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I was up until til 2:30am cooking to fulfil orders and make samples. I am feeling hyper and excited, with that butterflies-in-stomach feeling about what lies ahead and the opportunities that I have. I am equally overwhelmed about what to do next and I'm tired. Whatever I do, it means that I’m not doing something else that is equally important.
The bookkeeper came this morning and we are getting our new system in tip-top condition. It required my attention because we are changing to a new accounting system and I need to know how it works. So I couldn’t make the follow-up sales calls I needed to do, or pay the bills, or organise tasting sessions, etc. I also teach Spanish on a Wednesday and I haven’t prepared yet.
More orders are coming through, but I'm not able to cook tomorrow because I’m at a “Meet the Buyer” event. I hope the buyers do buy! So it looks like another 2:30am bed time tomorrow, as my kids are in a local panto and I won’t miss their debut!
Wish me luck, I’ll keep the coffee flowing...
You can find out more about Marcela on the new interactive business website www.inafishbowl.com
It is a well-known fact that ink is now more expensive than gold – and last time I checked not many companies were printing in gold. So how can you minimise your long-term printing expenditure? Here are my ten tips.
1 Separate cartridge slots
Great saving potential lies in simply switching from a printer using tri-colour cartridges to one with individual colour cartridges. You only replace what you use, thereby minimising waste and with ink/toner now containing chemicals to counteract drying out, you needn’t worry about cartridges sitting dormant.
2 Draft print mode
Draft uses up to 50 per cent less ink than the default print mode, with the only downside being a small loss of print quality. It’s a great money-saver and you can easily switch back to the standard setting when printing important or presentation-quality documents.
3 Greyscale prints
Do you need to have colour in all letterheads, text and images? If not, select greyscale in your printing options. This only uses the black cartridge, saving the more expensive coloured ink for important pages.
4 Low ink performance
Some printers will mix all three colour cartridges to maintain printing, even when the black has run out. Check your printer guide. If yours has this feature, you need to monitor black ink levels rigorously to avoid draining your colour reserves at a horrendous rate.
Technology is your friend. Duplexers (printing on both sides of the paper) save not just time and effort, but paper costs too. Even budget-end printers may now include this feature.
6 Print in batches
There are two important factors to remember for each separate print request sent to your office printer:
You will use less power and ink/toner if you send print requests through together, instead of forcing the printer to run numerous start-up and cool-down procedures.
Additionally, certain printers perform print head cleaning every time they turn on, which wastes ink. If your printer manual lists this attribute, either limit how often you turn it off or only turn it on when you need to do groups of printing.
7 Paper quality
Printers have become more tolerant of lower weight (ie thinner) paper, making it an ideal way to limit costs for documents that don’t need a professional finish. Look out for reams of 80gsm paper, as this stock can still give nice prints and good cost savings.
8 Paper settings
Not many people know that their printer’s paper settings can impact their ink usage, and thus your costs. Different papers have varying absorption and dispersion rates, which will be pre-programmed into printers. To confirm your setting matches the paper you’re feeding into the printer, when you select print, quickly take a detour through to “Properties”, locate the “Paper type” option (typically in the form of a drop down or tab) and ensure they match. This will eliminate any ink wastage and help reduce costs.
9 Recycle paper
Make it a habit to check if sheets of paper are blank on the reverse before binning them. If there’s no print and the edges aren’t damaged, you can add them to the printer tray and use for producing draft prints. This saves a lot on cost, as well as being more environmentally responsible.
10 Go compatible
The stereotypical dodgy refilled cartridge vendors have been rendered obsolete by advancements in quality requirements. Compatible (third party) cartridges must now meet stringent testing requirements to be listed on respectable retailers’ shelves and websites – and are of course cheaper.
Matt Bird works for printer cartridge superstore StinkyInk.
I love my job and what I do and as a result I spend lots of my life seeing and hearing things and then being unable to stop myself relating them to being a good leader and what makes organisations work. I guess if I was a musician I’d always have songs in my head!
A few days ago we were doing a long journey in the car and we put story CDs on in the car for our young sons to listen to - and so, for the first time in ages, I heard Aesop’s Fables. Initially I wasn’t really tuned in and then I heard this one and BANG my mind was back in work mode again:
The Belly and the Members Fable - An Aesop’s Fable
One fine day it occurred to the Members of the Body that they were doing all the work and the Belly was having all the food. So they held a meeting, and after a long discussion, decided to strike work till the Belly consented to take its proper share of the work. So for a day or two, the Hands refused to take the food, the Mouth refused to receive it, and the Teeth had no work to do. But after a day or two the Members began to find that they themselves were not in a very active condition: the Hands could hardly move, and the Mouth was all parched and dry, while the Legs were unable to support the rest. So thus they found that even the Belly in its dull quiet way was doing necessary work for the Body, and that all must work together or the Body will go to pieces.
As I listened, it occurred to me that we so often feel that we are the ones who are doing all the work, whether it be at work or at home – and we forget that there are other people in the team who are doing their bit too, but in a quiet, often overlooked way.
I regularly facilitate in situations where someone is convinced that the other departments or individuals aren’t pulling their weight – and I get them to understand and/or work in each other’s departments and also encourage them to make sure their own house is in order before they start casting around to give criticism. These approaches get good results, but I think I’m going to add this fable into my toolkit as it underlines the point very succinctly and is a great model for good organisational design. I probably need to pin it on the fridge at home too!
