NOW IS THE TIME TO REVIEW YOUR DEBT COLLECTION

Finance

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11/10/2022

by Stuart Hoysted, senior associate and debt recovery technical director, Clarke Willmott

The ongoing turbulence in the UK economy means now is the time for businesses to look again at debt collection.

With interest rates rising and energy bills going through the roof, there has been a large increase in the number of corporate insolvencies. There is a very real prospect of recession and all businesses – particularly SMEs and sole traders – should be looking at their debtor situation.

It’s wise to act now before today’s collectable debt becomes tomorrow’s bad debt.

Why SMEs?

The current financial climate could hit SME and sole traders particularly hard. Increased costs and the typical customer base of these businesses mean they tend to be more exposed to the current turmoil.

Also, far too often the committed small business owner is too busy looking at servicing current contracts or preparing for the next project. There is a general mindset that the collection of older bills will wait until there is a spare moment when they can chase.

Very often that spare moment never arises, and with the current financial climate, all business owners need to put time aside to consider outstanding customer payments now.

Over the past few years there has been an explosion of resources (QuickBooks, FreshBooks, Zoho etc.) available to the smaller business owner, to assist them with the billing processes at a cost. If you use one of these software packages, you will know what a godsend they are in issuing invoices and sending overdue reminders to customers.

But what if you do not use one of these packages, or if you have reached the end of the software’s chasing process and payment is still outstanding?

A telephone call to the customer is a good place to start. This can help you to understand why your invoice(s) have not been paid and perhaps work out a solution for receiving payment.

It is impossible to list all possible reasons for non-payment, or all the tactics you should employ, but some common examples include:

Invoice (and reminders) have not been received

This could be as simple as having your customer’s email address wrong, or your customer having a filter which has placed the emails straight into their spam folder. You should be able to re-send the invoice to your customer while they are on the phone so they can confirm receipt immediately.

A dispute over the goods or services supplied

It is surprising how many disputes are not raised until you contact the customer.

Even if the dispute is totally fabricated, knowing that the customer considers they have a dispute allows you to consider your options. This might mean offering a resolution to the customer, even if it is offered through gritted teeth, just to obtain payment. Once it is received you are then free to resolve not to work with them again.

If you are not able to reach a resolution, showing you have attempted to be reasonable may help if you if you subsequently decide to issue a County Court Claim.

We are experiencing cash flow problems/I am waiting on payment from my customer

It is not your responsibility if your customer has failed in their own collection processes, but somehow your customer believes that you should suffer the consequences equally.

You will need to remind your customer of their responsibilities to make payment and ask them for more information as to when they expect to be paid. Knowing this can allow you to schedule a follow-up call to be first in line once payment is received.

As cashflow is important, it might also be worthwhile discussing with your customer a staged repayment plan, so that some funds start to come in.

We are winding up/entering bankruptcy

No-one wants to hear that their customer is entering insolvency, but with insolvencies on the rise it will become a more common response from customers.

If you supply goods, and have one as part of your contractual terms, you need to act on any retention of title clause.

In all other cases you will need to lodge the debt in the insolvency estate. Anyone who has had a customer go through insolvency will know that you may have to wait years before a distribution is made – if at all. Any payment received is only likely to represent a few pence in the pound of the actual debt.

If after calling your customer payment still does not materialise, then it is time to consider pursuing a claim through the Civil Court. If the amount concerned is under £10,000 then this can be processed through the HM Courts & Tribunals Service Money Claim Online service (MCOL), which is a relatively simple and intuitive method of bringing a County Court claim.

Alternatively, you can engage solicitors to pursue the claim on your behalf.

Clarke Willmott is a national law firm with offices in Manchester, Birmingham, Bristol, Taunton, Southampton, Cardiff and London.

For more information please visit Clarke Willmott – Specialist Debt Recovery Solicitors – Clarke Willmott

Agri digital agency wins at marketing awards

Business

News Desk

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11/10/2022

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A digital marketing agency for the agricultural industry has won an award for its work introducing a start-up brand to the UK consumer market.

Hillsgreen was awarded ‘Best Small Budget Campaign’ at the 2022 Prolific North Marketing awards following its digital campaign to launch plant soil improver, Aquagrain, in the UK.

The agency, which launched in 2018 and now employs 11 people, was recognised by judges for its ‘well-structured campaign that showcased a strong understanding of the target audience and achieved fantastic results for the brand’.

