Not only will you be aware of the cost of living increases that have already occurred, and which are set to continue over the next few months, but I'm sure that many of you are really feeling the pinch now. Household fuel bills, the cost of groceries, the price of petrol - prices are going up, putting a squeeze on all of our purses. Not only are the costs associated with running our own businesses increasing, but also, our customers more than likely have less in their budget to be able to dedicate to the services that we support them with.
 
Although it is going to remain a struggle for us all, there are a few things that could ease your business finances, so here are my top tips for making your business income go further over the next few months.
 
Consider a price increase for your products/services. Yes, at first this may seem like a strange idea given that it could feel like you are making it more challenging for customers to afford your products, but if you haven’t adjusted your prices in years, and are currently charging less than the industry average in your area, why not consider increasing slightly? It’s important to make sure that your income covers your expenses and still leaves you with some profit, so if you aren’t breaking even or are struggling to make any profit, a price increase or package restructuring activity could prove beneficial.
 
Check for unwanted subscriptions. We all sign up for random tools occasionally, thinking that they might help increase our efficiency and productivity. However, some of these fall by the wayside after a few weeks, or months, yet we still end up making micropayments for the subscription. By checking your bank statement for these, and cancelling any accounts that you no longer need, you could save yourself some money every month.
 
Look for more affordable alternatives to the tools you do need to use. Even if you are still using certain tools for your business, it may be that there are cheaper, yet still effective, alternatives out there – even free tools! For example, if you are using an email marketing platform like Keap, but not currently using it to its full potential, why not consider moving to a more affordable platform with the functionality that you require. Mailchimp has free accounts, and Active Campaign offers low cost email marketing solutions – just make sure that you check the tool has all of the functionality that you require, and double check the terms of your contracts to ensure that you can leave early.
 
Shop around when it comes to phone contracts and insurance, etc. If your phone contract or business insurance is up for renewal, don’t just sign up for another 12 months because it’s quick and easy to do so. Why not spend a little time shopping around for the best deal? It could be that you could save significantly on your current costs.  Or hang onto that handset if it's not too past-it, and take a SIM only contract.
 
Make sure that your payment terms are clear in your contracts with customers. If you need to ensure that your cash flow remains regular and dependable, then be sure to make your payment terms – be it on receipt, within 7 days / within 30 days / by BACS, etc. – as clear as possible right from the start of the relationship with your customer.  Incorporating this into your contract/terms of business and your invoices can help ensure that customers are aware of your expectations (as well as the expectations that they should have of you) and can fit in with these, addressing them ASAP if there are any potential issues.
 
Consider outsourcing. Again, spending OUT money on outsourcing tasks may seem a little strange at first glance, as you’re paying money out for a job that you could technically do in house. However, think about the value of the work you do and the equivalent hourly rate you charge. If you charge a customer £50 per hour, and need to outsource some administrative support work for £25-30 per hour, then you have the opportunity to earn when your time is freed up through outsourcing. Why not think about the tasks that are very time-consuming or fall outside of your zone of genius? These could easily be outsourced, freeing up your valuable time, and are likely to be completed by an expert far quicker than you would be able to do if you find the work challenging – or just incredibly boring!! 
 
Funding or Tax Relief. Lastly, if your business is struggling financially, it’s always worth speaking to a professional for advice and support, as there may be funding or tax relief that you could be entitled to. 

I know, it’s a challenging time, but after the last few years, post-COVID, I’m sure that you and your business are resilient enough to weather the storm.

Are you doing everything yourself?
​Are you a small business owner? If so, how many of your day-to-day business administrative tasks do you do yourself, alongside the all-important job of delivering high quality products/services to your clients? It’s all too easy to fall into the trap of doing everything yourself, either because you don’t trust someone else to complete it to the same high standard that you do, or because it feels as though it’s cheaper to keep the job in house rather than outsource it.
 
What else could you be doing with that time?
However, the truth is that outsourcing work to external business professionals can be financially viable. Think about the value of your own time; how much do you charge per hour? Or, if you had more hours every week to spend working on your own ‘zone of genius’ (attracting new clients and providing further support to existing clients because of your increased capacity for this kind of work), how much additional money could you bring into the business? We can’t all be experts at everything we do in our business, and the likelihood is that there’s someone out there who can carry out high quality work to your exacting specifications in a fraction of the time it would take for you to complete the same task.