Emma Warren, Portfolio Directors
This post originally appeared on Emma Warren's blog
I think that marketing is a really important key to opening up the sales door for my yummy sauces. I regularly do food tasting sessions at the shops where they sell my products.
It's time, however, to up my game and analyse the return on investment of all of my marketing activities. This is another tricky task for a novice like me: do I know how to measure the effectiveness of a marketing event and the get figures to quantify? Er, I think you know the answer.
Take last Saturday, for example. I had discussed the idea of having a Mariachi band at the Food Halls with Selfridges . It turned into reality on Sat 31 January and we had such a good time, which is clearly a good thing. These are some benefits from this tasting session:
Two videos taken were particularly interesting:
This is where I reach my limits as I don't know how to quantify whether the event was good ROI. How do I measure this? It's not straightforward. On the day, we saw 300+ people and I will get the sales figures next week.
This is what we spent:
To summarise, I think that the event was worthwhile: we sold, created awareness, and have been/will be on other websites. However, this is only my gut feeling and I need to take the guesswork out of investing on marketing to focus my very limited resources wisely. Do leave me a comment if you have any suggestions.
You can find out more about Marcela on the new interactive business website www.inafishbowl.com
With the general election imminent, it’s hard not to see the most recent budget as strongly political. A number of tax incentives were announced, mainly to benefit the largest groups of taxpayers, but paid for by rises affecting the wealthy.
There were no further announcements on income tax, National Insurance or VAT. Although, as previously announced, a 50 per cent top rate of income tax will be introduced from 6 April 2010 on incomes of more than £150,000. On the same date, a reduction in personal allowances will start on incomes of more than £100,000. Finally, a 1 per cent increase in National Insurance is due to take effect from 6 April 2011.
First-time buyers escape stamp duty
The stamp duty threshold will be raised for first-time buyers from £125,000 to £250,000. As the threshold was raised at midnight last night, almost all affected buyers who have not yet exchanged will benefit. The stamp duty rise will take effect for the next two years, and could result in tax savings of up to £2,500, compared with the previous threshold.
Wealthier homeowners will fund the rise. There will be a permanent increase in stamp duty from 4 per cent to 5 per cent on house purchases over £1m.
Tip: Where possible, consider negotiating the asking price to below the threshold by negotiating extras such as curtains or garden furniture in a separate deal.
Good news for SMEs
From October, there will be a business rates cut. This will result in an exemption for properties with a rateable value of less then £6,000 and an increase in small business rates relief for properties with a value between £6,001 and £11,999.
The annual investment allowance will be doubled to £100,000. The relief – which allows a 100 per cent tax deduction for new capital expenditure – will be welcome by small and medium-sized businesses in particular.
The lifetime limit for entrepreneur’s relief will be doubled, with the effect that the first £2m (previously the first £1m) of gains will be taxed at an effective rate of 10 per cent. Contrary to wide predictions, Capital Gains Tax did not rise with the Budget, but will remain at its historically low level of 18 per cent.
Tip: It continues to be a good time for businesses to invest in growth. The difference between the top rate on income tax at 50 per cent and Capital Gains Tax rate at 18 per cent provides a clear incentive for investment in business expansion.
The Chancellor announced a 15 per cent increase in the number of government contracts that will be awarded to SMEs.
The two state-subsidised banks, RBS and Lloyds, will lend a further £94bn, of which at least half will be to small and medium-sized firms.
The Chancellor will set up an investment bank with £2 billion of equity to invest in low carbon industries such as wind farms.
The planned hike in petrol duty by 3 pence will be staggered, so that there will be a 1 pence rise in April, a further 1 pence rise in October and the final 1 pence rise in January 2011.
Good news for savers
As announced in the pre-budget report, the ISA limit will be raised from £7,200 to £10,200 from 6 April. The Chancellor also announced in this Budget that the limit will rise in future years in line with inflation.
Tip: If you have not yet used your ISA allowance there are just a few days before the end of the tax year to use the allowance before it is lost.
The wealthiest targeted
The one-off 50 per cent tax on bank bonuses has raised more than £2bn – double the amount forecast. Further attempts to increase tax revenue from higher income groups were also announced.
The inheritance tax thresholds will be frozen for four years at £325,000. If there is inflation, this will amount to a real term reduction in the threshold.
There will a crackdown on tax avoidance through agreements made with Dominica, Grenada and Belize.
Tax credits rise
Families with one and two-year-olds will receive an additional £4 per week in child tax credit from 2012. The number of hours needed to qualify for working tax credit will be cut for the over 60s.
Tip: Consider making a protective claim for tax credits. Your tax credits claim is based on the prior year unless there is an increase in your income of more than £25,000. Alternatively, you can claim for your assessment to be made on your current income level. Careful planning can ensure you derive the maximum benefit from the system.
The tax system is constantly changing and it is important to review your investment plans, cashflow forecasts and wealth management in the light of new rules and regulations.
Raphael Coman, founder of south London-based Coman & Co, is a chartered certified accountant with many years' experience gained at leading, national accounting firms. He specialises in taxation and small business accounting and offers personal tax advice to business owners, managers and contractors.