Aquagrain needed to prove consumer demand in the UK to support its investment plans and this was achieved via a tactical social media campaign, customer database growth, influencer partnerships and, improved website conversion rates.

Andy Venables, Managing Director of Cheshire-based Hillsgreen, said: “Aquagrain is a great example of the role digital marketing plays at every stage of business growth. Whilst still in its infancy and needing to show a clear route to succession, a strategic approach was crucial. By working closely together, we streamlined product ranges and devised a campaign that created maximum impact in the short-term. That’s what made it so successful so we’re delighted to be recognised for this, beating very strong competition on the night.”

JP Dorgan, Head of Business Growth at Aquagrain said: “I knew that Hillsgreen would truly understand our product and the market. Being a start-up brand, our first campaign was only planned internally to be a test and learn exercise, to gather the initial response to the product. However, Hillsgreen achieved much more than this. We built a database, captured the attention of B2B prospects and retailers and proved consumer demand. It really has set us up for the future.”

The majority of Hillsgreen clients are based in the Agricultural and Agri-tech industries. Clients include the NFU, Elsoms and Cereals Events.

It is also the powerhouse behind two sister brands, Cultivate and Mission AG. Cultivate is the industry’s leading annual leadership conference and Mission AG is a ‘freemium’ B2C marketing network community for farmers.

For more information visit www.hillsgreen.co.uk.

CURATED MAKERS PARTNERS WITH JOHN LEWIS THIS CHRISTMAS TO CHAMPION LOCAL BUSINESSES

Partnerships

News Desk

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11/10/2022

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Opening Dates: Cheadle 18th October | Trafford 19th October | Cardiff 20th October | Glasgow 23rd October

Curated Makers, a retail concept that links local independent artists and makers with the high street, will be returning to John Lewis as a part of their Christmas Emporium; in Manchester, Glasgow and Cardiff stores.
Popping up in Cheadle, Trafford Centre, Glasgow and Cardiff, Curated Makers will showcase more than 20 local independent small businesses, selling homeware, candles, clothing, jewellery and much more.

Curated Makers, a retail concept that links local independent artists and makers with the high street and will be returning to John Lewis as a part of their Christmas Emporium in three major cities; Manchester, Glasgow and Cardiff. Popping up in John Lewis’s Cheadle, Trafford Centre, Glasgow and Cardiff stores, Curated Makers have carefully selected over 30 independent small businesses per Pop-Up to showcase local crafts, selling homeware, candles, clothing, jewellery and much more.

Since launching in 2017, the Manchester-based marketplace champion has hosted a series of pop-ups in large stores, including M&S, Paperchase and Next, and shopping centres including Trinity Leeds, Meadowhall and Battersea Power Station. Having received the government’s Innovate UK Young Innovators grant with an initial investment of £5,000 in 2020 and more recently with a Follow-on Fund of £50,000 in 2022, the business is going from strength to strength.

A welcome recipient of the Prince’s Trust, set up by King Charles III, Curated Makers has benefited greatly from the charity’s support for the business and the makers that it continues to champion.

John Lewis has been a long-standing supporter of Curated Makers small business journey as they face their third Christmas together to provide a much-needed platform for other small businesses during the most important season of the year.

Megan Jones, Founder & Director of Curated Makers commented; “It is a pleasure to return to John Lewis this Christmas, this platform is huge for our makers and is an invaluable source of revenue for their small businesses. The customers we meet within John Lewis branches are always so pleased to find our handmade gifts in-store and treat their loved ones to such special items. We look forward to spreading local joy this Christmas and hope to see many local people in the branch! Also venturing to Wales and Scotland for the first time ever is such a milestone for our business and those we represent, it’s a very exciting time for Curated Makers as we get to widen the reach of the impact we can have on small local businesses at such a crucial time of year.”

Chloe, the artist behind Pet Portrait Illustration, notes; “Working with Curated Makers has been one of the single best things I’ve done for my business. When they say they are ‘Small enough to care, big enough to make a difference’, I couldn’t agree more! Since joining in 2018, I’ve seen them go from market stalls to having their own stores on the high street, from supporting a handful of makers in the north to hundreds all over the country, which is pretty incredible! I feel so proud to be part of a collective of like-minded people who take pride in their work, care about their local area and help bring back a bit of individuality to the British high street … I’m currently preparing for my busiest Christmas ever and I really owe so much of it to Curated Makers.”