How much time could you save by outsourcing? 
As an example, let’s consider a beauty therapist business owner, who can charge £50+ per hour for the treatments that she provides.  If that business owner spends 3 hours a week preparing marketing content for their website and social channels, they have lost the potential income from three additional hours of treatments.  However, if they outsourced their marketing work to an external professional, whilst they would have to pay for their time, the likelihood is that it the cost wouldn’t be close to the additional revenue that they could bring into the business by working for those additional few hours.
 
Talk to us!
If you struggle to relinquish control in your business and are concerned about quality and professionalism if you were to outsource work, why not speak to a virtual business support team, like CCP Professional Business Support? We can explain to you how the process works, and what you can expect from the virtual team who will be supporting you. You can also rest assured that all our team members have appropriate insurance in place, are registered with the Information Commissioner’s Office (where appropriate) and are experienced business professionals who have all helped numerous other business owners, just like you, to work more efficiently and cost-effectively.

It may not feel as though now is the right time to grow your business; this year’s Covid-19 crisis saw huge numbers of organisations furloughing staff, seeking government financial support and even ceasing to trade. According to the Financial Times, at least 21000 more companies failed in March 2020 compared to the same period in 2019[1]. Even for organisations who continued to trade throughout the pandemic, there was little or no reprieve – according to the Office for National Statistics, 93% of businesses who responded to the ‘Business Impact On Coronavirus Survey’ and advised that they were still trading claimed that their turnover was ‘lower than normal’ during the lockdown.
 
However, if your business is starting to pick up and you’re struggling to find hours in the day to meet client demand, it’s natural to think about growing your business, even if you are reluctant to grow an in-house team of permanent, employed staff due to the current economic uncertainty.

Thankfully, there is an alternative to growing an in-house team: Outsourcing.  In today’s digital world, more and more talented and skilled business support and administrative professionals are offering their services remotely, and with many offering packages of ‘hours’ or one-off project rates, they offer a great alternative to full time, employed members of staff.
 
Yes, freelancers tend to have an hourly rate that is much higher than an employee, but without the overheads that you’d have bringing someone into your team full time; You don’t have to sort out their tax/national insurance/pension, or provide their computer, desk and office chair; you don’t need to pay them for holiday or illness, and they can leap straight into a specific task or project that you need help with without you necessarily having to train them up (or advertise for someone with that skillset and potentially have to wait for that person to give notice to their current job before they can start).  Many freelancers also allow you to pay for a few hours of their time, if required, so you can ‘test the waters’ with them and ensure that they are the right fit for you and your business without either them or you losing out.
 
One thing that I would say is still essential, regardless of whether you grow your team with permanent employees or temporary freelancers, is a good quality contract between you and your team members.  Seek legal advice to ensure that it covers everything that you need and gives your team members a clear outline of their responsibilities and yours, so that in the unlikely event something does go wrong, you are both covered (i.e. if you cannot afford to maintain their support, that you can step away with a month’s notice rather than being tied into long periods that you cannot realistically afford). Just be aware that if you only sign up for one month/a couple of months and then want to extend the support period, that your team member may have found an alternative long-term project to work on from someone who was able to commit to a longer period, and would not be in breach of contract if they did this.
 
Outsourcing is a wonderful way to bring skilled and motivated team members into your business, and it doesn’t necessarily have to be short-term – many business owners I work with have fabulous, long-term relationships with freelancers that are still cost-effective and beneficial to their business. So if you are a little hesitant about growing your team at the moment, why not reach out to a freelance business support professional? It could be just what the Doctor ordered!

