Financial Strategies

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All the Things You Need to Know About Registering Your Own Solo Business with the HMRC

In the United Kingdom, the most common way of starting a business is registering as a sole trader. Simply put, sole trader businesses are very small businesses with low turnover, low risk, and with a single owner. If you are also just starting to work for yourself, you’re classed as a sole trader. This means …

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How To Close Down Your Business Responsibly

The COVID crisis has been one of the most damaging world events in recent history. The United Kingdom is still battling its apparent hold on our population. This has also led to many other issues. The world market is crashing, and many local businesses are suffering because of it. Here’s an ideal insight on how to close …

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When Does A Business Become Insolvent?

The coronavirus 2019 has been cruel to humanity for the past few months. It has forced the world into a screeching halt. People’s lives were changed in just a span of a few weeks, and millions of people are now affected by the said virus, businesses are becoming insolvent. As the world stopped, though, another …

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Pricing in Difficult Economic Times

Nearly every global leader now faces an economic crisis on top of a health emergency. The pandemic forced the government to temporarily shut businesses down, declare a nationwide lockdown, and stop any movement to and from the country and the difficulty in pricing. Thus, resulting in an economic fallout that is still evident until now, …

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Value-Based Pricing vs. Cost-Based Pricing

People have different motivations for why they get into the business. While a business can exist because of a variety of reasons, they all have one thing in common: monetary compensation. Businesses need to make money. Otherwise, it will cease to exist and there comes value-based pricing. In its simplest form, businesses earn by exchanging …

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How to Raise Your Prices the Right Way

Maybe you’re finding yourself swamped with new clients, and you cannot refuse new ones who want to get on board. This issue is a beautiful problem to have as an entrepreneur. One of the ways to address this is by increasing your price. Your new price would act as a filter that would sift through …

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VAT Cut for the Hospitality Sector

Covid-19 has forced many difficult decisions to be made. When the UK government urged people to avoid social contact and stay at home, it was to slow the spread of the disease. However, it also had another effect. One of the consequences of flattening the curve is a chilling effect on the economy. For the hospitality …

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How Much Should I Spend On My Marketing?

Would you believe that most companies fail in the introductory phase not because of the lack of business activity but rather because of disproportionate or inappropriate spending? When you first open a business, whether online or offline, a considerable amount of time, effort, and money must be spent to grow it. However, it’s also important …

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What is Good Value Pricing?

In the 1980s, Richard Thaler, the godfather of behavioural economics, came out with the Beer on the Beach Experiment and found that people on a beach were willing to pay more for a cold beer purchased from a five-star hotel than from a rundown grocery store. This goes against what traditional economics believe that, regardless of where …

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What are the Advantages and Disadvantages of Value-Based Pricing?

Value-based pricing is a strategy of assigning prices based on the customers’ perceived value of a product. Depending on its execution, your business can reap the benefits of this strategy. However, like every pricing strategy out there, it isn’t flawless. Let’s take a quick look at what value-based pricing is, and the pros and cons …

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