Temporary Building Planning Permissions Application

Thought Leaders

News Desk

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11/10/2022

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Using temporary buildings for a long term, say five to ten years, requires structures that are sturdy and useful. The reason why many businesses and organizations are turning to these structures to solve their space needs is that they are affordable, time-saving, and versatile. However, you will need temporary building planning permission for structures that will be used for more than a month or when the structure is past a certain size.

Obtaining temporary buildings planning permission is not only a legal requirement but also crucial for ensuring the safety and compliance of long-term temporary structures. Additionally, it can be beneficial to secure a building warranty for added assurance that the structures meet specific standards and aesthetics, providing peace of mind to both owners and users.

Whether you are in the UK or any other part of the world, it is good to check the regulations around these structures and comply accordingly. For now, will talk about how to make temporary buildings planning permission applications.

When Do you Need Temporary Buildings Planning Permission?

As hinted, you will not always be required to apply for planning permissions when building temporary structures. Sometimes, you just rent the structures, use them for a short while, and then return the structures to the supplier.

When building your own temporary buildings for a business or organization in the UK, for example, you will need the help of a professional company such as Smart-Space. You will be required to make temporary building planning permission in the following cases:

The structures will be used for a long duration – In the UK, for instance, temporary structures to be used for more than 28 days are required to have temporary buildings planning permission, so you should apply before renting them. If you are in any other region, check with your authorities to learn more.
The structures are big – Again, those who are in the UK should apply for planning permission when making structures of more than 100 square meters. These are often large structures used in commercial companies and institutions. There are also other detailed guidelines you need to check with the authorities to get a clear picture.

How to Apply for Temporary Buildings Planning Permission

The application process differs from one place to another. However, there is a general guideline that is applicable in many regions.

Prepare the building plans – The service provider should apply for temporary buildings planning permission, but it is good for buyers to confirm that the structures are approved. First, the design and plans are needed to show the size of the structure and the engineering technology. The client and service provider’s architect should discuss and come up with the right structure design to be used in the application for permission.
Making the application – Thanks to technology, online temporary buildings planning permission applications are now possible all over the world. The service provider should use the government portal or relevant portal to download the forms, fill them out, and submit them accordingly. All modular structures are already approved, making the construction process very easy.
Submitting supporting documents – The filled forms be submitted together with supportive documents. They include the plans that you already prepared or any others that are requested by the authorities. Providing the required documents makes it easy for the temporary buildings planning permission process to go through and saves time.

Benefits of Temporary Buildings Planning Permission

The temporary buildings planning permission application is a legal requirement for structures that meet certain criteria. Failure to apply them may lead to the demolition of the structures or hefty fines.

Furthermore, these permissions ensure that the structures comply with certain standards to protect the users, especially when they are used on a long-term basis.

Lastly, the temporary buildings planning permission ensures that certain aesthetics are maintained. For instance, the pitch of large modular structures and industrial tents should be of a certain height, the color of the materials must meet certain requirements, and the overall design should comply.

Conclusion

It is essential to comply with structural standards when fabricating or buying customized temporary structures. Even as a beginner, you now know the best approach when making temporary buildings planning permission applications. This will save you time and money and ensures that your structures are compliant.

How To Plan For And Stay Sharp During Overnight Return Drives from London to Edinburgh

Transport

News Desk

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11/10/2022

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Driving at night can be exciting and frightening at the same time. While most people would not be comfortable driving at night, a good number love overnight drives, and with a good reason. First, there’s not much activity or cars on the road at night, hence no need to worry about traffic. The risk of distractions is also significantly reduced as well. On the flip side, nighttime driving can be risky, especially when driving in new neighborhoods or if something should happen to your vehicle. You’d have to be behind the wheel when everyone is asleep. This can hugely impact your entire system, particularly if you’ve never done it before. Chances of falling asleep at the wheel are greatly increased too. For this reason, it would be advisable to plan overnight drives from London to Edinburgh well to ensure you aren’t not only alert but well-rested for the entire trip.

Are you planning your first overnight drive? Here are a few tips and tricks to help keep you safe and alert throughout the journey.

