

15. Do something different: Feeling a little bored with your business? Then try something new. Try a different way of doing something. Better still try three different ways. You never know, you might find a way of doing something that’s even better than the way you do it now.

16. Try harder: Sometimes when you do the same things week in week out, you forget to try your hardest. Today, why not work on your business as if it was day one all over again. You could get back the buzz that powered you in the first few months.

17. Learn something new: And while you’re trying new things, how about a skills top up? Even if you have been in business for years, there is always something new to learn. Education can fire off so many new ideas.

18. Seize an opportunity: As business owners we see opportunity almost every day. Most of the time it is right to ignore it. But now and again, when an opportunity comes along that makes you excited... so grab it and have fun with it. Even if it’s not core to your business it could be a good distraction to keep your spirits high.

19. Take action: When something needs to be done in your business, just do it. A good trick is to make your first job the one you’re least looking forward to, then it’s out of the way!

20. Apply a reality check: You can’t control the things that happen to you. But you can control your reaction to events. Bad things come along as sure as good things. Keep your spirits up, take the bad things on the chin and look forward to the next good thing that’s on the way – it will come!

Come and share your highs and lows at our small business breakfast networking events.  The first of which is on Tuesday July 14th – 07.30 for 8am start, held at Nobles Park Cafe, Douglas.  Organised by PurpleAccounts, the aim is to bring together likeminded small businesses for an informal breakfast to share experiences, ideas and business cards.

The events will run every 3rd Tuesday at various locations and the only cost depends on the size of your appetite as this is the only charge. 

Places are strictly limited and allocated on a first come first served basis.  The breakfast is 7.30 for 8am start. To book a place call PurpleAccounts on 618002 or email sandra@purpleaccounts.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 
 
 
 
 
PurpleAccounts
Salisbury House
Victoria Street
Douglas
IM1 2LW
01624 618002
 
 
 
Disclaimer: The ideas shared with you in this newsletter are intended to inform rather than advise. We will accept no responsibility for any financial loss incurred as a result of taking action without seeking our advice first.

 



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