[1] https://www.ft.com/content/5d198135-b38f-4512-b611-9f017f76929d

How did you work out your hourly rate?
​As a business owner, it’s likely that you have taken the time to sit down and work out your hourly rate, project rate or products/services price list carefully and comprehensively.  If you sell physical products, you will have considered how much it costs to buy them in, the storage and postage costs of your products, the overheads for running your business (for example, your website costs, your marketing budget, etc.) so that you have the highest chance of making a profit, even if it isn’t a significant one. The same is true for the vast majority of service based businesses – they have overheads (hardware and software costs, office rental, etc.) and there will be a definitive ‘minimum’ level that they’ll be willing to charge for their services that allows them to be fairly compensated for the work that they have done.

Are the necessary business insurances in place? 
As a small business owner myself, I know that budget can be tight when you are looking to outsource aspects of your business – particularly at the moment (I’m writing this as the UK is slowly easing out of lockdown restrictions post-Covid19), during a period of economic uncertainty. However, I also know that if I’m only willing to pay an incredibly low rate to my freelance team that a.) it may not be enough to support them financially and b.) they may only be willing to accept such a low rate because they don’t have the business necessities in place (appropriate insurance, reputable software, etc.) that I need them to have.

​APVA Research 
The Association of Professional VAs carried out research in 2018/19 that found that a Virtual Assistant working 30 hours per week and charging £25 per hour was only taking home £13.03 of that hourly rate, as the rest needed to be set aside to cover essential ‘business necessities’ – the overheads that responsible and professional business owners should have in place. These business essentials include (but are not limited to):

• Tax and National Insurance Contributions
• Professional Indemnity, Cyber and Public Liability Insurance
• Compliance registrations (for example, registering with the Information Commissioner’s Office and with the HMRC for their Anti-Money Laundering Regulations, if appropriate)
• Utilities
• Ongoing professional development training, etc.

 
Are you considering GDPR and personal data?
Of course, some of these overheads are dramatically reduced in other countries, which allows freelancers in those areas to charge significantly cheaper rates than their UK/EU counterparts. However, from a data protection and privacy perspective, I’d much rather be working with someone from within the UK/EU who is familiar with (and adequately and sufficiently prepared for) things like the General Data Protection Regulations and Privacy and Electronic Communications Regulations, etc.  Opting for ‘cheap and cheerful’ when dealing with personal data in your business (including email addresses), could mean that appropriate precautions for data protection aren’t put in place for your customers and suppliers, and could result in a penalty for you.

Low rate service options
There are individuals out there who offer an exceptionally low rate for their services, and who have the knowledge and ability to deliver high-quality services, but there are also a whole swathe of unregulated and unscrupulous ‘freelancers’ out there who simply will never work out to be cost-effective, regardless of how little you pay them, as you’ll have to either re-do or check their work.

Check that you're protected 
When you start working with a freelancer or small business, feel free to ask them about their insurance cover, their compliance processes and procedures (and registrations), and make sure that you are protected by insisting on a contract that outlines the rights and responsibilities of both parties. And remember – they are simply trying to make a living too, just like you, and deserve to be respected as small business owners. If you can’t afford their services, either politely decline and move on, or ask them if there is any room within your budget for their support; it may be that they can’t offer as many hours as you’d initially liked, but even a few hours here and there or a smaller project than initially planned could still prove highly beneficial to you and your business.

New research from the University of British Columbia recently found that using money to buy time - such as paying to delegate or outsource your business administrative and creative tasks is linked to greater life satisfaction and happiness.  People who prioritise time over money tend to be happier than people who prioritise money over time.
 
However despite the benefits, the researchers were surprised to discover how few people choose to spend their money on time saving purchases in daily life. 
 
Here at CC Professional, we regularly meet time-poor business owners and entrepreneurs who are struggling to find a work-life balance due to typically wearing ‘all the hats’ within their business and working long hours. 
 
Our mantra is ‘Making Life Easier’ and our goal is to provide these time-poor entrepreneurs and business owners with exceptional service which enables them to focus on their business and reduce stress which results in an improved work-life balance. 
 
Watch this video from Money…..

What do our Clients say about us? 
 