Avoid High Contrast Lights (Or A Lit Cabin)

The first rule of driving at night is never to have bright lights in the cabin. Any unnecessary lights, such as the overhead lamp and some dashboard lights, should be turned off soon after hitting the road. Any bright lights will only produce a sharp contrast with the environment outside, making it hard to focus on the road ahead. As counterintuitive as it might seem, driving in a dark cabin helps keep you awake and makes driving more comfortable at night. Avoid staring into oncoming traffic by keeping your eyes on your lane.

Maintain A Clear Head

Never take up the wheel when tired or depressed. The rule of thumb for staying safe when driving at night is to have a clear head. However bad your day was, pushing negative emotions away and focusing only on driving and getting to your destination safely would be advisable. The last thing you want is to take on the road fuming about anything. Stress and depression can be physically and emotionally draining; another reason you want to maintain a level head. The same can be true, especially when you are excited about the trip or something else. Being too enthusiastic on the road can cause you to make costly mistakes. This is one of the reasons experts recommend keeping it to yourself and, if possible, turning the radio to a very low volume (but audible) and concentrating on the road.

Careful What You Eat

While it is OK to bring something to bite (say a fruit) while on the road, you still need to be careful what you eat. For most drivers, a bag of chips, burgers, etc., suffices for a quick snack to keep you energized. Although snacks are OK, you do not want to go for anything with lots of sugar or carbs. Foods rich in carbohydrates, i.e., French fries, can take a toll on your ability to concentrate on the road. The excess sugars may overload your system, making you sluggish and sleepy a few minutes later. Greasy burgers and fried chicken should thus be out of the question, however tempting they might be. Pack and bring enough healthy foods for the trip. A well-balanced meal plan with grilled meat, fruit cup, and salad would be a wise choice for the trip. You can also ask for a healthy food option at fast food chains if you don’t have enough time to prepare a packed dinner. Foods rich in dietary fiber and low on carbs will help keep your energy levels high and boost your focus throughout the trip. Keep your car neat, tidy and clean from snack debris with car floor mats.

Grab A Cup Of Coffee

A cup of coffee will come in handy when planning for a long overnight drive. For starters, coffee is a stimulant and will keep you fresh and focused for the bigger part of the journey. Coffee will also help keep your energy levels up.

Don’t Take Too Much Caffeine

While a cup of coffee is OK for the trip, one cup is all you need for the night. Too much caffeine in the system can cause an energy crash or, even worse, make you jumpy. Anything with lots of sugars and caffeine should thus be kept to a minimum or avoided altogether.

Stay Hydrated

Always bring a bottle of water or two when going for a long drive. Sipping the water as you drive along will help keep you well hydrated, making it easier to stay focused during the entire journey. You also do not want to get dehydrated or too thirsty in the middle of the night with all shopping malls and restaurants closed.

Allow For Air Circulation

As tempting as turning up the heat in the cabin or closing all windows, you should consider keeping the temperature inside a few degrees cooler. If the truck/vehicle is too warm, the air quality inside will decline, making you drowsy and sleepy. That said, it is best to turn the AC ON, or even better, open the window a crack to allow some fresh air in. This will help keep you cool and comfortable.

Consider Some Vitamin Supplements

Although it might seem unnecessary, taking your vitamin supplements, especially vitamin D and Vitamin B supplements, can help boost your energy levels and keep you awake. You’ll also be in better shape, considering there’s no natural light at night.

Go For A Walk

Overnight drives can get lonely and tiring at times. There are times when sleep will overwhelm you even before getting to your destination. This mostly happens if you have been behind the wheel for several hours or toward the wee hours of the morning. If/when this happens, look for a safe spot to park (preferably a filling station or supermarket), switch off the engine, and take a walk. Use this moment to stock up on drinking water or to stretch your muscles. This will help restart the system, buying you a few more hours to drive.

Nap, If You Must

If you have been driving for hours and are overwhelmed with sleep, it is always wise to take a nap if all else fails. As mentioned before, you only need to look for a safe place to park and nap. Unknown to many, a 20-minute nap is all you need to allow the body re-energize and reset. Set the alarm to avoid napping for too long, as this will only worsen matters. If you’re just not able to go on then it might be best to look for a hotels in Edinburgh, London or the nearest town.

New tracker identifies weekly consumer sentiment as economic climate worsens

Tech

News Desk

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11/10/2022

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Vypr’s new weekly cost-of-living tracker identifies current consumer concerns.
72% of people remain concerned about energy costs.
48% of consumers have reduced spending overall, with 51% worried about grocery bills.
32% of consumers drive less, with 27% walking more – 56% worried about rising fuel costs.
27% of consumers have switched to discounts, and 28% visit more than one store.

