Good Business Advice Know Yourself Knowing yourself can give you direction and purpose. Consider the following tips: * Write a personal mission statement. * Plan your time, and allocate more to the things you value most. * Consider which is most important to you -money, security, family, free-time? Key Business Advice * Keep abreast of business legislation. * Look at your Business Plan on a regular basis, and revise it if necessary. * Planning non-business time in a one person or family business is crucial -plan it and stick to it. Small Business Noticeboard New laws mean that companies with a annual turnover under £350,000 no longer need to have an audit. An independent accounts report needs to be carried out by companies with a gross income between £90,000 and £250,000 -Below this accounts may be administered internally. Marketing Suggestions Ensure all mail is received on a Saturday as most people are generally in a more cheerful mood on Saturdays because they are not going to work or school that day. Legal Status Sole Trader :-• Owner of the business cannot legally be seperated from the business. • Owner has full control of the business. • Owner takes all the profit -liable for all debts. • Owner can sue or be sued. Taxes Tax on drawings /income :-less than £4,300 = 20% tax. Class II (Sole Trader) -£4,301 to £27,100 = 23% tax. Class 4 ( ) -£27,100 + = 40% tax. BACKUP ALL EXPENSE WITH RECEIPTS -ALL OF THEM. Reasons For Success Planning. Relevant Skills. Planned Cashflow. Sufficient Capital. Correct Manageable Growth Rate. Correct Income. Hiring Good Staff. Reasons For Failure No Business Plan. Loss Of Sales. Lack of Working Capital. Bad Debts. Loss Of Long term Finance. Fraud Others...