If you’re struggling with certain areas of your business then why not give us a call to find out more about how we can support you and give you more time to spend on what you love doing -  below are some of the key things we provide for our existing clients:

• PA and/or Administrative Support
• Social Media Management
• Copywriting, Research and Analytics
• Website Design & Branding including SEO
• Call Handling/Telephone Support
• Bookkeeping

 
Below are some testimonials from clients about the service they have experienced from CCP Business Support - we can put you in touch if you want a personal recommendation:
 
Julie Baldwin, Ryelands B&B – Client "Clare and her team have made the process of launching our new business stress-free. Their level of expertise has meant we have not had to worry about areas of technology that is just not our strength, freeing us up to concentrate on other aspects of our business. We would like to thank the team and wouldn't hesitate in recommending CCP"
 
​Clare McLoughlin RGN INP, Appearance Based Medicine - Client "CCP is integral to the smooth running of my business. Like many women, I juggle being a Mum with running and working in my own business. With the invaluable help and support of CCP, my business has grown, I have been able to focus more on what I am good at, secure in the knowledge that CCP are looking after the rest.  I highly recommend Clare Clarke and her team. Thank you"
 
Victoria Darragh, Executive & Personal Assistants Association (EPAA) - Client ​“I'm so incredibly impressed with CC Professional and the services we receive from them. Keep up the great work ladies - if you are a small business owner in denial about what Virtual support can provide and why it's worth it, just contact me and I’ll put the record straight!” 

Suzan Joy Wells, Client "Thank you Clare, I found the session with Gemma invaluable. I feel inspired and  look forward to working more with you in the future. Intention set to have funds and sent to the universe!"
 
Watch our short testimonial clip below or view more testimonials on our website ....

Making Life Easier at CC Professional Business Support
 
Forget trying to ‘do it all’ - outsource those tasks you find annoying or frustrating and spend the time focusing on what you’re good at and what makes you money.
 
Because all our team are independent and self-employed, our clients are not responsible for any taxes, benefits or insurance as they would be for an employee, other than where indirect expenses are included in the VA's fees as part of the contract.
 
If money really can buy happiness, what’s stopping you from outsourcing your business tasks and benefitting from greater life satisfaction?
 
Call today on 01296 910191 or email [email protected] to discuss how we can make life easier!
Source – University of British Columbia.

​It’s that time of the year again – 'Strictly' season!
Break out the fake tan, sequins and hairspray (and that’s just the gents) and take a seat in front of the show that makes us all ballroom dancing experts and encourages us to shout ‘Severrrrn!’ and ‘Uh-maze-zing!’ ... after a particularly entertaining Jive.

Strictly vs. Real Life ...
Having seen the line up of celebrities taking part this year, I was struck by a sudden Strictly vs. real-life epiphany that I just had to share! As you may have noticed, the physical and performance abilities of each competitor vary quite significantly; there are the sportsmen and women who are incredibly physically capable; the actors who can ‘turn on’ their inner diva at the drop of a hat for the Paso Doble, and the news presenters who have the impressive ability to remain stoic and poised in the ballroom dances (when many people would crack up and giggle through the entire performance).  

What's your specialist dance?
In business, everyone has their own ‘specialist dance’ too.  For some of us, interaction with customers is our special gift, for others, bookkeeping and numbers is what we do best.  Just like Strictly, I think we should celebrate our strengths (ideally, with sequins and glitter, though I know not everyone would agree!), and make the very most of the activities that we do that can make the most of these skills and qualities.

The ‘10’s’ that we would get from the judging panel represent the success that we could find with customers and other businesses if we embraced and promoted our talents.  On the other hand, the skills that we might not score so highly for could be seen to hold your business back from growing successfully in a competitive marketplace.  

Find someone to make you look even more 'Uh-MAZE-ZING' ...
In these cases, why not find a professional who could do the business equivalent of dancing around you and making you look even more ‘Uh-MAZE-zing!’, even if you are just standing still doing the Macarena.!

Score PERFECT 10's across the board!
This is where businesses like CC Professional Business Support come in – if you can outsource the work you struggle with, don’t enjoy or don’t have time for to an experienced and professional agency who will work hard to ensure their top quality work meets your exacting standards, you could be getting perfect ‘10’s’ across the board from your customers – your real life judging panel – and be well on your way to finding increased business success…

If only it came with a massive glitter ball trophy!