Manchester, 10 October 2022 – A new cost-of-living tracker with publicly available week-on-week data has been launched to help brands understand consumer sentiment and behaviour.

The tracker, named Vybe, has been built by the product intelligence platform Vypr. It asks a nationally-representative sample of consumers from Vypr’s 65,000 strong community key questions across four categories. These span food and drink, spending habits, travel and socialising.

The latest data (6 October 2022) shows that 49% of consumers are now spending less. 40% of shoppers are looking for more offers, and 31% are buying more value ranges. 27% of consumers only buy essentials as the cost-of-living crisis heightens.

Kevin Baldwin, Vypr CEO, comments: “The Vybe tracker allows a snapshot of consumer behaviour with the ability to compare previous sentiments. As financial volatility continues, brand owners need to be able to closely monitor how people are feeling and behaving. The interactive interface offers a ‘quick-glance’ of those weekly micro-changes.”

He adds: “As more data becomes available, the tracker will provide a timeline to help understand market trends. For example, the latest data shows that around a third of people maintain their social habits. Vybe will track how such trends change as the economic landscape evolves through autumn and winter.”

By applying the latest research technologies, Vypr constantly refines its tools to provide robust intelligence that is statistically and scientifically sound.

Find out more at vybetracker.com

GP Bullhound invests in Connex One in GBP93M Series C fundraising

Business

News Desk

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11/10/2022

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GP Bullhound announces its participation in a £93m Series C fundraising into Connex One, a leading cloud-based Customer Engagement Platform. The investment will enable the company to continue to scale its global operations and further establish its position as a market leader.

Founded in Manchester in 2013 by brothers Nick Mealey and Richard Mealey, Connex One has developed a multi-award-winning AI-powered customer engagement platform that provides omnichannel communication and business automation. The platform is used by many of the world’s leading brands, powering customer journeys, increasing revenue, and optimising the efficiency of workforces.

In recent years, the firm has rapidly expanded its product and machine learning teams and launched a range of next-generation AI customer engagement features, enabling the business to achieve consecutive years of triple digit-growth of Enterprise clients and ARR. To support the growing demand from global enterprises, the firm has expanded operations in the UK and internationally. With new offices opened in Miami, Barcelona, and Melbourne already in 2022, Connex One is currently expanding its global workforce to 1,000 people.

Nick Mealey, CEO and Co-founder of Connex One, commented: “I am delighted to be able to announce the successful completion of our Series C fundraising from leading technology investors. Connex One’s growth rate has been phenomenal; it is a testament to our high-calibre global team and the value that our award-winning platform has created for our customers. I am very much looking forward to the next phase of our journey.”

Per Roman, Co-founder and Managing Partner, and Alon Kuperman, Partner at GP Bullhound, commented: “After being fascinated with the power of their software, we are thrilled to be partnering with Connex One as they disrupt and take over the industry. We are firm believers of the efficiency that end-to-end cloud-based software solutions bring to businesses of all kinds, and Connex One has the perfect product and team to serve the contact centre industry.”

Latium Tech, the investment vehicle owned by Brian Kennedy, took a majority shareholding in Connex One back in 2016, along with Sir Terry Leahy and The William Currie Group. The legal advisor to Connex One was DWF, led by Frank Shephard.

GP Bullhound invested through Fund V. Other recent investments include Typeform, causaLens, HackerOne, Whoop, Patreon, DuckDuckGo, Discord, Revolut, and Klarna, among many others.

THE HALLÉ AND THE BRIDGEWATER HALL ANNOUNCE RUSH HOUR – A ONE-HOUR CONCERT FROM JUST £10!

Entertainment

News Desk

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11/10/2022

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Manchester’s world-famous orchestra has just announced a completely new concert entitled RUSH HOUR at 6.30pm on Thursday 10 November in The Bridgewater Hall.

This concert offers everyone the chance to hear the power of a full symphony orchestra for an hour or so, for just £10 or £2* performed by one of the world’s best orchestras in one of the world’s best concert halls.

This special event will feature the talents of two young Finnish stars: Tarmo Peltokoski is on an astronomical rise and will conduct and present the concerts; fellow countryman Anton Mejias will take to the piano to perform a work for piano soloist and orchestra. Both artists are tipped to reach the very top of their profession.

Musically the event features two pieces – Prokofiev’s brilliant and at times breath-taking Second Piano Concerto and Sibelius’s theatrical Fifth Symphony. Perhaps the Finnish composer’s best-known work, it ends with one of the greatest finales of all time, it’s ‘Swan Hymn’ ringing out in life-affirming glory.

Hallé Chief Executive David Butcher said:

“This new Rush Hour concert is a great way for people on their way home (or on their way out), to stop by and experience the full power of a symphony orchestra – and all for a tenner or £2 if you’re in full-time education. Starting at 6.30pm and lasting just over an hour, people can hear world-class musicians and soloists in one of the world’s best concert halls performing fabulous music, all in an informal setting. Whether regular Hallé attenders or people who have never been to a concert before, we hope everyone will be inspired by the music and the unique sound of an orchestra. We’re grateful to our friends at The Bridgewater Hall for helping support this special event.”

Tickets are on sale now for only £10 or £2 (*full time education) with no booking fees from www.halle.co.uk or 0161 907 9000.

Simpson Millar names new Head of Abuse Law Team

Appointments

News Desk

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11/10/2022

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Consumer law firm promotes Liam Goggin to lead its national team of abuse law experts

Simpson Millar has promoted Liam Goggin to Head of Abuse Law in a move that further bolsters the Public Law Division’s senior management leadership team.

Based out of the firm’s Manchester office, and specialising in child abuse claims against public bodies, including schools, religious or charitable organisations, social services and the police, Liam brings nine years’ experience to the role.

A member of the Association of Child Abuse Lawyers, the promotion sees him officially take on the role of leading the 10-strong national team, having recently acted as Interim Head of Department.

During this time Liam has overseen a large number of procedural and cultural changes within the team, which also handles civil cases against individuals who have been criminally convicted of abuse, including representing clients in group actions, and pursuing Criminal Injuries Compensation Authority (CICA) claims.

He has also represented clients in a number of high-profile cases against football clubs such as Crewe Alexandra and Manchester City FC, as well as representing clients in the national inquiry in London, and to claim for compensation as part of the Lambeth redress scheme.

Commenting on his promotion Imogen Jolley, Head of Public Law at Simpson Millar, said he brings with him ‘unrivalled insight’ into complex areas of abuse law, and that his passion for securing justice on behalf of his clients ‘resonated throughout the department’.

She added: “Liam’s expertise and insight into some of the more complex aspects of bringing a claim against public bodies, and particularly under the CICA, has secured justice on behalf of hundreds of clients.

“Likewise, his passion and dedication for the work that he does has put him front and centre of some of the highest profile abuse cases in recent years, and his passion has truly resonated throughout the team during his time as interim head of department.

“We are therefore delighted to announce his promotion and delighted to welcome him as a permanent member of the senior management team within the public law department.”

Commenting on his new role Liam said: “I am proud and privileged to have been named as head of abuse law at Simpson Millar, and to have the opportunity to continue to lead such a talented and dedicated team of legal experts.

“Collectively we are focused on securing access to justice on behalf of clients who have been let down by the very people who should have been there to protect them. This commitment to opening up the law, and to making sure that they are on hand to help anyone in need of legal support, is what makes this role so rewarding.”

How To Start an Ecommerce Business in UK

Thought Leaders

News Desk

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11/10/2022

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Congratulations if you have decided to start an ecommerce business in the UK, as it means you can have a stable income. It is one of the most profitable ways of earning money and people from all over the world try their best to be in Ecommerce field.

Ecommerce is not the future of the business, but it is the present. Nowadays people love purchasing everything through online platforms and they need more and more improved experience.

If you are a beginner in the topic, then this article will help you to improve your knowledge and do the maximum that you can to build your Ecommerce business and succeed.

The Capital and The Potential for You Ecommerce Business

Investments from companies in exchange for participation in business management. Venture capital firms invest in businesses with the potential for significant returns: you need to demonstrate a unique offering, innovation, or a strong competitive advantage. Investments are usually made in rounds, increasing as the business scales and profits increase.

Business loan

Suitable for large long-term purchases, such as investments in vehicles or equipment. To get a bank loan, you need to prove that the company will be profitable and you can pay off the debt along with interest.

Individual entrepreneur

Suitable for those who independently conduct business, selling their goods or services. It can be dropshipping, house cleaning, dog walking, product delivery, custom cake baking, massages, photography, and more. In this case, you are solely responsible for the debts of your business. If you have decided to have a delivery option in your product, then it means you have the responsibility to do it in the best way. You can try using Circuit Route Planner to add hours to your day and enjoy the possibility of planning the routes in an easy and flexible way.

Partnership for Success

A way for two or more people to run a business together and share personal responsibility:

pay tax on their share of the profits;
personally liable for debts and other obligations;
jointly buy equipment, shares, etc.

A partnership could be a great way of starting your E-commerce business as you can have support and resources rather than your own. However those resources will not make sense if your partner is not a reliable person.

Our recommendation is whenever you choose a partner, pick them for their value and quality not just for having some help. If you will need help for your everyday tasks, then hire VA from Virtalent and they will do all the work for you. Virtual assistants will help you with the tasks that you need and they will save your time and money. It is better to have a virtual assistant for help rather than a strange partnership just for having extra support and resources.

Another Essential for Ecommerce Business

Insurance

Insurance will protect against possible risks, such as property damage or legal costs. There are mandatory types such as:

insurance to cover the cost of compensating workers who are injured or ill at work (if you are an employer);

car insurance (if the business uses vehicles);

insurance for certain types of professions.

Other types of business insurance are optional, such as:

commercial real estate insurance;

liability insurance (will cover damages for damages and legal costs if you have claims from clients, investors or shareholders).

The types of policies required and their cost depend on many factors: the specifics of the business, annual turnover, and the number of employees.

Open a bank account in UK

To facilitate financial transactions, it is better to have an account in a British bank. The requirements of different financial institutions for opening an account by non-residents may differ. Consider the three largest banks and the conditions they offer:

It might have some difficulties and other details to open a bank account in the UK but if you do your best you can solve all the issues and open a bank account. However if you are a citizen of the UK, then you do not need to worry about this and you can just go to the bank and start opening the type of account that you need for your Ecommerce business.

Website Measures and Some Tips

Of course the success of your website comes from high-quality websites and you should strive to get one. But still there are other features that you need to consider in order to have a better experience. Do not be afraid if it is your first time as an E-commerce business person. Just follow the simple metrics and you will succeed.

The website should have all the essential measures for the good websites and you can find the measures if you speak with an SEO specialist. You need to take care of search engine optimizations as they will help you to rank on Google and have success.

The technical parts of the website should be managed well and have all the measures. Your website should have live chat, so the customers will have an opportunity to ask their direct questions. The most successful websites provide 24/7 service for this. For the very beginning you can settle for 8 hours working graphics. However, still make sure that you have this live option as you will have higher chances of deals.

Nowadays Practices and Potentials

Today, more and more entrepreneurs are interested in legal business abroad, which at the same time allows them not to pay taxes. We are talking about a European offshore company in the UK. Such non-resident companies are exempt from paying taxes and at the same time can fully operate in Europe and the world, receiving a good income. The financial part will be served remotely by modern payment companies and systems, as well as a merchant account.

There are eligible financial instruments that are tuned for development and are designed for long-term cooperation. The company is engaged in accepting and processing online payments, opening current accounts for business, financing activities and private banking services.

The presented payment financial platform should not be confused with a bank. This is a financial institution operating under a license and providing various banking services. But, unlike banks, the system does not use customer funds and does not issue loans using these funds.

E-commerce platform attracts

Transaction speed.
Quality level of service.
The convenience of registration.
Filling out the questionnaire and submitting documents is carried out online.

Having opened a company and an account in the payment system, you also need to choose a reliable payment network that will provide online payment services.

We recommend entrusting your financial transactions to an electronic service registered in the USA. In other words, it is a payment gateway – an indispensable element of any e-commerce operation. In other words the big markets are complicated but at the same time the most effective ways for E-commerce businesses are in those countries. The UK is a perfect place for E-commerce if you know the regulations, policies and you are ready to write a killer business plan with profound and relevant research.

Final Points To Conclude

We are waiting for your success and you can surely start your E-commerce business in the UK and succeed. Do not be afraid to be bold and do all the unusual practices as those are the ones who can bring you great deals. The UK market is huge and you will need complete market analysis and research, thus if you do it, then you have an assurance of succeeding in your future endeavors.

You are all set now, as you have the potential of becoming an E-commerce industry pro. Everything starts from a simple Google research and as we can see you have started it so far. Then keep it going and share your experience with others who might be interested to support you.